Pillars of the TINA trope have brittled, while TARA brings EM to the fore. Will it stay this time? This summer Natixis published a joint strategists' outlook for the second half of 2025. While many of its calls appear prudent as 2025 rounds out, the memorable aspect of their brief was its curiously simple, almost mundane, title: There Are Reasonable Alternatives . Yet that choice was anything but. Instead today it looks more like a plant-flagging exercise, one underscoring