Halloween – By the Numbers

A number you’re probably not looking for is 1.5 billion. That’s the number of pounds of pumpkins grown every year. History.com said that’s more than twice the weight of the Empire State Building. Here are a few other interesting statistics related to Halloween:1

  • 9 billion pieces of candy corn are sold each year (about 36 million pounds).
  • 72 percent of Americans give candy to trick-or-treaters.
  • 30 percent of children sort their candy after trick-or-treat time.
  • 24 pounds of candy is the average consumed each year.
  • 38 percent of Americans wear costumes.
  • 11.5 percent of Americans dress their pets in costumes.
  • 50 percent of Americans decorate their yards for Halloween.

One take-away is people are different. Some dress their pets as fast food, others love to eat sweets, and some don’t recognize Halloween as a holiday. It’s a lot like investing. There is not a single investment portfolio that suits everyone. What’s important is choosing one that is right for you and your family. If you have any questions about your asset allocation and diversification, just give us a call!

Happy Halloween!

Market Commentary – October 29, 2018

Why did the stock market fall when the economy is doing well?
The answer is that one reflects the past and the other anticipates the future. Last Friday’s advance estimate from the Bureau of Economic Analysis showed the U.S. economy grew 3.5 percent during the third quarter of 2018. Harriet Torry of The Wall Street Journal reported:  “The economy powered ahead in the third quarter, driven by robust consumer and government spending, though Friday’s report included warning signs that the business sector faces turbulence that could hold back the expansion in the months ahead.”

Third quarter’s economic growth was slower than economic growth during the second quarter and stronger than economic growth during the first quarter of 2018. Economists refer to economic growth as a ‘lagging indicator.’ It is a measure that may help confirm longer-term trends, but offers little information about the future.

In contrast, the stock market is a ‘leading indicator.’ It reflects what investors think may happen over the next few weeks or months. The volatility we’ve seen during the past two weeks suggests investors are uncertain about what may be ahead. Many factors are contributing to uncertainty. For instance, investors are concerned:

  • The U.S. economy may grow more slowly. Economic growth slowed during the third quarter and investors are uncertain whether the trend will continue through the remainder of 2018 and into 2019.
  • Negative earnings guidance from companies. Corporate earnings growth was robust during the third quarter. Through Friday, almost one-half of companies in the Standard and Poor’s 500 Index had reported earnings and their blended earnings growth rate was 22.5 percent, according to FactSet. However, despite strong earnings growth, many companies’ shares lost value. One reason is a fair number of companies have issued negative guidance indicating earnings may be weaker in the future.
  • Trade tensions could slow global growth. While trade disputes with Mexico and Canada have been resolved, trade issues between the United States and China remain. Al Root of Barron’s reported:

“Now, on third-quarter calls, companies have begun to spell out tariff impacts in greater detail. Calculating the ultimate impact of tariffs isn’t easy or precise. A fair calculation would include not only costs but also changes in demand and the possibility of supply-chain disruptions. The result could be significant. The International Monetary Fund lowered its global growth expectations when it released its recent outlook because of, in part, ‘escalating trade tensions.’

  • Federal Reserve rate hikes could slow economic growth too quickly. The Fed has begun raising the Fed funds rates, encouraging interest rates higher, in an effort to keep inflation in check. Some are concerned the Fed may raise rates too quickly or too high and choke economic growth.

You have probably heard the saying, “Markets hate uncertainty.” Recent volatility seems to be the result of uncertainty and it is possible uncertainty will cause stock markets to bounce around for some time.

When stock markets are volatile and headlines describe the action with words like ‘plunge’ and ‘erase,’ it’s easy to let emotion get the better of you. Before making changes to your portfolio, please give us a call. We can discuss your concerns and any changes you would like to make to your long-term financial plan.

Is that a fact?
A recent Pew Research Center survey found younger people (ages 18 to 49) were better able to distinguish facts from opinions than older people.

Jeffrey Gottfried at Pew reported, “About a third of 18- to 49-year-olds (32 percent) correctly identified all five of the factual statements as factual, compared with two-in-ten among those ages 50 and older. A similar pattern emerges for the opinion statements. Among 18- to 49-year-olds, 44 percent correctly identified all five opinion statements as opinions, compared with 26 percent among those ages 50 and older.”

