Period 22. September 6th - September 11th. All Seven Screens Turn Negative

Period 22 covers September 5 to September 12, 2026 — the first period since Period 8 in which every single screen in the journal closed lower. The S&P 500 fell −0.80% and the NASDAQ dropped −0.66%, a reversal from Period 21's modest gains of +0.09% and +0.40%. All seven screens finished negative, the third time this has happened in the journal's history after Periods 5 and 8. CANSLIM Rocket came closest to flat at −0.14%, followed by Magic Formula at −0.52% and Quality Growth at −1.20%, while Piotroski F-Score brought up the rear at −2.95%. The spread between best and worst screen was 2.81 percentage points — tighter than Period 20's 3.42 but wider than Period 21's record-setting 2.26.

The period's defining thread was reversal at the individual-stock level. Quality Growth's two headline movers from Period 21 swapped roles entirely: FICO, which collapsed −19.18% last period for the screen's largest drag, rebounded +5.70%, while SNDK, which surged +17.17% last period for the screen's largest gain, reversed to −6.13%. Burry Value Screen's RELY delivered the sharpest single-position decline of the period at −15.97%, a name shared with Lynch that dragged both screens toward the bottom of the table. DRD, an overlap position held by Burry Value Screen, Magic Formula, and Quality Growth alike, fell −6.19% across all three books simultaneously.

Period 22 Returns: A Rare Sweep as Every Screen Closes Lower

CANSLIM Rocket led the field at −0.14%, the mildest loss of the period, followed by Magic Formula at −0.52% and Quality Growth at −1.20%. Schloss Dividend slipped −1.48%, and Burry Value Screen and Lynch followed closely at −2.68% and −2.79%. Piotroski F-Score closed the period at −2.95%, the single worst result of any screen. It marks only the third period in the journal's history — after Period 5 and Period 8 — in which all seven tracked screens finished negative.

CANSLIM Rocket's −0.14% held up better than any other screen thanks to CLS, which gained +10.95%, from $312.35 to $346.55, contributing approximately +0.55 percentage points at the screen's 5% weight — the largest single contribution of the period across any screen. BE added +9.05% (+0.45 points), its third straight positive period after Period 20's +4.63% and Period 21's +19.97% surge, and FIX gained +5.00% (+0.25 points). ANET rose +3.00% (+0.15 points) and APH added +1.38% (+0.07 points). AVGO, INTR, and MPWR each contributed smaller gains. Against these, NVDA fell −5.24% (−0.26 points), the screen's largest drag, and INOD declined −4.40% (−0.22 points). LUXE fell −4.27% (−0.21 points), shared with Piotroski F-Score, and MU declined −4.07% (−0.20 points). GLBE, LRCX, LLY, AGI, HALO, and ETON each fell between roughly −2.3% and −3.1%. Eight of nineteen retained positions closed positive. PAAS exited at the sell fee; AGX enters the screen for Period 23, holding CANSLIM Rocket at twenty names. The result lifts CANSLIM Rocket's cumulative return to +10.64% from +10.79%, a decline too small to cost it any ground against the rest of the field.

CANSLIM Rocket didn't need a gain to have the best period — it needed the smallest loss. A −0.14% result was enough to top a field where every other screen fell further.

Magic Formula's −0.52% was led by TNK, which gained +7.99%, from $93.37 to $100.83, contributing approximately +0.57 percentage points at the screen's 7.14% weight — the period's best single overlap-adjacent gain outside CANSLIM Rocket. DHT added +5.41% (+0.39 points), and HAFN and ERO each contributed smaller gains of +1.74% and +1.63%. BVN was roughly flat at +0.41% (+0.03 points). Against these, DRD fell −6.19% (−0.44 points), the screen's largest drag and a name shared with both Burry Value Screen and Quality Growth, and CENX declined −5.84% (−0.42 points). FHI fell −4.54% (−0.32 points), and OGC and CGAU each declined smaller amounts, the former shared with Lynch. INSW eased −0.81% (−0.06 points), shared with Burry Value Screen, and TRMD was nearly flat at −0.28%. Five of thirteen retained positions closed positive. BLBD exited at the sell fee; TDC enters the screen for Period 23, holding Magic Formula at fourteen names. The result trims Magic Formula's cumulative return to +3.73% from +4.27%.

