Insights
Learn about Delphi's approach to Investing.
Delphi derives its name from an episode in Plato’s Apologia. In the story, Chaerephon, a devoted friend of Socrates, visits the Oracle of Delphi to ask if anyone in Athens is wiser than Socrates. The Oracle responds that no one is wiser. During his trial in 399 BCE, Socrates famously reflects on this, stating, “All I know is that I know nothing.” This recognition of the limits of one’s knowledge is central to how we think and invest at Delphi.
Delphi in the Media
- Barron’s 2024 Midyear Roundtable: 12 July 2024
- Scott Black’s 2024 Midyear Stock Picks and Outlook on the US Economy
- Barron’s 2024 Roundtable: 19 January 2024
- Scott’s 2024 Picks and Outlook
- Barron’s 2023 Midyear Roundtable: 14 July 2023
- CNBC: “The Markets are Expensive, says Delphi Management President Scott Black,” 16 August 2024
- Scott discusses the valuation of US markets and discusses a top stock pick.
- CNBC: “The Long-Term Supply and Demand for Treasuries Doesn’t Look Good, says Delphi’s Scott Black,” 20 October 2023
- Scott discusses the trajectory of US interest rates on “Closing Bell”
Thought Leadership and Insights
- Webinar on Value Investing, 30 January 2024
Evan Campbell discusses Delphi’s approach for clients. With permission from JM Arbour Wealth Management.
- Does the S&P 500 Provide Diversification Anymore?
- by Evan Campbell, CFA
Reading List
The Intelligent Investor
by Benjamin Graham
The classic, foundational text on value investing by Columbia Business School professor and “Dean of Wall Street” Benjamin Graham sets forth the principles of focusing on fundamentals to find intrinsic value and buying at a margin of safety that retain their power over eighty years later.
Graham was the mentor of Warren Buffett and the first advocate for the professional certification that became the CFA Charter.
The Money Masters
by John Train
Reprinted and expanded in multiple editions, John Train’s seminal multi-biography of superstar investors sizes up their approaches and lays out the differences between their philosophies in a highly accessible and compelling way.
Narrative and Numbers: The Value of Stories in Business
by Aswath Damodaran
NYU Stern professor Damodaran argues that investors who value investments based entirely on numbers can fail to capture the human story at the core of the company, and likewise those who focus on the “story” can veer far off course if their analysis is not also grounded in mathematical reality. An accessible distillation of the author’s formidable Damodaran on Valuation, this book is an excellent guide to synthesizing quantitative modeling with qualitative research, precisely the sort of approach that sits at the core of Delphi’s investment strategy.
Investing: The Last Liberal Art
by Robert Hagstrom
Part history, part essay, part self-help manual, Robert Hagstrom’s book makes the compelling case that investors must incorporate knowledge from a variety of disciplines to stand a chance of understanding the market and economic landscape. In a 21st century economy investors must have some understanding of a broad range of scientific, technical, and political/historical topics in order to separate signal from noise and make sound investment decisions.
Energy and Civilization: A History
by Vaclav Smil
Beginning with prehistory, Smil lays out the case that the core of all human economic activity is the conversion of energy from one form–biological, mineral, chemical-into a form that relieves humans of the burden of physical labor. In this framework, our standard of living stems from how efficiently we convert energy into real production. His analysis provides investors with an excellent guide to understanding both economic history and the shape of the world today.
Chip War: The Fight for the World’s Most Critical Technology
by Chris Miller
Semiconductors are absolutely central to every aspect of modern life. Yet they remain misunderstood or overlooked by vast swathes of society. Their production and design, which has led to innumerable advancements in technology and productivity, is likewise one of the most contentious and complex issues confronting humanity. Miller’s excellent and accessible history of the semiconductor industry ties in the drama of business history with a compelling overview of the global economy and geopolitics through the last half of the twentieth century and up to the present day.
IMPORTANT RISK DISCLOSURE:
The content provided on this website, including any associated links to media interviews or other third-party sources, is for informational purposes only and should not be construed as an offer or solicitation to buy or sell any specific securities or engage in any particular investment strategy. Any references to specific securities, strategies, or investments are intended for historical, analytical, or comparative purposes and do not constitute an endorsement or recommendation by Delphi Management.
Investments mentioned during media interviews or other content were reflective of the opinions held at that time and were considered within the context of a broader investment strategy. These references should not be interpreted in isolation but as part of an overall portfolio approach. The performance and suitability of these investments can change over time, and they may not align with current market conditions or your individual financial situation. Delphi’s investment strategies experience periodic losses as well as gains and investors should be aware of the risk of loss.
Additionally, past performance is not indicative of future results.
Delphi Management does not assume any obligation to update or revise the information provided on this website or in the linked content. We strongly encourage you to seek personalized advice from a qualified financial professional before making any investment decisions.
