Simple, but Not Easy

Morningstar Wealth's 2026 Investment Outlook with Chief Investment Officer Philip Straehl

podcast@morningstar.com (Morningstar) — Fri, 5 Dec 2025 09:00:00 +0000

Morningstar’s 2026 Investment Outlook is live, offering clear context on the forces that will shape the year ahead and beyond. If there’s one takeaway for investors, it’s this: Preparation beats prediction. Markets will keep shifting—tariffs, the Fed, geopolitics, and the rapid buildout of AI infrastructure—and trying to forecast every twist isn’t a strategy. Building resilient portfolios is. That’s why our outlook avoids bold predictions and instead focuses on rational, evidence-based decision-making across the issues that matter most to advisors and their clients. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Where Did the Small Caps Go?

podcast@morningstar.com (Morningstar) — Thu, 30 Oct 2025 15:47:18 +0000

It used to be simple: small companies went public, grew, and investors participated along the way. Today, companies stay private longer, and private markets have claimed many opportunities that once lived in public stocks. Historically a source of some of the strongest market returns, small caps have shred that reputation. The question becomes: Where did the small caps go? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Advisor–Client Relationships Are Stronger When Goals Come First

podcast@morningstar.com (Morningstar) — Thu, 11 Sep 2025 14:16:14 +0000

In this episode of Simple But Not Easy, we’re joined by Ryan Murphy, Morningstar’s Global Head of Behavioral Insights, to explore how financial advisors can help clients set better goals, avoid costly mistakes, and build lasting trust. We discuss why goals—not asset allocation or stock selection—should be the true starting point of an investment journey, and how a simple multi-step framework can uncover what really motivates clients. Ryan also shares insights from Morningstar’s Mind the Gap study, which shows how investor behavior often drags down returns, and explains how advisors can reframe conversations from performance to progress. If you want to better understand what drives investor decisions and how advisors can make the biggest difference, this episode is for you. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Morningstar Wealth’s Midyear Outlook—Where Is Opportunity Knocking?

podcast@morningstar.com (Morningstar) — Wed, 23 Jul 2025 18:34:24 +0000

In our midyear outlook, we break down some of the biggest factors driving markets in 2025 — tariffs, AI, and the potential for rate cuts — and attempt to help investors sift through the short-term noise while keeping a long-term perspective. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

International Stocks – A Portfolio’s Missing Piece?

podcast@morningstar.com (Morningstar) — Wed, 18 Jun 2025 13:02:07 +0000

As of late May, the US ranks 39th out of 44 global stock markets—firmly in the bottom 15%. Meanwhile, international markets are gaining momentum, with 7 of the top 10 performing countries located in Europe. This performance gap appears to be supported by improving fundamentals, favorable currency trends, and rising earnings expectations across the region. Can it continue? In this episode of Simple, But Not Easy, host Nick VanDerSchie is joined by Morningstar’s Paul Tait and international equity portfolio manager Nabil Salem to explore why now may be the right time to take a fresh look at international diversification. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stay on Track Through Market Volatility—with Research, Not Reaction

podcast@morningstar.com (Morningstar) — Tue, 20 May 2025 10:00:00 +0000

When markets hit a rough patch—as they did in early April—investors often lose confidence. Emotions run high after paper losses, and that’s when many fall into the “ready, fire, aim” trap. Decisions become reactive, not disciplined. It’s common to see investors flee to cash or pivot to more conservative positions in an effort to feel safer. But more often than not, resisting that urge is the better path. In this episode of Simple, But Not Easy, we sit down with Morningstar’s Global Chief Research & Investment Officer, Dan Kemp, to explore how advisors can guide clients through uncertainty—not with bold predictions, but by remaining anchored to a clear investment philosophy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Public-Private Convergence: How Private Market Investing Is Becoming More Accessible

podcast@morningstar.com (Morningstar) — Mon, 7 Apr 2025 01:00:00 +0000

We explore the growing convergence between public and private markets and what it means for today’s investors. As private market strategies become more accessible, advisors and their clients are gaining new tools to diversify portfolios and pursue long-term growth. We break down what’s driving this shift, the opportunities and risks involved, and how financial professionals can help investors navigate this evolving landscape. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Financial Advisors Take Back Time with AssetMark

podcast@morningstar.com (Morningstar) — Wed, 12 Feb 2025 02:50:28 +0000

Time is a financial advisor’s most valuable asset. As industry tailwinds push the profession toward greater client-centricity—and as clients demand more from their advisors—many are recognizing the benefits of outsourcing investment management. By doing so, they can focus on what truly drives their business: being in front of clients and strengthening relationships. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

