value investing
We screened JPX-listed stocks for low price-to-sales ratios with quality margin and profitability filters, then backtested the portfolio from 2000 to 2025. The strategy returned 7.44% annually, 0.57% below the S&P 500's 8.01%, but with a Sharpe ratio of 0.369 that ranks
value investing
We ran a P/S value screen on BSE and NSE from 2000 to 2025. The strategy requires P/S below 1.0, gross margin above 20%, operating margin above 5%, and ROE above 10%, with the top 30 by lowest P/S selected each quarter. Among all 13 exchanges
value investing
We screened XETRA-listed stocks for low price-to-sales ratios with qualifying margins and profitability, then backtested the resulting portfolio from 2000 to 2025. The strategy returned 10.74% annually vs 8.01% for the S&P 500, over 25 years and 100 quarterly periods. The Sharpe ratio of 0.408
value investing
We ran a P/S value screen on the TSX from 2000 to 2025. The strategy requires P/S below 1.0, gross margin above 20%, operating margin above 5%, and ROE above 10%. It returned 9.54% annually vs 8.01% for the S&P 500, with zero
value investing
We ran the same P/B screen across 18 stock exchanges, 25 years of data, and compared every result to the S&P 500 benchmark. Four exchanges beat SPY. Fourteen didn't. That's the honest result, and it's worth understanding exactly where the value
value investing
Price-to-Book is the most studied value signal in finance. Fama and French built a Nobel Prize-winning model around it. Academic research documented the premium across decades and markets. Quants have been running low P/B screens since the 1980s. Contents 1. Method 2. What Research Shows 3. The Simple Screen
value investing
We ran the same P/B screen across 18 exchanges globally. Sweden came back with the best risk-adjusted results of the group: 11.93% CAGR, Sharpe ratio of 0.447, and a down capture of 51.56%. Returns are in SEK. Contents 1. Method 2. What Research Shows 3. The
value investing
We ran Graham's net-net strategy, buying stocks trading below their net current asset value, across seven global markets over 24 years. Japan works. Most don't. Hong Kong was a disaster. Contents 1. The Strategy 2. The Summary Table 3. Japan: Why It Works 4. United States:
value investing
We backtested Graham's net-net strategy on all US exchanges (NYSE, NASDAQ, AMEX) from 2001 to 2024. The result: 5.02% CAGR vs 8.84% for the S&P 500. The premium Graham exploited in the 1930s, and that academics documented into the 1980s, has largely disappeared from
value investing
Japan Is the Last Net-Net Hunting Ground We ran Graham's net-net strategy on Japan's JPX exchange from 2007 to 2024. Over 18 active years, Japan net-nets returned 8.85% CAGR, essentially matching the S&P 500's 8.84%, but with lower drawdown (-33.
value investing
Korean stocks are famous for being cheap. The "Korea discount," the persistent gap between Korean equities and their global peers, has been discussed by analysts, academics, and fund managers for decades. Complex chaebol structures, weak corporate governance, and geopolitical risk all keep prices depressed. We ran our DCF
value investing
We screened every Swedish stock on the Stockholm Exchange for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 12.04% CAGR vs 7.33% for SPY, turning $10,000 into $171,346 vs $58,591. Sweden delivered the highest CAGR