Astute students of the market probably know growth stocks have outpaced value stocks for the better part of the past 14 years. Although the overused axiom explains that "past performance is no guarantee of future results," this persistent outperformance certainly bolsters the bullish case for growth-oriented names.

However, don't be too shocked if value stocks have their proverbial day in the sun beginning in 2023.

One of the key reasons growth stocks have done so well for over a decade is the ultra-low interest rates seen during this period. With the federal funds rate now at 15-year highs and average lending rates subsequently similarly higher though, the cost of capital is now skyrocketing for these companies.

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Source Fool.com