New Investor... help needed

So I've never really invested actual cash, but have done some mock portfolios and simulations etc.

I usually try and take a mixed approach, investing in companies i feel to be undervalued or companies i feel have a good story and legitimate business behind it. For example I've recently as in a week ago or so bought into some of the big BB firms, and have reaped good "e-returns" through this. I usually take a longer term perspective, naturally with this FIs, I feel that they've been battered down quite harshly and will naturally rebound sooner or later close to their original pre-subprime levels. Other companies I've invested in for example are some biotech especially those dealing with foods, because of the current food needs and the inevitable need for crops that promise a yield. I could go on but my general approach is to form an opinion and research about the company as i've done here.

The problem is, the list of companies I know about is really limited. I was hoping to get some feedback on my approach to investing and to also get some guidance on WHERE to look for good stocks. I keep up with the news everyday (bloomberg, wsj, NYTimes, CNN) etc. but even then only a handful of stocks are mentioned. How do people usually find the small companies that are the real gems, when there are so many listed? People dont actually sift through it all? Are stock filters used?

I know a lot of people invest purely on news in the market, or going with the momentum. BUt for someone who wants to take a more fundamental approach, how would you suggest I find stocks. and for now would like to focus on Canadian/Ameircan stocks which are much more transparent (Europe works too).

Thanks to everyone ahead of time!