Barron’s reports on market developments that appear to signal a shift favoring value investing after a long stretch in which growth dominated. “The market’s leadership has begun to change,” writes financial reporter Andrew Bary, “as growth stocks have grown too rich for investors’ liking, and value stocks too cheap to ignore.” Dubravko Lakos-Bujas of JP Morgan says “momentum stocks trade at an extreme premium to value stocks, with valuation spread the highest since 1980, except for during the tech bubble.” Scott Black of Delphi Management observes that “it has been the longest period of growth outperformance in my career,” which began in 1979. As that period may be ending, Rich Pzena, CEO of Pzena Investment Management, notes: “It has been a good month for value,” but cautions that “it’s hard to say if it’s the turn in the value cycle.” For example, Bary notes that “a sustained period of relative performance for value might require more robust economic growth and higher interest rates.” Steve Galbraith of Herring Creek Capital Management wrote that “investors are now questioning whether value-based strategies can ever work with central bankers’ stranglehold on interest rates.” The remainder of the article highlights attractive stocks from a value perspective, but closes by quoting a tweet from Brattle St. Capital: “value investing becomes easier when you go into each trade with the mindset that the stock is going to continue lower after [the] initial purchase.”