Our Research and Publications
Recent Work
A collection of our recent publications and presentations.
Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors
Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (Wiley Finance, 2016) chronicles many virtually unknown—but wildly successful—value investors who have regularly and spectacularly blown away the results of even the world's top fund managers.
Harvard Business Statistics Class Presentation on Deep Value and the Acquirer’s Multiple
Tobias speaking on April 21, 2026 to Michael Parzen's business statistics class at Harvard on Deep Value and the acquirer’s multiple. https://www.youtube.com/watch?v=BTwvFPDGW08
Authors at Google: Deep Value Presentation
Tobias discussing "Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations" at Authors@Google. The book is an exploration of the philosophy of deep value investment. It describes the evolution of
Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations (Wiley Finance)
“If You’re A Pro On Wall Street Just Shut Up And Read This Book.” Here’s your book for the fall if you’re on global Wall Street. Tobias Carlisle has hit a home run deep over left
Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (Wiley Finance)
Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (hardcover, 288 pages, Wiley Finance, 2012). In Quantitative Value, we make the case for quantitative value investment in stock selection and portfolio construction. Our rationale is that quantitative value investing assists
Journal of Applied Corporate Finance Fall 2014
The Icahn Manifesto in the Journal of Applied Corporate Finance (Fall 2014)
Introduction to Corporate Finance Contributor
Tobias contributed the “About Liquidation Value Investing” section to Introduction to Corporate Finance (Third Edition, Wiley, March 2013) by Laurence Booth and Sean Cleary. Publisher’s Description Booth/Cleary Introduction to Corporate Finance is the only ground-up Canadian introductory finance textbook
Deep Value Investing and Unexplained Returns (September 16, 2026)
Midwest Finance Association 2012 Annual Meetings Paper with Jeffrey Oxman, and Sunil K. Mohanty. Abstract The strategy of buying and holding “net nets” has been advocated by deep value investors for decades, but systematic studies
Simple But Not Easy: The Case for Quantitative Value Investment
Value stocks beat the market Most managers fail to do the same Even value managers fail to beat a value index The gap between the performance of the active value managers, and the underlying performance