Top investor Varun Manmohan Kapur says TINA driving returns in stock markets

Media Release

New Delhi, Oct 14: No, TINA is not the girl next door, says Varun Manmohan Kapur, currently an investor and former Yes Bank official. Nor is TINA a hurricane or cyclone in the United States. ‘There Is No Alternative’ abbreviated as ‘TINA’ was a phrase coined by philosopher Herbert Spencer. Varun Manmohan Kapur Former Yes Bank official, says with other asset classes giving negative real returns in the current economic environment, it’s the TINA effect that is driving returns in listed equities.

Bond yields continue to be depressed and so are yields from bank deposits. While junk bonds offer opportunities to make real returns, with the Covid backdrop (and repeated lock downs), it remains difficult to place bets (risk reward not always favorable). As per Varun Manmohan Kapur, some of the sectors impacted by Covid which essentially placed so called junk debt paper are yet to return to normalcy stretching their balance sheets that much further.

Varun Manmohan Kapur said that the listed equity on the other hand have remained buoyant across geographies. And it’s been quite secular – by sector and by size, with no slowdown in sight. YTD index returns of top global markets reflect continued buying and buoyancy:

DOW – 10.58%

NASDAQ – 12.11%

S&P – 14.68%

FTSE – 9.69%

DAX – 11.24%

TOPIX – 10.06%

NIKKEI – 4.83%

NIFTY – 27.39%

Now the above returns can – for the large part be attributed to TINA. In this recent Bull Run, TINA has been fairly diversified and inclusive – apart from institutions, it includes retail investors and also the younger millennial and Gen Z participants, the so-called ‘Meme’ or ‘Robinhood’ generation.

Even with monetary tightening on the anvil, central banks across the globe remain cautious and more recent indications suggest that raising rates will be gradual and will focus on employment generation in addition to inflationary pressures. As per the probability and Varun Kapur opinion with this backdrop, TINA could continue well into 2023 till such time other asset classes generate real and meaningful returns. Until then, enjoy TINA's Company!

For media contact:

Ashutosh Sharma
A-96, Okhla Phase-2,
New Delhi - 20
Phone: 8750043000






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Comment on this article

  • Sachinmama, Adyar

    Fri, Oct 15 2021

    The stock market is still less volatile than most of my romantic relationships. I am much more comfortable putting my money into football bets rather than stock markets.

    Reply Report Abuse Agree [2]

  • Vishnu Vardhan, Bajpe

    Fri, Oct 15 2021

    I like your approach, it is positive, and practical at same time

    Reply Report Abuse Agree [6]

  • Jossey Saldanha, Thane

    Thu, Oct 14 2021

    Newton's law of gravity - Whatever goes up has to come Down ...

    Reply Report Abuse Agree [12]

  • Vernon Patrao, Mangalore/ Canada

    Thu, Oct 14 2021

    Disagree with the statement in the article which says "Now the above returns can – for the large part be attributed to TINA" In my personal opinion, Comparing YTD index returns of top global markets and attributing the returns to TINA is a Joke as these markets run into trillions of dollars in terms of valuation and cannot be moved by a needle in a haystack. Agree that "Bond yields continue to be depressed and so are yields from bank deposits" as it is evident from the yields on the US long term treasury bonds, growing inflationary pressure, growing energy prices, Global supply chain issues, restricted travel and the recent global economic growth rate projections released by the International Monetary Fund. Bonds are for Governments to buy to pump in liquidity into the markets. Investing in future technologies can more or less guarantee a better chance of earning higher returns on investment. The future of finance, payments, borrowing and lending is going go be sooner than later be reshaped by new fintech like Blockchain technology, Innovation in payments systems, Central Bank Digital Currencies, Decentralized Finance, Cashless transactions, NFTs and Crypto. Not financial advice, just a personal opinion.

    Reply Report Abuse Agree [9]

  • Ajay Rebello, Kallianpur

    Fri, Oct 15 2021

    You don't need economic knowledge to know that almost most of Indian citizens are living in a TINA condition without much hope for quick return economically.

    Reply Report Abuse Agree [3]

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