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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
We backtested Greenblatt's Magic Formula on all US exchanges from 2000 to 2025 with next-day execution. The strategy returned 9.26% annually vs 8.02% for the S&P 500. Most of the alpha came from 2000-2013.
value investing
We ran the same two-factor ranking system on 20 global exchanges with local benchmarks. 13 of 20 exchanges beat their local index. India led at +13.12% vs Sensex, Brazil at +10.72% vs Bovespa, UK at +8.02% vs FTSE 100. Sweden (+4.96% vs OMX), Germany, Japan, Hong Kong, Taiwan, and Korea all show...
stock splits
1,968 forward stock splits on US exchanges, 2000 to 2025. Post-split drift is gone in aggregate. Corrected August 2026: our -11.67% result for 5-for-1+ splits was mostly fund share splits and encoding errors. The genuine leg is -7.14%, not significant.
dividend investing
The Dogs of the Dow adapted for Sweden. Take the 30 largest STO stocks, buy the 10 highest-yielding. 9.7% CAGR over 25 years, +6.8% excess over the OMX Stockholm 30, 68% win rate against the local benchmark.
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 0.693 vs 0.322, max drawdown of -19.7% vs -34.9%.
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 14.6% annually, beating the Sensex by 3.2% with a 60% win rate.
dividend investing
We tested the Dogs of the Dow strategy on 13 global exchanges from 2000 to 2025. The strategy beat the S&P 500 in 6 of 13 markets. India and Sweden stood out. Japan beat the Nikkei but trailed SPY.
asset growth
The asset growth anomaly on SIX-listed Swiss stocks returned 6.57% annually vs 1.74% for the SMI from 2000 to 2025. A +4.83% annual edge, 72% win rate, 123% up capture, 32% down capture. The SMI barely compounded. The screen found the Swiss companies that did.
asset growth
The asset growth anomaly on Nasdaq Stockholm returned 6.33% annually vs 2.55% for the OMX Stockholm 30 from 2000-2025. A +3.78% annual edge, 60% win rate, -35.69% max drawdown vs -60.54% for OMX. Seven cash years protected capital during the OMX's brutal early crashes.
asset growth
The asset growth anomaly on XETRA returned 6.39% CAGR from 2000-2025, beating the DAX by +1.35% annually with a beta of just 0.455. It delivered +50.1% in 2000 when the dot-com bubble burst. German industrials that resisted excess were rewarded, at half the market risk.
asset growth
The asset growth anomaly with quality filters returned 13.01% CAGR on NSE from 2000 to 2025. That's +0.95% annual excess over the Sensex. The signal adds modest value, but the ride is volatile and early data gaps left five years in cash.