Q3 2022 6 7 Dispatches Contributors Letter From the Editor Letter From the Board 8 12 14 Rating Our Ratings Phillips Curve No Laughing Matter Ivory Towers Direct Indexing for All? Policy 17 With Crypto, Advisors Need to Tread Carefully Sustainability Matters 18 21 25 26 29 Sustainability or ESG? Global Briefs Americas Greater Europe Australia & New Zealand Asia Spotlight 31 Promise and Peril Crypto has the potential for durable growth, but treat any purchase of it as a sunk cost. 3