While growth grabs headlines, value investors may find their moment after a violent reversal in momentum. Recent leaders and laggards swung sharply, and history shows that stocks left behind during momentum phases have often rebounded strongly once the tide turns. Areas seen as losers from the AI boom, such as software, could be worth a closer look. Higher quality stocks that lagged significantly may also deliver solid returns from here. Geographically, Chinese equities look increasingly attractive after further underperformance, while valuations in many other emerging markets look stretched and leave less cushion. With global markets only slightly expensive and investors more neutral than optimistic, owning cheaper, overlooked companies can help diversify away from crowded trades. Value does not need a crisis to work, only a shift in what the market is willing to pay for. 

Finsum: Value is the patient investor's hedge against crowded trades, and a portfolio that owns some of what the market has overlooked is ready for the day leadership changes.