Good morning.

An index focused on the world’s happiest countries was created back in 2012 using a variety of different metrics, and the U.S. has always been in the top 20 … until now.  The latest report shows the nation dropped to 24th place, and if present investor happiness was one of the items reviewed the ranking might be lower still … as stocks are in danger of facing their 5th consecutive weekly decline

… and that is even before the president’s April 2nd “Liberation Day” tariffs are instituted.

Meanwhile, there is quite a bit of disruption going on right now with air travel as Heathrow Airport, the world’s 2nd busiest international airport, is completely shut down creating utter chaos for travelers.  The interesting point here is CNBC reports that Citi put out a note … saying the airlines affected might not be offering compensation, since the fire was beyond their control.  I have said it before and will say it again … for a variety of reasons, if you travel out of the country, travel insurance is vital, for it is reasonably priced and well worth the purchase (especially since it often includes travel interruption and medical).

But with so many Americans in recent years traveling overseas, we might see a reduction this year … not because of rising costs … but more because there is a view … accurate or not … that the welcome mat might have been taken in … due to political battles.  And this concern might increase as we jog through the decisions to be made in early April. I mean when a politician from an ally such as France starts getting support for the return of the Statue of Liberty … travelers just have to wonder just where this will end.

I just looked, markets are still down for the day, and I will end this here (lest I keep peeking at the numbers and get myself more depressed).

On a final note … and this “Public Service Announcement” is important … the last article below mentions something each of us should make sure is in place for every member of our household over the age of 18 … a healthcare directive … which can be downloaded for free and is great to have on hand, since it is so hard to put together on the way to the hospital.

My family was proud that I completed mine and to celebrate, ran out and got me a bracelet.

But they got my initials wrong, making me wonder …

… how the heck did they come up with “DNR?”

Have a great day,

Joseph G. Witthohn, CFA

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