August/September 2017 6 7 Dispatches Contributors Letter From the Editor Letter From the Board 8 The Moat Edge Phillips Curve 10 Indexing in America Ivory Towers 12 Keep It Simple, and Keep It Cheap 15 Advice to the Graduate The Old Squirrel T:10.75" L:10.25" Policy 16 Will Tax Reform Hit Retirement Contributions? 19 A Heavy Emotional Price 21 Americas Greater Europe Asia Behavior Gap Global Briefs 24 25 Spotlight 27 Moats Stake Their Claim Seeking competitive advantages and attractive valuations leads to smart investing. 32 Not All Moats Are Created Equal 3