2025 Outlook: Rotating Between Defense and Offense

podcast@morningstar.com (Morningstar) — Mon, 23 Dec 2024 18:50:38 +0000

Morningstar Wealth's Chief Investment Officer, Philip Straehl, and Head of Investments, Ricky Williamson share insights on the key themes shaping the investment landscape for 2025 and beyond. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Post-Election Recap: Diversification, Fundamental Analysis, and Valuations Will Likely Drive Future Success

podcast@morningstar.com (Morningstar) — Fri, 6 Dec 2024 11:20:00 +0000

While presidential elections often create tension and leave many feeling on edge, the stock market didn’t share this level of apprehension. Remarkably, October was one of the least volatile months in history leading up to a presidential election. Although this might seem surprising, it’s not entirely unusual. Markets frequently display greater resilience than we might expect. However, it’s important to remember that volatility isn’t always synonymous with selloffs or down days. As Morningstar Wealth Chief Multi-Asset Strategist Dom Pappalardo recently explained during his podcast appearance on Simple, but Not Easy, market activity post-election highlights the varied forms volatility can take. In his role, Pappalardo focuses on helping clients understand how Morningstar's research efforts translate into actionable portfolio management decisions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Strange Times in the US Housing Market – Breaking it All Down

podcast@morningstar.com (Morningstar) — Tue, 29 Oct 2024 13:08:07 +0000

Some have called this the weirdest housing market in recent history due to the unusual mix of high interest rates and declining affordability. And yet, we still have record high home prices across the 20 largest housing markets in the country. This month, we're diving into the U.S. housing market, a topic very relevant to many investors given a house is often the largest single asset one owns. In this episode, we're excited to shed light on the US housing market, what makes it challenging, what makes it unusual, and what needs to change for it to improve. We're joined by Preston Caldwell, Morningstar's Chief US Economist and Brian Bernard, Director of Equity Research specializing in the industrial sector, which includes homebuilders. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Principles-Based Investing, Industry Trends, and Getting to Know Morningstar Wealth CIO, Philip Straehl

podcast@morningstar.com (Morningstar) — Mon, 30 Sep 2024 21:22:56 +0000

Welcome back to Simple But Not Easy. We hope you had an enjoyable summer and are ready to finish the year on a high note. In today's episode, we're excited to dive deep into the world of investing, market strategies, and the future of wealth management. We'll start by getting to know Philip Straehl, Morningstar's new Chief Investment Officer of the Americas, as he shares insights from his career journey and a wealth of knowledge on the evolving market landscape. From there, we'll explore Morningstar's mission and investment philosophy, and importantly, what sets it apart in an ever-evolving financial world. Wealth management industry trends are also on the agenda, and we'll close with some investing themes that everyone should be thinking about. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Opportunity Awaits: A Midyear Outlook

podcast@morningstar.com (Morningstar) — Tue, 16 Jul 2024 13:35:00 +0000

A special live episode from the Morningstar Investment Conference. Two of Morningstar Wealth’s investment leaders—Matt Wacher and Ricky Williamson—joined the show to help us dig into what’s already happened this year and where we may be headed. The topics covered included: • The Fed and where rates may be headed • Further discussion on fixed-income • US stocks are off to another hot start this year. Can outperformance continue? • Every business is thinking about AI. How is it impacting markets? • And how should investors be preparing for a presidential election? And as always, we address the implications on client portfolios and help consider action items. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Lifetime Financial Advice: Enhanced Personalization by Considering Human Capital

podcast@morningstar.com (Morningstar) — Tue, 7 May 2024 13:45:16 +0000

The evolution of financial advice in a few decades time has been nothing short of revolutionary. The industry's transformation has been driven by technological advancements, regulatory changes and evolving investor preferences. Traditional methods of in-person advice have been expanded to include digital platforms, providing investors with greater accessibility and customization. And we've all observed an evolution in financial planning journeys and an increase in the number of advisors making financial planning core to their value proposition. But we still have to ask, is there room for improvement? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Baby Boomers to Millennials: Working Across Generations to Help Them Achieve Financial Goals

podcast@morningstar.com (Morningstar) — Thu, 14 Mar 2024 19:30:00 +0000

Much of the discussion around financial advice tends to be around asset allocation, product selection, and fund structures. These are all worthy conversations and topics we’ve enjoyed discussing previously on this show. But one topic that feels underexplored: how do advisors deliver financial advice to clients across generations? A retired client in their 70s needs a much different advice offering than a 40-year-old client in their prime work years. In this episode, we are diving into the fascinating intergenerational dynamics of financial advice. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

U.S. Stocks: Beyond the Magnificent Seven

podcast@morningstar.com (Morningstar) — Tue, 6 Feb 2024 18:15:00 +0000

The Magnificent Seven continue to capture the attention of advisors and investors, dominating U.S. equity performance over the last year. Will this trend continue throughout 2024? Will growth stocks continue to beat value? What about large versus small? And what is 2023's signal about where markets are headed this year? We're delighted to be joined by John Owens, Senior Portfolio Manager for Morningstar's Select Equity Strategies, and Paul Tait, Portfolio Specialist at Morningstar Wealth. Together, they help unpack the landscape for U.S. stocks in a digestible manner. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

2024 Outlook: Economy, Inflation, Best Ideas, and AI

podcast@morningstar.com (Morningstar) — Fri, 8 Dec 2023 17:00:00 +0000

The topics we're discussing today align with the recent release of Morningstar Wealth's 2024 Market Outlook. A recession seemed to be the consensus view entering the year, but markets love to fool the masses, and a stock market rally followed. However, the rally was not evenly distributed. Bonds, for example, remain in a multi-year drawdown, and many investors are questioning their role in a portfolio. With this as the backdrop, what actions make sense to support clients? In today's episode, we're delighted to have Morningstar Wealth's CIO of the Americas, Marta Norton, and Chief U.S. Economist, Preston Caldwell with us to dig into the outlook, share their perspectives, and, as always, be sure to address the implications on client portfolios and any suggested actions to take Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

