backtests
A $10,000 investment in 2002 following this strategy on the Hong Kong Stock Exchange was worth $5,472 by end of 2025. That's a 45% nominal loss over 24 years, not accounting for inflation. Contents 1. Method 2. What We Found 3. Year-by-Year 4. Why Hong Kong
backtests
India's result is worse than it looks: 3.62% CAGR over 24 years on NSE. Compare that to the Sensex, which returned 14.48% annually over the same period. The strategy trailed the local benchmark by -10.86% per year. The Sharpe ratio is -0.114. The strategy
backtests
Buying stocks near their annual lows sounds like a straightforward mean-reversion play. Add a Piotroski quality filter to avoid value traps and you have a disciplined, testable strategy. We ran it on the SIX Swiss Exchange from 2002 through 2025. The result: $10,000 became $10,011 over 24 years.
backtests
We combined two ideas that shouldn't need explaining separately: buy stocks near their lows, but only the ones with strong balance sheets. The 52-Week Low Quality strategy screens for US stocks within 15% of their 52-week low, then filters to those with a Piotroski F-score of 7 or
backtests
Out of 22 exchanges, Sweden's Stockholm Stock Exchange produced the best developed-market result: 10.36% CAGR, +7.18% above the OMX Stockholm 30 annually, Sharpe 0.414. Here's why the signal works here.
backtests
The Graham Number strategy returned 18.37% CAGR on Brazil's B3 from 2000–2024 vs 8.44% for the Bovespa, a +9.93% annual excess. All in BRL, where inflation ran 6–8% annually and the Selic rate averaged 12–15%. Real returns are roughly 8–12%. Here's the honest account.
backtests
The Graham Number screen applied to Canadian stocks (TSX) returned 10.07% annually from 2000–2024, beating the TSX Composite by 5.64% per year. Down capture: 55.1%. Up capture: 154.5%. In years when the TSX fell, this portfolio fell only about half as much.
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We ran the Graham Number screen on 13 exchanges over 25 years, each benchmarked against its local stock index. 10 of 13 beat their local benchmark. Sweden and Japan lead with +8.6% annual excess. Only India, Hong Kong, and the US underperformed their home market.
backtests
We ran the Graham Number screen on XETRA for 25 years. 7.14% CAGR vs 4.45% DAX, a +2.69% annual excess. Beta 1.028 vs the DAX, up capture 121.2%, down capture 87.9%, and alpha +2.62%. A genuine value edge over the local benchmark.
backtests
Japan produced strong results in our Graham Number backtest: 11.59% CAGR vs 2.95% for the Nikkei 225 over 25 years. +8.64% annual excess, 76% win rate, and 12.1% down capture vs the local index. Deep structural cheapness, Abenomics tailwinds, and TSE governance reforms all show up in the data.
backtests
Graham Number strategy on Nasdaq Stockholm returned 11.61% annually from 2000-2024, beating the OMX Stockholm 30 in 20 of 25 years. The 80% win rate is the highest of 13 exchanges tested. Up capture: 149.4%. Down capture: 43.8%.
backtests
We ran the Graham Number screen on the SIX Swiss Exchange for 25 years. 6.94% CAGR vs 1.90% SMI, a +5.04% annual excess. Sharpe 0.350, max drawdown -30.15%, win rate 68%. The defensive case for Swiss value, now measured against the right benchmark.