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Stocks may be "cheap" on a valuation basis right now, but value investor Scott Black isn't buying into this market.
The problem is the ongoing trade war between the U.S. and China, the president of Delphi Management told CNBC on Thursday. The two nations have been engaged in back-and-forth tariffs on each other's goods.
"This is a self-inflicted wound, and until we resolve the issue the market is going to be in flux," Black said on "Closing Bell. "
"Individual companies and earnings don't seem to mean that much. A lot of the companies are in free fall," he added.
It's been a wild week for the stock market. Equities closed higher on Thursday after a tumultuous day that saw the Dow Jones Industrial Average fall as low as 611 points. The blue-chip index ultimately ended up 260.37 points.
Thursday's increase added to the huge gains made in the previous session. The Dow surged over 1,000 points, its biggest single-day point gain ever. However, on Monday stocks had suffered a steep drop, with the S&P 500 hitting a new closing low for the year.
Black said President Donald Trump's tariffs have "disrupted the total supply chain." That impacts tech, logistics, auto and manufacturing companies, he added.
That said, while he's not buying now, he is fully invested.
"You should be very cautious in this market until it stabilizes. It's like an earthquake — the initial one may be 7.8, but there are aftershocks," Black said. "It's better to wait and be cautious, because the aftershocks can still be disruptive."
— CNBC's Fred Imbert contributed to this report.