Scott Black of Delphi Management on the difficulty of value investing

CNBC

• Scott Black, the founder and president of Delphi
  Management, made a household name for himself by employing the
  value investing techniques pioneered by Warren Buffett and
  Benjamin Graham.
• However, during the ongoing bull market, value
  investing has systematically underperformed as market
  conditions have changed rapidly.
• Black explains why value has lagged the broader market
  so much over the last 9 1/2 years, and outlines what he’s done
  to combat the trend.

It’s a difficult time to be a value investor. And no one’s more
familiar with that fact than Scott Black.

Throughout the 9-1/2-year bull market, Black — the
founder and president of Boston-based Delphi Management — has continued to employ the
same strategies that have made him a household name over four
decades.

However, during this market cycle, those methods haven’t worked.
Or — perhaps more accurately — their returns have trailed the
market.

“If you look at any of the numbers, this is the worst period for
value investing, ever,” Black told Business Insider by phone.
“Value has systematically underperformed since 2006.” …

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