Period 8 Review: All Seven Screens Red as Precious Metals Collapse and Broadcom Reverses

Period 8 covers May 31 to June 6, 2026 — six calendar days with no positive returns anywhere. Every strategy finished in the red, matching Period 5 as the only all-red weeks in this journal. The S&P 500 fell −2.59% and the NASDAQ dropped −4.68% — its worst single period since tracking began — which means the selloff was broad and index-level, not isolated to the factor screens. Against that backdrop, three strategies held losses below the S&P, and all seven beat the NASDAQ outright.

Two themes dominated. First, precious metals sold off sharply across multiple screens simultaneously: PAAS (Pan American Silver) fell −16.5% in Lunch, AEM (Agnico Eagle) dropped −10.6% in both Lunch and Burry Value, FSM (Fortuna Silver) fell −13.6% across both those same screens, and HL (Hecla Mining) collapsed −16.8% in Burry Value. Magic Formula had its own precious metals rout with BVN (Buenaventura) at −18.0%, OGC (OceanaGold) at −14.7%, and CGAU (Centerra Gold) at −13.6%. Second, Broadcom (AVGO) fell −13.7% from $446.77 to $385.73 — its largest single-period drop in this journal — contributing roughly −0.68 percentage points of drag to CANSLIM on its own.

Period 8 Returns: Two Themes, Seven Losers

Schloss Dividend was the least damaged at −1.13%, held in check by homebuilder strength: Meritage Homes (MTH) gained +4.7% and Danaos (DAC) added +3.2%. The headwinds were Verastem (VSNT) −6.8% and Mosaic (MOS) −6.9%, with Thor Industries (THO) −4.3% and Rexford (REXR) −4.0% providing additional drag. ATHM exited at the sell fee as the screen's only departure. The net result barely missed beating the S&P.

Burry Value's −1.45% came primarily from precious metals miners sharing the same downtrend as the other screens. HL fell −16.8% ($17.77 → $14.78), SSRM (SSR Mining) −14.4% ($31.22 → $26.73), FSM −13.6%, and AEM −10.6% — four metals names that together contributed approximately −1.36 percentage points of drag at Burry's roughly 2.6% equal weight per position. The screen's 39-stock breadth provided real offset: LRN gained +8.3%, CNS +5.9%, and INCY +5.8%, trimming the losses without reversing them. APPF's exit at the sell fee was the only departure.

Quality Growth's −1.86% is a FICO reversal story. FICO fell −9.1% from $1,250.59 to $1,137.33, subtracting approximately −1.30 percentage points from a seven-stock equal-weight portfolio. DAVE fell −8.6% ($282.56 → $258.25), adding another −1.23 points. Together, those two positions more than explained the period loss — NBIX's +3.5% and AUPH's +3.3% provided meaningful offset but couldn't overcome two simultaneous large moves in the same direction. The screen held all seven positions unchanged for the second consecutive period.

CANSLIM's −2.88% reverses much of Period 7's semiconductor euphoria. Broadcom's −13.7% was the most direct hit, but MU (Micron) gave back −11.0% ($971 → $864.01) from its previous period's +29.3% surge, AGI fell −12.9%, and SMCI dropped −9.7%. Five positions — AVGO, AGI, MU, DRD, and SMCI — together contributed approximately −2.88 percentage points of losses, essentially accounting for the entire period return. HALO provided the largest positive offset at +7.5%, followed by LUXE +6.4% and PODD +5.7%, but the semiconductor reversal was the defining force. First Solar (FSLR) exited the screen at the sell fee as the period's sole departure.

When precious metals sell off, they sell off together. PAAS, AEM, FSM, HL, BVN, OGC, CGAU, and SSRM all fell 10–18% in the same six-day window. Three strategies held these names. None escaped.

