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I have two values that are in the database and define the behavior of too many things in my application and will not change at least in the near future. Is the best decision to create a static variables and load the values in Global.asax of my application??.
A general rule is, use cache when you know that your values/data will expire or require a change after certain time period otherwise use static variables. I found a similar discussion HttpRuntime.Cache[] vs Application[]
Also check out ASP.NET Caching: Techniques and Best Practices