Morningstar Magazine - February/March 2018 - 54

Investors

Bitcoin and Beyond
As bitcoin grabs the headlines, blockchain
technology is just getting started.

Q&A

MORNINGSTAR CONVERSATION

60

Investors and Innovators

63

Risk Control

66

Tightening the Belt
Sector Snapshot: Consumer Defensive

Jim Sinegal

Undiscovered Manager

Sector Rap
69

	

	
70

User	Profile

The Tax Man Cometh

Since the first bitcoin transaction in early
2009, the cryptocurrency has moved from the
fringe to the futures market. Investors are
struggling to value this speculative instrument-
part commodity, part currency, with some
of the characteristics that we find in businesses
with economic moats. They are also
delving into emerging opportunities built
on blockchain technology.

Jim Sinegal, a senior analyst with Morningstar
Research Services, covers financial services.

54

Morningstar February/March 2018

To explore this uncharted landscape, I spoke
with two of our own experts in the field.
Evan Morris is an analyst who leads emerging
technology coverage at PitchBook. Kai Wu,
a project manager with Morningstar Data, leads
various blockchain initiatives internally
and was recently featured among the "Top 40
Chicago Blockchain Thought Leaders" by FinTank.
Our discussion took place on Dec. 5 and
has been edited for length and clarity. For more
on blockchain innovation and investing, see
"Investors and Innovators" (Page 60).

Evan Morris, an analyst with Morningstar
subsidiary PitchBook, covers emerging technology.



Table of Contents for the Digital Edition of Morningstar Magazine - February/March 2018

Contents
Morningstar Magazine - February/March 2018 - Cover1
Morningstar Magazine - February/March 2018 - Cover2
Morningstar Magazine - February/March 2018 - 1
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Morningstar Magazine - February/March 2018 - Contents
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