Magic Formula's −3.80% reflects the precious metals concentration in that screen most starkly. BVN fell −18.0% ($36.89 → $30.26), OGC −14.7% ($30.20 → $25.75), CGAU −13.6% ($17.67 → $15.27), and DRD −10.4% ($26.40 → $23.66) — four positions contributing roughly −5.1 percentage points of loss at the screen's approximately 9.1% equal weight. The non-metals positions partially reversed the damage: INSW +5.0%, BSM +2.4%, DHT +2.0%, DDS +2.7%, and FHI +1.7% together added about +1.3 points. The screen now holds two re-entrants as new additions: HMY and IAG both returned after exiting in prior periods.

Piotroski's −3.56% came from broad weakness across its Chinese and Asian small-cap holdings. TOUR (Tuya Smart) fell −10.3% ($5.91 → $5.30), WDH (Weidai) −8.5%, WGO (Winnebago) −6.7%, MOMO −5.9%, and GLOB −5.1%. LUXE was the sole meaningful positive at +6.4%, adding +0.58 points and offsetting roughly a sixth of the screen's losses. Two new entrants — API and YALA — enter at period end without contributing to returns.

Lunch posted −4.05%, the worst result of the period. PAAS led the damage at −16.5% ($56.99 → $47.58), contributing approximately −1.18 points at the screen's 7.1% equal weight. FSM −13.6%, AEM −10.6%, KSPI −10.2%, and DLO −5.2% extended the damage. Five losing positions together subtracted roughly −3.30 points. CVE, BZ, MGNI, PLMR, and PDD offered partial offset totaling around +0.73 points. New entrant TFPM entered at period end and contributes nothing to the period's return. Lunch has now declined in five of eight periods.

Retention: Stability Across the Board, CANSLIM Drops FSLR

Period 8 was the most stable rebalancing cycle of the journal — five strategies at or near 100% retention, with only CANSLIM making a single exit. First Solar (FSLR) left the CANSLIM screen after what would have been a significant entry point: it entered in Period 5 and gained +19.0% during Period 7 before being dropped ahead of Period 8, where it would have collected only the −0.10% sell fee anyway. The timing is notable — FSLR exited right at its Period 7 peak price of $306.79.

Burry Value's 97.4% retention masks a structurally interesting move: APPF exited after being held since Period 3, while AUPH and DRD both entered as new additions. AUPH had previously been in the screen through Periods 2–4 before rotating out; it re-enters now after Burry's filter found it compelling at current prices again. DRD Gold enters Burry Value for the first time — and immediately creates a triple-screen overlap, discussed below. Magic Formula and Piotroski each added two new names without any departures, expanding both screens ahead of Period 9.

Cumulative Scoreboard: Schloss Passes Quality Growth, Burry Dips Below Zero

Eight periods in, the period's all-red result reshuffled the second and third positions in the cumulative rankings. Schloss Dividend at +3.19% has now passed Quality Growth at +2.44% for second place — a gap that was essentially zero at the end of Period 7. The swap happened because Quality Growth's FICO and DAVE both fell hard this period while Schloss's homebuilder positions (MTH, DAC) partially cushioned the blow.

Burry Value crossed below zero for the first time, finishing at −0.24% after sitting at +1.23% through Period 7. The precious metals hit was decisive: four silver and gold miners all fell 10%+ in the same week, and a 39-stock equal-weight portfolio with that much metals exposure couldn't absorb it. CANSLIM dropped from +14.30% to +11.01% — a 3.29-point decline in one period — but still holds the widest cumulative lead in the journal.

Against the benchmarks, the picture shifted. CANSLIM still leads the S&P 500 by 2.13 percentage points — a smaller margin than the 2.52-point lead at the end of Period 7, but positive alpha held. The NASDAQ gap to CANSLIM has narrowed from 4.54 points to 2.26 points: the NASDAQ's −4.68% period was its worst in this journal, worse than CANSLIM's −2.88%. The relative result is meaningful — CANSLIM's semiconductor exposure made it vulnerable, but not as vulnerable as the index. Magic Formula's slide to −10.92% represents the deepest cumulative loss of any strategy in this journal, with the precious metals concentration driving repeated drawdowns that compound against the strategy's recovery periods.

