The consolidation of American power post-Iran war is in direct opposition the common thesis that many investors are voicing in their portfolio right now, specifically the claim that the multi-polar world is inevitable. If the U.S is able to topple Venezuela, Iran, Cuba, then other countries begin to fall in line and we likely see a snapback towards American hegemony. This would mean short rates, stronger dollar and a weaker gold. The emerging markets trade of Brazil / Korea can remain intact but the rest of EM trade that was bolstered solely by rotating out of US capital markets might be hit. Food for thought, I am still fleshing out ideas here, but perhaps some of the major “mega trends” can reverse.