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.