{"id":38005,"date":"2025-07-15T13:07:47","date_gmt":"2025-07-15T05:07:47","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=38005"},"modified":"2026-03-03T13:11:02","modified_gmt":"2026-03-03T05:11:02","slug":"starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/","title":{"rendered":"Starting from Robert Gaddie&#8217;s Stock-Picking Method: Searching for Small-Cap Growth Dark Horses in the Taiwan Stock Market"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full caption-align-center\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2976\" height=\"1984\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1.jpg\" alt=\"Stock-Picking Method\" class=\"wp-image-38006\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1.jpg 2976w, https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1-300x200.jpg 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1-1024x683.jpg 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1-150x100.jpg 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1-768x512.jpg 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1-1536x1024.jpg 1536w, https:\/\/www.tejwin.com\/wp-content\/uploads\/juliana-araujo-the-artist-l_EZkgghrg-unsplash-1-2048x1365.jpg 2048w\" sizes=\"(max-width: 2976px) 100vw, 2976px\" \/><figcaption class=\"wp-element-caption\">Photo by<a href=\"https:\/\/unsplash.com\/@juaraujotheartist?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" target=\"_blank\" rel=\"noopener\"> Juliana Araujo the artist<\/a> on<a href=\"https:\/\/unsplash.com\/photos\/a-golden-statue-of-a-unicorn-on-a-white-sheet--l_EZkgghrg?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" target=\"_blank\" rel=\"noopener\"> Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f7a1bcbb40d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f7a1bcbb40d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Preface\" >Preface<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Stock_Selection_Criteria\" >Stock Selection Criteria<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Stock_Selection_Criteria-2\" >Stock Selection Criteria<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Backtesting_Framework_Overview\" >Backtesting Framework Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Strategy_Performance_Analysis_Charts\" >Strategy Performance Analysis &amp; Charts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Performance_Table\" >Performance Table<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#GitHub_Source_Code\" >GitHub Source Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Further_Reading\" >Further Reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tejwin.com\/en\/insight\/starting-from-robert-gaddies-stock-picking-method-searching-for-small-cap-growth-dark-horses-in-the-taiwan-stock-market\/#Related_Links\" >Related Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Preface\"><\/span><strong>Preface<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the investment world, small-cap growth stocks have long attracted the attention of professional investors and fund managers due to their high growth potential and price flexibility. Robert Gardiner, a renowned U.S. fund manager, is a prominent figure in this field. He is best known for managing the Wasatch Micro Cap Fund, achieving exceptional results even during the turbulent U.S. market conditions in 2000 and 2001, with annual returns exceeding 30% and nearly 50%, respectively\u2014far outperforming the broader market. His stock-picking approach has demonstrated strong resilience and remarkable growth capability.<\/p>\n\n\n\n<p>At the core of Gardiner\u2019s strategy is the identification of companies with relatively small market capitalizations, strong earnings growth, and solid fundamentals. Through his proprietary ABGC framework and the application of the GARP (Growth at a Reasonable Price) philosophy, he focuses on potential stocks with a price-to-earnings growth (PEG) ratio below 1. This forms a systematic yet flexible investment approach. To test the applicability of this strategy in the Taiwanese stock market, this study adopts Gardiner\u2019s screening principles to develop a set of quantifiable selection criteria, conducts backtesting on Taiwan equities, and further explores the empirical performance of small-cap growth investing in the local market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_Selection_Criteria\"><\/span><strong>Stock Selection Criteria<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In replicating Robert Gardiner\u2019s stock-picking strategy, we focus on the core of his investment philosophy: investing in small-cap companies with strong growth potential and purchasing them at reasonable prices. While Gardiner incorporates a degree of subjective judgment in his selection process\u2014such as assessing management quality and competitive advantages\u2014for the sake of quantitative implementation, we translate his principles into the following measurable financial indicators:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_Selection_Criteria-2\"><\/span><strong>Stock Selection Criteria<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Small Market Capitalization<\/strong><br>Select companies with a total market capitalization lower than the bottom 30% of the overall market. This focuses the strategy on small- and micro-cap growth stocks, which Gardiner believes are often overlooked by the market and therefore have greater upside potential.