A sovereign wealth fund often serves as a vehicle to invest a government’s budget surplus. The U.S. doesn’t have that luxury.

After decades of Washington telling Asia to improve economic fundamentals, it’s Asia’s turn to worry the U.S. is trashing its own.

Neglected parts of the market broadly, and higher beta small caps specifically, are used as trades against the dominant market narrative. When no one knows what is going on, investors stick with what ...