So, what comes next?
Last week was a good week for investors. Ben Levisohn of Barron’s explained:  

“The Federal Reserve and European Central Bank both pledged to do what they could to underpin their respective economies. The United Kingdom gave Boris Johnson’s Conservative Party a landslide victory, virtually guaranteeing that the Brexit saga will end, finally.”

‘Get Brexit done’ was the slogan of Prime Minister Boris Johnson’s conservative party and British voters confirmed that’s what they want. As a result, Parliament is likely to accept the Prime Minister’s withdrawal agreement. Under current deadlines, the United Kingdom will begin to transition out of the European Union (EU) at the end of January, reported The Economist.

Prime Minister Johnson promised to complete the transition by December 2020 despite skepticism about whether trade agreements can be negotiated and ratified in such a short time. The Economist reported, “…unless Mr. Johnson is ready to ask for an extension, the risk of Britain leaving the EU with no trade deal in place at the end of next year will be significant. The result would be high barriers to exports and severe disruption to trade.”

There was another important event last week. The United States government announced, “…a phase-one deal with China had been completed and that negotiations on phase two would begin immediately. Details were lacking, but it was surely good news,” reported Levisohn.

The Wall Street Journal reported the deal has been agreed to in principle, although nothing has been signed, and neither the United States nor the Chinese government released the text of the agreement or a detailed summary.

The information released indicates the United States cancelled tariffs scheduled to take effect last Sunday and reduced current tariffs on $120 million of Chinese goods. In return, China agreed to increase purchases of agricultural goods over the next two years. The agreement is scheduled to be signed in January.

Let’s hope they ink the deal!

life begins at 40. In 1932, psychologist Walter Pitkin published a self-help book called ‘Life Begins at Forty.’ The Economist summarized his findings like this, “The theory goes that years of hard work are rewarded with less stress and better pay; children begin to fly the nest; and with luck, a decent period of good health remains.”

At the time, the book was something of a revelation. After all, throughout much of the 1800s, life expectancy at birth was about 40. When Pitkin wrote his book, newborn Americans were expected to reach age 60, on average.

It turns out Pitkin was on to something.

The Economist reviewed the findings of the 2019 World Happiness Report, which uses data from the Gallup World Poll. It found people in the United States and around the world generally are happy in their teens and early 20s. By the time they reach their 30s, however, happiness levels have dropped. People begin to recover a more positive state of mind at age 40. For many, by age 70, self-reported happiness is higher than it was in their teens and 20s.

There are differences in self-reported happiness from country to country. For instance, happiness in former Soviet states tends to decline with age. In addition, overall, self-reported happiness in India has declined during the past several years.

So, who are happiest people in the world? American women age 70 and older!

Weekly Focus – Think About It
“I am still every age that I have been. Because I was once a child, I am always a child. Because I was once a searching adolescent, given to moods and ecstasies, these are still part of me, and always will be…Far too many people misunderstand what ‘putting away childish things’ means, and think that forgetting what it is like to think and feel and touch and smell and taste and see and hear like a three-year-old or a thirteen-year-old or a twenty-three-year-old means being grownup. When I’m with these people I, like the kids, feel that if this is what it means to be a grown-up, then I don’t ever want to be one. Instead of which, if I can retain a child’s awareness and joy, and be fifty-one, then I will really learn what it means to be grownup.”
–Madeleine L’Engle, Author and poet

Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

Treasury Note is simply the yield at the close of the day on each of the historical time periods. 
Sources: Yahoo! Finance, MarketWatch, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Sources:
https://www.barrons.com/articles/lots-went-right-for-investors-this-week-the-dow-still-ended-friday-on-a-flat-note-51576282633?mod=hp_DAY_4 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-16-19_Barrons-Lots_Went_Right_for_Investors_this_Week-The_Dow_Still_Ended_Friday_on_a_Flat_Note-Footnote_1.pdf)
https://www.economist.com/britain/2019/12/13/boris-johnsons-big-win?cid1=cust/ednew/n/bl/n/2019/12/13n/owned/n/n/nwl/n/n/NA/360436/n (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-16-19_TheEconomist-Boris_Johnsons_Big_Win-Footnote_2.pdf)
https://www.wsj.com/articles/us-china-confirm-reaching-phase-one-trade-deal-11576234325 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-16-19_WSJ-US_China_Agree_to_Limited_Deal_to_Halt_Trade_War-Footnote_3.pdf)
https://www.amazon.com/Life-Begins-Forty-Walter-Pitkin/dp/B00085JNB4
https://www.economist.com/graphic-detail/2019/04/12/do-people-become-happier-after-40 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-16-19_TheEconomist-Do_People_Become_Happier_After_40-Footnote_5.pdf)
https://www.infoplease.com/us/mortality/life-expectancy-age-1850-2011
https://www.thecut.com/2014/09/25-famous-women-on-aging.html

Ahh, the power of distraction.
On Friday, the unemployment report flashed its numbers like a hair model in a shampoo commercial. The Bureau of Labor Statistics reported 266,000 new jobs were created in November. That was better than expected even after deducting the 40,000-plus General Motors employees returning to work, reported CNBC.

