Q2 2021 Dispatches 6 7 Contributors Letter From the Editor Letter From the Board When the Market Turns Manic 8 Phillips Curve 10 11 The Next Great Extinction Ivory Towers The Stock Market Is Strictly Business Policy 13 Baby Bonds Would Reduce the Racial Wealth Gap Sustainability Matters 15 Green Bonds Deliver Impact Return Global Briefs 16 21 23 23 Americas Greater Europe Australia & New Zealand Asia Spotlight As Diversifiers, Do Bonds Still Work? Correlations changed in 2020, but bonds (mostly) did their job. 27 33 36 Low Yields, Low Expectations Bonds Still Have a Role 3