Exactly, screening out companies with anything over a total return of 20% without some reference to fundamental value is a completely random and nonsensical criteria for determining "reasonable pricing". Blue chip stocks are not mutual funds, where reversion to the mean in terms of return performance is inevitable, they're profit generators that can go on for years if not decades with a sound business model. I'm no fan of momentum investing but I'd sure like to know of any research that proves the efficacy of this type of analysis.