Overlap: Six Stocks, a First Triple Overlap, and AUPH Returns

The June 6 snapshot shows six stocks in two or more non-partial screens — up from five at the May 31 snapshot. The addition of two new overlaps and removal of none marks the largest single-period net expansion in overlap since the journal began. The headline is DRD Gold, which now appears in three screens simultaneously: Burry Value, Magic Formula, and CANSLIM Rocket. This is the first triple overlap in the journal's history. DRD entered Burry Value as a new entrant this period while maintaining its long-running positions in Magic Formula and CANSLIM. It fell −10.4% across all three.

AUPH (Aurinia Pharmaceuticals) returned to the overlap after re-entering Burry Value this period. It has been in Quality Growth since the screen's inception and had previously been in Burry Value through Periods 2–4. Both screens now hold it simultaneously — the first such overlap for AUPH since Period 4. DRD's triple-screen status adds an interesting twist to the metal's dismal week: three screens independently identified DRD as a holding, and all three watched it fall −10.4%. Cross-screen agreement did not provide a price floor. CALM and FSM have each maintained their two-screen positions for multiple periods without the persistent price stability that might validate the filter signal.

HALO departed the overlap entirely — it had been in the CANSLIM / Quality Growth overlap since Period 5 but exited Quality Growth at the end of Period 7. APPF also exited the Burry Value / Quality Growth overlap after APPF left both screens. The overlap composition going into Period 9 is six names, with DRD's triple presence the structural highlight.

What Period 8 Tells You

Precious metals move together and hit multiple screens at the same time. PAAS, AEM, FSM, HL, BVN, OGC, CGAU, and SSRM all fell between 10% and 18% in the same six-day window. These names appeared across Lunch, Burry Value, and Magic Formula simultaneously. Equal-weight construction distributes the metal's exposure evenly, but it cannot eliminate the correlation between instruments that respond to the same commodity price. When silver and gold sell off hard, every screen with metals exposure suffers at the same time. Three screens suffered this period.

Broadcom's reversal shows what CANSLIM's upside leverage looks like in both directions. AVGO contributed +0.39 points to CANSLIM's +4.84% result in Period 7 on a +7.9% move. This period it contributed −0.68 points on a −13.7% move. The position sizing at 5% weight amplifies both directions arithmetically. The screen selected AVGO as a momentum name when it was moving in the right direction; when the direction reversed, the same logic produced the same concentrated loss. CANSLIM's design is to hold names while they trend and exit when they stop — FSLR was removed this period, but AVGO and MU were retained, indicating the filter still sees these as momentum names despite the single-period reversal.

FICO's −9.1% is the clearest reversal of a key driver in this journal. FICO was Quality Growth's most influential holding through Periods 5 and 6, contributing roughly 2.5 cumulative percentage points to the screen's total return over that stretch. This period it gave back 1.3 of those points in one week. A seven-stock equal-weight screen with a ~14% weight per name is structurally exposed to this kind of reversal — the same concentration that produced Quality Growth's +2.98% in Period 6 produced the −1.86% here. The screen held the position through the reversal, suggesting the quality-growth criteria still screen FICO as a hold.

The second all-red period confirms a pattern: broad market selloffs hit all strategies, but value screens show relative resilience. In Period 5 — the first all-red sweep — Schloss Dividend also led at −3.52%, with more concentrated losses across momentum and growth names. In Period 8, Schloss leads again at −1.13% while the growth and momentum-tilted screens (CANSLIM, Piotroski, Magic Formula) bear the heaviest losses. This is the expected pattern: when the market sells off broadly, dividend-value screens tend to drop less than screens targeting momentum or high-growth characteristics. The pattern has now held across both all-red periods in this journal. Whether it sustains in future drawdowns will be a key test of the strategy design.