backtests
We tested Graham Number timing on Swedish stocks. 12.98% CAGR vs 8.01% SPY, +4.97% excess. 0.544 Sharpe ratio (best globally), 72% down-capture. The Goldilocks result: high alpha with controlled risk.
backtests
We tested buying stocks trading below Benjamin Graham's intrinsic value formula. 12.40% CAGR vs 8.01% SPY over 25 years, with 122% up-capture and 0% cash periods. The 75-year-old formula still works without modification.
value-investing
The P/TBV strategy on China's Shenzhen and Shanghai exchanges returned 9.99% annualised over 25 years against the SSE Composite's 2.43%, adding 7.56% per year. It beat the domestic benchmark in 18 of 25 years.
value-investing
The P/TBV strategy on Germany's XETRA returned 8.76% annualised over 25 years, beating the DAX's 5.04% by 3.72% per year. Down capture of -1.07% means the portfolio is essentially flat when the DAX falls.
backtests
India's listed companies are built on physical capital: steel, cement, chemicals, engineering. A P/TBV screen on NSE large-caps returned 14.33% CAGR over 25 years versus 12.06% for the Sensex, with a down capture of 35.3%, meaning the strategy absorbed about a third of the benchmark's downside.
value-investing
The P/TBV strategy on the London Stock Exchange returned 9.72% annualised over 25 years against the FTSE 100's 1.23%, adding 8.50% per year with a maximum drawdown of -32.35%. It beat the FTSE in 20 out of 25 years.
backtests
Price-to-Tangible-Book strips goodwill and intangibles from the valuation, leaving only what a company physically owns. Backtested on US large-caps from 2000-2025, the strategy returned 10.23% CAGR versus 7.85% for SPY, with a down-capture ratio of just 10.07%.
backtests
We ran the Industry Leader strategy on 13 exchanges. Only India outperforms SPY. Most markets trail by 1-5% annually. Here's what the data shows about where revenue leadership actually matters.
backtests
The same revenue-leadership strategy on Indian markets (BSE + NSE) returned 11.88% CAGR over 24 years, beating SPY by 2.98% annually. India is the one major market where revenue leaders genuinely outperform.
backtests
We picked the top 3 companies by revenue in every US industry showing positive growth, rebalanced annually for 24 years. The result: 8.65% CAGR vs 8.89% SPY. The honest answer on whether revenue leaders beat the market.
backtests
The yield gap strategy on TSX stocks returned 9.64% CAGR vs 4.44% for the TSX Composite (+5.21% excess) over 25 years. The strategy beat the local index in 72% of invested years, and outperformed SPY by +2.00% annually.
backtests
We ran the yield gap strategy across 20 equity markets from 2000 to 2025. Four markets outperformed SPY — UK (+4.19%), India (+3.45%), Sweden (+2.84%), Canada (+1.98%). Sixteen underperformed, with Korea at the bottom (-4.92%).