June/July 2018 6 7 Dispatches Contributors Letter From the Editor Letter From the Board 8 Contrarian Investing Phillips Curve 10 The Rise of Non-Investment Advisors Ivory Towers 13 Why Buy Annuities? 16 Invest in HAL? The Old Squirrel Policy 19 The Future of Clean Shares 23 Do Investors Really Pay Attention to Fees? 27 Americas Greater Europe Australia & New Zealand Asia Behavioral Insights Global Briefs 38 46 46 Spotlight Of Models and Management Advisors outsource investment management to focus on financial planning. 51 53 58 62 Target-Date Investors Choose Cheap and Passive Beyond the Glide Path: The Drivers of Target-Date Fund Returns Sizing Up Multi-Asset Portfolios 3