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2021: +19.4%

It has been another fantastic year for our newsletter members!

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YTD performance: +22.4%

In July, the STOXX600 was able to gain 220 basis points, finishing with a YTD return of 15.7%.

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ValueSignals 5 is live!

As you will have noticed, we moved a new version of ValueSignals to production.

Q1: +12.8%

After many years of underperformance (growth outperformed value by more than 2:1 since 2010), value stocks seem to be catching up.

Roaring kitty

The month of January was marked by a new phenomenon.

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9 out of 10!

In 2020 our portfolio put down another fantastic performance and is now at a record high of +586.5% TWR.

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Make ValueSignals outperform again!

while the portfolios of other value investing newsletters continued to struggle, the ValueSignals model portfolio is on track to beat the market again.

Performance boost

As you might have noticed, ValueSignals has gotten a lot faster recently.

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And the winner is ValueSignals!

We started our newsletter almost 10 years ago to demonstrate that our screener is a great tool to beat the market.


A question we get asked quite often is: do you have a point-in-time database, and do you allow backtesting?

The new screener is live

I'm proud to announce that we released a major upgrade to our screener and scorecard.

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A year full of surprises

2018 has been a year full of surprisesAfter beating the STOXX600 for 7 years in a row with a comfortable margin, our European portfolio underperformed.

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Bring your own composite factor!

Our goal at ValueSignals has always been to allow any investor - from novice to expert - to implement powerful quantitative models with very little effort.

ValueSignals in action in Finland

Finnish value investors have been using our website from the get-go and today our stock screener is still very popular in Finland.

27% gain on average

Did you know that of the 12 positions we added to the European portfolio during the last 12 months, only 2 showed a small loss.

On track for 7 wins in a row

While the STOXX600 continued its downward trend and ended October at -7.3%, our European portfolio maintained its upward course by adding 560 basis points.

New! Share your news and insights!

The ValueSignals community is growing faster as word of mouth is spreading, and a growing number of investors move from gut feeling investing to a more systematic, quantitative style of investing.

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Discover the formula behind each measure

Over the last few months, we invested quite a bit of time making sure that our glossary is up to date with not only the formula behind each measure but also the reason why we included it in our screener.

Updated Glossary available now!

There have been many changes to the stock screener lately, and we introduced quite a few new measures in the scorecard.

New scorecard user manual

It's only been a couple of weeks since we launched our scorecard, and it seems to be a big success.

New stock screener manual out now!

We really put a lot of effort into making our new screener as simple as possible, so many users have been using it successfully without ever requiring a user guide.

Q3 Portfolio Update

Our European portfolio again performed exceptionally well during the last month.

New domain name and logo

From now on, We will market your favorite value investing screener and newsletter under the valueSignals brand name.

Value Investing in Israel

According to Ori Eyal, manager of the EVCM fund and protege of Guy Spiers, it's a great time to invest in Israel.

European portfolio vs market, 5 - 0

After the great returns in 2013 (+39,7% for the European portfolio and +43,2% in North-America) the markets started the year at a generally overvalued level.

Enjoy the new site!

After many months of work we have released the new version of the site.

Reverse your DE

Do you have the tendency to sell your winners too early and ride losers too long?

Which magic formula is the most popular

(Intro from the June 2014 edition of the systematic value investor newsletter)Over the past 5 years we gathered quite a few screens and ratios.

How to detect earnings manipulation and to avoid a permanent loss of capital

After all, you only find out who is swimming naked when the tide goes out.Warren Buffett There a basically two main reasons for a total loss of capitalcompanies that are cooking the books; financial statements manipulation and fraud bankruptcyIn most cases these risk are frequently found together.

Use our screeners to find bargains in New Zealand!

60 Years ago on 29 May 1953, Sir Edmund Percival Hillary and Nepalese Sherpa mountaineer Tenzing Norgay became the first climbers confirmed as having reached the summit of Mount Everest.

External Finance Ratio - helping to find shareholder yield or value

Dear investors,The following article appeared in the 1 march 2013 issue of the Systematic Value Investor newsletter.Sign up hereto receive four investment ideas based on the best long term investment strategies we have tested.New – External Finance RatioIn this article I want to tell you about a ratio we have also added to the screener called the External Finance Ratio (EFR).

Cambria Shareholder Yield ETF

Mebane Faber (Cambria) has launched an interesting ETF today : ->The Cambria Shareholder Yield ETF is an actively managed fund that employs the manager's quantitative algorithm to select U.S.

