Joel Greenblatt teaches at Columbia University in New York City. He also wrote the enormously successful "The Little Book That Beats the Market". Following his strategy from 1988 to 2004 you would've earned an annualized return of 31% so there seems to be something to it. That's about 2 and a half times what the S&P 500 returned. Best of all, Joel keeps a free stock screener on his site!
Drop on by Joel's site at MagicFormulaInvesting.com and run your own stock screen.