value-investing
Price-to-Book on Brazilian Stocks: 16.12% CAGR and the Highest Alpha in 18 Markets Brazil's B3 exchange delivered 16.12% CAGR on a low P/B screen from 2000 to 2025. That's 8.47% annual excess return over the S&P 500, the highest absolute
backtests
Same signal. Same methodology. 16 different markets. The results aren't uniform, and the pattern tells you something real about where value screens actually work. Contents 1. Method 2. Results 3. Where It Works: North America and Northern Europe 4. The Middle: Italy and Germany 5. Where It Struggles:
value-investing
India is the best PEG ratio market we tested. Over 25 years, a quarterly-rebalanced portfolio of India's lowest-PEG stocks returned 13.68% CAGR. The Sensex returned 11.12% over the same period. That's a 2.56% annual advantage, measured against the correct local benchmark. Contents 1.
value-investing
The Stockholm Exchange delivered 9.99% CAGR for a PEG ratio strategy over 25 years, beating the OMX Stockholm 30 by 6.81%/yr. The Sharpe ratio of 0.391 towers over the OMX30's 0.060. Compared to its own local index, Sweden is one of the strongest
value-investing
South Africa delivered 7.21% CAGR for a PEG ratio strategy over 25 years, trailing SPY's 8.02% by 0.80%/yr. The strategy doesn't beat the S&P 500 on raw returns. What it does offer is a genuine diversification profile: beta of 0.
value-investing
Taiwan produced strong risk-adjusted returns in our DCF discount backtest. Over 20 invested years (2005-2024), the strategy returned 9.15% CAGR with a 0.398 Sharpe, beating the TAIEX's 3.05% by +6.10% annually. The max drawdown was -36.80%. A beta of 0.644 against the
value-investing
We tested Peter Lynch's PEG ratio across the full US equity universe, NYSE, NASDAQ, and AMEX, from 2000 to 2025. The result: 6.83% CAGR vs S&P 500's 8.02%. The strategy underperforms by 1.2% per year. Contents 1. The Strategy 2. Methodology
value-investing
Canada is the most consistently investable PEG ratio market we tested. Zero cash periods across 103 quarters. The portfolio always had 25+ qualifying stocks. 9.03% CAGR vs the TSX Composite's 5.08%, a +3.94%/yr advantage over 25 years. Contents 1. Why Canada Works for GARP
value-investing
We ran Peter Lynch's PEG ratio strategy across 14 exchanges globally, the same signal, same parameters, same time period. Then we did something most global backtests skip: we benchmarked each exchange against its own local index instead of the S&P 500. Contents 1. The Strategy 2.
value-investing
India's DCF Discount strategy returned 11.70% CAGR over 25 years. The BSE Sensex returned 11.49%. That's +0.21% annual excess. The alpha is essentially zero. Contents 1. Method 2. The Screen 3. What We Found 4. Year-by-Year 5. Key Observations 6. 2000-2004: Cash periods
value-investing
Canada produced one of the best risk/reward profiles of any developed market we tested. 11.49% CAGR over 25 years, a shallow -30.12% max drawdown, and zero cash periods. The portfolio captured 128.73% of upside while absorbing only 20.4% of downside vs the TSX Composite. $10,
backtests
We screened every German stock on XETRA for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 9.28% CAGR vs 4.51% for the DAX, turning $10,000 into $91,877 vs $30,139. Germany's industrial value stocks