Books
Books by Tobias E. Carlisle, founder of The Acquirer's Multiple®.
2026
Crash Test Dummy
How to Survive the Coming Market Crash (and Thrive in the Next Boom)
Run the crash on paper now, while markets are calm and the fixes are cheap. A century of market data on what drives crashes, how to build a portfolio for both kinds, judge every hedge honestly, and deploy capital near the bottom. Every chapter ends with a checklist.
2025
Soldier of Fortune
Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking
Warren Buffett's approach to investing read through Sun Tzu's The Art of War: win by strong positioning rather than open conflict. Thirteen principles of risk-taking, starting with avoiding losses.
2017
The Acquirer's Multiple
How the Billionaire Contrarians of Deep Value Beat the Market
The value metric financial acquirers use to find takeover targets, and how the deep value investors behind it think. The research behind this site's screens, written for every investor.
2016 · Wiley
Concentrated Investing
Strategies of the World's Greatest Concentrated Value Investors
By Allen C. Benello, Michael van Biema and Tobias E. Carlisle
How a handful of investors built extraordinary records by holding a few carefully chosen stocks, and what their methods share.
2014 · Wiley
Deep Value
Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations
Why the cheapest, most unloved stocks tend to beat the market, and how activist investors unlock their value.
2012 · Wiley
Quantitative Value
A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors
By Wesley R. Gray and Tobias E. Carlisle
A systematic value investing model, tested on decades of data, that strips out the behavioral errors that trip up stock pickers.
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