Hester- I think I am proposing something different than trying to buy stocks with price momentum that are still cheap by value standards. I agree that would seem hard to implement, although I have seen some investors who try to do something along those lines.
I was proposing buying stocks that have not exhibited price momentum and are cheap and safe from a value perspective but are in a sector where a lot of the other names do have price momentum (and are probably richly valued). Theory being that you basically have a free option that momentum investors grab a hold of it as the next "hot thing", and if not you are just left with a good value investment.
This probably wouldn't be a stand alone strategy but just a point to consider in the course of research if you are of the value investing persuasion that likes to look for catalysts. I also don't know how common opportunities like these are as I have not consciously looked for them in the past.
Thanks for the perspective on combining strategies, I know many feel that way.