Here's a fun acronym for you: TACO. On Wall Street, it doesn't stand for a delicious food item, but for "Trump Always Chickens Out." It's a trading strategy born from observing former President Donald Trump's foreign policy, where aggressive posturing on tariffs and other issues often gave way to de-escalation. As a new conflict with Iran unfolds, some investors are looking at the market dip and thinking: here we go again. Time to buy.

But JPMorgan Chase & Co. (JPM) is telling its clients to maybe put down that metaphorical taco. The bank's U.S. head of investment strategy, Jacob Manoukian, suggests that while Wall Street is indeed banking on a conflict that wraps up in about a month—aligning with Trump's own projected timeline—this particular geopolitical taco might be a bit spicier and riskier than previous ones.

"The main risk scenario Wall Street is trying to assess is that 'global events have started,'" Manoukian told Fortune, "but it remains unclear 'where they're going' or how they can be controlled." In other words, betting that history repeats itself with a neat, market-friendly resolution is a gamble.

So, What's on the Menu Instead of TACOs?

If you shouldn't just buy the dip hoping for a quick peace, what should you do? JPMorgan isn't advising investors to make big moves based on an uncertain short-term war outlook. Instead, Manoukian points to the need for balanced portfolios and highlights an underutilized, less-sexy asset class: infrastructure.

Think energy utilities, transmission lines, distribution networks—the physical backbone of the economy. The argument is that these assets could offer resilience when geopolitical tensions make everything else wobble. Investors are increasingly poking around in these alternative assets, partly because new fund structures offer a bit of liquidity while helping people understand what this stuff is actually worth.

JPMorgan laid out the bullish case in a December report. They see core infrastructure at a "turning point" because, for the first time this century, capital spending is expected to finally exceed depreciation. What's driving this? Rising energy demand, big concerns about energy security, and the massive global shift to new energy sources. A short-term capital shortage in the sector could actually boost returns for the investors who are already there, letting them benefit from growth while still enjoying the defensive, steady-Eddie qualities infrastructure is known for.

You're Not the Only One Thinking "Short War"

The view that this conflict might be brief isn't unique to JPMorgan. Earlier this month, Edward Yardeni of Yardeni Research predicted a "short war scenario" lasting just a few weeks and told investors to look for opportunities in equities.

Tom Lee from Fundstrat looked at the recent market jitters and called it a classic "risk-premium expansion"—basically, investors are demanding a little extra return for the uncertainty, which pushes prices down temporarily. It's not a sign the market's engine is broken. Lee expects things to rebound into late March and potentially keep strengthening through April.

So far, the market's reaction has been a mixed bag. Over the past month, the Vanguard S&P 500 ETF (VOO) has declined 1.99%, while the tech-heavy Invesco QQQ Trust (QQQ) managed a 0.61% gain, according to market data.

The takeaway? While the crowd might be whispering "TACO trade" and eyeing a quick bounce, the big bank is suggesting a more substantial meal. Instead of trying to time the geopolitical drama, they're recommending a look at the sturdy, if unglamorous, world of infrastructure—the pipes, wires, and grids that keep things running, come war or peace.