<\/li>\n\n\n\n<li><strong>Estimated Earnings Growth Rate &gt; 15%<\/strong><br>Only include companies with a projected earnings growth rate exceeding 15% over the next year. Strong earnings growth is a primary driver of stock price appreciation and lies at the heart of any growth-oriented strategy.<\/li>\n\n\n\n<li><strong>Gross Margin Above Industry Average (Last 4 Quarters)<\/strong><br>Compare a company\u2019s gross margin over the most recent four quarters with the average of its industry. A higher gross margin suggests that the company has competitive products, stronger pricing power, and greater operational efficiency\u2014indirect indicators of a competitive advantage.<\/li>\n\n\n\n<li><strong>Insider Ownership Above Market Average<\/strong><br>Use the ownership percentage held by insiders (board directors and executives) as a proxy. High insider ownership helps align management\u2019s interests with those of shareholders, potentially improving corporate governance and signaling confidence in the company\u2019s future.<\/li>\n\n\n\n<li><strong>PEG Ratio Less Than 1<\/strong><br>Use the PEG ratio (Price-to-Earnings ratio divided by estimated earnings growth rate) as a valuation metric. A PEG below 1 indicates that a stock offers high growth at a relatively reasonable price, embodying the core principle of the GARP (Growth at a Reasonable Price) investment philosophy.<\/li>\n\n\n\n<li><strong>Top 20% of Stocks with the Lowest PEG Ratios<\/strong><br>Among companies that pass all of the above filters, rank them by ascending PEG ratio and select only the top 20%. A lower PEG implies a cheaper price relative to growth potential, helping the portfolio concentrate on the most attractive and undervalued opportunities to enhance overall return potential.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Backtesting_Framework_Overview\"><\/span><strong>Backtesting Framework Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To evaluate the applicability of Robert Gardiner\u2019s stock selection logic in the Taiwanese stock market, this study conducts a backtest spanning from January 1, 2015, to May 27, 2025. A concrete strategy execution framework is designed and implemented as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Backtesting Period<\/strong>: January 1, 2015 \u2013 May 27, 2025<\/li>\n\n\n\n<li><strong>Rebalancing Frequency<\/strong>: Every 20 trading days (approximately once per month)<\/li>\n\n\n\n<li><strong>Stock Selection Logic<\/strong>: Stocks meeting the defined small-cap growth criteria are screened, and the top 20% with the lowest PEG ratios are selected<\/li>\n\n\n\n<li><strong>Capital Allocation<\/strong>: Equal-weight allocation across all selected stocks at each rebalance point; assumes no leverage or margin financing<\/li>\n<\/ul>\n\n\n\n<p>This strategy systematically implements Gardiner\u2019s investment philosophy. By applying a fixed rebalancing schedule and equal-weighted allocation, it avoids excessive concentration in individual holdings and helps mitigate the risk of overtrading.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategy_Performance_Analysis_Charts\"><\/span>Strategy Performance Analysis &amp; Charts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full caption-align-center\"><img decoding=\"async\" width=\"1024\" height=\"566\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/oolll-1024x566-1.png\" alt=\"Stock-Picking Method\" class=\"wp-image-38008\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/oolll-1024x566-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/oolll-1024x566-1-300x166.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/oolll-1024x566-1-150x83.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/oolll-1024x566-1-768x425.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>In the red highlighted area of the chart above, we observe that the excess return in the second subplot turns from negative to positive, outperforming the broader market (represented by the TAIEX). At the same time, in the Rolling Alpha subplot, the alpha value also shifts from negative to positive and remains in positive territory for approximately one year. This period coincides with a transitional phase between a bear and bull market, during which the overall market was highly volatile. Despite such conditions, the strategy was able to consistently generate returns, demonstrating strong stock-picking capability and the ability to identify promising stocks regardless of broader market trends. This hypothesis will be further examined in the next chart.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full caption-align-center\"><img decoding=\"async\" width=\"1024\" height=\"792\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/eeeeddd-1024x792-1.png\" alt=\"Stock-Picking Method\" class=\"wp-image-38010\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/eeeeddd-1024x792-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/eeeeddd-1024x792-1-300x232.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/eeeeddd-1024x792-1-150x116.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/eeeeddd-1024x792-1-768x594.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The chart above displays the&nbsp;<strong>cumulative return of the strategy compared to the OTC and TSE indices<\/strong>, the&nbsp;<strong>rolling BETA<\/strong>, the&nbsp;<strong>OTC\/TSE ratio<\/strong>&nbsp;(serving as a proxy for market risk appetite), and the&nbsp;<strong>economic signal light score<\/strong>, which helps distinguish between bull and bear markets.