In today's dismal market, value stocks remain a beacon of hope for investors... And there's no one better suited to discuss this topic than recurring Investor Hour favorite, Tobias Carlisle. Tobias is the founder and managing director of deep-value investment firm Acquirers Funds, which is centered around his trademarked valuation tool – the Acquirer's Multiple. Simply put, it's a "valuation ratio used to find attractive takeover candidates"... and is favored by many activists and buyout firms. On top of creating a proprietary metric, Tobias has also written several books, including The Acquirer's Multiple, Concentrated Investing, Deep Value, and Quantitative Value. So, what does Tobias have to say about the slump we're in? It's not really a question of where you think the market's going to go because you're invariably going to be wrong... The best return you're going to get is by being fully invested. He says "names that can survive a nuclear winter" are the keys to surviving this bear market. To Tobias, that means focusing on deeply undervalued companies – ones that are buying back shares, are cheap, and are growing at a reasonable pace. He also breaks down the art of valuation – including his Acquirer's Multiple measure – and how to identify the right time to buy or sell.