value investing
Low P/E screening on the London Stock Exchange returned 13.6% annually from 2000 to 2025. The FTSE 100 managed just 1.4% over the same period. That's +12.2 percentage points of excess return. The strategy outperformed in 67% of quarters, the highest win rate of
piotroski
An accounting professor created a nine-point checklist to separate winning value stocks from future bankruptcies. We ran it on US equities from 1985 to 2025. The high-quality basket (Score 8-9) returned 10.6% annually with a Sharpe of 0.297. The low-quality basket (Score 0-2) returned 10.9% with a
DCF
We ran the same DCF Threshold screen on 13 global stock exchanges. Same signal, same quality filters, same parameters on every market. The pattern that emerged is clear and consistent: the strategy adds value in Western markets and underperforms across most of Asia. The dividing line isn't random.
DCF
We added three quality filters to a classic FCF yield screen and tested it on 25 years of US stocks from NYSE, NASDAQ, and AMEX. The signal: buy the 30 most undervalued stocks by DCF discount that also have ROE above 8%, debt-to-equity below 1.5, and positive operating cash
DCF
We ran the DCF Threshold screen on 25 years of UK stocks from the London Stock Exchange. Buy the 30 most undervalued companies by Gordon Growth DCF discount, filtered for ROE above 8%, D/E below 1.5, and positive operating cash flow. The strategy found no qualifying stocks in
DCF
We ran the DCF Threshold screen on 25 years of Indian stocks from BSE and NSE. The signal: buy the 30 most undervalued companies by Gordon Growth DCF discount, filtered for ROE above 8%, D/E below 1.5, and positive operating cash flow. The strategy found no qualifying stocks
DCF
We ran the DCF Threshold screen on 25 years of Canadian stocks from the TSX. The signal: buy the 30 most undervalued companies by Gordon Growth DCF discount, filtered for ROE above 8%, D/E below 1.5, and positive operating cash flow. The strategy returned 9.32% annually vs
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%