Finding value when the stock market is setting new records tends to be difficult. Investors have to be careful that they are not buying stocks as earnings are peaking. This is often the difference between a value stock and a value trap. Sometimes a stock is cheap because the market is giving the company no credit for a line of business or some sort of asset. The market has beaten up on mortgage real estate investment trust New Residential (NYSE: NRZ) — but it’s not giving the company’s cash-generating operating business enough credit.