Net-net is a value investing technique developed by the economist Benjamin Graham, in which a company's stock is valued based solely on its net current assets per share (NCAVPS). Net-net investing thus focuses on current assets, taking cash and cash equivalents at full value, then reducing accounts receivable for doubtful accounts, and reducing inventories to liquidation values. Net-net value is calculated by deducting total liabilities from the adjusted current assets. 

The formula for NCAVPS:

NCAVPS = (Current Assets - Total Liabilities) ÷ Shares Outstanding

Since I am going to use the formula to rank the stocks, I am modifying the NCAVPS to calculate it not on per share basis but per dollar price.

(Current Assets - Total Liabilities) ÷ (Shares Outstanding * Price)

The strategy filters companies >100 million in market cap, buys 35 stocks ranked in reversed order ranked using the above formula and holds for one year (252 trading days) + 1 day, in order to optimize for long term capital gains tax.

This simple strategy seem to outperform buy and hold S&P500 by about 2 fold YoY and it has further potential to optimize gains by incorporating ranking by market cap to prefer smaller companies or by ranking using additional value metrics.