AI's Role in the Future of Wealth Management, Featuring the AI Character "Morningstar Mo"

podcast@morningstar.com (Morningstar) — Thu, 2 Nov 2023 18:00:00 +0000

A lot has already been said about the potential of artificial intelligence, or AI, but how are people actually engaging with it? And how should investors think about their AI exposure in a portfolio? Morningstar has invested heavily in generative AI, with Morningstar Mo taking the stage at our investment conference, and in a first, we're delighted to be joined by a special guest: Mo the AI character. We’ll also be joined by Adley Bowden, Head of Individual Investor and Grady Burkett, Portfolio Manager of the Hare strategy. This marks the start of a new season of Simple But Not Easy, with Nick VanDerSchie taking the mic from Jonathan Linstra, whom we thank for his fabulous insights. Together, let's turn AI speculation into real-world application. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Cutting Edge of Advisor Technology: Ezra Group's Craig Izkowitz

podcast@morningstar.com (Morningstar) — Tue, 11 Jul 2023 16:00:00 +0000

Financial technology is going through a new wave of change, with artificial intelligence – or AI – taking the world by storm. But the wealth tech space is already incredibly complex, with literally hundreds of tech providers battling for market share across the advisor workflow. So, what does Ezra Group, a prominent WealthTech consultant, have to say about this? How can we get ahead of this change? We're delighted to be joined by Craig Iskowitz, Founder of Ezra Group. Together, we’ll dig into his latest technology predictions, covering AI, integration opportunities, fractional outsourcing, and more. A key takeaway: "Meet once a year with your team and talk about your technology." Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

BlackRock's Liz Koehler on Financial Advice, Using Models, and Raising the Bar

podcast@morningstar.com (Morningstar) — Wed, 7 Jun 2023 12:00:00 +0000

The need for great financial advice continues to grow, with a landscape we haven’t witnessed in 15 years. So, what does BlackRock, the world’s largest asset manager, have to say about this? What might we expect from here? In this episode, we’ll dig into the latest advice trends, covering the use of models, behavioral application, and evolving investors’ needs. We're delighted to be joined by Liz Koehler, Managing Director and Head of Advisor Engagement from BlackRock. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Game-Changing Advisor Trends, With Cerulli and SMArtX

podcast@morningstar.com (Morningstar) — Tue, 9 May 2023 16:02:13 +0000

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30,000-Foot View of Financial Advisor Challenges, Including Data and New Regulations

podcast@morningstar.com (Morningstar) — Thu, 6 Apr 2023 00:21:00 +0000

The complexity of operating a successful financial advice practice continues to grow and significant challenges still exist in operating an effective practice. So, in this episode, we take a 30,000-foot view of financial advisor challenges and dig into the importance of data and regulations in overcoming these challenges. Whether it is growing or defending your practice, we share expert opinions on how to navigate it. In this episode, we are joined by Nick VanDerSchie, Head of Strategy and Execution at Morningstar Wealth, and Brian Costello, our Head of Data Aggregation Strategy and Governance. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

What Actions Add Value in This Environment?

podcast@morningstar.com (Morningstar) — Fri, 3 Mar 2023 15:44:17 +0000

Warren Buffet readily admits “I make many mistakes” when referencing his own investment portfolio. This begs the question, where does that leave the rest of us? We know that today's market uncertainty can surface the best and worst of our investing behaviors. For financial advisors, what are some of the behavioral pitfalls to avoid for clients? And what opportunities can you seize? We're joined by two experts to help us dig into these important questions - Michael Laughlin, Head of Portfolio Specialists, and Samantha Lamas, Senior Behavioral Researcher at Morningstar. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

2023 Outlook: Inflation, Recession, Valuations, and Retirement

podcast@morningstar.com (Morningstar) — Tue, 3 Jan 2023 20:33:47 +0000

What are the positive client messages we can share leading into 2023? With inflation and a recession on everyone’s minds, what actions make sense to support clients? The topics we’re discussing today align with the recent release of Morningstar Investment Management’s 2023 outlook titled “the positives of investing in this environment”. In today’s episode, I’m delighted to have Marta Norton and Philip Straehl with us to dig into the outlook, share their perspective, and as always, be sure to address the implications on client portfolios and any suggested actions to be taken. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

An Inside Look at Direct Indexing

podcast@morningstar.com (Morningstar) — Thu, 22 Dec 2022 23:15:00 +0000

Direct indexing is becoming a key addition to financial advisors’ toolkits. It provides the ability to tailor an index, like removing a stock or even industry, which can bring the fun back to investing and help with after-tax outcomes. In 2022, Morningstar launched a direct indexing offering for financial advisors and joined the ‘fun’. So, what’s all the fuss about? What are the salient points you need to know? Who’s it right for? And what are the thorny issues to weigh? We're joined by Sheryl Rowling, Editorial Director, and Andy Kunzweiler, Portfolio Manager for Morningstar’s direct indexing proposition. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

