The Psychology of Happiness

One year ago, James Montier, global equity strategist for Dresdner Kleinwort Wasserstein, made waves with his report, "The Psychology of Happiness". His ten recommendations were:

1. Don't equate happiness with money.
2. Exercise regularly.
3. Have sex...with someone you love.
4. Devote time and effort to close relationships.
5. Pause for reflection.
6. Seek work that engages your skills.
7. Give your body the sleep it needs.
8. Don't pursue happiness for its own sake. Enjoy the moment.
9. Take control of your life. Set achievable goals.
10. Remember to follow all of the rules.

This last week, he continued his 'happiness' theme with the following report to Dresdner Kleinwort Wasserstein clients. His central observation was to cite a mass of evidence that suggesting that spending resources on experiences, e.g. walking the Machu Picchu trail in Peru, seemed to make people happier than spending on material possessions.

"Materialistic pursuits are not a path to sustainable happiness. A mass of evidence shows people who have more materialistic goals are less happy than those who focus on intrinsic aims such as relationships or personal growth. Spending on experiences rather than possessions seems to make people happier."

Moreover, materialistic goals may even cause dissatisfaction with life and mental disorders, such as paranoia.

Some caveats to this observations. 1) Basic needs must be met, which require a certain threshold of assets and income. 2) Some of the experiences that he refers to require money, i.e. legal tender.

Still, it is nice to hear a prominent equity strategist dispense information that might be regarded as heretical...within the financial and investment world.

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