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
Morningstar Magazine - February/March 2018 - 2
Morningstar Magazine - February/March 2018 - Contents
Morningstar Magazine - February/March 2018 - 4
Morningstar Magazine - February/March 2018 - 5
Morningstar Magazine - February/March 2018 - 6
Morningstar Magazine - February/March 2018 - 7
Morningstar Magazine - February/March 2018 - 8
Morningstar Magazine - February/March 2018 - 9
Morningstar Magazine - February/March 2018 - 10
Morningstar Magazine - February/March 2018 - 11
Morningstar Magazine - February/March 2018 - 12
Morningstar Magazine - February/March 2018 - 13
Morningstar Magazine - February/March 2018 - 14
Morningstar Magazine - February/March 2018 - 15
Morningstar Magazine - February/March 2018 - 16
Morningstar Magazine - February/March 2018 - 17
Morningstar Magazine - February/March 2018 - 18
Morningstar Magazine - February/March 2018 - 19
Morningstar Magazine - February/March 2018 - 20
Morningstar Magazine - February/March 2018 - 21
Morningstar Magazine - February/March 2018 - 22
Morningstar Magazine - February/March 2018 - 23
Morningstar Magazine - February/March 2018 - 24
Morningstar Magazine - February/March 2018 - 25
Morningstar Magazine - February/March 2018 - 26
Morningstar Magazine - February/March 2018 - 27
Morningstar Magazine - February/March 2018 - 28
Morningstar Magazine - February/March 2018 - 29
Morningstar Magazine - February/March 2018 - 30
Morningstar Magazine - February/March 2018 - 31
Morningstar Magazine - February/March 2018 - 32
Morningstar Magazine - February/March 2018 - 33
Morningstar Magazine - February/March 2018 - 34
Morningstar Magazine - February/March 2018 - 35
Morningstar Magazine - February/March 2018 - 36
Morningstar Magazine - February/March 2018 - 37
Morningstar Magazine - February/March 2018 - 38
Morningstar Magazine - February/March 2018 - 39
Morningstar Magazine - February/March 2018 - 40
Morningstar Magazine - February/March 2018 - 41
Morningstar Magazine - February/March 2018 - 42
Morningstar Magazine - February/March 2018 - 43
Morningstar Magazine - February/March 2018 - 44
Morningstar Magazine - February/March 2018 - 45
Morningstar Magazine - February/March 2018 - 46
Morningstar Magazine - February/March 2018 - 47
Morningstar Magazine - February/March 2018 - 48
Morningstar Magazine - February/March 2018 - 49
Morningstar Magazine - February/March 2018 - 50
Morningstar Magazine - February/March 2018 - 51
Morningstar Magazine - February/March 2018 - 52
Morningstar Magazine - February/March 2018 - 53
Morningstar Magazine - February/March 2018 - 54
Morningstar Magazine - February/March 2018 - 55
Morningstar Magazine - February/March 2018 - 56
Morningstar Magazine - February/March 2018 - 57
Morningstar Magazine - February/March 2018 - 58
Morningstar Magazine - February/March 2018 - 59
Morningstar Magazine - February/March 2018 - 60
Morningstar Magazine - February/March 2018 - 61
Morningstar Magazine - February/March 2018 - 62
Morningstar Magazine - February/March 2018 - 63
Morningstar Magazine - February/March 2018 - 64
Morningstar Magazine - February/March 2018 - 65
Morningstar Magazine - February/March 2018 - 66
Morningstar Magazine - February/March 2018 - 67
Morningstar Magazine - February/March 2018 - 68
Morningstar Magazine - February/March 2018 - 69
Morningstar Magazine - February/March 2018 - 70
Morningstar Magazine - February/March 2018 - 71
Morningstar Magazine - February/March 2018 - 72
Morningstar Magazine - February/March 2018 - 73
Morningstar Magazine - February/March 2018 - 74
Morningstar Magazine - February/March 2018 - 75
Morningstar Magazine - February/March 2018 - 76
Morningstar Magazine - February/March 2018 - 77
Morningstar Magazine - February/March 2018 - 78
Morningstar Magazine - February/March 2018 - 79
Morningstar Magazine - February/March 2018 - 80
Morningstar Magazine - February/March 2018 - Cover3
Morningstar Magazine - February/March 2018 - Cover4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019winter
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019fall
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019summer
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019spring
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20191201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20141011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20141201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120405
https://www.nxtbook.com/nxtbooks/morningstar/investorconference2012
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20091011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008catalog
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008winter
https://www.nxtbookmedia.com