“Advisors Will Want to Run a More Profitable, Growing, Scalable Practice” - Daniel Needham to Financial Advisors

podcast@morningstar.com (Morningstar) — Mon, 21 Nov 2022 16:30:00 +0000

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Latest Research on Stagflation & Market Impacts

podcast@morningstar.com (Morningstar) — Tue, 1 Nov 2022 12:00:00 +0000

Stagflation is now on the radar for financial advisors and the investors they serve. At the same time, our latest research shows that investor sentiment is plummeting. With this in mind, we are delighted to have two of our most senior researchers who will help us unpack the news headlines, where we are joined by Philip Straehl, Morningstar’s Global Head of Research for Investment Management, and Tyler Dann, our Head of Research for the Americas. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Investing in Today's Volatile Markets: New Season, 100th Episode

podcast@morningstar.com (Morningstar) — Mon, 17 Oct 2022 12:30:00 +0000

Investors can become confused in today’s challenging climate, and understandably so. It can be difficult for advisors and investors of all types and sizes. In this new season of Simple but Not Easy, we welcome Jonathan Linstra as your new host, along with two of Morningstar’s investment chiefs, Dan Kemp and Marta Norton, who offer straight talk to help navigate this difficult environment. They also shed light on investment lessons and what they look for. We hope you enjoy the episode, from the team at Morningstar Wealth. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode 100 Coming Next: But First, Listen To Our Most Downloaded Episode So Far

podcast@morningstar.com (Morningstar) — Tue, 4 Oct 2022 20:13:26 +0000

Stay tuned for our 100th episode up next! We are reinvigorating the podcast going forward, seeking to equip financial advisors with ideas to remove friction and help clients achieve goals. But before we do, we'd also like to thank everyone who contributed to the first 100 episodes, delivering value for our listeners through both calm and stormy waters. To that end, in this episode we showcase the most downloaded so far, which still has special relevance today - investing amidst uncertainty. It covers inflation, interest rates, and context on how to navigate it all. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Behavioral Science & Tips in Volatile Markets

podcast@morningstar.com (Sarah Newcomb, Ryan Murphy) — Tue, 23 Aug 2022 13:03:17 +0000

"The most important quality for an investor is temperament, not intellect". Investing is therefore a matter of good behavior. So what behaviors give advisors and their investors an edge? What behaviors are destructive? In this episode, which recycles evergreen behavioral messages and cites specific studies, Sarah Newcomb, director of financial psychology at Morningstar, Inc., and Ryan Murphy, global head of behavioral insights, discuss all things relating to behavioral science. They cover emotions brought on by market loss, how they can affect decisions, cognitive biases to watch out for and ways investors can make better decisions using behavioral science. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Getting Personal: Getting to Know How Advisors Get to Know Their Clients (Episode 13 Rebroadcast)

podcast@morningstar.com (Matthew Radgowski, Marta Norton, Ryan Murphy) — Mon, 27 Jun 2022 17:00:00 +0000

Getting personal might elicit nervousness, but why does it seem so antithetical to investing? We explore personalization and customization in financial practices: if you’re an investor, how well does your financial advisor know you? And advisors, how much time have you taken to get to know your clients? The conversation, which features Matthew Radgowski and Marta Norton as well as Head of Decision Sciences Ryan Murphy, explores Morningstar's belief that getting personal can be good for investors AND advisors—but it may be more complicated than you think. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

What Does Good Forecasting Look Like—and Why Are Weather Forecasters So Good at It? (Episode 65 Rebroadcast)

podcast@morningstar.com (Ryan Murphy, Dan Kemp) — Mon, 13 Jun 2022 23:18:21 +0000

Good decisions are often built on good forecasts. But forecasting is hard, in part because it requires us to be aware of both what we know and what we don’t—or even can’t—know. Morningstar Investment Management Global Chief Investment Officer Dan Kemp and Global Head of Decision Sciences Ryan Murphy discuss what good forecasting looks like. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Insights on the Berkshire Hathaway Annual Shareholder Meeting

podcast@morningstar.com (John Owens, Michael Corty) — Mon, 30 May 2022 10:00:00 +0000

We present our thoughts on the recent Berkshire Hathaway conclave. Mr. Buffett and Mr. Munger discussed their firm’s ups and downs and weighed in on such topics as their latest investment activity, inflation, cryptocurrency, and what makes their company unique. And we feature the views of Head of U.S. Equity Strategies Michael Corty and Senior Portfolio Manager John Owens, who bring years of experience to the table when giving their points of view on what Buffett and Munger had to say. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Investing Amidst Uncertainty

podcast@morningstar.com (Paul Arnold, Ricky Williamson, Tyler Dann) — Mon, 16 May 2022 22:55:06 +0000

We’ve got the same thing on our mind as the rest of the market—uncertainty. What’s going to happen? Why? When? And what should we do about it? Well, in this episode, taken from a recently recorded webinar, we do our best to address those concerns. We also hope to allay some of the associated fears. To do so, we’ll hear from Tyler Dann, our Head of Research in the Americas; Ricky Williamson, a Portfolio Manager and our Head of U.S. Outcome-Based Strategies; and Paul Arnold, Co-Head of Asset Allocation Strategies. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is Dollar-Cost Averaging Irrational? Compared to What? (Episode 30 Rebroadcast)

podcast@morningstar.com (Terry Hawkins) — Mon, 2 May 2022 21:53:33 +0000

Terry Hawkins, sales manager at Morningstar Investment Management and Paul Kaplan, research director for Morningstar Canada, discuss dollar-cost averaging, or the practice of investing slowly over time instead of in one lump sum. Research by Kaplan and others show that dollar-cost averaging might be expected to underperform a lump-sum approach. But what if it's what gets an investor into the markets? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dump the Dow: Why What You Pay Attention to Matters (Episode 14 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 18 Apr 2022 23:16:49 +0000

