What do you believe that is actually false? It is among the most basic investment questions anyone can ever ask. It is now one those expecting value stock leadership should ask themselves. All last quarter, pundits table-pounded that economically sensitive value stocks were leading the stock market upward, fueled by early bull market trends, economic re-openings and government stimulus. After celebrating Q1’s strong value performance, they were adamant on persistence—all quarter. But value lagged, badly. And that should be a wake-up call for investors. Let me explain.