In the “olden days,” it was widely accepted that value stocks outperform growth stocks over the long-term. But as central bankers have gotten increasingly involved in the last few batches of market cycles, growth stocks (supported by easy money) have been dominating—until this year. And if the US Fed’s now increasing interest rate trajectory is any indication, value stocks may again return to extended periods of outperformance. Shares of diversified industrial company, Honeywell (HON), fall into the value stock category, and may be worth considering. This report reviews Honeywell’s business, its valuation and risks, and then concludes with our opinion on investing.