Pew concluded younger Americans, especially millennials, were better able to distinguish fact from opinion than older Americans because young people tend to be more digitally savvy and also tend not to have a strong affiliation to either political party.

If you’re ready to test your acumen, visit the Pew Research Center website and search for ‘Quiz: How well can you tell factual from opinion statements?’

Weekly Focus – Think About It
“I never considered a difference of opinion in politics, in religion, in philosophy, as cause for withdrawing from a friend.”
–Thomas Jefferson, 3rd American President

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. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.
* 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.
* 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.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* You cannot invest directly in an index.
* Stock investing involves risk including loss of principal.
* 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.bea.gov/data/gdp/gross-domestic-product
https://www.wsj.com/articles/u-s-economy-grew-at-3-5-rate-in-third-quarter-1540557378
https://www.investopedia.com/terms/l/laggingindicator.asp
https://www.investopedia.com/articles/economics/08/leading-economic-indicators.asp
https://www.factset.com/hubfs/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_102618.pdf
https://www.barrons.com/articles/trade-war-hits-stock-market-1540493330?mod=hp_DAY_9
https://www.brookings.edu/blog/up-front/2018/10/12/wessels-economic-update-are-the-feds-interest-rate-hikes-a-mistake/
http://www.pewresearch.org/fact-tank/2018/10/23/younger-americans-are-better-than-older-americans-at-telling-factual-news-statements-from-opinions/
http://www.pewresearch.org/quiz/news-statements-quiz/
https://www.brainyquote.com/quotes/thomas_jefferson_389008

 

 

 

 

Four things you should know about the midterm elections

I present you with two quotes:

“Democracy is the form of government in which the free are rulers.” – Aristotle
“I tell you, all politics is applesauce.” – Will Rogers

Whichever quote best describes your attitude about the upcoming election, the fact remains that on November 6, we have an opportunity to perform our civic duty as citizens of a free country. So whatever party you belong to or opinions you hold, I hope you’re able to carve out time to vote!

Eight Things to Know about the USA-China Trade Dispute

Now, onto what this letter is really about.
With the midterms right around the corner, many clients have been asking me what the elections could mean for the markets. So, without further ado, here are four things you should know about the relationship between midterms and markets.

1. Markets usually dip before a midterm election but rise afterward.
Typically, the markets have not fared well during midterm-election years. In fact, according to one study, the S&P 500 averages a 19% decline in the months before a midterm!1

That hasn’t happened this year – as of this writing, the S&P is up slightly for 20182 – but we have seen increased volatility in recent weeks.
Of course, there are many reasons why the markets rise and fall. But one possible explanation for this trend is because elections are always preceded by uncertainty. Which party will control Congress? What new policies can we expect? What old policies will be rolled back? How will it all affect our taxes, healthcare, industries, and budget? Pundits earn their living by making predictions, but the fact is, no one knows what the future will bring until the future becomes the present.

The markets, of course, are allergic to uncertainty. It’s the driving force behind many a market pullback. And with so much uncertainty before a midterm election, it’s not surprising the markets would struggle.

On the other hand, the S&P 500 usually climbs an average of 31% in the year after a midterm.1 Again, it sort of makes sense if you think about it. After an election, uncertainty begins to fade as we gain a better idea of who is in power and what their agenda will be. In fact, the markets often rally after a midterm election. (The upcoming holiday season likely also plays a role.)

2. Historically, the markets don’t really care which party is in control.
Whether you’re a passionate conservative, devoted liberal, or something in between, the fact is that the markets aren’t as partisan as people.
Talking heads can argue till the cows come home about which party is better for the markets, but I’m not going to get into that here. (It’s not like you need another political pundit in your life!) History shows that, while some years rise higher than others, the markets tend to rise after an election no matter which party is in power.

The reason for this is simple. While politics certainly play a role, the markets are affected by many things – and Washington is not at the top of the list. Corporate earnings. Supply and demand. Interest rates. Inflation. Housing prices. Employment. I could go on. And while it’s true that the government has an influence on many of those things, the government does not dictate the daily rhythm of the markets.

