TINA: There Is No Alternative

There is no alternative, often abbreviated to TINA, is a phrase that originated with the Victorian philosopher Herbert Spencer and became a slogan of British Prime Minister Margaret Thatcher in the 1980s. Today, it is often used by investors to explain a less-than-ideal portfolio allocation, usually of stocks, because other asset classes offer even worse returns. This situation and the subsequent decisions of investors can lead to the Tina Effect whereby stocks rise only because investors have no viable alternative.