backtests
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
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.
backtests
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.
backtests
We ran Benjamin Graham's formula (sqrt(22.5 × EPS × BVPS)) across US stocks from 2000 to 2024. The honest result: 6.34% CAGR vs 7.64% for SPY. The down capture of 72.1% is real. The structural underperformance since 2013 is also real.
backtests
EV/EBITDA below 10x on the TSX: 9.84% CAGR vs TSX Composite 4.44%, 76% win rate. Canada's commodity-heavy market is structurally suited to this screen, with 150.5% up capture and 5.36% alpha.
backtests
We tested EV/EBITDA below 10x on 18 global exchanges with local benchmarks. 14 of 18 beat their local index. The value premium is broader than SPY comparison suggested.
backtests
EV/EBITDA screening on XETRA: 7.40% CAGR vs 4.45% for the DAX. A 2.96% annual edge against the local index with a 68% win rate.