If you think about it, the markets are sort like our own bodies. Our health is determined by what we eat, how much we exercise and sleep, air quality, personal hygiene, vaccinations – and of course, by things we can’t control, like our own genes. In this case, politics are to the markets what brushing your teeth is to your overall health. Both very important, but not always the difference between life or death.

As I mentioned earlier, the S&P 500 usually rises after an election. That’s been true regardless of which party is in the White House or controls Congress. Where we see the biggest difference is in whether the government is united or not. The markets tend to do the best when either party controls both Congress and the White House. It’s not hard to understand why – such an occasion would result in the least uncertainty.

When the two parties divvy up the government? That’s when more uncertainty – and more gridlock – sets in.

3. Of course, past performance is no guarantee of future results.
Just because the markets tend to do well in the months after a midterm doesn’t necessarily mean they will this time. In this case, there are some possible election outcomes that could conceivably impact the markets more than others. Republicans control both chambers of Congress If this happens, it’s possible Congress will try to extend – and possibly expand – last year’s tax cuts. Decreased regulation is also likely, and they may even take another shot at striking down the Affordable Care Act (aka Obamacare).

The markets soared to never-before-seen heights after President Trump’s election, largely due to tax cuts and deregulation, so it’s possible this outcome could bump Wall Street even higher. On the other hand, both interest rates and our nation’s deficit are getting higher, too, so even a Republican dominated Congress might decide to avoid any further economic stimulus.

Democrats control both chambers
In this scenario, Democrats may well try to roll back some of President Trump’s agenda, just as any opposition party does. And since Democrats may also decide to expand the current Trump-Russia investigation, this outcome would certainly bring a lot of uncertainty. That could conceivably have at least a short-term impact on the markets. But again, history shows that the markets do well no matter which party “wins” a midterm election.

Democrats control the House, while Republicans retain the Senate
According to pollsters, this is the most likely outcome. Should it happen, it will likely mean that neither side really gets what they want. President Trump and Republicans will be hard-pressed to advance their agenda, while Democrats will be unable to change much of what has already been done. The result? Gridlock – something most Americans are familiar with at this point. Should this happen, Washington’s impact on the markets, positive or negative, may be minimal.

4. We never make investment decisions based on politics.
No matter how many political signs you put on your front lawn, no matter if you still have an Obama “Hope” sticker on your car or a Trump “Make America Great” hat on your head, you should never make financial decisions based on politics.

This is especially true when it comes to your investments. Choosing whether to buy or sell based on who you think will win an election is the opposite of having an investment strategy. It’s investment speculation. And given how passionate many of us are about politics, it can severely color our thinking. How many people missed out on one of the longest bull markets ever because they disliked President Obama? How many people missed out on the “Trump Bump” because they disliked President Trump?

It’s true that midterms can impact the markets. But that doesn’t mean we should change or abandon our strategy. Make no mistake: This is an important time of year. It’s a time when we, the people, get to decide the direction of our country, state, and local communities.
But it’s not the time for changing the direction you take toward your financial goals.
I hope you’re able to vote next month. In the meantime, if you have any questions or concerns about Washington, the markets, or your portfolio, please feel free to contact me. If there’s one thing I can guarantee, it’s that I’m easier to get in touch with than your local politician! On behalf of everyone at Research Financial Strategies, have a safe and stress-free election day!

Words to Live By – Change

A major part of my job is helping people reach their financial goals in life. Over the course of my career, I’ve found that while things like planning, saving and investing are crucial, they’re not as important as qualities like perseverance, hard work, gratitude, and adaptability.

Sometimes, whenever the road to our goals seems long or daunting, it’s helpful to look for inspiration. So, lately, I’ve started sharing a few quotes that have inspired me in my own personal journey. I call them Words to Live By, and I hope they’ll help you as much as they’ve helped me.
Last month, we looked at the quality of perseverance. This month let’s look at an underrated quality: Adaptability and the willingness to change.

