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Macro

“TACO” is outdated; Wall Street is embracing “NACHO” trading

NACHO, which stands for “Not A Chance Hormuz Opens,” means the Strait of Hormuz has no chance of opening.

It’s the opposite of TACO (Trump Always Chickens Out), which bets that people will back down—that Trump will retreat at a critical moment. NACHO bets that things will stall—that this time, Hormuz won’t be reopened with a single Truth Social post.

NACHO is not just…