Quality Growth's −1.20% saw its two biggest Period 21 stories reverse completely. SKHY led with +7.38%, from $177.00 to $190.07, contributing approximately +0.57 percentage points at the screen's 7.69% weight — a gain shared with Lynch. FICO followed at +5.70% (+0.44 points), a full reversal after being the screen's largest drag in Period 21 at −19.18%. RDDT added +2.14% (+0.16 points) and APP gained +1.06% (+0.08 points). Against these, MNTN fell −8.65% (−0.67 points), the screen's largest drag, and SNDK declined −6.13% (−0.47 points) — its own reversal after leading the screen with a +17.17% gain just one period earlier. DRD fell −6.19% (−0.48 points), shared with Burry Value Screen and Magic Formula, and INCY declined −4.17% (−0.32 points), shared with Burry Value Screen. PAYS eased −3.27% (−0.25 points) and FSM fell −2.60% (−0.20 points), the latter part of a three-way overlap with Burry Value Screen and Lynch. Six of thirteen retained positions closed positive. No names exited or entered, holding Quality Growth at thirteen names for a second straight fully static period. The result trims Quality Growth's cumulative return to +31.56% from +33.17%, though it remains comfortably first on the scoreboard.

Schloss Dividend's −1.48% was led by GGB, which gained +3.62%, from $4.97 to $5.15, contributing approximately +0.26 percentage points at the screen's 7.14% weight, its third straight positive period. JOYY added +3.01% (+0.22 points) and DAC gained +2.62% (+0.19 points). Against these, VIPS fell −5.53% (−0.39 points), the screen's largest drag, and THO declined −5.30% (−0.38 points). LEN fell −4.76% (−0.34 points) and MTH declined −4.62% (−0.33 points), and VSNT and AGO each eased roughly −3.7%. PLGO, shared with Lynch, and TX were both nearly flat. Only three of twelve retained positions closed positive — the weakest breadth of the period alongside Lynch and Piotroski F-Score. CHRD and TSN both exited at the sell fee — two exits in a single period, the most of any screen this period; RDN and VTMX enter the screen for Period 23, holding Schloss Dividend at fourteen names even as its retention falls to the period's lowest mark. The result trims Schloss Dividend's cumulative return to +11.17% from +12.84%.

Burry Value Screen's −2.68% saw thirty-four of its forty positions decline. CRUS led the gainers, adding +4.93%, from $113.21 to $118.79, contributing approximately +0.12 percentage points at the screen's 2.5% weight. SII, BSM, TGS, and UTHR each added smaller gains between +1.95% and +2.74%, and AUPH was roughly flat, shared with Quality Growth. Against these, RELY collapsed −15.97% (−0.40 points), the period's steepest single-position decline and a drag shared with Lynch, and CPRT fell −11.18% (−0.28 points), the screen's second-largest drag. HLNE declined −6.87% (−0.17 points), CNS fell −6.21% (−0.16 points), and DRD declined −6.19% (−0.15 points), shared with Magic Formula and Quality Growth. ZM, MLI, RMD, EXEL, and a dozen more retained names each fell between roughly −2% and −6%. Only six of forty retained positions closed positive — the narrowest breadth of any screen this period. No names exited; COCO and INSP enter the screen for Period 23, growing Burry Value Screen from forty to forty-two names. The result trims Burry Value Screen's cumulative return to +9.11% from +12.11%, dropping it from third to fourth place as CANSLIM Rocket's far milder loss moves ahead of it.