In this episode, John Owens and Ryan Murphy talk about why price-weighted indexes like the Dow Jones Industrial Average can be distracting to investors. John, who's a senior equity portfolio manager at Morningstar Investment Management, explains why investors should disregard single-day Dow point drops, and also any short-term performance. Ryan, who's head of decision science at Morningstar Investment Management, shares some recent research that shows someone's risk perspective can be affected by what they pay attention to. Together, our guests discuss how discipline and nudges can help investors ignore the noise and stay focused on their financial goals. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Demonstrating ESG Commitments for Advisors and Investors (Episode 74 Rebroadcast)

podcast@morningstar.com (Paul Arnold, Dan Kemp) — Mon, 21 Mar 2022 22:38:22 +0000

In this rebroadcast of an episode from 2021, Paul Arnold and Dan Kemp discuss how advisors can better understand why ESG is important to a client—whether it’s the expression of one’s values or something else. We also look at how advisors might think about matching each client with a portfolio that addresses their unique ESG preferences and needs. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fear of the Unknown: Inflation and Rising Rates

podcast@morningstar.com (Tyler Dann, Ricky Williamson, John Owens) — Mon, 7 Mar 2022 20:46:22 +0000

“The oldest and strongest emotion of mankind is fear,” author H.P. Lovecraft once wrote. “And the oldest and strongest kind of fear is fear of the unknown.” Fear of the unknown is no stranger to the investment world these days. We’re living in scary times. And the investors who aren’t feeling jumpy right now tend to fall into one of two categories: those who have a plan—and those who haven’t a clue. Let's talk about how to manage your fear of the unknown when it comes to inflation and rising rates—and why doing so can help you avoid making the wrong moves at the wrong time. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Key Investing and Behavioral Messages for Advisor-Client Meetings (Episode 51 Rebroadcast)

podcast@morningstar.com (Daniel Needham, Ryan Murphy, Drew Carter) — Mon, 21 Feb 2022 15:00:00 +0000

In this rebroadcast of an episode from 2020, we explore why advisors might change the focus of annual meetings to progress updates with Ryan Murphy, head of decision sciences at Morningstar Investment Management. And Daniel Needham, president, shares his thoughts on how to keep investors focused on the long term. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Risk, Downside Protection, and the Goal Mindset

Tue, 8 Feb 2022 00:55:49 +0000

Short-term worries versus long-term goals—which are guiding your investment decisions? If you’ve done your homework and you’ve given careful consideration to achieving the financial results you want, that question is easier to answer—even if it remains nerve-wracking to stay the course. Here in early 2022, we’re awash in short-term concerns once again. Between inflation, rising interest rates, and more, it’s easy to question the faith you had when the outlook was brighter. So, with that in mind for this episode, we’re focusing on how to keep your worries at bay and your eye on the ball. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Overconfident? Cognitively Rigid? How Investors Can Make Better Decisions by Dealing With Emotions and Biases (Episode 50 Rebroadcast)

podcast@morningstar.com (Drew Carter, Sarah Newcomb, Ryan Murphy) — Tue, 25 Jan 2022 00:42:47 +0000

"[W]e can’t avoid the reality that we’re experiencing and probably will continue to experience stress, uncertainty, and change. But the question is, how do we cope?" — Sarah Newcomb Given recent market volatility, we thought it might be helpful to revisit this episode from July 13, 2020, which features two experts on investor behavior and decision-making. Sarah Newcomb, director of behavioral science at Morningstar, Inc., discusses emotions brought on by market loss, talks about how they can affect decisions, and offers some ways to cope. Ryan Murphy, head of decision sciences at Morningstar Investment Management, discusses cognitive biases to watch out for and ways investors can make better decisions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

2022 Outlook

podcast@morningstar.com (Dan Kemp, Philip Straehl) — Tue, 11 Jan 2022 16:33:02 +0000

Rising Interest Rates. New COVID-19 variants. Inflationary pressures. Those and other factors are on the minds of investors as we head into 2022. Will the new year be one of prosperity, or is it time to fortify your defenses? The truth is that it’s nearly impossible to know. And that’s why we at Morningstar follow a mantra of, ”Don’t predict—prepare.” In this episode, we ring in 2022 with our take on how to best prepare for what’s to come, no matter how handy you may or may not be with a crystal ball. In fact, we note that if you address the future properly, you don’t need to play soothsayer at all. It’s not about prognostication. It’s about preparation. And at the end of the hour, we hope you’ll have a clearer idea of how to be better prepared. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

ESG in 2022: a Simple, but Not Easy Short

podcast@morningstar.com (Dan Kemp) — Tue, 21 Dec 2021 00:44:47 +0000

Environmental, social, and governance. More commonly called ESG, it used to be seen in many parts of the investment world as a niche specialty that was mostly about virtue—something that was nice to do. But now there’s been no question that it’s something we need to do, particularly coming out of Glasgow’s United Nations Climate Change Conference, known as COP26. Nearly 500 financial-services firms from around the world agreed to align $130 trillion with the goals specified by the Paris Agreement, with the objective of limiting global warming to 1.5 degrees Celsius. In this special short episode, we hear from Global Chief Investment Officer Dan Kemp on the ramifications of COP26 and the outlook for ESG for investment advisors and their clients in the coming year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Easing Inflation Worries

podcast@morningstar.com (Ricky Williamson, Marta Norton, Dan Kemp) — Tue, 30 Nov 2021 22:01:19 +0000

