About a year ago, I selected a portfolio of shares based on the idea of choosing a PER <15, and "well capitalised" according to Ben Graham. It returned +0.5% over the year, compared with FTAS of -4.4%. Far short of "outstanding", although I guess I shouldn't grumble because it did beat the index by nearly 5%. You can see the entire thread over on Motley Fool.
I'm disinclined to repeat the experiment.