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.