Inflation. It's showing up in headlines and in conversations between everyone from political pundits to investment professionals and clients. It’s no different for us here at Morningstar, and most of what we’re hearing boils down to two key questions: what are our views on inflation, moving forward, and what are we doing to prepare for the potential threat of a continuing rise? In this episode, the conversation revolves around what’s driving inflation in the short and long term, ways we can try to protect investors from it, and how our Real Return portfolio series aims to provide returns that beat inflation. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sizing up Risks and Opportunities in Chinese Equities

podcast@morningstar.com (Nabil Salem, Tyler Dann, Philip Straehl) — Mon, 27 Sep 2021 16:39:10 +0000

China is a key talking point in the investment community today, as a regulatory crackdown has spooked markets. Chinese regulators have targeted specific sectors such as technology, education and real estate as part of a crackdown aimed at aligning the Chinese private sectors with its long-term policy agenda. In today’s episode, we will take a closer look at recent events in China and discuss both risks and potential opportunities in Chinese stocks today. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Potential Impact of Corporate Tax Hikes on Equities

podcast@morningstar.com (Morningstar) — Mon, 13 Sep 2021 05:00:00 +0000

Changes in the corporate tax rate can have large, one-time effects on a company’s financial statements. Michael Budzinski, Senior Investment Analyst and Portfolio Manager, shares recent Morningstar Investment Management LLC research around corporate tax rate changes.

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The Sustainability Stress Test

podcast@morningstar.com (Morningstar) — Tue, 7 Sep 2021 15:15:27 +0000

ESG investing, which focusses on an investment’s environmental, social, and governance impact or risk, has grown immensely in recent years, attracting significant inflows. But what happens to ESG investing during a market downturn? Are ESG considerations left by the wayside as investors focus on financial market risks? Ryan Murphy, Head of Decision Sciences for Morningstar Investment Management, discusses his research on the behavioral sustainability stress test. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Global Convictions Following Q2 2021

podcast@morningstar.com (Morningstar) — Wed, 28 Jul 2021 22:09:25 +0000

With stocks reaching new highs and companies borrowing at historically low rates, broad markets offer limited upside. So how should investors position their portfolios in face of that? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

2021 Inflation Insights

podcast@morningstar.com (Morningstar) — Mon, 12 Jul 2021 22:10:41 +0000

As more of the US reopens and people begin to return to their normal routines we’ve seen a disconnect between supply and demand, and many are worried that price increases are here to stay. Alfonzo Bruno, associate portfolio manager, shares insights around the current state of inflation, how to interpret updated guidance from the Fed, and how he anticipates inflation pressures around supply chains to ease in a post-pandemic market. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Global Energy Stocks: In Structural Decline or a Buying Opportunity?

podcast@morningstar.com (Morningstar) — Mon, 28 Jun 2021 05:00:00 +0000

Other than the strong recovery this year, the energy sector has been avoided by many investors. Whether environmental concerns of an increasing number of ESG-focused investors or worries about the secular decline in oil revenues as the world transitions to renewal energy sources, energy stocks have been among the least popular investments out there. Philip Straehl, global head of research at Morningstar Investment Management, welcomes James Foot, Head of Research, Asia Pacific from Morningstar Investment Management Australia, to dive deep into why they think certain energy stocks may offer attractive long-term returns. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Reactions: 2021 Berkshire Hathaway Annual Meeting

podcast@morningstar.com (John Owens, Jeff Wagner, Mike Corty) — Mon, 14 Jun 2021 19:01:21 +0000

Our Select Equity portfolio managers share five key takeaways from the 2021 Berkshire Hathaway Annual Meeting. Portfolio specialist Jeff Wagner sits down with Mike Corty, Morningstar Investment Management’s Head of our Select Equity Portfolios team and the portfolio manager of our Tortoise portfolio, as well as senior portfolio manager John Owens, who manages Select Equity portfolios, All-Cap Equity and Small/Mid-Cap Equity. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Investment Convictions: Searching for Select Opportunities

podcast@morningstar.com (Morningstar) — Mon, 10 May 2021 05:00:00 +0000

After the late-2020 rally continued into 2021, Philip Straehl and Edward Fane assess the aggregate reward-for-risk picture in world markets and share their views on select asset class opportunities. Philip is the Chicago-based global head of research at Morningstar Investment Management LLC. Ed, based in London, is head of research for Europe, the Middle East, and Africa at Morningstar Investment Management Europe, Ltd., which is an FCA-regulated firm. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Will Consolidation Destroy Personalization for Financial Advisors?

podcast@morningstar.com (Morningstar) — Mon, 26 Apr 2021 05:00:00 +0000

Slides for this episode are available here, or by emailing us at simple@morningstar.com.

