I, as well as Warren Buffett before me, and Benjamin Graham before him, emphasize book value.  This article provides evidence that value stocks outperform growth stocks, but only if you hold firm:

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On value indexes vs. others…

…the Russell 1000 Value Index, a yardstick of cheap stocks with sluggish expected earnings, is up 19%, compared with 11% for pricier “growth” stocks and 15% for the full Rus- sell 1000 index of big U.S. stocks.

On long run performance…

Since 1926, value stocks have outperformed growth stocks by an average of four percentage points annually

On book value…

The bargain stocks in the best-known Fama- French index were selected on a different measure: book value, a basic yard- stick of corporate net worth. Many stock pickers don’t pay much attention to book value anymore.