I see your point. In terms of probability of making money the best company to invest in would be with the price to book ration of 1 as you buy just what the company’s property is worth without the “promise” of future prospects. If you buy 100% of stock of such a company and it goes bankrupt, you just sell its property and break even.
I forgot to mention one important thing about the risk. It’s the volatility of the value stocks that makes them risky, so their price fluctuates stronger than other companies. Stocks of value companies react to market downturns stronger than other companies, but they also flourish when market conditions are good.