backtests
We ran the Industry Leader strategy on 13 exchanges. Against local benchmarks, most markets show positive excess. India is the exception: it beats SPY but trails the Sensex. The UK has the highest excess vs its local index.
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
We screened for US stocks where earnings yields significantly exceed government bond rates and ran the backtest from 2000 to 2025. The strategy delivered 9.87% CAGR vs 7.64% for SPY, with most of that edge earned before 2010.
backtests
We ran the yield gap strategy across 20 equity markets from 2000 to 2025. Four full-window markets outperformed SPY: Sweden (+4.57%), UK (+2.38%), US (+2.23%), Canada (+1.93%). Against their own local indices the picture is better, 11 wins out of 14. Singapore was the weakest at -6.23% vs SPY.
backtests
Oversold Quality (Piotroski >= 7 + RSI < 30) on 18 exchanges. China beats the SSE Composite by +3.02%, Germany beats the DAX by +2.05%, and the US draws even with the S&P 500. The other 15 trail their local benchmarks.
backtests
Oversold Quality on German XETRA stocks: 7.17% CAGR, +2.05% above the DAX, Sharpe 0.308, and a 29% down-capture. The best risk-adjusted result in our 18-exchange series, with a max drawdown less than half the DAX's. The 39% cash rate is the honest caveat.
backtests
The Oversold Quality strategy on Chinese A-shares (SHZ+SHH) delivered 7.21% CAGR vs 4.19% for the SSE Composite over 25 years. One of the exchanges in our global series where the strategy clearly beats the local benchmark, with strong downside protection.
backtests
We combined Piotroski quality scores with RSI oversold signals and tested it on 25 years of US market data. The strategy matches SPY over the full period, with most of the work done by a handful of crash and recovery years.
backtests
Out of 22 exchanges, Sweden's Stockholm Stock Exchange produced the best developed-market result: 10.36% CAGR, +7.18% above the OMX Stockholm 30 annually, Sharpe 0.414. Here's why the signal works here.
backtests
We ran the same Net Debt/EBITDA screen across 22 global exchanges over 25 years. With local benchmarks, 13 of 22 beat their home index. India: +6.50% vs Sensex. The exchange matters more than the signal.
backtests
The same signal that underperforms on the full US market produced 17.62% CAGR on Indian stocks (NSE) over 25 years, +6.50% above the Sensex annually. Here's what the data shows and why.
backtests
We tested Net Debt/EBITDA below 2x on 22,000+ US stocks over 25 years. Result: 5.13% CAGR vs 8.02% for SPY, -2.89% excess per year. The honest version of a popular strategy.