To The Moon

One of the last places to hide from this year's stock-market turbulence is in danger.Value stocks, or shares trading at low multiples of their book value, have quietly marched toward a banner year. Now the war in the Middle East is threatening to upend the trade, leaving investors few places to find refuge from fears over everything from rapid advances in artificial intelligence to geopolitical conflict.The Russell 1000 Value Index is up 2.4% so far this year, beating the Russell 1000 Growth Index, which is down 9.1%, by the largest margin since 2022. Meanwhile, the S&P 500 index is down 3.8% and recently notched its worst quarter in nearly four years.Some of the stocks leading the value index higher are flash memory maker Sandisk, up 196% this year; Moderna, up 67%; and Acadia Healthcare, which has added 69%.The rally in value stocks marks a shift from the dominating trend since the financial crisis. Growth stocks have largely beaten value shares, fuel