debt reduction
We backtested D/E reduction with ROE > 8% on US stocks from 2000-2025. 7.79% CAGR vs 8.02% for SPY, a -0.22% annual gap. Clean data gets the signal to parity, but the real edge is abroad: +3.85% in India, +3.30% in Canada vs local benchmarks.
equity growth
We backtested the Compounding Equity Screen on London Stock Exchange stocks from 2000 to 2025. 8.03% CAGR vs 1.23% for the FTSE 100, with 13.2% down capture. During the 2008 financial crisis, the portfolio fell 10% while the FTSE fell 22%.
backtests
Germany produced the best risk-adjusted cyclical timing result among developed markets. 8.48% CAGR (-0.41% excess), Sharpe 0.411, max drawdown -35.07%. German industrials and materials provided stable expansion signals across 24 years.
backtests
India is the only dedicated market in our 15-exchange cyclical timing study with sustained outperformance. 13.44% CAGR, +4.55% excess vs S&P 500, and a -0.6% down capture that made this strategy counter-cyclical in Indian markets.
backtests
We tested a 24-year strategy that invests in US cyclical stocks only when the sector is expanding (50%+ of companies with positive revenue growth). 8.04% CAGR, 34.3% down capture, and three cash calls that avoided major drawdowns. Full methodology and SQL included.
backtests
EV/EBITDA screening on XETRA: 6.83% CAGR vs 4.45% for the DAX. A 2.38% annual edge against the local index with a 68% win rate.
backtests
EV/EBITDA below 10x on NSE equities: 11.97% CAGR over 20 invested years vs 11.40% for the Sensex. A modest edge with lower beta.
backtests
EV/EBITDA screen on Borsa Italiana returned 5.94% CAGR over 25 years, trailing SPY's 7.64%. Thin universe and six cash years. The strategy doesn't justify the complexity over a simple index fund.
backtests
A simple EV/EBITDA screen on Stockholm-listed stocks returned 10.03% CAGR over 25 years vs OMX Stockholm 30's 2.95%. The strategy outperformed in 80% of years, with 138.6% up capture and only 52.0% down capture against the local index.
backtests
EV/EBITDA below 10x on the TSX: 9.74% CAGR vs TSX Composite 4.44%, 76% win rate. Canada's commodity-heavy market is structurally suited to this screen, with 150.2% up capture and 5.28% alpha.
backtests
EV/EBITDA below 10x is how private equity prices acquisitions. We tested it as an equity screen on 22,000+ US stocks over 25 years.
value-investing
Canada's TSX returned 9.79% CAGR on a low P/B screen over 25 years, +5.36% annual excess vs the TSX Composite. In 2022, the portfolio gained +32% while the TSX fell -8%, the largest annual spread across all 17 exchanges we tested.