NCAV
We backtested Graham net-net stocks on Taiwan exchanges from 2001 to 2024. The strategy returned 9.75% CAGR with a Sortino of 0.888, only 12.5% negative periods, and 39% down capture. Taiwan's small manufacturer ecosystem creates ideal conditions for net-net investing.
NCAV
Xiao and Arnold (2008) found 19.7% annual returns for UK net-nets from 1980-2005. Our 2001-2024 backtest finds -0.62% CAGR. Two spectacular recovery years (+99% in 2009, +66% in 2020) couldn't offset persistent losses in normal markets.
free cash flow
We ran the same FCF yield screen across 8 stock exchanges from 2000 to 2025. Three beat SPY. UK beat FTSE 100 by 8.81% annually, Hong Kong beat Hang Seng by 8.58%. Japan beat Nikkei by 4.43%. Most markets work vs local benchmarks. Only three beat SPY because SPY was exceptional (7.85% CAGR).
free cash flow
We screened for high FCF yield on London Stock Exchange stocks from 2000 to 2025. 10.04% CAGR, +8.81% excess over FTSE 100. In 2008, the portfolio fell only 5.2% while FTSE 100 dropped 22%. Down capture of 21% with 193% up capture. Quality-filtered cash generators dominate flat UK markets.
free cash flow
We screened for high FCF yield on Hong Kong Stock Exchange stocks from 2000 to 2025. 10.22% CAGR, +8.58% excess over Hang Seng. In 2008, the portfolio lost only 5.5% while Hang Seng fell 16%. 72% win rate, 27% down capture. Hang Seng returned just 1.64% annually over the same 25 years.
free cash flow
We screened for high FCF yield on US stocks from 2000 to 2025. 10.70% CAGR vs 7.85% for the S&P 500. The portfolio only captured 36% of the market's downside while following up with 113% of its recoveries. FCF yield measures what a company actually earns after paying for everything it takes to...
value investing
We screened XETRA-listed stocks for low price-to-sales ratios with qualifying margins and profitability, then backtested the resulting portfolio from 2000 to 2025. The strategy returned 8.13% annually vs 5.12% for the DAX, over 25 years and 103 quarterly periods. The Sharpe ratio is 0.291. The portfolio was
value investing
We backtested Graham's net-net strategy on all US exchanges (NYSE, NASDAQ, AMEX) from 2001 to 2024. The result is 5.55% CAGR vs 8.86% for the S&P 500. The premium that Oppenheimer documented in 1986 has largely disappeared. Here's what the data shows.
value investing
We backtested value-momentum on 17 exchanges over 25 years with local benchmarks. 12 of 17 beat their reference benchmark. India leads at 15.87% CAGR. Hong Kong has the highest alpha (+8.57% vs Hang Seng).
value investing
A quality-filtered P/S value screen on NSE returned 12.27% CAGR from 2000 to 2025, against a Sensex that returned 11.12%. The strategy beats the local index by 1.15 percentage points. India's market itself rose strongly. The screen adds a modest, real edge on top.
small cap
We backtested a small-cap value screen on US stocks from 2000 to 2025. Buy the 30 cheapest small caps by P/B with quality controls. Result: 18.10% CAGR vs 7.85% for SPY, with half the drawdown.
small cap
We backtested small-cap value on Thailand's SET from 2000 to 2025. 12.25% CAGR, just -23.54% max drawdown, +7.11% excess over the SET Index. The cleanest emerging market result in our 14-exchange comparison.