Delphi's Scott Black says he sees speculation in parts of the market, but he has a new value pick

A man walks a dog in the shade away from the midday sun past the New York Stock Exchange (NYSE) building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020.
Mike Segar | Reuters

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Delphi Management president and founder Scott Black told CNBC on Friday that some segments of the stock market remind him of the tech bubble two decades ago and he recommended a new value pick for investors.

Black said on "Closing Bell" that his firm owns only one of the megacap tech stocks but that it was run-ups in mid-sized stocks where there could be more serious consequences.