After the extraordinary performance of growth and momentum stocks in 2017, many investors are asking, why bother with value stocks? In a late-stage global bull market exhibiting global synchronized gross domestic product growth, why should value – often associated with early-stage economic recovery – succeed? We argue that now is precisely the time to emphasize value, especially with growth stocks trading at extreme premiums to value stocks and dispersion in market multiples well above long-term averages. History has also indicated that maintaining a value discipline, particularly when valuations are high and interest rates have reached a floor and turned upward, has produced stronger relative returns than a growth orientation over full market cycles. In this Insights piece, we identify a confluence of dynamics favoring value over growth.