There Is No Alternative.

Investors around the world looking at where to put their money to work seem to be reaching the same conclusion — there is no alternative to the U.S. stock market.

This explains why stocks keep going up even as Greece threatens the stability of the European financial system and China’s economy slows.

Even if they aren’t making any money, the bears are probably right.

Some stocks probably are overvalued by some measures and economic growth is subpar. But none of that matters in the current environment.

Investors face large risks outside of the U.S. stock market. China provides an example of the risks in emerging markets. Greece reminds investors that developed markets carry currency risks. Low bond yields make it difficult for pension funds and retirees to achieve their targeted returns. Private equity and hedge funds have disappointed many investors.

After looking at different investment options, Jason DeSena Trennert, Managing Partner and Chief Investment Strategist of Strategas Research Partners, came to the conclusion that many investors are buying stocks because they feel they have no choice.

Trennert notes the idea of TINA began with British Prime Minister Margaret Thatcher’s policies in the 1980s. Lady Thatcher realized Great Britain needed to follow the principles of free markets and often explained her decisions by noting “there is no alternative.”

Time proved that Thatcher was right and time is proving that U.S. stocks are the best investment option available for now. Until that changes, expect the bull market to continue.