value investing
Swedish industrial companies, sorted by the ratio of market cap to tangible book value, returned 8.97% annually from 2000 to 2024, beating the S&P 500 by 1.14 percentage points. The strategy spent four years in cash at the start, which accidentally sidestepped the dot-com crash, and
backtests
India's listed companies are built on physical capital: steel, cement, chemicals, engineering. A P/TBV screen on BSE/NSE large-caps returned 15.92% CAGR over 25 years versus 7.83% for SPY, with a down-capture of -9.57%, meaning the strategy gained when SPY fell.
value-investing
The P/TBV strategy on Germany's XETRA returned 8.83% annualised over 25 years with a down capture of -22.69%. When SPY falls, these stocks don't just hold — they rise. In 2007 SPY dropped 13.71% while the portfolio gained 1.19%.
value-investing
The P/TBV strategy on China's Shenzhen and Shanghai exchanges returned 9.71% annualised over 25 years with a beta of 0.113 and a down capture of -67.38%. In 2008, SPY lost 26%. This portfolio gained 46%.
value investing
Over 25 years on the Toronto Stock Exchange, a Price-to-Tangible-Book strategy returned 8.61% annually against SPY's 7.83%, a margin of 0.77 percentage points. That's the narrowest outperformance of any market we publish a dedicated blog for. Canada works, barely, and understanding why it
backtests
We ran the Industry Leader strategy on 13 exchanges. Only India outperforms SPY. Most markets trail by 1-5% annually. Here's what the data shows about where revenue leadership actually matters.
backtests
We picked the top 3 companies by revenue in every US industry showing positive growth, rebalanced annually for 24 years. The result: 8.65% CAGR vs 8.89% SPY. The honest answer on whether revenue leaders beat the market.
backtests
The same revenue-leadership strategy on Indian markets (BSE + NSE) returned 11.88% CAGR over 24 years, beating SPY by 2.98% annually. India is the one major market where revenue leaders genuinely outperform.
sector rotation
We ran sector momentum rotation on 14 stock exchanges. 13 of 14 beat SPY. Korea, India, and Canada lead. Switzerland is the only market that fails, and the reason reveals when momentum stops working.
backtests
We ran the yield gap strategy across 20 equity markets from 2000 to 2025. Four markets outperformed SPY — UK (+4.19%), India (+3.45%), Sweden (+2.84%), Canada (+1.98%). Sixteen underperformed, with Korea at the bottom (-4.92%).
backtests
We screened for US stocks where earnings yields significantly exceed government bond rates and ran the backtest from 2000 to 2025. The strategy delivered 8.60% CAGR vs 7.64% for SPY, with notably better bear market behavior.
backtests
We tested the yield gap strategy on London Stock Exchange stocks from 2000 to 2025. The UK delivered 11.83% CAGR vs 7.64% for SPY — the highest excess return across all 20 markets in our study.