August/September 2018 6 7 Dispatches Contributors Letter From the Editor Letter From the Board 8 Remember Risk? Phillips Curve 10 The Fund World's Achilles' Heel Ivory Towers 12 The Big Surprise 13 An Equity Squirrel Discovers Bonds 14 Policy SEC Takes Stance on Advisor Conduct 16 Easing the Retirement Crisis 19 Americas Greater Europe Australia & New Zealand Asia The Old Squirrel Behavioral Insights Global Briefs 24 28 29 Spotlight 31 Priced to Fail Fees eat away at bond funds' excess returns. 38 Raising the Bar for Active Bond Managers 3