Phil Town's Rule #1

I was reading my issue of AAII's Computerized Investing and it had a stock screening article explaining Phil Town's Rule #1 approach to investing.

As I was reading through, the article started off with alot of basic spiel about buying great companies with strong management and a sustainable competitive advantage at discounted prices. I tend to roll my eyes at some of this because it's a strawman - who wouldn't want to buy fine companies at discounted prices? The devil is always in the details in these types of things, but as I read further into the mechanics of the the approach I find out that this Rule #1 approach is almost exactly what I've been doing in my screening and valuation approach - with the exception that once he identifies his companies Town then seems to actively trade those those stocks based on technical indicators.

I've requested his book from the library and look forward to reading, but outside of the book "Buffettology" it's one of the few mainstream books that I've seen that espouses this screening and investing approach.

The "Buffettology" book is the foundation of much of the valuation approach that I currently use and underlies my screens and valuation methods, and it sounds like the Town book will go into considerably more mechanical detail than the Buffettology book. I'm particularly interested in the trading approach that he's using.