The Globe and Mail reports in its Tuesday edition that Tobias Carlisle recently spoke about value investing at a microcap conference in Toronto. Globe columnist Norman Rothery writes that fans will know the money manager and author as someone who loves to look for bargains using what he calls "the Acquirer's Multiple." You can think of the multiple as a more complicated variant of the price-to-earnings ratio. Instead of price, he uses enterprise value (equity plus net debt) and instead of earnings, he uses operating income after depreciation. In preparation for his trip to Toronto, Mr. Carlisle looked at how an investor would have fared by buying the 30 stocks with the lowest Acquirer's Multiples each year from the Toronto Stock Exchange. The portfolio of 30 low-multiple stocks sported a compound annual growth rate of 19.1 per cent from the start of 1999 through to June 16, 2017. By way of comparison, the S&P/TSX composite total return index climbed by just 4.7 per cent annually over the same period. Mr. Carlisle likes Mexico-focused Alio Gold. The stock trades at about three times earnings and has a market capitalization near $230-million, after accounting for its recent capital raising efforts.