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Cash Flow
OCF momentum returned 2.1% annually on Thai stocks, worst performance of any market tested. -5.7% vs SPY, negative Sharpe, 24% cash drag. Political instability + weak governance = signal irrelevant.
Cash Flow
OCF momentum returned 7.7% annually on UK stocks, essentially matching SPY's 7.8%. Extreme volatility (+66% best year, -27% worst) with no alpha. Developed market reality check.
Cash Flow
We tested a cash flow quality screen on 25 years of US stock data. The strategy matched the S&P 500's 7.8% return, crushing the market during the dot-com bust but struggling in growth-dominated years.
Cash Flow
OCF momentum returned 10.2% annually on TSX stocks, 2000-2025. TSX Composite returned just 4.0%. $10K → $102K. Zero cash periods, 56% win rate, -22% max drawdown.
Cash Flow
Same signal, 9 markets, 25 years. India: +13.3% CAGR (+5.4% alpha). Thailand: +2.1% (-5.7% alpha). Cash flow quality works where accounting is weak, fails where it's strong.
Cash Flow
OCF momentum returned 6.6% annually on German stocks, underperforming SPY by 1.2% with -50% max drawdown. Export-heavy economy where cash flows are more volatile than earnings.
Cash Flow
OCF momentum returned 2.8% annually on Hong Kong stocks with negative Sharpe (-0.01). Holding company structures + China macro risk = worst risk-adjusted returns of any market tested.
Cash Flow
Operating cash flow momentum returned 13.0% annually on NSE stocks from 2000-2025, vs the Sensex's 12.1%. Max drawdown: -20.6% vs Sensex's -32.2%. $10,000 → $201,000.
dividend investing
A 5-factor dividend sustainability score backtested on ASX from 2000-2025. 5.96% CAGR, +2.07% annual excess over ASX 200, 64% win rate. Lowest volatility in our global comparison at 14.48%.
dividend investing
The dividend sustainability screen on TSX stocks returned 9.54% CAGR over 25 years with 5.59% annual excess over the TSX Composite. 72% win rate vs local benchmark, 21.6% down capture.
dividend investing
A 5-factor dividend sustainability score backtested on Shanghai and Shenzhen from 2000-2025. 6.66% CAGR, +4.23% annual excess over SSE Composite, 76% win rate vs local benchmark. High volatility (31.66%) is the main cost.
dividend investing
We scored dividend stocks across 13 exchanges on five dimensions: payout, leverage, FCF coverage, ROE, and Piotroski F-Score. 12 of 13 beat their local market index. India led at 15.81% CAGR (NSE), +3.75% above the Sensex. Germany had a 0.613 Sharpe. Korea was the only miss, trailing the KOSPI...