Lynch's −2.79% was dominated by the same RELY decline that hit Burry Value Screen, which fell −15.97% (−1.00 points) at the screen's 6.25% weight — the single largest drag of the period on any screen. KSPI added to the damage, falling −7.10% (−0.44 points), and ATAT and PDD each declined more than −5%. ADMA fell −4.05% (−0.25 points), part of a three-way overlap with Burry Value Screen and Magic Formula, and FSM declined −2.60% (−0.16 points), the three-way overlap with Burry Value Screen and Quality Growth. Against these, SKHY gained +7.38% (+0.46 points), shared with Quality Growth, and CVE added +2.29% (+0.14 points) — the only two of sixteen retained positions to close positive, the narrowest breadth of the period. No names exited; FRSH enters the screen for Period 23, growing Lynch from sixteen to seventeen names. The result trims Lynch's cumulative return to +5.16% from +8.18%.

Piotroski's −2.95% — the period's worst result — was led by WGO, which fell −8.96%, from $31.03 to $28.25, contributing approximately −0.75 percentage points at the screen's 8.33% weight, the screen's largest drag. MOMO followed close behind at −7.82% (−0.65 points), and CYD and LUXE both declined roughly −4.3%, the latter shared with CANSLIM Rocket. API fell −4.25% (−0.35 points) and NOAH declined −3.44% (−0.29 points). Against these, SD gained +2.09% (+0.17 points) and VISN added +1.25% (+0.10 points) — the only two of twelve retained positions to close positive. No names exited; ARVN enters the screen for Period 23, growing Piotroski from twelve to thirteen names. Despite the period's weakest return, Piotroski's retention rebounds to a perfect 100% after Period 21's three-exit, 78.6% mark. The result deepens Piotroski's cumulative loss to −13.27% from −10.62%, extending its stay in last place.

Retention: Piotroski Rebounds to Perfect as Schloss Falls to the Period's Weakest Mark

Period 22 saw Burry Value Screen, Lynch, Piotroski F-Score, and Quality Growth all post perfect 100% retention. CANSLIM Rocket held a strong 95.0% after losing one of twenty names, and Magic Formula posted 92.9%, unchanged from Period 21. Schloss Dividend, by contrast, posted the period's lowest mark at 85.7% after exiting two of its fourteen positions — a sharp reversal from its own perfect score in Period 21.

Piotroski F-Score climbed all the way from last place at 78.6% to a share of first at 100%, the sharpest single-period turnaround of the journal's retention history. Burry Value Screen, Lynch, and Quality Growth all held their perfect scores from Period 21, and Magic Formula was unchanged at 92.9%. Schloss Dividend fell hardest, from a share of first at 100% to last place at 85.7%, and CANSLIM Rocket slipped out of the perfect tier to 95.0%. The retention spread narrows to 14.3 points, down from Period 21's 21.4, even with one fewer screen at 100% this period, because Piotroski's recovery pulled the floor up more than Schloss's decline pulled it back down.

Cumulative Scoreboard: CANSLIM Rocket Passes Burry Value Screen for Third Place

CANSLIM Rocket's −0.14% — the mildest loss of the period — trimmed its cumulative return only slightly, from +10.79% to +10.64%, while Burry Value Screen's much steeper −2.68% pulled its own figure down from +12.11% to +9.11%. The gap between the two flipped entirely: CANSLIM Rocket now leads Burry Value Screen by 1.53 points, having trailed it by 1.32 points just one period earlier. Every other screen held its Period 21 rank: Quality Growth first, Schloss Dividend second, Lynch fifth, Magic Formula sixth, and Piotroski F-Score last.

Quality Growth's −1.20% trimmed its cumulative lead to +31.56% from +33.17%, though its margin over second place still widened slightly to 20.39 points from 20.33, since Schloss Dividend's own −1.48% fell by a similar amount. Schloss Dividend held second at +11.17%, and CANSLIM Rocket's much smaller loss lifted it past Burry Value Screen into third at +10.64%. Burry Value Screen dropped to fourth at +9.11%, and Lynch's −2.79% pulled its cumulative return down to +5.16% from +8.18%. Magic Formula eased to +3.73% from +4.27%, and Piotroski F-Score's −2.95% deepened its cumulative loss to −13.27% from −10.62%, extending its stay in last place.

