Many of the best investors, including mutual fund icon Martin Zweig, have relied on hybrid strategies.

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Fastenal ( FAST , news , msgs ) . Based in Minnesota, Fastenal is the largest fastener distributor in the U.S. It makes a variety of industrial supplies and tools, ranging from cutting tools and abrasives to hydraulics and pneumatics to chemicals and paints. The company has 12 distribution centers in the U.S. and more than 2,160 stores. It has a market capitalization of $6.7 billion.

Though Fastenal's business might not be the most exciting, the company has been generating just the kind of strong earnings history my Zweig-based model likes to see. The firm's earnings per share for the current quarter (46 cents) is positive, for one thing, and its EPS growth rate for the quarter (27.78% compared with the same quarter a year ago) is also positive, another good sign.

In addition, Fastenal's growth rate for the current quarter is greater than its EPS growth rate for the past three quarters (19%, compared with the same three quarters a year earlier). That shows that earnings aren't just increasing; their growth is accelerating, which my Zweig-based model likes.

Zweig also looked at long-term earnings, and one way my Zweig-based model does this is by making sure a firm's EPS have grown in each year of the past five. Fastenal's EPS for the past five years have been 55 cents, 86 cents, $1.10, $1.32 and, most recently, $1.54, passing this test.

As you can see, when it comes to growth, Fastenal rates quite high. But now it's time for the Zweig strategy's value check. Remember, Zweig didn't like firms whose P/E ratios were more than three times the market average, or greater than 43 regardless of the market average, because they were too risky. Currently, Fastenal's P/E is 27.31, while the market P/E is 16. That passes the test, indicating that the stock is still a good buy.

In addition, Fastenal scores well -- extremely well, in fact -- on my Zweig-based model's other value-type test, the debt-equity ratio. While its industry (miscellaneous fabricated products) has an average debt-equity ratio of 78.96%, Fastenal has no debt, passing this test with flying colors.

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