Q4 2020 Dispatches 6 7 Contributors Letter From the Editor Letter From the Board Busting an Active-Fund Myth 8 Phillips Curve 10 12 Diversity of Thought Ivory Towers What If Inflation Isn't Dead? Policy 14 Another Fiduciary Rule? Global Briefs 17 Americas 20 Greater Europe Australia & New Zealand 27 Asia 26 Spotlight What the Pandemic Means for the Future of Spending and Saving Advisors can help clients rethink their financial goals. 29 36 41 51 Dollars to Doctors Staying Home History's Lessons for Navigating the Postpandemic World 3