The sign of economic strength helped major U.S. stock indices recover from losses suffered earlier in the week – mostly.

The week got off to a rough start when President Trump indicated there was little urgency to resolving the trade dispute with China. The statement upset expectations a phase one trade deal would be completed before December 15. That’s the date the United States is scheduled to put additional tariffs on Chinese consumer goods. New tariffs could inspire additional actions by the Chinese government that affect economic growth in the United States.

To date, U.S. economic growth has slowed from 3.1 percent in the first quarter of 2019 to 1.9 percent in the third quarter.

The slowdown was caused, in part, by Chinese tariffs on American products. Tariffs have had a negative effect on manufacturing and agriculture, as well as other sectors of the market. Trade uncertainty also has led to a decline in business investment. When business investment drops so does the economy’s growth potential. The main engine behind U.S. economic growth has been and remains the American people. Consumer spending accounted for 68 percent of U.S. economic growth in the third quarter.

The Standard & Poor’s 500 Index finished the week in positive territory. The Dow Jones Industrial Average and Nasdaq Composite finished down 0.1 percent.

The evolving etiquette of social media.
Social media etiquette makes remembering when to use the little fork on the right – you know, the one next to the two knives and spoon (the oyster fork) – seem like a snap.

When social media platforms were gaining popularity, they offered an opportunity to reconnect and stay in touch with friends and family. During the past decade, many people joined platforms and built networks. They also started to engage in some unwelcome behaviors. Sometimes, social media is a place where people:  “…can say mean things without showing their face, discriminate with little consequence, and spill details nobody truly wants to hear,” explained Influence.co. “…it’s vital for people to remember that social media is meant to bring people together and that our online behavior can quickly come between us.”

To make it easier to understand which behaviors these are, the organization conducted a survey. The top digital don’ts included:

1. Bullying others in comments (91.1 percent)
2. Sharing discriminatory content (89.2 percent)
3. Posting fake news (88.8 percent)
4. Making passive-aggressive posts (78.5 percent)
5. Oversharing personal details (77.4 percent)
6. Complaining about a partner (75.8 percent)
7. Giving medical advice (48.3 percent)
8. Excessive hashtag use (33.8 percent)

It’s also a poor idea to post content about another person without their permission. One in 10 respondents had ended a friendship over it. Finally, many people find it irritating when asked to delay eating a meal so a dinner companion can photograph it.

It’s food for thought.

Weekly Focus – Think About It
“One of the big no-no’s in cyberspace is that you do not go into a social activity, a chat group, or something like that, and start advertising or selling things. This etiquette rule is an attempt to separate one’s social life, which should be pure enjoyment and relaxation, from the pressures of work.”
–Judith Martin, a.k.a. Miss Manners, Etiquette authority

Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

S&P 500, Dow Jones Global ex-US, Gold, Bloomberg Commodity Index returns exclude reinvested dividends (gold does not pay a dividend) and the three-, five-, and 10-year returns are annualized; the DJ Equity All REIT Total Return Index does include reinvested dividends and the three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance, Barron’s, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Sources:
https://www.bls.gov/news.release/empsit.nr0.htm
https://www.cnbc.com/2019/12/06/us-nonfarm-payrolls-november-2019.html
https://www.barrons.com/articles/dow-jones-industrial-average-ends-week-lower-despite-strong-jobs-report-51575684786?mod=hp_DAY_3 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-09-19_Barrons-The_Jobs_Numbers_were_Great-The_Dow_Still_Finished_Down_for_the_Week-Footnote_3.pdf)
https://www.marketwatch.com/story/did-trump-talk-bluster-or-was-he-hinting-that-china-talks-collapse-either-way-stock-futures-slump-2019-12-03
https://apps.bea.gov/scb/2019/11-november/pdf/1119-gdp-economy.pdf
https://www.bea.gov/news/2019/gross-domestic-product-1st-quarter-2019-advance-estimate
https://www.npr.org/2019/12/06/785280703/how-hard-are-tariffs-hitting-the-economy-it-depends-on-who-you-ask
https://fred.stlouisfed.org/series/W790RC1Q027SBEA
https://www3.nd.edu/~cwilber/econ504/504book/outln11b.html
https://emilypost.com/advice/formal-place-setting/
https://influence.co/go/content/social-media-etiquette.htm
https://www.brainyquote.com/quotes/judith_martin_581570?src=t_etiquette

It’s a shopping revolution!
Sometime, probably not so long ago, comedian Dave Barry wrote, “Once again, we come to the Holiday Season, a deeply religious time that each of us observes, in his own way, by going to the mall of his choice.”

Not so much anymore.

