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Yes, I think I've read online of at least one person who was mixing MF and Piotroski. I don't think it hurt much if at all, and it shouldn't, as long as you're following the main rules laid out by Greenblatt.

For example, I personally favor companies paying dividends, especially those that appear "low" on the list, meaning they appear on the list as market caps significantly lower than their own. I also hold "winners" much longer than one year. I also look for good option pricing (buy cheap calls and sell expensive puts) I've done well on long-time MF picks like CHE, AAPL, and MSFT, and recent winners for me have included QCOM, HD, MED, and PFE

I'm of the opinion that you can pick your own reasons for selecting a subset of MF stocks and be happy, as long as you keep at least 20, invest over time, and minimize cost and taxes. Growth and momentum strategies may do well in the current environment.

Rules from the website:

"1. Use the Stock Screener to select the top-rated stocks from the S&P CompuStat database. Choose the number of stocks to view, and choose the size of the companies you want in the list. Choosing more companies leads to greater diversification, and choosing larger companies generally leads to less volatility. Eliminate any companies you do not want to own for any reason; however, you should keep at least 20 stocks in an effort to properly manage risk.

2. Use a cost effective way to purchase the stocks. If the amount you are investing represents a large percentage of your long-term investment portfolio, you may want to consider making multiple portfolio purchases over a 12 month period.

3. In our opinion it is good idea to keep your stocks for approximately one year. The system is designed to maximize your after-tax returns; therefore, you want any gains to become long-term by holding them for a year, and you want to sell any losses before the one year holding period is reached."
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