That sounds a silly idea. It's something that comes down to chance. And how would one judge what is meaningful. While it's grammatically correct, I don't think the following sentence has much meaning:
"When Mr. Bilbo of Bag End announced, 'Well I'm back,' he said."
Also, I would think that such books as De Gesta Danorum, Howards End, and Berlin Stories "have value" - but in neither case does the method work very well.
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