Quantitative Value, co-written by Gray and Tobias Carlisle, is a solid piece of research that combines the successful value investing
framework of Benjamin Graham and Warren Buffett with the
analytical rigor
seen in Jim O'Shaughnessy's What Works on Wall Street and Joel Greenblatt's The Little Book that Beats the Market.
The practicality of applying the new
analytical framework also remains to be
seen, and may give rise to further ambiguities in precedent as reflected in the 5 - 4 split in the decision.