Spectacle!

In America we love spectacle. We love a parade. Especially when someone else is paying for it.

Today all sets will be tuned to the Royal Wedding. Also Twitter feeds, Facebook posts, and blog entries. I counted over 100 Apple App Store applications dedicated to the event, and who knows how many online news stories.

There’s something deeply satisfying about a grand celebration. From graduations to weddings to funerals, they all have similar characteristics: an introductory procession, a series of speeches, and a party (or parties) afterwards. There’s been a lot of nonsense about how the spending will stimulate the English economy, and I suppose it will, temporarily. But as I mentioned when stimulus spending was discussed back in 2009, if you want permanent changes to the economy, you need permanent changes to infrastructure. A once-every-30-year party won’t do that.

But there are some lessons to be learned from the celebration. One has to do with institutional stability. England has had a reigning monarch for the last 1500 years or so, excepting Cromwell’s 10-year Protectorate. Institutions that have been around a long time tend to stay around a long time. The same goes for technologies; and professions.

The celebration tends to validate the event. Here’s hoping it works for William and Kate.

Douglas R. Tengdin, CFA
Chief Investment Officer
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By | 2017-07-17T12:35:16+00:00 April 28th, 2011|Global Market Update|0 Comments

About the Author:

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

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