dividend investing
Dividend coverage on XETRA: 12.83% CAGR over 25 years, 7.79% annual alpha vs the DAX. Best Sharpe ratio (0.519) of any exchange tested. Zero cash periods across 25 rebalances.
dividend investing
Dividend coverage on LSE: 9.38% CAGR over 25 years, 80% win rate, max drawdown -23.46%. During 2008, coverage stocks fell just 3.8% while the FTSE 100 dropped 22.0%.
dividend investing
We screened Stockholm-listed stocks for FCF-backed dividends. 10.74% CAGR over 25 years with a 0.485 Sharpe ratio, among the highest risk-adjusted returns of any exchange we tested. Just -3.4% in 2008.
dividend investing
We screened TSX-listed stocks for FCF-backed dividends. 10.84% CAGR over 25 years with the lowest volatility (16.51%) among the markets that beat their benchmark. Just -12% in 2008 vs -27% for the broad market.
dividend investing
We screened JPX-listed stocks for FCF-backed dividends. 7.88% CAGR over 25 years, +4.57% alpha vs Nikkei 225 price return. But vs S&P 500 total return, essentially matched. The comparison matters.
dividend investing
We ran the same FCF-based dividend coverage screen across 12 global exchanges. Six beat the S&P 500. India produced 17.24% CAGR. The screen works best where dividend culture runs deep.
dividend investing
We screened NSE-listed Indian stocks for companies whose free cash flow covers dividend payments. 17.24% CAGR over 25 years vs 12.06% for the Sensex. The 2008 crisis year returned +39.4% vs Sensex +7.3%.
event-study
We ran an event study on 1,821 US M&A filings (2000-2025). After stricter data-quality controls, the short-term acquirer signal vanishes. What remains: both targets and acquirers drift below the market over one to three months.
quality investing
We built a quality screen based on free cash flow conversion and backtested it on US stocks from 2000-2025. 9.68% CAGR vs 7.85% for SPY. The real story is downside protection. 51% down capture.
quality investing
We screened XETRA for FCF conversion quality from 2000-2025. 8.93% CAGR vs 5.04% for the DAX with zero cash periods in 25 years. $10K grew to $85K vs $34K for the index. 60% win rate, 39% down capture.
quality investing
Switzerland produced +6.35% excess CAGR over the SMI, the widest gap of any exchange we tested. 8.09% CAGR, 80% win rate, 31% down capture. $10K grew to ~$70K vs ~$15K for the SMI. Quality multinationals convert earnings to cash with less noise than any other market.
quality investing
Hong Kong FCF conversion quality returned 6.0% CAGR vs 1.64% for the Hang Seng over 25 years. +4.36% annual excess. 68% win rate. The alpha comes from stock selection, not crash protection: down capture is 70%.