KarateBoy:

Value < Deep Value < Balls-Deep Value

Exactly.

I'd say it's 90% subjective, but "deep value" often means a focus on smaller/illiquid situations and sometimes on things that require some amount of active catalyst. In my experience most fundamental-driven equity shops self-identify as either "value" or "growth" (sometimes called "growth at a reasonable price" or "GARP") so a large portion of fundamental equity shops are "value" by default.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

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All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)

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