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We're Temporarily Moving to a Biweekly Cadence

podcast@morningstar.com (Morningstar) — Mon, 19 Apr 2021 05:00:00 +0000

We'll have a new episode next week, then every other week for a temporary period. Thanks for listening! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dividend Stocks: How Coronavirus, Value/Growth, and Interest Rates Have Affected Income

podcast@morningstar.com (Morningstar) — Mon, 12 Apr 2021 05:00:00 +0000

Stocks have generally roared back from their pandemic lows about a year ago. But what about income? Many dividends were cut when COVID-19 shuttered businesses and kept us at home. What’s the outlook for dividend investors now that stock prices have rebounded? George Metrou, portfolio manager for the Dividend Select Equity Portfolios at Morningstar Investment Management, shares his thoughts on managing through the pandemic, and on the current landscape and his outlook for dividend-paying stocks. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is Dollar-Cost Averaging Irrational? Compared to What? (Ep. 30 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 5 Apr 2021 05:00:00 +0000

While we're off for spring break, we're reprising this episode featuring Terry Hawkins, sales manager at Morningstar Investment Management and Paul Kaplan, research director for Morningstar Canada. They discuss dollar-cost averaging, or the practice of investing slowly over time instead of in one lump sum. Research by Kaplan and others show that dollar-cost averaging might be expected to underperform a lump-sum approach. But what if it's what gets an investor into the markets? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

To Annuitize or Not? (Episode 35 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 29 Mar 2021 05:00:00 +0000

While we're off for spring break, we're revisiting this episode that considers whether and when retirees should buy annuities to insure a steady stream of income, based on David Blanchett's research at the time of original airing. Few products are as polarizing among financial advisors than annuities, but certainly they have a place in the retirement picture for some individuals. In this episode, we look at Blanchett's research, which may help advisors decide when a client should annuitize or not, as well as a way savers can self-annuitize. Blanchett is head of retirement research at Morningstar Investment Management. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rules as Tools: Using Heuristics to Help Empower Financial Success

podcast@morningstar.com (Morningstar) — Mon, 22 Mar 2021 05:00:00 +0000

Click here to download the slides for this episode, or email us at simple@morningstar.com.

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South Korean Stocks: Has the Luster Faded After a Strong Finish to 2020?

podcast@morningstar.com (Morningstar) — Mon, 15 Mar 2021 05:00:00 +0000

In this episode, Gareth Lyons and Nabil Salem discuss the somewhat unusual South Korean stock market--unusual in that, this tech-dominated market remained attractively priced until recently. Lyons and Salem review the recent valuation history of this market, analyze drivers of outperformance in 2020, and summarize their current views on South Korea as an asset allocation opportunity. Gary Lyons is a portfolio manager on the Asset Allocation team at Morningstar Investment Management LLC, as well as co-lead on active-passive portfolios. And Nabil Salem is an Associate Portfolio Manager on the Asset Allocation team, as well as the global asset class lead for emerging markets stocks at Morningstar Investment Management. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Demonstrating ESG Commitments for Advisors and Investors

podcast@morningstar.com (Morningstar) — Mon, 8 Mar 2021 06:00:00 +0000

Slides for this episode may be found here or by emailing simple@morningstar.com.

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GameStop, Reddit, & Robinhood vs. Investing for the Long Run

podcast@morningstar.com (Morningstar) — Mon, 1 Mar 2021 06:00:00 +0000

Read more from Morningstar Investment Management at mp.morningstar.com, including John Owens' article on the subject of this episode here. And find articles from David Whiston, Steve Wendel, and many more at morningstar.com.

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From 'the Ibbotson Chart' to Popularity: Lessons Learned From 5 Decades of Asset Allocation

podcast@morningstar.com (Morningstar) — Mon, 22 Feb 2021 06:00:00 +0000

To read articles, watch videos, and learn more about Morningstar Investment Management, go to mp.morningstar.com.

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Our Investment Convictions: Finding Balance After a Significant Q4 Rebound

podcast@morningstar.com (Morningstar) — Mon, 8 Feb 2021 06:00:00 +0000

2020 was roller coaster of a year for investment markets, with the US stock market surging early, crashing in March with news of the pandemic and related shutdowns, then rebounding quickly and continuing to rally—especially in the fourth quarter—to end the year up about 20%, depending on the index you look at. So where does this leave asset class valuations? Philip Straehl and Edward Fane explore the global aggregate reward for risk picture, then discuss their current outlooks on major asset classes. Philip, based in Chicago, is global head of research at Morningstar Investment Management LLC, and Ed, based in London, is head of research for Europe, the Middle East, and Africa at Morningstar Investment Management Europe, Ltd., which is an FCA-regulated firm. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Pairing Portfolios With an Investor's Goals

podcast@morningstar.com (Morningstar) — Mon, 1 Feb 2021 06:00:00 +0000

In this panel discussion, portfolio managers from Morningstar Investment Management discuss how to match portfolios with key investor characteristics. The panel is moderated by Marta Norton, CIO for the Americas, and looks at five investor profiles. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Daniel Needham: How Changes in Active Management May Create Opportunities for Investors

podcast@morningstar.com (Morningstar) — Mon, 18 Jan 2021 06:00:00 +0000

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Theories, Crowds, Bubbles, & Bees: Daniel Needham on Contrarian Investing (Ep. 27 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 4 Jan 2021 06:00:00 +0000

Why might contrarian investing outperform, and how might an investor know when it's time to head in the opposite direction from the crowd? Daniel Needham, president and global chief investment officer at Morningstar Investment Management, explores why markets are frequently efficient and what makes them become inefficient; explains how contrarians can act like a thermostat for markets; and explains how bees can be better decision-makers than humans at times. He also shares a checklist his team uses to help them make rational decisions that go against the crowd. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Thinking in Bets (and About Biases): A Deep Dive into Using Behavioral Science Techniques in Investing (Ep. 6 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 28 Dec 2020 06:00:00 +0000

