In addition, stocks have rallied strongly over the last year and are no longer cheap, said Scott Black, the president of Delphi Management.

Scott Black, president of Delphi Management, a deep-value investor with a little over $1 billion in assets, is a more recent convert to the stock.

"The market is not in the ionosphere any longer," said Scott Black, a value investor with Delphi Management in Boston.

Earlier, he was a vice president and research director at Delphi Management and at Model Roland.

He founded Delphi Management, a leading money management firm that counts among its clients Michael Bloomberg.

He also worked at William O'Neil & Company prior to founding Delphi Management in 1980.

The extra yield "doesn't compensate for the volatility," said Scott M. Black, president of Delphi Management, who manages a $625 million portfolio.

Scott Black, a longtime value investor who runs Delphi Management, a $1.4 billion Boston investment firm, said value "was sort of a name for an underachiever."

"I think the direction of the market is up," said Scott Black, president of Delphi Management, an investment firm in Boston.

"They systematically lagged in 1990," said Scott Black, president of Delphi Management, a Boston money management firm, which invests about $700 million.