Gross Income Ratio, a better quality ratio

The following article appeared in the 1 April 2013 issue of the Systematic Value Investor newsletter.Sign up hereto receive two investment ideas based on the best long term investment strategies we have tested.Back to the article.Do you think that the quality of a business makes any difference in terms of returns compared to only buying undervalued companies?It doesn't, but we may have found a quality ratio that helps.As you know, our experience testing quality ratios in our book Quantitative Value Investing In Europe: What Works for Achieving Alpha has been mixed.It doesn't workReturn on invested capital and return on assets as single factors weren't good predictors of future returns.Even though high-quality companies did do better than junk companies using both ratios, the results were not linear, and choosing only high-quality companies would not have helped you to outperform the market consistently.

New KPI : Value Factor One - Backtest

The problem with single-factor valuation ratios is that they move “in and out of favor” and can significantly underperform the overall market over any given 10-year period despite their long-term outperformance.The solution ?A valuation factor that uses a few valuation measures overcomes this problem by giving you a list of undervalued companies based on a few valuation measures and thus more consistent returns.The use of a “value composite” to measure undervaluation rather than using the single valuation ratio of, for example, price-to-sales or book to market.O’Shaughnessy found that stocks selected based on the value composite outperformed stocks scoring highest on any single value factor 82% of the time in all 10-year rolling periods between 1964 and 2009.

Quantitative Long - Short Investing (2)

In response to many questions from the Short Selling Blog:The screen featured in the article can be described as follows:US companies with a market capitalization greater than one billion dollars and with a 20-day average trading volume greater than 100,000 shares.These companies are less volatile than their smaller brethren and much more likely to be borrowable.ADRs are excluded.

Quantitative Short Selling, Why Bother

Many professionals sell short a stock in order to make a profit just as they do with their long portfolios.However, that is not the primary focus of our short portfolio.Because the market (eg a long tracker) gives you 6+% per annum (if you stay in it long enough), a short portfolio has to generate a 6+% excess return just to break even.And that is not including trading expenses, which are greater for short selling than normal long trading.That is quite a headwind to sail against!On the plus side, because most equity investors are long-only, there may be more mispricing opportunities to take advantage of.So most investors should back off now and concentrate on their long portfolios.But a very small number of mechanical equity investors may be interested in this portfolio for asset allocation and diversification purposes.

ROIC, the underrated factor

If you happen to be interested in asset management, chances are that you have heard about the concept of factor returns.

Why isn’t everybody doing it

This post is all about how to survive a bar conversation as a banker these days.I happen to be a banker and my friends happen to know that I am a banker.

New features in Value Screeners

This new factor - together with the other momentum factors (price index 12 months and price index 6 months) - in our Value Screener grid indicates a truth about investing that is difficult to understand: the investor should buy into strength and sell into weakness.

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Short selling, not for everyone!

Short selling (also known as shorting or going short) is the practice of selling shares that have been borrowed from a broker with the intention to repurchase these shares at a later date to return to the broker.

“Old - Value” school

One of the remains of the Graham-Newman era (except Warren Buffet himself ) is Tweedy, Browne Company LLC.Founded in 1920, Buffets favorites’ stockbroker, was located at 52 Wall Street, in the same building as Ben Graham had once worked.

We're all going to die

Benjamin Franklin first stated that the only two certainties in life are death and taxes.

Some ideas from the Value Investing seminar in Molfetta

As promised in our last post, here below some comments from our visit to this seminar.Our general impression from the speakers is that finding "deep value" stocks has become more difficult than a few years ago.The suggested ideas show a smaller margin of safety compared to earlier years.

8th Annual Value Investing Seminar in Molfetta

Next week, our team will attend the 8th Annual Value Investing Seminar in Molfetta. valueinvestors from the United Statesand Europe will present their very bestinvestment idea, a great opportunity to meet, share ideas and learn from someof the world’s most successful money managers.Confirmed speakers this year include:WHITNEY TILSONT2 PARTNERS LLC, USA GLENN TONGUET2 PARTNERS LLC, USAJOSH TARASOFFGREENLEA LANE CAPITAL, USALLOYD KHANERKHANER CAPITAL LP, USAORI EYAEMERGING VALUE CAPITALMANAGEMENT (EVCM), USASAHM ADRANGIKERRISDALE CAPITAL MANAGEMENT, LLC, USATOM RUSSOGARDNER RUSSO & GARDNER, USAFERNANDOBERNARDBESTINVER, SPAINBORIS V.