Subject: Re: So my question is…
What would be a way to select 20 or so potential losers? Low ROE and low cash?

Sounds good. Also perhaps low 1yr or 5yr revenue growth.
Or maybe low ROE _and_ low 5yr rev growth

Not quite sure how would be the best way to invest in just the other 480. Maybe by buying SPY or RSP and shorting the appropriate amount of the 20?