Both benchmarks fell this period, and every screen's alpha widened against them except CANSLIM Rocket's and Magic Formula's. The S&P 500's cumulative return eased to +12.91% from +13.82%, and the NASDAQ's to +16.02% from +16.79%. Quality Growth's alpha narrowed to +18.65% against the S&P 500 and +15.54% against the NASDAQ, down from +19.35% and +16.38% — still the only screen with positive cumulative alpha against either benchmark. CANSLIM Rocket posted the sharpest alpha improvement of any trailing screen, tightening to −2.27%/−5.38% from −3.03%/−6.00%, and Magic Formula also improved slightly, to −9.18%/−12.29% from −9.55%/−12.52%. Every other screen's alpha widened: Schloss Dividend to −1.74%/−4.85% from −0.98%/−3.95%, Burry Value Screen to −3.80%/−6.91% from −1.71%/−4.68%, Lynch to −7.75%/−10.86% from −5.64%/−8.61%, and Piotroski F-Score to −26.18%/−29.29% from −24.44%/−27.41%.

Overlap: PAAS Drops Out as RELY's Plunge Hits Two Screens at Once

The September 12 snapshot shows twelve stocks in two or more screens, down from thirteen on September 5, as CANSLIM Rocket's exit of PAAS removes its only overlap pairing with Lynch. Every other overlap pairing carried over unchanged from Period 21, though several delivered sharply different results this period.

RELY's −15.97% was the period's most consequential overlap move, weighing on both Burry Value Screen and Lynch and standing as the steepest single-position decline of any screen this period. DRD's −6.19% affected all three of its holders — Burry Value Screen, Magic Formula, and Quality Growth — making it the widest-reaching drag of the period in terms of screen count. ADMA's −4.05% and FSM's −2.60% each weighed on all three of their respective holders as well. On the positive side, SKHY's +7.38% lifted both Lynch and Quality Growth, the best-performing overlap position of the period, while PLGO's −0.47% gave only a mild drag to Schloss Dividend and Lynch. INCY's −4.17% and AUPH's +0.12% both affected Burry Value Screen and Quality Growth, HRMY's −1.73% weighed on Burry Value Screen and Lynch, and INSW's −0.81% trimmed Burry Value Screen and Magic Formula. OGC's −1.37% weighed on Lynch and Magic Formula, and LUXE's −4.27% weighed on Piotroski F-Score and CANSLIM Rocket alike.

What Period 22 Tells You

A full sweep into the red is rare but not unprecedented. All seven screens closing negative has happened only three times in this journal — Periods 5, 8, and now 22 — out of twenty-two periods tracked. When it happens, the screen that wins is simply the one that loses the least.

Reversal at the stock level can be more dramatic than reversal at the screen level. FICO went from Quality Growth's −19.18% disaster in Period 21 to a +5.70% gain in Period 22, while SNDK flipped from a +17.17% surge to a −6.13% loss in the same span. Both moves happened inside a single screen that itself only moved from +0.93% to −1.20% — individual positions can swing by more than thirty points while the fund they sit in barely moves by two.

A shared position can hit multiple portfolios on the same day for the same reason. RELY's −15.97% decline struck both Burry Value Screen and Lynch simultaneously, and DRD's −6.19% struck three screens at once. Overlap isn't just a bookkeeping curiosity — it's a channel through which a single company's bad week becomes several screens' bad week together.

Cumulative rank can flip on a relative, not absolute, basis. CANSLIM Rocket didn't post a gain this period — it lost money, just like every other screen — yet its −0.14% was mild enough relative to Burry Value Screen's −2.68% to swap their cumulative order. Standings move not just on who goes up, but on who falls the least.