Tobias Carlisle makes the case for deep value investing — buying the statistically cheapest stocks in the market by enterprise value to operating earnings, regardless of business quality — as a strategy that has historically outperformed even the quality-adjusted approaches advocated by Buffett and Greenblatt. The "Acquirer's Multiple" itself is an enterprise value metric that adjusts for cash and debt to give a cleaner picture of what an acquirer would actually pay for a business's operations, stripping out the balance sheet distortions that can make standard P/E ratios misleading. Carlisle backs his argument with extensive backtested data across multiple markets and time periods, showing that deep value portfolios have outperformed quality-and-value combinations and standard market indexes over long periods, though with higher volatility and longer stretches of underperformance that test investor discipline. He explores the behavioral and structural reasons why deep value works: the systematic avoidance of genuinely distressed companies by institutional investors, the mean reversion of corporate fundamentals over time, and the excess pessimism that gets priced into the cheapest quintile of the market. The book is also an accessible introduction to quantitative value investing more broadly, covering backtesting methodology, the use of financial statement data in systematic screens, and the practical implementation of rules-based value strategies.