<\/p>\n\n\n\n<p>In the&nbsp;<strong>blue-highlighted area<\/strong>, we can observe a transition period where the market is gradually shifting from a bear market to a bull market. During this time, the broader indices experienced noticeable pullbacks. However, the strategy\u2019s returns began to decouple from the market and continued to rise steadily. In the corresponding second subplot, the&nbsp;<strong>BETA values<\/strong>&nbsp;hovered around 0.5 for both OTC and TSE indices, indicating that the strategy\u2019s returns were not heavily dependent on overall market performance. Instead, the excess returns (alpha) stemmed from effective stock selection, reinforcing the conclusions drawn from earlier analysis.<\/p>\n\n\n\n<p>However, in the more recent period post-2025, the&nbsp;<strong>OTC\/TSE ratio sharply declines<\/strong>, reflecting increased investor preference for large-cap stocks. This could also suggest that rising market uncertainty in 2025 has led to more conservative risk preferences among market participants, making it difficult for small-cap stocks to perform well in the short term. Therefore, I believe that the strategy\u2019s edge will reemerge once market uncertainty subsides, at which point growth-oriented stock selection strategies can once again be effectively deployed.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full caption-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"657\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-06-05-\u4e0b\u53484.41.05-1024x657-1.png\" alt=\"Stock-Picking Method\" class=\"wp-image-38012\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-06-05-\u4e0b\u53484.41.05-1024x657-1.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-06-05-\u4e0b\u53484.41.05-1024x657-1-300x192.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-06-05-\u4e0b\u53484.41.05-1024x657-1-150x96.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-06-05-\u4e0b\u53484.41.05-1024x657-1-768x493.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>From the drawdown chart, the strategy exhibits a&nbsp;<strong>maximum drawdown of approximately -30%<\/strong>, indicating relatively high volatility. This is especially evident in early 2025, when market capital rotated toward large-cap stocks, putting pressure on the strategy\u2019s performance. Since the strategy focuses on small-cap growth stocks, it tends to struggle during periods of declining risk appetite, naturally resulting in wider drawdowns.<\/p>\n\n\n\n<p>Despite these fluctuations, the strategy demonstrated&nbsp;<strong>strong excess return potential<\/strong>&nbsp;during phases of rising risk appetite\u2014particularly from 2022 through late 2023\u2014while maintaining relatively limited drawdowns. It is therefore recommended to&nbsp;<strong>incorporate a simple market factor<\/strong>, such as the&nbsp;<strong>OTC\/TSE ratio<\/strong>, as a supplementary signal for adjusting exposure or determining entry and exit points. Doing so may enhance the overall stability and risk management of the strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Performance_Table\"><\/span>Performance Table<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here&#8217;s the table translated into English:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>Backtest Index<\/td><td>Robocadian Investment Strategy<\/td><td>Weighted Stock Index (Overall Market)<\/td><td>OTC Index (OTC)<\/td><\/tr><\/thead><tbody><tr><td>Cumulative Return<\/td><td>249.33%<\/td><td>234.56%<\/td><td>121.744%<\/td><\/tr><tr><td>Annualized Return<\/td><td>13.257%<\/td><td>12.77%<\/td><td>8.25%<\/td><\/tr><tr><td>Annualized Volatility<\/td><td>16.61%<\/td><td>16.67%<\/td><td>18.70%<\/td><\/tr><tr><td>Sharpe Ratio<\/td><td>0.83<\/td><td>0.81<\/td><td>0.52<\/td><\/tr><tr><td>Calmar Ratio<\/td><td>0.45<\/td><td>0.45<\/td><td>0.25<\/td><\/tr><tr><td>Max Drawdown<\/td><td>-29.67%<\/td><td>-28.97%<\/td><td>-33.137%<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><strong>Note:<\/strong>&nbsp;The Calmar Ratio is calculated by dividing the annualized return by the maximum drawdown during the period. It is used to measure the &#8220;return-to-loss&#8221; ratio, similar in concept to the Sterling Ratio. A higher value for this indicator is better.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GitHub_Source_Code\"><\/span>GitHub Source Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/github.com\/tejtw\/TQuant-Lab\/blob\/main\/example\/TQ_\u5f9e\u7f85\u4f2f%EF%BC%8E\u52a0\u8fea\u7d0d\u7684\u9078\u80a1\u6cd5\u51fa\u767c\uff1a\u5728\u53f0\u80a1\u5c0b\u627e\u5c0f\u578b\u6210\u9577\u9ed1\u99ac.ipynb\" target=\"_blank\" rel=\"noopener\">Click here to visit GitHub<\/a><\/p>\n\n\n\n<p><strong>Important Reminder<\/strong>: This analysis is for reference only and does not constitute any product or investment advice.<\/p>\n\n\n\n<p>We welcome readers interested in various trading strategies to consider purchasing relevant solutions from&nbsp;<a href=\"https:\/\/www.tejwin.com\/en\/solution\/quantitative-finance-solution\/\" class=\"ek-link\"><strong><mark style=\"background-color:#ffdf88\" class=\"has-inline-color\">Quantitative Finance Solution<\/mark><\/strong><\/a>. With our high-quality databases, you can construct a trading strategy that suits your needs.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 has-custom-font-size\" style=\"font-size:22px\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/databank-solution\/financial-data\/\" style=\"border-radius:16px;background:linear-gradient(135deg,rgb(243,224,131) 0%,rgb(102,197,166) 50%,rgb(51,132,181) 100%)\"><strong>Access to Comprehensive Quantitative Data<\/strong><br><strong>Start Building Portfolios That Outperform the Market Today!