value-investing
The P/TBV strategy on the Hong Kong Stock Exchange returned 6.48% annualised over 25 years against the Hang Seng's 1.64%, adding 4.84% per year with a 68% win rate. $10,000 grew to $48,000 vs $15,000 for the index.
backtests
We ran the Graham Number screen on 12 exchanges over 25 years, each benchmarked against its local stock index. 9 of 12 beat their local benchmark clearly. Sweden leads with +10.08% annual excess; Japan delivers the best Sharpe. Only India and the US underperform their home market; Hong Kong ties.
backtests
We ran the Graham Number screen on the SIX Swiss Exchange for 25 years. 6.55% CAGR vs 1.90% SMI, a +4.66% annual excess. Sharpe 0.326, max drawdown -35.33%, win rate 64%. The defensive case for Swiss value, now measured against the right benchmark.
backtests
We ran the Graham Number screen on XETRA for 25 years. 8.21% CAGR vs 4.45% DAX, a +3.77% annual excess. Beta 1.00 vs the DAX, up capture 125.4%, down capture 79.8%, and alpha +3.77%. A genuine value edge over the local benchmark.
backtests
The Graham Number strategy returned 14.04% CAGR on Brazil's B3 from 2000–2024 vs 8.44% for the Bovespa, a +5.60% annual excess. All in BRL, where inflation ran 6–8% annually. Plus a known FMP data quality caveat on SAO adjusted-close prices. Here's the honest account.
backtests
The Graham Number screen applied to Canadian stocks (TSX) returned 10.89% annually from 2000–2024, beating the TSX Composite by 6.46% per year. Down capture: 51.8%. Up capture: 159.5%. In years when the TSX fell, this portfolio fell only about half as much.
backtests
Graham Number strategy on Nasdaq Stockholm returned 13.04% annually from 2000-2024, beating the OMX Stockholm 30 in 20 of 25 years. The 80% win rate ties Japan for the highest in the study. Up capture: 151.9%. Down capture: 30.5%.
value-investing
Canada is the most consistently investable PEG ratio market we tested. Zero cash periods across 103 quarters. The portfolio always had 25+ qualifying stocks. 9.03% CAGR vs the TSX Composite's 5.08%, a +3.94%/yr advantage over 25 years. Contents 1. Why Canada Works for GARP
backtests
Japan produced strong results in our Graham Number backtest: 11.63% CAGR vs 2.95% for the Nikkei 225 over 25 years. +8.68% annual excess, 80% win rate, and 15.2% down capture vs the local index. Deep structural cheapness, Abenomics tailwinds, and TSE governance reforms all show up in the data.
backtests
India's listed companies are built on physical capital: steel, cement, chemicals, engineering. A P/TBV screen on NSE large-caps returned 14.64% CAGR over 25 years versus 12.06% for the Sensex, with a down capture of 37.2%, meaning the strategy absorbed about a third of the benchmark's downside.
backtests
We ran Benjamin Graham's formula (sqrt(22.5 × EPS × BVPS)) across US stocks from 2000 to 2024. The honest result: 7.01% CAGR vs 7.64% for SPY. The down capture of 68.8% is real. The structural underperformance since 2013 is also real.
backtests
Price-to-Tangible-Book strips goodwill and intangibles from the valuation, leaving only what a company physically owns. Backtested on US large-caps from 2000-2025, the strategy returned 11.31% CAGR versus 7.85% for SPY, with a down-capture ratio of just 3.9%.