Yes, according to The Little Book That Beats the Market, by Joel Greenblatt, whose stunningly better returns than the major market averages may be hard to believe from such an easy system. Indeed, investors' common sense notions of how they should and should not invest may be the biggest hurdle in the way of their taking full advantage of the straightforward approach suggested by the author.
To make it even easier to be a stock market "genius," he has provided a so far still free web site, "Magic Formula Investing," where (after logging in) anyone who wishes may see the latest "magic formula" top picks. Mr. Greenblatt's technique focuses on two things: pre-tax earnings yield and pre-tax return on capital. He recommends buying the 25 stocks with combined top scores on those criteria, then holding them a year. It's almost as simple as that. (He finesses it a little, for tax purposes, tending to sell the losers one trading day before the end of the year and holding the winners for one trading day longer than a year.)
His mean results have certainly been superior by most any definition, in the neighborhood of 30% or better annualized, better than double the performance of the averages.