Value strategy
The Acquirer's Multiple
EV ÷ operating earnings — the price a rational acquirer would pay; a disciplined deep-value screen.
~1 year per holding; judge over 3–5 yearsBeginner–Intermediate
Tobias Carlisle — “The Acquirer's Multiple” (2017), building on “Deep Value” (2014) and “Quantitative Value” (2012, with Wesley Gray)