Q3 2023 4 5 Dispatches Contributors Letter From the Editor Letter From the Board 6 8 10 The Practitioner's Quant Phillips Curve Three Strikes Against Active Management Ivory Towers Is Direct Indexing for the Masses? Advisor Insights 12 Why Clients Leave Their Financial Advisor Policy 14 16 18 24 25 29 Now's the Time to Right a Wrong Sustainability Matters How to Invest in Nuclear Power's Renaissance Global Briefs Americas Greater Europe Australia & New Zealand Asia Spotlight 33 How Diversification Works History offers lessons for guiding portfolios through trouble. 1