quality investing
D/E < 0.5 + Piotroski F-Score >= 7 across the TSX returned 9.21% CAGR vs 3.95% for TSX Composite (+5.26% excess) over 25 years — with 29.11% down capture. When the Canadian market fell, this portfolio fell far less.
quality investing
D/E < 0.5 + Piotroski F-Score >= 7 on Chinese A-shares (SHH + SHZ), backtested 2000-2025. 5.39% CAGR vs 2.43% SSE Composite. +2.96% excess with 75.04% down capture. Two bubble events: +111.2% in 2006 and +83.8% in 2014. Volatility of 33.24% and max drawdown of -56.24%.
quality investing
We screened XETRA-listed German equities for D/E < 0.5 and Piotroski F-Score >= 7 across 25 years. Result: 6.39% CAGR vs 5.04% for the DAX. +1.35% excess with 51.08% down capture. 0 cash periods, 48 avg stocks.
equity growth
We backtested the Compounding Equity Screen on TSX stocks from 2000 to 2025. 6.84% CAGR vs 3.95% for the TSX Composite, a +2.89% annual excess. Strong outperformance in the first decade and in recovery years (2009, 2010, 2020), with a severe 2008 drawdown of -39.9%.
equity growth
We backtested the Compounding Equity Screen across 14 exchanges worldwide from 2000 to 2025. Five markets outperform their local benchmarks (UK, Switzerland, Sweden, Canada, Japan). Only the UK also beats the S&P 500. The results reveal where equity compounding works and where it doesn't.
equity growth
We backtested the Compounding Equity Screen on XETRA stocks from 2000 to 2025. 4.54% CAGR vs 5.04% for the DAX. Only -0.50% annual shortfall against the local benchmark, with 36% down capture and a 48% win rate. Germany is closer to benchmark than it looked vs SPY.
equity growth
We backtested the Compounding Equity Screen on NSE stocks from 2000 to 2025. 5.14% CAGR vs 12.06% for the Sensex. The strategy underperforms the local benchmark by 6.92% annually, with 8 of 25 years in cash missing India''s strongest bull market.
equity growth
We backtested the Compounding Equity Screen on London Stock Exchange stocks from 2000 to 2025. 9.24% CAGR vs 1.23% for the FTSE 100, with 29.2% down capture. During the 2008 financial crisis, the portfolio fell 14% while the FTSE fell 22%.
equity growth
We ran the Compounding Equity Screen on all US exchanges from 2000 to 2025. 5.68% CAGR vs 7.85% for the S&P 500. The strategy underperforms by 2.18% annually. In 2023, it returned -4.3% while SPY gained 25.4%. Here is what the data shows and why it happens.
value investing
Over 25 years on the Toronto Stock Exchange, a Price-to-Tangible-Book strategy returned 8.67% annually against the TSX Composite's 3.95%, a margin of 4.71 percentage points. That's a meaningful edge over the domestic benchmark, more than doubling the index return. The TSX Composite only
value-investing
The P/TBV strategy on China's Shenzhen and Shanghai exchanges returned 9.99% annualised over 25 years against the SSE Composite's 2.43%, adding 7.56% per year. It beat the domestic benchmark in 18 of 25 years.
value investing
Fourteen of 15 exchanges beat their local benchmark over 25 years using a Price-to-Tangible-Book strategy. Only Korea underperformed. The strategy works where physical and financial assets are the primary value driver: manufacturing, banking, energy, materials. The one failure, Korea, reveals structural limits worth understanding. But the broad picture is clear: