The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market is a book written by Tobias E. Carlisle, a fund manager and author who has made a name for himself in the world of value investing. The book explores the concept of the acquirer's multiple, a valuation measure that can be used to identify undervalued companies that may be ripe for acquisition, and the concept of deep value investing, which involves buying undervalued stocks that are significantly cheaper than their intrinsic value.

The acquirer's multiple is calculated by dividing a company's enterprise value by its earnings before interest, taxes, depreciation, and amortization (EBITDA). This measure is used to assess a company's value relative to its earnings power and can be a useful tool for identifying potential acquisition targets. In the book, Carlisle provides examples of how the acquirer's multiple can be used to identify potential acquisition opportunities and discusses the various factors that can influence the acquirer's multiple, including a company's growth prospects, financial performance, and management team. He also offers practical tips for how investors can use the acquirer's multiple to identify and evaluate potential acquisition candidates.

In addition to discussing the acquirer's multiple, Carlisle also explores the concept of deep value investing, explaining how deep value investors are able to identify undervalued stocks and providing examples of how this approach can be used to generate strong returns. He argues that deep value investing can be a powerful tool for beating the market, particularly in times of economic uncertainty or market turbulence.