Since Donald Trump took the oath of office, he‘s done a handful of things that should have sent markets reeling, if not for their apparent desensitization to chaos and their abiding hope that the president may yet slash corporate taxes. He’s flipped out at Australia, one of our allies, over the phone; accused Barack Obama of wiretapping his phones; discussed what to do with North Korea in the middle of the Mar-a-Lago dining room; called for “breaking up” the 9th Circuit Court of Appeals; flip-flopped a half-dozen times about NATO and NAFTA; and, most notably, reportedly asked the director of the F.B.I. to lay off an unwanted investigation and fired said director after he refused to do so.

While most people have reacted to such actions with shock and fear, one group that has seemed eerily calm so far is Wall Street. Despite the market dropping 370 points on Wednesday after The New York Times reported that James Comey had prepared a memo detailing Trump’s attempt to get him to “let go” of his Russia investigation, on the whole, investors have taken all of the insanity in stride. So why, with the dream of tax reform legislation being deferred with each new scandal, have markets not moved more? According to famed short-seller Jim Chanos, who predicted, among other things, the collapse of Enron, there’s one simple explanation: Wall Street has already gamed out the possibility of President Mike Pence.

“I think they’re beginning to factor [Pence] in, that’s for sure,” Chanos told Axios at the annual SALT conference in Las Vegas on Thursday. “The markets are hoping for Vice President Pence to become president. . . a more stable person being able to enact a Republican agenda. The odds-makers have Trump even money to last his term. If the perception was that Trump was going to be staying there I think at this point [the markets] might be worse.”

Chanos, who founded Kynikos Associates, is a lifelong Democrat and has never been a fan of Trump, telling CNBC in September 2016, “The easiest short sales I’ve ever had in my life were the stocks and bonds of Donald J. Trump's companies. . . It was like numerous ocean liners hitting many icebergs repeatedly.” But as my colleague Abigail Tracy reported this week, he’s clearly not the only one who thinks President Pence has got a shot.