Warren Buffett disciple Scott Black explains why old-school value investing has gotten so difficult - and how he's managed to survive
- 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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