The phrase ‘There is no alternative’ (TINA for short) has crept into the language on Wall Street in the last decade, based on the conviction that only US stocks offer the best and safest returns to investors. Emerging markets (EM) such as China, India, and Mexico have been left behind, as the dominance of the ‘FAANG’ stocks have powered US markets higher. More recently a new group dubbed the ‘Magnificent Seven’, consisting of most of the FAANG stocks but with the addition of Microsoft and high-fliers Nvidia and Tesla, have tilted the balance further in the favour of US equities…