Words to Live By #2
Change
“There is nothing permanent except change.” – Heraclitus

Have you ever worked toward a goal only to find the process isn’t quite what you thought it would be? It’s a tale as old as time. It happens when someone starts hitting the gym after years of staying away. When someone returns to school to finish their degree. When someone starts saving for that special trip they’ve always dreamed of. When someone wants to finally write that novel kicking about in the back of their head. And when it happens, people’s responses are often the same:
“It’s harder than I thought.”
“I just don’t have time.”
“I don’t want to do it that way.”
“This isn’t how I thought it would be.”
I’ve certainly thought these things on many occasions. When I do, I remind myself of this quote by Maya Angelou:
“If you don’t like something, change it. If you can’t change it, change your attitude.”

The fact is, achievement doesn’t take place in a vacuum. It happens in the real world, and the world changes constantly. New obstacles and challenges will constantly present themselves. New demands on your time will constantly arise. The things that used to work for you before don’t work anymore. The skills you’ve long had, or the knowledge you’ve long possessed, may not be enough.
That’s why adaptability and a willingness to change are crucial if you want to reach your goals. To put it simply, the people most able and willing to change are the people most likely to be successful.

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”
– Jimmy Dean

When working toward your goals, accept and welcome the fact you may have to change:
• Your habits.
• Your expectations.
• Your schedule.
• Your mindset.
• Your work ethic.
• Your comfort zones.

“Intelligence is the ability to adapt to change.”
– Stephen Hawking

Change may be difficult. Sometimes, it can even be downright unpleasant. But if the goals you’ve set for yourself are truly what you want the most, then it’s absolutely worth it.

“You cannot change your destination overnight, but you can change your direction overnight.”
– Jim Rohm

As time passes, the world will change. As the world changes, our lives will change. And as our lives change, so too will the road we must take to reach our goals. When that happens, embrace it. Don’t get stuck in the past. Or, as the great Will Rogers once said:

“Don’t let yesterday use up too much of today.”
Good luck!

Weekly Market Commentary – October 22, 2018

The world remains full of opportunities and challenges.
Although we’ve seen global markets moving in tandem in recent years, Sara Potter of FactSet pointed out, “…we’re starting to see the end of the synchronized global growth that has prevailed over the last two years. While the U.S. economy remains strong, growth in Europe and Japan is moderating, and emerging markets are under increasing economic and financial market pressure.”

Strong economic growth and robust earnings helped U.S. stocks significantly outperform other regions of the world during the third quarter of 2018. In addition, the resolution of some trade tensions, namely the signing of a United States-Korea trade deal and the renegotiation of NAFTA (North American Free Trade Agreement), helped soothe investor concerns, reported Jeffrey Kleintop of Schwab.

The trade relationship between the United States and China, however, remains an itchy rash marring the outlook for economic growth in both countries. The Economist Intelligence Unit reported: “Since the start of 2018 trade policy has become the biggest risk to The Economist Intelligence Unit’s central forecast for global economic growth. We now expect this risk to materialize in the form of a bilateral trade war between the United States and China, with negative consequences for global growth…The trade war comes at a challenging time for the Chinese economy…The trade war will also affect the U.S. economy…the escalating trade dispute with China will start to weigh on growth later in 2018 and into 2019 – we now expect growth to slow in 2019 to 2.2 percent (2.5 percent previously). The U.S. manufacturing and agricultural sectors, in particular, will be hit by the trade dispute, and rising interest rates will cause private consumption to slow.”

China’s economic growth slowed during the third quarter. The nation experienced its slowest growth since 2009, reported Reuters. Chinese stock markets generally lost value. However, some Chinese indices performed better than others, depending on the type of stocks included in the index. For example, the MSCI China Index, which measures large- and mid-cap stocks of various share types that trade on the mainland and in Hong Kong, was down 8.45 percent during the quarter.

In contrast, the MSCI Red Chip Index, which is comprised of stocks that are incorporated outside of China, trade on the Hong Kong exchange, and are usually controlled by the state or a province or municipality, was up 3.25 percent for the quarter and flat year-to-date.

