<Thanks VSG. Interesting paper. From the conclusion and "home run" stocks.
Are there any further studies on stock selection and metrics identified for these that you know of. Eg Low debt, low PE and high ROIC?>

Firstly, I think Jim's correct (as usual) in advising us to take that paper with a grain of salt.
(Or maybe a pound? You can read the thread he provided to see the reasoning.)

There is the Fama & French Models. They won a Nobel, certainly worth a look...

en.wikipedia.org - Fama'French three factor model

Personally, I like buying Berkshire @1.3X book or less, or when Jim issues his occasional, official "Executive Buy Now Recommendation."
(The last time he did was last October, or thereabouts with BRK.B trading @$265 or so, Thanks Jim!)
At such a time you could also purchase some long-term puts to goose your returns, (Again props to Jim) depending on your personal need, willingness and ability to take risk.

That Is All.
Salute!