Q4 2023 4 5 Dispatches Contributors Letter From the Editor Letter From the Board 6 8 Moat Over Management Phillips Curve A Stock-Picker's Market Ivory Towers 10 Retirement in America: Were We Better Off 50 Years Ago? Advisor Insights 11 12 15 23 27 3 Misconceptions About Roth IRA Conversions Sustainability Matters Are There Too Many ESG Shareholder Proposals? Global Briefs Americas Greater Europe Australia & New Zealand Spotlight 29 35 Ascendant Returns Will U.S. stocks maintain their lofty performance over foreign equities? Should Emerging Markets Play a Role in Portfolios? 1 S:10.25 " T:10.75 " B:11 "