Emerging markets were weak performers overall during the third quarter, but there were bright spots. Schroders explained, “Turkey was the weakest index market amid a sharp sell-off in the lira…By contrast, Thailand recorded a strong gain and was the best performing index, with energy stocks among the strongest names. Mexico outperformed as the market rallied following general elections and an agreement with the United States on NAFTA renegotiation. Taiwan, where semiconductor stocks supported performance, also outperformed. Despite ongoing risk of new U.S. sanctions, Russian equities also finished ahead of the benchmark, benefiting from crude oil price strength.”

Political strife continued to hamper the European Union and the United Kingdom during the third quarter. Overall company profits weren’t particularly impressive in the region and neither was economic growth, reported BlackRock.

As the third quarter came to a close, Barron’s conducted its Fall Big Money Poll. Vito Racanelli reported almost two-thirds of professional money managers from across the country said the U.S. stock market was fairly valued – and that was before the market slid lower early in the fourth quarter. While the money managers’ assessment doesn’t mean all U.S. stocks are fairly valued, there may be opportunities to invest in sound companies at attractive prices.

Trade tensions, inflation trends, and central bank monetary policy are likely to affect the performance of markets during the remainder of 2018 and into next year.

New Trend: Pets and financial planning. Animals have played important roles in human lives for centuries. They provide companionship, comic relief, work assistance, transportation, reassurance, protection, and food.

Today, emotional-support and service animals may be found in workplaces, beauty salons, cafes, theaters, airplanes, and many other places where our parents or grandparents would have been surprised to find them. Landlords charge pet rent, and some service animals qualify as a medical expense under Internal Revenue Service rules.

It is also becoming more and more common for pet owners to include pets in their financial planning goals. While you cannot leave your pet property, you can make arrangements to have your pet cared for after you are gone.

Last week, The Economist reported, “Two-thirds of all horse owners in America have made some provision in their wills for their pets, according to a survey by the American Pet Products Association. Over a third of American pet owners say they would pay for animal-related expenses by putting less into their retirement accounts. And, three-quarters of those buying a home said they would turn down an otherwise ideal property if it did not meet their animal’s needs.” In addition, pets can become beneficiaries of trusts.

Whether you think the idea of providing financial support for pets is silly or you wholeheartedly embrace it, the role of animals in the lives of many Americans is changing.

Weekly Focus – Think About It
“Animals are such agreeable friends – they ask no questions; they pass no criticisms.”
–George Eliot (a.k.a. Mary Anne Evans), English Novelist

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. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.
* 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.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.
* 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.
* You cannot invest directly in an index.
* Stock investing involves risk including loss of principal.
* 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://insight.factset.com/global-growth-will-remain-strong-in-2018-but-risks-are-looming
https://www.schwab.com/resource-center/insights/content/whats-store-global-stocks-q4
https://finance.yahoo.com/news/apos-expect-next-trump-apos-174706046.html
http://country.eiu.com/article.aspx?articleid=987167082&Country=Nigeria&topic=Economy&subtopic=Current+policy&oid=247162408&flid=1907256774
https://www.reuters.com/article/china-economy-gdp/china-q3-gdp-growth-slows-to-65-pct-y-y-missing-fcast-idUSB9N1WQ013
https://www.msci.com/end-of-day-data-search (Click on Country tab; select China Markets; As of September 28, 2018) 
https://www.msci.com/documents/10199/aa99c3a4-d48b-44ac-8caa-49522caa9021 (Page 1)
https://www.msci.com/documents/10199/47be4803-fcea-4f25-bda4-93adac816847 (Page 1)
https://www.schroders.com/en/insights/economics/quarterly-markets-review—q3-2018/
https://www.blackrock.com/investing/insights/blackrock-investment-institute/outlook
https://www.barrons.com/articles/stocks-will-rally-more-than-10-in-2019-barrons-big-money-poll-finds-1539979367?mod=hp_LEAD_3
https://www.newyorker.com/magazine/2014/10/20/pets-allowed
https://www.usatoday.com/story/money/personalfinance/2014/10/25/pet-rent-apartments/17793493/
https://www.nolo.com/legal-encyclopedia/estate-planning-pets.html
https://www.economist.com/finance-and-economics/2018/10/13/people-are-including-pets-in-their-financial-plans
https://www.brainyquote.com/quotes/george_eliot_104038

 

 

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