I find this blog post very helpfull. I have one question. In your post you mentioned: In the screener the criteria : price /book industry decile, price /earnings industry decile and price / sales industry decile should all be less than 3. The actual value criteria are straightforward. To be considered a value candidate, a company must be in the cheapest 20% of its industry by Price to Book, Price to Earnings and Price to Sales. I don’t understand the relation between a ratio less than 3 and in the cheapest 20%. What am I missing?