Quality Value
P/E < 15, ROE > 15%, operating margin > 12%, low debt.
Cheap stocks are often cheap for a reason. Requiring a 15%+ return on equity, a 12%+ operating margin and modest debt alongside a P/E under 15 screens out businesses that are cheap because they are shrinking or overborrowed. It is close in spirit to Joel Greenblatt's Magic Formula.
Cyclical businesses like miners, shippers and oil producers look cheapest at the top of their cycle, just before earnings fall.