From the interview in Graham & Doddsville with Glenn Greenberg this past spring:
...it is not necessarily that the boring company with a double-digit cash flow yield has got some major trick up its sleeve; it just gets recognized as mispriced relative to the market.
Then Greenberg later added...
That is what we focus on and if you can load your portfolio with those kinds of investments, I think you will do quite well. Then occasionally, you hope to find a real race horse, a company with a huge opportunity and you invest heavily in it. But, they are not easy to find. Those investments may be what really give you the excess returns; but, it is basically loading your portfolio with work-horses where the risks are low and you will be okay.