My simple, safe(?), strategy for stock picking

[JTrout]

Using Value Line Investment Survey-
Stocks must have safety rating of 1 or 2.
Must have financial stability of A++ or A+.
Must have Earnings Predictability of 80 or better.
EPS must have increased in at least 13 of last 15 years
Profit Margin not shrinking.
P/E ratio below the companies historical P/E average.
Price closer to the 52 week low than the 52 week high.
Value Line 3 - 5 year projection at least 10% annual total return.

This obviously puts me in blue chip value stocks.
Most importantly to me, I think, is that it has kept me away from some disasters that I otherwise might have bent to the overwhelming wave of optimists (WCOM and LU come to mind).
In my limited experience, it has provided satisfactory results in up and down markets.


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Please give me your opinions-
How safe/effective do you think it is?
Are there any glaring things I'm overlooking?
Do you think this strategy will outperform the mkt. long term?
(long term being 5+ years)

Have I been lucky to date, and would I be better off investing in Vanguard funds?

I do enjoy picking my own stocks, making my own decisions, but I don't have an enormous amount of time, nor possibly the required mental capacity, to invest in completely researching.

If this strategy, or something similar would be close to = in risk/return to Vanguard Index Funds,
then I would prefer picking my own.

Thank you in advance for all comments, criticisms, improvements.

I want to minimize long term risk, and still have the potential to do better than 8-10% per year.