The Globe and Mail attempts to identify value companies with low volatility and high returns in its Wednesday edition. The Globe's Michael Bowman writes in the Number Cruncher column that he only considered companies with a market capitalization greater than $5-billion. Mr. Bowman only considered companies with a low price-to-book ratio (P/B). He says a low P/B could mean the company is undervalued. Companies had to have dividend yields greater than 3 per cent. The price to cash flow ratio (P/CF) represents the amount an investor is willing to pay for a dollar generated from a company's operations. Mr. Bowman's stock picks have a low P/CF. He looked for companies that were in the top 20 per cent of low volatility companies in the past 90 days. Lower volatility means a security's value does not fluctuate dramatically, but changes in value at a steady pace over a period of time. Mr. Bowman also looked for companies that were in the top 20 per cent of total returns in the past 90 days. Brookfield Property Partners LP has the lowest P/B and the highest total return on his recommended list of 20 companies. H & R Real Estate Investment Trust has the highest yield and an extremely low P/B.