Browsed through John O'Shaugnessy's book, "What Works on Wall Street" at the bookstore. Kind of shocking. He had reviewed data for 40 years (vs Carlson's 70 years, so a lot of overlap) and found that the 'worst' strategy was to buy last year's losers. Carlson's data is in an appendix at the back of his book, don't believe it's so for O'Shaugnessy's. Will try to pick up the book at the library to figure out why the difference, any ideas? It would seem that one of the authors is in error.
Otherwise, O'Shaughnessy finds as others have, that low price/earnings, price/cash flow, price/book stocks, tend to outperform the market averages.