Good Friday

Rational economics and free markets are powerful forces, but they don’t explain everything. Today is a great example of how heritage and history help shape us.
It’s Good Friday-the day set aside as a time to remember Jesus’ execution. The stock and bond markets are closed, because when the New York Stock Exchange originally leased the property it now sits on the terms required that the market be closed for major Christian holidays like Christmas or today.

A true market-devotee would chaff at restrictions like this. After all, the news doesn’t stop on holidays. These kinds of delays create inefficiencies. And we could lose market-share to the Japanese.

But it’s wise to remember special days, especially those with particular cultural roots. The Christian worldview was integral to the founding of America and is woven into the warp and woof of her documentary history: from the “laws of Nature and Nature’s God” in the Declaration to the checks and balances of the Constitution to Lincoln’s embrace of atonement in his Second Inaugural.

I don’t claim that this is a Christian nation. But our “City on a Hill” has a rich legacy of mingled justice and mercy, perfectly illustrated by the cross. We do well to take one day to remember this.

Douglas R. Tengdin, CFA
Chief Investment Officer
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