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:22px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center\" style=\"font-size:32px\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong><em>&#8220;Taiwan stock market data, TEJ collect it all.&#8221;<\/em><\/strong><\/mark><\/p>\n\n\n\n<p>The characteristics of the Taiwan stock market differ from those of other European and American markets. Especially in the first quarter of 2024, with the <strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#c05d5d\" class=\"has-inline-color\">Taiwan Stock Exchange reaching a new high of 20,000 points<\/mark><\/strong> due to the rise in TSMC&#8217;s stock price, global institutional investors are paying more attention to the performance of the Taiwan stock market.&nbsp;<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#0978b8\" class=\"has-inline-color\">Taiwan Economical Journal (TEJ)<\/mark><\/strong>, a financial database established in Taiwan for over 30 years, serves local financial institutions and academic institutions, and has long-term cooperation with internationally renowned data providers, providing high-quality financial data for five financial markets in Asia.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:#ebc766\" class=\"has-inline-color has-black-color\">Complete Coverage<\/mark><\/strong>: Includes all listed companies on stock markets in Taiwan, China, Hong Kong, Japan, Korea, etc.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:#ebc766\" class=\"has-inline-color\">Comprehensive Analysis of Enterprises<\/mark><\/strong>: Operational aspects, financial aspects, securities market performance, ESG sustainability, etc.&nbsp;<\/li>\n\n\n\n<li><strong><mark style=\"background-color:#ebc766\" class=\"has-inline-color\">High-Quality Database<\/mark><\/strong>: TEJ data is cleaned, checked, enhanced, and integrated to ensure it meets the information needs of financial and market analysis.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>With TEJ&#8217;s assistance, you can access relevant information about major stock markets in Asia, such as securities market, financials data, enterprise operations, board of directors, sustainability data, etc., providing investors with timely and high-quality content. Additionally, TEJ offers advisory services to help solve problems in theoretical practice and financial management!<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 has-custom-font-size\" style=\"font-size:21px\"><a class=\"wp-block-button__link has-background has-text-align-center wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/contact\/\" style=\"border-radius:16px;background:linear-gradient(135deg,rgb(160,209,216) 0%,rgb(51,145,181) 50%,rgb(50,95,191) 100%)\"><strong>Want to Learn More About Our Databases and Solutions?<br>Contact Us and Get the Free Trial Today!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Further_Reading\"><\/span>Further Reading<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.tejwin.com\/en\/insight\/from-business-cycle-indicators-to-asset-rotation-a-quantitative-strategy-to-avoid-bear-markets\/\">From Business Cycle Indicators to Asset Rotation: A Quantitative Strategy to Avoid Bear Markets<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.tejwin.com\/en\/insight\/michael-murphys-risk-assessment-rules-for-investing-in-high-tech-stocks\/\">Michael Murphy&#8217;s Risk Assessment Rules for Investing in High-Tech Stocks<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.tejwin.com\/en\/insight\/charles-brandes-value-investing-principles-building-a-portfolio-with-a-margin-of-safety-nemo\/\">Charles Brandes&#8217; Value Investing Principles : Building a Portfolio with a Margin of Safety<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_Links\"><\/span>Related Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/github.com\/tejtw\/TQuant-Lab\" target=\"_blank\" rel=\"noopener\">TQuant Lab GitHub<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/tquant.tejwin.com\" target=\"_blank\" rel=\"noopener\">TQuant  Web<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover how Robert Gaddie\u2019s stock-picking method helps uncover hidden small-cap growth gems in Taiwan\u2019s market. This strategy targets under-the-radar companies with earnings momentum and delivers strong backtested returns.<\/p>\n","protected":false},"featured_media":38014,"template":"","tags":[3176,2997,3000,3169,3160],"insight-category":[690,50,1356],"class_list":["post-38005","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-python-2","tag-stock-picking","tag-stock-selection","tag-tej-2","tag-tej-api-2","insight-category-data-analysis","insight-category-fintech","insight-category-tquant-lab-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/38005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":5,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/38005\/revisions"}],"predecessor-version":[{"id":44079,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/38005\/revisions\/44079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/38014"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=38005"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=38005"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=38005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}