If buying value stocks were such a viable strategy, why would one not want to create a portfolio of all stocks that had a P/E lets say in the range of 0.1-5.0, with a mean of 2.1, and wait until until the mean had doubled to 4.2 and then sell the protfolio? Why would this not be a better strategy than creating a portfolio of all stocks with a P/E of betwen 5.1-10.0? Many wisened veterans are always saying to buy value stocks. Well, why not buy the biggest value in the value stocks, and go toward the lowest end of the range? I know the difficulty of having to buy all these stocks, but for the sake of argumant, say you could buy and sell a mutual fund at one NAV, or an ETF that tracks these stocks. I've never heard anyone aspouse this particular logic. Is it that the mean would more likely drift lower toward 0 than higher for such already low P/E stocks? If I'm going to be a value investor, why not buy the biggest values?