And because value stocks look expensive right now, they may not be able to rally much more.

If so, what information in the financial statements are they using to value stock?

Bear in mind that this conclusion applies to the average value stock.

During the rest of the years, the value stocks have done better.

Corporate net worth, rather than stock prices, is used to value stocks.

The higher stock prices go, however, the tougher it becomes to find value stocks.

But how long are they supposed to wait for those so-called value stocks to climb?

The managers expect small value stocks to continue to perform well.

"Most recently, the place to be was in value stocks," he said.

But value stocks tend to rise when interest rates go up.