This is one of the reasons for momentum and trend-following strategies as a simple way to employ the min/max strategy of avoiding losers. For a long-only trend-followers, the losers are avoided by not holding anything that is not going up. For the long-short managers, short losers can add to performance. For momentum strategies, the investor will hold the top names as measured by past total returns and short the names that had the poorest performance and avoiding the rest. In both cases, the approach is simple - follow what the consensus of capital is telling the market. Poor performers will continue to be poor. Obviously this cannot continue forever, but it can be a starting point for construction.
A simple addition is to avoid those names trending lower and buy those trending higher is to sort based on some valuation criteria. Buy cheap up trends and sell expensive downtrends. At the very least, using a trend sort provides a good Bayesian foundation for any decision. If my priors are telling me to avoid, then only buy if there is new information that will offset current price evidence.