Tobias Carlisle, principal and founder of Acquirer's Fund, sits down with Chris Cole of Artemis Capital Management to discuss how to find pockets of deep value in a world saturated with liquidity. Carlisle outlines the various valuation metrics (price-to-book, price-to-sales, price-to-earnings, etc.) and describes which metrics he thinks have the most predictive power in today's market. Surveying the mediocre performance of value over the past two decades, Carlisle argues that value is due for a bounce. Cole and Carlisle conclude by constructing the framework for investors to combine the "long-val" play with "long-vol" play. Filmed on February 7, 2020, in Austin, Texas.