Danes are by far the most content citizens in the EU. We test a number of (im)plausible hypotheses and find that the solid depth of Danish well-being is multifactorial, but with two decisive factors: winning the 1992 European Championship in football and having constantly low (and undoubtedly realistic) expectations for the coming year. With an undoubtedly disappointing 2007 in store, we do not wish to foster false hopes. However, some tepid comfort might perhaps be taken from the fact that if you lower your expectations enough, you might feel a bit better next New Year.