backtests
EV/EBITDA Below 10x: 25-Year US Backtest (NYSE, NASDAQ, AMEX)
EV/EBITDA below 10x is how private equity prices acquisitions. We tested it as an equity screen on 22,000+ US stocks over 25 years.
value-investing
value-investing
Price-to-Book in Canada: 9.79% CAGR, 28% Down Capture, 25 Years on TSX
Canada's TSX returned 9.79% CAGR on a low P/B screen over 25 years, +5.36% annual excess vs the TSX Composite. In 2022, the portfolio gained +32% while the TSX fell -8%, the largest annual spread across all 17 exchanges we tested.
backtests
Graham Number Timing: When Stocks Trade Below Benjamin Graham's Fair Value Formula (2000-2025)
We tested buying stocks trading below Benjamin Graham's intrinsic value formula. 12.40% CAGR vs 8.01% SPY over 25 years, with 122% up-capture and 0% cash periods. The 75-year-old formula still works without modification.
backtests
Graham Number Timing in Sweden: Best Risk-Adjusted Returns Globally (0.556 Sharpe, 2000-2025)
We tested Graham Number timing on Swedish stocks. 12.98% CAGR vs 8.01% SPY, +4.97% excess. 0.544 Sharpe ratio (best globally), 72% down-capture. The Goldilocks result: high alpha with controlled risk.
backtests
Graham Number Timing on Indian Stocks: 12.77% CAGR, +1.65% Alpha vs Sensex (2000-2025)
We tested Graham Number timing on Indian stocks (BSE+NSE). 13.44% CAGR vs 8.01% SPY, +5.43% excess (best globally). 57.1% down-capture with 122.5% up-capture. Value investing asymmetry in emerging markets.
backtests
Graham Number Timing Across 14 Global Exchanges: Where Does Value Work? (2000-2025)
We tested Benjamin Graham's intrinsic value formula across 14 global exchanges. 8 of 14 beat SPY. Winners: developed value markets (Sweden +4.97%, US +4.39%) and emerging markets (India +5.43%). Losers: high-growth Asia (Taiwan -3.13%).
value-investing
Price-to-Tangible-Book in the UK: 10.46% CAGR and +9.24% Alpha Over the FTSE 100
The P/TBV strategy on the London Stock Exchange returned 10.46% annualised over 25 years against the FTSE 100's 1.23%, adding 9.24% per year with a maximum drawdown of -38.54%. It beat the FTSE in 20 out of 25 years.
value-investing
Price-to-Tangible-Book in Germany: 6.90% CAGR and +1.86% Alpha Over the DAX
The P/TBV strategy on Germany's XETRA returned 6.90% annualised over 25 years, beating the DAX's 5.04% by 1.86% per year. Down capture of 34.4% means the portfolio absorbs about a third of the DAX's losses in down years.
value-investing
Price-to-Tangible-Book in China: 9.84% CAGR and +7.41% Alpha Over the SSE Composite
The P/TBV strategy on China's Shenzhen and Shanghai exchanges returned 9.84% annualised over 25 years against the SSE Composite's 2.43%, adding 7.41% per year. It beat the domestic benchmark in 18 of 25 years.
backtests
Yield Gap US: When Earnings Yields Outrun Bond Yields (2000-2025)
We screened for US stocks where earnings yields significantly exceed government bond rates and ran the backtest from 2000 to 2025. The strategy delivered 8.60% CAGR vs 7.64% for SPY, with notably better bear market behavior.
backtests
Yield Gap UK: The Best-Performing Market in Our 20-Exchange Study (2000-2025)
We tested the yield gap strategy on London Stock Exchange stocks from 2000 to 2025. The UK delivered 11.29% CAGR vs 7.64% for SPY — the highest excess return across all 20 markets in our study, and +10.43% annually above the FTSE 100.
backtests
Yield Gap Sweden: Strong Alpha with a 76% Win Rate vs Local Index (2000-2025)
We ran the yield gap strategy on Stockholm Stock Exchange stocks from 2000 to 2025. The result: 10.61% CAGR vs 2.95% for OMX Stockholm 30 (+7.66% excess), with a 76% annual win rate against the local index.