Barron's Mid-Yr. Roundtable: Scott Black

Description:

From Barron's 6-18-07:

Black is the portfolio manager of the Delphi Value Fund, which has had consistently superior returns:

2003: 32.6
2004: 12.5
2005: 6.7
2006: 17.7

In Barron’s mid-year 2007 Roundtable, published in the magazine's June 18th issue, Black offers his take on the market and a few of his picks:

"Let's start with valuation. I'm sticking with my '07 estimate for S&P 500 earnings: $87, up 6.7% for the year. That means the index, at current levels, sells for 17.6 times earnings. The market is about 10% overvalued. That doesn't mean it can't go up, but the median P/E [price-earnings multiple] has been 16 since 1946. As for individual companies, we screen 11,000 stocks, and there just aren't that many low-P/E, low-price-to-enterprise-value stocks out there."

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