When I look for value, I generally look for deep value, such as stocks trading near or below their liquidation value, or companies with assets that are understated on the balance sheet. But a piece in today's New York Times talks about the more common kind of value stock: companies with above-market dividend yields and low price/earnings ratios. Standard & Poor's investment strategist Sam Stoval says there is great value to be had in some of America's best-known blue chips, such as Citigroup Inc. (NYSE: C) and General Electric Co. (NYSE: GE).

Oppenheimer's chief investment strategist, Michael Metz, has an interesting explanation for the value some see in blue chips: The recent run-up has been driven by hedge funds and buyouts, neither of which have much interest in companies of that size. With the market soaring to new highs, it seems that blue chips are a little bit boring for many investors, and value investors may be moving in to seize the opportunity.

Investors are feeling good right now because everything's going well. When people are optimistic, they tend to shy away from defensive investments. But if the market takes a turn for the worse, scared investors may seek refuge in companies like Citigroup and General Electric. If they do, investors buying those stocks now could look pretty smart.