About Douglas Tengdin, CFA

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

The End of Management

By |2018-07-19T06:15:02+00:00July 19th, 2018|Global Market Update|

What do we look for in management? Illustration: John Lester. Source: FlikrCC-BY-2.0 Companies have physical plants and products and marketing. They have salespeople and information systems and workers. And overlaid on top of these physical and human assets is a structure called “management.” It’s not just the CEO and executive team and mid-level managers. It includes the organizational approach, the HR and production processes, the incentives, the contracts, etc., etc., etc. In fact, calling this superstructure “management” is misleading. It gives the impression that [...]

The Madness of Mobs

By |2018-07-18T06:10:36+00:00July 18th, 2018|Global Market Update|

Be careful around crowds. Stadium Crowd. Photo: Abdul Rahman. Source: FlikrCC-BY-2.0 Especially if you want better investment returns. There are times when investment manias sweep through the markets, lifting anything in a particular niche or with a particular name. The internet boom of the late ‘90s, the biotech boom of the late ‘80s, the oil boom of the ‘70s, and recent crypto-craze, where anything related to block-chain cryptography was granted almost instant unicorn status. These levels rarely last. Conversely the mob can turn on [...]

Wage Slaves or Labor Entrepreneurs?

By |2018-07-17T06:12:41+00:00July 17th, 2018|Global Market Update|

Who owns our work? ADP Time Card Reader. Photo: BrokenSphere. Source: Wikimedia There’s a memorable scene from the bike-racing movie, “Breaking Away.” When a member of a teenage gang shows up for his first day of work at a car wash, his pushy new boss tells him: “Don’t forget to punch the clock, Shorty.” Offended by his supervisor’s attitude, the young man wraps his hand in a rag and physically punches the time-clock, breaking the glass. His buddies cheer, and he storms off. As [...]

Lyft-ing Autos

By |2018-07-16T23:20:57+00:00July 16th, 2018|Global Market Update|

What will Uber and Lyft do to car sales? Photo: Senator Mark Warner. Source: FlikrCC-BY-2.0 Ride-sharing has seriously impacted the taxicab business. The price of a taxi medallion – once a safe, appreciating asset – has fallen by over 80% in the last couple years. A lot of folks are concerned about what this will do to auto sales, in the US and overseas. On the one hand, there are techno-optimists, who envision competing ride-sharing companies with fleets of self-driving vehicles dominating the highways. [...]

Getting Shanghaied?

By |2018-07-13T09:09:41+00:00July 13th, 2018|Global Market Update|

Is Tesla turning Chinese? Photo: John Cummings. Source: Wikimedia Tesla says that it plans to set up its first non-US factory in Shanghai. It’s a logical next step for the electric vehicle maker. China is the number one electric car market in the world, with almost half a million in vehicle sales – more than twice the level in the US. Next year, Beijing will require that every automaker that sells gasoline-powered cars in China also offer electric vehicles, or else purchase credits from [...]

Trading Data?

By |2018-07-12T07:29:21+00:00July 12th, 2018|Global Market Update|

Remember “Trading Places”? Photo: Jeremy Kemp. Source: Wikimedia The movie centers around commodities trading. For many folks, it’s their favorite depiction of financial markets. The director, John Landis, employed actual commodities traders as extras for several scenes of the New York Mercantile Exchange. At the movie’s climax, trading stops and the traders gather breathlessly around a television monitor, watching the Secretary of Agriculture personally read from the monthly crop report regarding that year’s orange harvest. It’s very dramatic and great fun, but anyone involved [...]

Titanic Financials

By |2018-07-12T09:37:30+00:00July 11th, 2018|Global Market Update|

Is our financial system too big to fail, or just too big? RMS Titanic. Public Domain. Source: Wikimedia Commons With LIBOR alternatives, Ponzi schemes, and financial corruption still in the news, many folks are saying, “Stop the financial system, I want to get out!” But exiting the current financial system just isn’t practical. Sure, we could turn off our cell phones, raise our own wheat, and buy and sell stuff using Bitcoins or Ether, but that’s just not practical. Changing to an Amish lifestyle [...]

Playing Chicken with Trade

By |2018-07-10T07:24:43+00:00July 10th, 2018|Global Market Update|

Remember James Dean? Public Domain. Source: Wikimedia In “Rebel Without a Cause,” James Dean and a teenage rival play a game of chicken, racing two stolen cars towards a cliff. Both plan to jump out at the last moment. But the other guy’s jacket gets caught in his car door, and he goes over the cliff with his car. Sometimes trade negotiations seem like a game of chicken. Both sides want concessions. Neither side wants a trade war – raising prices for their own [...]

The Movable Feast

By |2018-07-09T08:32:30+00:00July 9th, 2018|Global Market Update|

What keeps our economy going? Photo: Rita E. Source: Pixabay Ernest Hemingway lived in Paris as a young man during the 1920s. He called it “a movable feast.” The intellectual fellowship he experienced with notable writers and artists like Ezra Pound, Gertrude Stein, F. Scott Fitzgerald, and many others stayed with him for the rest of his life. He could always look back on that time and draw on its nourishment. Leverage is our economy’s movable feast. But when we gorge ourselves, it feeds [...]