TINA Will Turn

Out from the ruins
Out from the wreckage
We can't make the same mistakes this time
--Tina Turner

I know several intelligent people with significant exposure to equities here under the primary thesis that, because they need income, they are willing to take the risk of using dividend paying stocks as their primary income avenue. Their rationale? Because fixed income yields are so suppressed, stocks are the only game in town.

In some circles, this rationale is known as TINA (There Is No Alternative).

There is an alternative, of course. It is called capital preservation. This alternative feels terrible when equity prices are flying high.

But its purpose is to protect against the inevitable crash.