By Alan Murray and David Meyer
February 28, 2018

Good morning.

Fortune’s “100 Best Companies to Work For” list, out this month, has long been popular among job-seekers. But it is starting to gain ground among investors as well. Research by FTSE Russell found that an equally-weighted index of the publicly traded companies on the list outperformed the market by an average of 5% annually over the last two decades.

You can argue which is cause and which is effect—do companies perform well because they treat workers well, or are they able to treat workers well because they perform well? But either way, there is clearly a strong correlation between an engaged, happy workforce and high returns to shareholders.

Worth noting that a large percentage of the 100 are not publicly traded. Indeed, three of the top five are private—Wegmans, BCG, and Edward Jones. That may suggest some tension between keeping investors happy and keeping employees happy.

Separately, JP Morgan acknowledged for the first time in its annual report that cryptocurrencies like Bitcoin are “risk factors” that could disrupt its business model. That comes despite previous comments from CEO Jamie Dimon that Bitcoin is a “fraud.”

More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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