event study
Japanese stocks don't drift upward before earnings announcements. Not when you measure against the right benchmark. Contents 1. Why the Benchmark Matters 2. Method 3. Results 4. What Changed From the Original Analysis 5. What This Means 6. Limitations 7. Takeaway Our original analysis showed a +0.114%
event study
Korea's pre-earnings pattern looks nothing like the US. Contents 1. Method 2. Results 3. Overall 4. By Beat-Rate Category 5. The Unusual Pattern 6. Benchmark Update: EWY to KOSPI 7. Why Korea May Be Different 8. Data Coverage 9. Limitations 10. Takeaway In the US, the pre-earnings runup
event study
We ran the pre-earnings event study on 14 exchanges using local currency index benchmarks. The results changed significantly from our original analysis, which used US-listed ETFs. Several findings that looked real turned out to be benchmark artifacts. Contents 1. Method 2. Global Results 3. What Changed From the Original Analysis
backtests
Graham Number Timing Across 14 Global Exchanges: Where Does Value Work? We tested Benjamin Graham's 1949 intrinsic value formula across 14 global stock exchanges over 25 years (2000-2025). The results reveal a clear pattern: value timing works in 8 of 14 markets, with strongest performance in developed value
backtests
Graham Number Timing in Sweden: Best Risk-Adjusted Returns Globally (0.544 Sharpe) Benjamin Graham's intrinsic value formula delivered a 0.544 Sharpe ratio on Swedish stocks over 25 years. That's the highest risk-adjusted return across all 14 global exchanges we tested. Contents 1. The Formula 2.
backtests
Graham Number Timing on Indian Stocks: 13.44% CAGR, Best Performer Globally Benjamin Graham's 1949 intrinsic value formula delivered +5.43% annual alpha on Indian stocks over 25 years. That's the highest excess return across all 14 global exchanges we tested. Contents 1. The Formula 2.
global stocks
We ran the same sector-relative EV/EBITDA screen across 13 global stock exchanges from 2000 to 2025. Buy when a quality stock's EV/EBITDA falls 30% or more below its sector median. Hold the top 30 deepest discounts, rebalance annually. The result splits cleanly along geography: every Western
EV/EBITDA
When a profitable company trades at a 30% discount to its sector peers on EV/EBITDA, something tends to happen. Either the business is genuinely broken, or the market has mispriced it. We built a screen to find the latter, ran it on 25 years of US stock data, and
UK stocks
The UK market doesn't generate headlines. It doesn't deliver the +74% years you get in India or the explosive recoveries you see in the US after crises. What 25 years of LSE data gives you is something more useful for most investors: consistent, steady outperformance with
Switzerland stocks
We ran a sector-relative EV/EBITDA screen on 23 years of Swiss stock data from the SIX Exchange. The signal: buy when a stock's EV/EBITDA falls below 70% of its sector median, filtered for quality (ROE > 8%, D/E < 2.0, MCap > CHF 500M)
Japan stocks
We ran a sector-relative EV/EBITDA screen on 19 years of Japanese stock data from JPX (Tokyo Stock Exchange). The signal: buy when a stock's EV/EBITDA falls below 70% of its sector median, filtered for quality. The result: 3.64% CAGR vs 7.64% SPY, -4.00%
India stocks
Indian equities aren't for the cautious. We ran a sector-relative EV/EBITDA screen on BSE and NSE stocks from 2005 through 2025, and the results reflect everything that makes Indian markets both exciting and punishing: 11.18% CAGR with a max drawdown of -54.88%. The strategy outperformed