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value investing
Australia's DCF discount screen returned 6.08% CAGR over 25 years, beating the ASX 200 by +2.41% annually. Max drawdown -62.36%, down capture 91.76%, 56% win rate. The A$500M threshold runs a concentrated 20-stock portfolio.
value investing
Brazil produced the highest CAGR of any market we tested for DCF discount. Over 25 years, SAO-listed stocks trading below intrinsic value returned 18.05% CAGR vs 8.58% for the Bovespa, with only -24.87% max drawdown. Returns are in BRL, with significant currency depreciation.
value investing
We screened every US stock for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 8.59% CAGR vs 7.33% for the S&P 500, with 1.26% annual excess return. The edge is real but comes with higher volatility and deeper drawdowns.
value investing
We backtested Greenblatt's Magic Formula on Indian exchanges from 2000 to 2025. The strategy returned 24.25% annually vs 11.12% for the Sensex. $10,000 became $2.67M. Both returns in INR, so the 13.1% excess is a clean same-currency comparison.
value investing
We backtested Greenblatt's Magic Formula on the Jakarta Stock Exchange from 2000 to 2025. With a proper IDR 5T market cap threshold (~$310M USD), the strategy returned 7.15% annually, slightly below SPY. An earlier analysis using IDR 1B (~$65K USD) showed 19.58% CAGR, but that was micro-cap noise.
value investing
We backtested Greenblatt's Magic Formula on all US exchanges from 2000 to 2025 with next-day execution. The strategy returned 9.53% annually vs 8.02% for the S&P 500. Most of the alpha came from 2000-2013.
value investing
The Magic Formula returned 19.67% annually on B3-listed Brazilian stocks from 2000 to 2025. That's 10.72% annual excess return over the Bovespa. Only 1 cash period out of 103.
value investing
The Magic Formula adds value more broadly than we first thought. We ran Greenblatt's two-factor screen on 20 global exchanges from 2000 to 2025. With local benchmarks (Sensex for India, FTSE for the UK, DAX for Germany, KOSPI for Korea) instead of comparing everything against the S&
dividend investing
The Dogs of the Dow adapted for Sweden. Take the 30 largest STO stocks, buy the 10 highest-yielding. 9.6% CAGR over 25 years, +6.6% excess over the OMX Stockholm 30, 68% win rate against the local benchmark.
dividend investing
The Dogs of the Dow adapted for India. Take the 30 largest BSE stocks by market cap, buy the 10 highest-yielding. Over 25 years, this returned 14.8% annually, beating the Sensex by 3.4% with a 60% win rate.
dividend investing
We tested the Dogs of the Dow strategy on 14 global exchanges from 2000 to 2025. The strategy beat the S&P 500 in 5 of 14 markets. India and Sweden stood out. Japan beat the Nikkei but trailed SPY.
dividend investing
Buy the 10 highest-yielding Dow stocks every January. Hold for a year. Repeat. We tested 25 years of data. Dogs returned 10.2% vs 7.6% for the S&P 500. The real story is risk: Sharpe of 0.698 vs 0.322, max drawdown of -19.5% vs -34.9%.