October/November 2017 6 7 Dispatches Contributors Letter From the Editor Letter From the Board 8 Shining a Light on Costs Phillips Curve 10 Triple-Down Economics Ivory Towers 12 Do Index Investors Deserve Perdition? 17 The Value of Liquidity 18 Policy HSA Participants Need Advice 20 Sleep on It 23 Americas Greater Europe Australia & New Zealand The Old Squirrel Behavior Gap Global Briefs 28 33 Spotlight 35 Will HSAs Live Up to Their Potential? They offer triple tax benefits but pose investment and planning challenges. 37 Lower Use, Worse Healthcare Outcomes Room for Improvement What Is Your Healthcare System and Why Does It Matter? 38 44 3