✧ Optimism about 2026 is not an expectation of extreme stimulus
✧ It is a bet on liquidity normalization
- less stress
- more predictability
- lower systemic risk
✧ In such an environment volatility stops being the main advantage
✧ It is a bet on liquidity normalization
- less stress
- more predictability
- lower systemic risk
✧ In such an environment volatility stops being the main advantage
