Markets would look completely different if Trump stayed out of Venezuela and Iran.

No geopolitical risk premium = different liquidity flows. Oil wouldn't have spiked the same way. Risk-on assets would've had cleaner runs without the constant headline risk.

The macro setup we're trading right now is built on these interventions. Remove them and you're looking at:

- Different Fed policy path

- Stronger EM flows

- Less safe-haven demand for USD/gold

- Crypto potentially catching more institutional inflows earlier

Alternate timeline where volatility looks nothing like what we got. Makes you wonder how much alpha we left on the table trading the wrong regime.