diff --git a/lib/liquid/parser.rb b/lib/liquid/parser.rb
index 645dfa3a..0d0d0d01 100644
--- a/lib/liquid/parser.rb
+++ b/lib/liquid/parser.rb
@@ -83,6 +83,9 @@ module Liquid
     end
 
     def variable_lookups
+      # Fast path: no lookups at all (most common case for simple identifiers)
+      return "" unless look(:dot) || look(:open_square)
+
       str = +""
       loop do
         if look(:open_square)