Are global investors becoming more gloomy? ‘Growth’ stocks, or those likely to generate returns in the future, have for a full decade “solidly” outperformed their ‘value’ counterparts. This remained true for the better part of the past decade, and almost ended a longstanding investor debate about which type of stock is better to own: Those of high-growth innovative companies or of established players more grounded in today’s business and economic cycle.

But just when everyone and their mothers were turning to growth stocks, the trend this year reversed, making way for two different market interpretations. Some watchers see it as a sign of optimism about prospects in value-driven industries and a sign of trust in the economy. Others, meanwhile, are catching a scent of global growth jitters and a pessimistic economic outlook, explains the Financial Times’ US finance editor Robert Armstrong (watch, runtime: 2:55).