How do value investors narrow down the enormous list of equities and bonds that exist world wide in search of value? I'm sure it can't be a case of start at the top of the list and work downwards?
For example, does Warren Buffet walk into work every day and sit down in front of something similar to the Bloomberg terminal that gives him a short list according to a relatively broad criteria and then he goes about in-depth analysis to sort the winners from the loosers?
I've looked at some of the scanners online and they seem... inflexible to say the least.
Also, how does he test new theories if fundamental data dating back is so non-standardised as to render it un-backtestable?