WSJ What’s News — "Why Investors are Looking Beyond the U.S."

Date: February 11, 2026
Host: Luke Vargas
Guests: Hannah Aaron Lang (Financial Markets Reporter), Dov Lieber (Middle East Correspondent), Ben Katz (Aviation Reporter), John McCormick (National Politics Reporter)

Episode Overview

The episode centers on a major shift in global investing: U.S. investors are increasingly looking abroad after a long period of outsized bets on American companies. The show explores the reasons behind this trend, international market outperformance, and what it might mean for the U.S. and global economies. Alongside this, the episode covers key global headlines including developments between the U.S. and Iran, Cuba’s worsening fuel crisis, a mass shooting in Canada, and American political updates.

Key Discussion Points and Insights

1. International Stock Markets Outperforming the U.S.

(Main discussion starts at 08:12)

• Shift in Investment Trends:
  After years of U.S. stock outperformance, international indexes are now outpacing the S&P 500.

  • Korea’s Kospi: Strong gains year-to-date
  • Japan’s Nikkei: Up 14.5%
  • Europe's Stoxx 600: Up nearly 5%
  • S&P 500: Up just under 2%
    (08:27)

• Historical Context:
  For much of the last decade, it seemed “investing in domestic companies was really the only way that US Investors could win.”
  (08:27, Hannah Aaron Lang)

2. Reasons Behind the New Global Focus

(09:14 – 10:37)

• Weakening U.S. Dollar:

  • The dollar has slid about 10% from its 2022 highs.
  • A weaker dollar “juices returns on foreign stocks by boosting the value of those companies’ earnings relative to American companies.”
    (09:17, Hannah Aaron Lang)

• Global Economic Developments:

  • Europe: Increased defense spending to strengthen capabilities.
  • Japan: Upcoming government stimulus.
  • These efforts are driving economic and market growth abroad.

• Concentration Risk in U.S. Markets:

  • U.S. markets are “dominated by just a handful of companies, many… closely linked to the artificial intelligence buildout.”
  • Investors are “worried about what they call concentration risk.” (09:17)

• Diversification Trend:
  “This theme of diversification more broadly is a big one among investors this year.”
  (09:17, Hannah Aaron Lang)

3. The “Sell America” Trade – Context and Clarification

(10:37 – 11:34)

• The broad selling of U.S. assets around April 2025 became known as the “Sell America trade.”
• Current moves “aren’t about abandoning America entirely”—it's a rebalancing, not a wholesale exit:

  “This is not a case where America’s lead on the rest of the globe will completely disappear. Most of these fund managers still believe that the US will lead global equity markets higher for the next several years, just perhaps by not as wide a margin as we’ve seen over much of the past decade.”
  (11:08, Hannah Aaron Lang)

Other Notable News Headlines and Insights

U.S. & Iran Developments

(01:02 – 02:20)

• U.S. considers seizing tankers with Iranian oil, weighing pressure vs. potential retaliation and oil price spikes.
• Main focus of Trump–Netanyahu talks is concern over a possible U.S.–Iran nuclear deal:

  “Should the Trump administration strike a deal with Iran, it could actually give Iran the sanctions relief it needs to improve its economy… bring it back from the brink just when Israel sees its greatest nemesis down and on the mat.”
  (01:48, Dov Lieber)

Cuba’s Fuel Crisis

(03:19 – 04:04)

• U.S. oil blockade strangles Cuba, with flights canceled, work furloughs, and severe rationing.

  “We’ve also seen disruption in Cuba itself, tourists being shepherded between different hotels to try and avoid some of the blackouts and the electricity cuts.”
  (03:54, Ben Katz)

Mass Shooting in Canada

(04:04 – 04:47)

• Nine killed and 25 wounded in BC; worst mass killing in Canada in 3+ years.
• Shooter was female, reportedly died by suicide.

Other Market News

• Warner Bros. Discovery faces activist push to favor a Paramount Skydance deal over Netflix (05:42).
• Mattel shares plunge 30% after weak holiday sales, outlining shift to entertainment and gaming.
• EU approves Google’s $32B acquisition of Wiz.

U.S. Political Update: Age and Term Limits in Congress

(12:23 – 13:03)

• Senator Susan Collins (R-Maine) runs for reelection at 73; Democratic nominee options are older as well.
• Growing national debate on age and term limits for elected officials:

  “Rahm Emanuel…recently called for a mandatory retirement age of 75 for presidents, cabinet officials, members of Congress and federal judges. The idea of term limits or an age limit is popular among voters. A YouGov poll…showed that 73% of American adults think there should be a maximum age for the presidency…”
  (12:47, John McCormick)

Memorable Quotes

• “It really seemed like investing in domestic companies was really the only way that US Investors could win.”
  – Hannah Aaron Lang (08:27)

• “This is not a case where America’s lead on the rest of the globe will completely disappear. Most of these fund managers still believe that the US will lead global equity markets higher…just perhaps by not as wide a margin.”
  – Hannah Aaron Lang (11:08)

• “If the AI narrative hits a wall, there’s no question in my mind that the US Economy starts to go perilously close to recession.”
  – Luke Vargas (13:38)

• “The idea of term limits or an age limit is popular among voters. A YouGov poll…showed that 73% of American adults think there should be a maximum age for the presidency…”
  – John McCormick (12:47)

Timestamps for Important Segments

• 00:32: Headlines: FAA El Paso, Warner Bros.-Netflix, Investors look abroad
• 01:02 – 02:20: U.S.–Iran tanker seizures and Mideast diplomacy
• 03:19 – 04:04: Cuba fuel crisis impacts aviation, economy, and tourism
• 04:04 – 04:47: Canada mass shooting
• 08:12 – 11:34: Main Segment – Why investors are looking beyond the U.S.
  • 08:27: Global indexes outperform S&P 500
  • 09:17: Factors driving global investing (weak dollar, stimulus, concentration risk)
  • 10:37: “Sell America” trade explained
• 12:23 – 13:03: U.S. politics: Susan Collins, age & term limits
• 13:38: Financial risk if “AI narrative” falters

Tone and Style

The speakers maintain an informed, analytical, and brisk tone, focused on distilling complex financial and geopolitical trends into clear takeaways for investors and general audiences alike.

This episode offers a broad yet sharp look at the changing tides in global investing, why American dominance is being re-examined, and situates these market shifts within the broader context of politics, policy, and global crises.