On Black Friday 2019, many shoppers didn’t venture any farther than their favorite digital device. CNBC reported, “The pullback in brick-and-mortar stores mirrored a surge in Black Friday online shopping, which hit $7.4 billion, an all-time record for the day, according to Adobe Analytics.” There was some good news for brick-and-mortar stores. In-store sales on Thanksgiving Day were up 2.3 percent from a year ago.

Despite relatively strong retail sales, overall, major stock indices in the United States dipped on Friday for reasons unrelated to evolving business models in the retail industry. Indices trended lower for the same reason they have on numerous occasions this year: Investors were worried about a setback in U.S.-China trade talks. Barron’s explained:  “The Dow Jones Industrial Average, the S&P 500 index, and the Nasdaq Composite dipped on the final day of a boffo November. U.S. legislation supporting Hong Kong’s pro-democracy protesters, to which Beijing reacted furiously, dampened hopes that the highly anticipated phase-one trade deal with China would be inked soon.”

Despite losses on Friday, major U.S. indices were up for the week and the month, reported The Wall Street Journal. In November, U.S. stocks posted the strongest monthly performance since June.

U.S. government bonds have been delivering positive returns, too. Interest rates on 30-year Treasuries have fallen over the course of the year and were down again last week. When bond rates fall, bond prices move higher. When bond rates begin to move higher, prices will fall.

It’s remarkable when stock and bond markets move in the same direction at the same time. Often, strong performance in one market is accompanied by weaker performance in the other.

What makes a billionaire a billionaire?
During the five years through the end of 2018, the population of billionaires around the globe increased by 350 people to 2,101. The wealth of billionaires grew, too. After a 4.3 percent loss overall in 2018, billionaires’ wealth increased by 34.5 percent during the past five years.

 According to The Billionaire Effect, which was released by UBS and PWC last month, three specific personality traits explain the success of many billionaires. It seems the typical exceptionally rich person is a smart risk-taker, focused on business, and determined to succeed. If that describes someone you know who has not yet reached billionaire status, perhaps it’s the industry. The only field where billionaire wealth increased during 2018 was Technology.

Women are becoming billionaires at a faster rate than men (46 percent versus 39 percent during the past five years), although there are still significantly fewer women (233) among the superrich.

Most of these exceptionally wealthy folks are found in Asia and the Americas:

• There are 754 billionaires in the Asia Pacific region with 436 in China.
• There are 749 in the Americas with 652 in North America.
• There are 598 in Emerging Markets, the Middle East, and Africa with 397 in Western Europe and 151 in Eastern Europe.

While personality traits may influence success, what really makes billionaires is the success of their companies. The report stated:  “Over the 15 years to the end of 2018, billionaire-controlled companies listed on the equity market returned 17.8 percent versus the 9.1 percent of the MSCI [All Country World Index (ACWI)], almost twice the annualized average performance of the market. Their companies are also more profitable, earning an average return on equity of 16.6 percent over the last 10 years, compared to the 11.3 percent of the MSCI ACWI.”

Weekly Focus – Think About It
“Human greatness does not lie in wealth or power, but in character and goodness. People are just people, and all people have faults and shortcomings, but all of us are born with a basic goodness.”
–Anne Frank, Diarist

Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

S&P 500, Dow Jones Global ex-US, Gold, Bloomberg Commodity Index returns exclude reinvested dividends (gold does not pay a dividend) and the three-, five-, and 10-year returns are annualized; the DJ Equity All REIT Total Return Index does include reinvested dividends and the three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance, Barron’s, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Sources:
https://www.davebarry.com/misccol/christmas.htm
https://www.cnbc.com/2019/11/30/black-friday-shopping-at-brick-and-mortar-stores-dropped-by-6percent.html
https://www.barrons.com/articles/the-next-best-stocks-to-buy-could-be-small-caps-51575071290?mod=hp_DAY_1 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-02-19_Barrons-The_Stock_Markets_Next_Breakout_Stars-Footnote_3.pdf)
https://www.wsj.com/articles/stocks-edge-down-ahead-of-start-to-u-s-shopping-season-11575023295 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-02-19_WSJ-US_Stocks_Notch_Best_Month_Since_June-Footnote_4.pdf)
https://www.marketwatch.com/investing/bond/tmubmusd30y?countrycode=bx&mod=md_bond_overview_quote (Choose 5-year and YTD time periods at top of chart)
https://www.investopedia.com/ask/answers/why-interest-rates-have-inverse-relationship-bond-prices/
https://www.cnbc.com/2019/06/26/in-a-rare-occurrence-both-stock-and-bonds-are-having-a-great-year.html
https://www.ubs.com/global/en/wealth-management/uhnw/billionaires-report.html (For the number of billionaires, click on ‘By year’ and choose 2014 and 2018. For the quote, click on download report and go to page 6) (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-02-19_UBS-Billionaires_Insights-Footnote_8.pdf)
https://www.brainyquote.com/quotes/anne_frank_752405?src=t_wealth