FCF growth
$10,000 grew to $327,183 over 25 years using a free cash flow growth screen on Indian stocks. 14.97% CAGR, +7.14% above SPY, and a 2.85% down capture ratio that barely moved during global bear markets.
FCF growth
We backtested FCF growth stocks across NYSE, NASDAQ, AMEX from 2000 to 2025. The strategy absorbs crashes at half the rate of SPY (50.6% down capture) but trails on absolute return (5.98% vs 7.83% CAGR). Honest results from a 25-year run.
revenue acceleration
Canada is the only market where revenue acceleration outperformed in our global study. The margin is thin (+0.29%), but the down capture of 44% tells the real story.
revenue acceleration
Revenue acceleration backtested in 12 markets over 25 years. Canada is the only positive result at +0.29%. Hong Kong is the worst at -12.55%. The signal fails globally but the how varies enormously by market.
revenue acceleration
Revenue acceleration underperforms in Germany by 1.3% annually. But it produced the lowest max drawdown in our 12-exchange study (-29.91%) and captured only 58.5% of market declines.
revenue acceleration
We ran the revenue acceleration strategy on all US stocks from 2000 to 2025. 3.76% CAGR vs 7.30% for the S&P 500. Down capture of 109.6%. Fully invested every year. It still failed.
momentum investing
Volume-confirmed momentum on Canadian equities from 2001 to 2025: 9.25% CAGR vs 4.75% for the TSX Composite, +4.49% annual excess return, Sharpe 0.428, and 32.4% down capture — the lowest of any exchange in this study. The commodity-driven TSX provides natural decorrelation.
momentum investing
Same strategy, 17 global exchanges, 25 years. Volume-confirmed momentum returned +7.34% excess vs OMX Stockholm 30, +6.0% vs FTSE 100, but -0.97% vs Sensex in India and -0.92% vs S&P 500 in the US. The factor works where institutional volume is informative — and fails where it's noise.
momentum investing
Volume-confirmed momentum on Indian equities from 2001 to 2025: 12.21% CAGR with 70.6% down capture. Strong absolute returns, but the Sensex returned 13.18% over the same period. The factor provides downside protection but doesn't beat the index.
momentum investing
Volume-confirmed momentum on Swedish stocks returned 11.02% annually from 2001 to 2025, +7.34% over the OMX Stockholm 30 (3.68% CAGR). Sharpe ratio of 0.487 — highest of 17 global exchanges. Down capture of 34.75% and 29% cash periods define the strategy: defensive in crises, strong when invested.
momentum investing
We added volume confirmation to 12-month momentum on US stocks: rising 3-month volume, positive earnings, positive cash flow. From 2001 to 2025, the strategy returned 7.66% annually vs 8.59% for SPY — with 148.3% down capture. Volume signals are noise in the world's most traded market.
earnings surprise
Brazil earnings beats produce +1.43% CAR at T+63 vs Bovespa. Misses produce -1.28%. Q5-Q1 spread: +3.22%. Both sides of the PEAD signal are active.