Advisors and investors are hearing more and more about behavioral science and behavioral economics, essentially how our humanity gets in the way of rationality, and what we can do to improve our decision-making. But what about investment managers themselves? Are they naturally more rational? How can a portfolio manager avoid making behavioral errors? Dan Kemp, chief investment officer for EMEA at Morningstar Investment Management joins host Drew Carter to discuss who is susceptible to behavioral biases and Annie Duke's book, "Thinking in Bets." Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

20 Years of 'Tipping': What Investors Can Learn From Gladwell's Classic Book (Ep. 34 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 21 Dec 2020 06:00:00 +0000

While we're off for the holidays, please enjoy this rerun of Episode 34. In "The Tipping Point," author Malcolm Gladwell looks at how ideas can spread like viruses. Citing psychological studies and using many examples, Gladwell shows how people, environments, and changes in an idea itself can lead to explosive growth in popularity. In this episode, Jarred Watts considers how the ideas in this book, which turned 20 years old in February, apply to investing. Watts is a client portfolio manager at Morningstar Investment Management. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Please Take Our Short Survey

podcast@morningstar.com (Morningstar) — Thu, 17 Dec 2020 06:00:00 +0000

This is a clickable link to the survey.

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Opportunities in Equities

podcast@morningstar.com (Morningstar) — Mon, 14 Dec 2020 06:00:00 +0000

Slides for today's episode are found here or by emailing simple@morningstar.com.

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The Rise of Big Tech

podcast@morningstar.com (Morningstar) — Mon, 30 Nov 2020 06:47:27 +0000

To access the slides discussed in this episode, click here or email us at simple@morningstar.com.

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Value Investing: Intelligent Investing Aims to Get More Than You Pay For (Ep. 16 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 23 Nov 2020 15:25:05 +0000

From all of us at Simple but Not Easy and Morningstar Investment Management, Happy Thanksgiving! If you’re in a mood to give thanks—or just want to hear others do so—you might check out Episodes 23 and 24, in which a passel of our guests share what they were thankful for this time last year, or something they’d be thankful to see in the future. Or, here we rebroadcast Episode 16, a conversation with Daniel Needham about value investing and why we take a valuation-driven investing approach. We were reminded of this episode after reading a recent article in the Financial Times by one of our favorite market commentators, Michael Mauboussin. In this episode, Needham, president and global chief investment officer at Morningstar Investment Management, shares his views on value investing and the way his team uses a valuation-driven approach to multi-asset investing. As Charlie Munger has famously said, “All intelligent investment is value investment because why would you want to buy something which wasn’t worth as much as you were paying for it, and who wouldn’t like buying something for less than it’s worth?" Needham describes how we aim to do this in an asset allocation and portfolio construction context. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

What Does Good Forecasting Look Like? (And Why Are Weather Forecasters So Good at It?)

podcast@morningstar.com (Morningstar) — Mon, 16 Nov 2020 06:00:00 +0000

Good decisions are often built on good forecasts. But forecasting is hard, in part because it requires us to be aware of both what we know and what we don’t—or even can’t—know. Dan Kemp and Ryan Murphy discuss what good forecasting looks like. Dan is CIO for EMEA at Morningstar Investment Management Europe Ltd., an FCA-regulated firm. Ryan is head of decision sciences at Morningstar Investment Management LLC. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

How Should Investors Interpret the U.S. Election Returns?

podcast@morningstar.com (Morningstar) — Mon, 9 Nov 2020 06:00:00 +0000

Click here to download the slides for this episode, or email us at simple@morningstar.com.

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The Election, the Economy, and the Road to Recovery

Mon, 2 Nov 2020 06:00:00 +0000

Click here to download the slides for this episode, or send us an email at simple@morningstar.com.

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Our Investment Convictions: Why We’re Staying Off the Sidelines

podcast@morningstar.com (Morningstar) — Mon, 26 Oct 2020 17:01:37 +0000

For the slides referenced in this episode, please click here or email us at simple@morningstar.com.

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Risk in 2020: How to Help Investors Succeed

podcast@morningstar.com (Morningstar) — Mon, 5 Oct 2020 05:00:00 +0000

Slides referred to in this episode are available here, or by emailing us at simple@morningstar.com.

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Will Growth Stocks Outperform Value Forever?

podcast@morningstar.com (Morningstar) — Mon, 28 Sep 2020 05:00:17 +0000

To download the slides discussed in this episode, tap here or email us at simple@morningstar.com.

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The Election Cycle: What Really Matters to Investors?

podcast@morningstar.com (Morningstar) — Mon, 21 Sep 2020 05:00:10 +0000

To view the slides discussed in this episode, please tap here or send us an email at simple@morningstar.com.

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Advisor Profile: For Ephie Coumanakos, Good Advice Is Personal Advice

podcast@morningstar.com (Morningstar) — Mon, 14 Sep 2020 05:00:03 +0000

Before her Ivy League education and starting her financial advice practice, Ephie Coumanakos grew up in Athens, Greece. Rooted in business and hard work, she connects with her engineering and other analytical clients in Wilmington, DE, with clear communication. Financial advice from books or the media is too generic to be worth much, she says; people who want added financial value should seek an advisor who delivers personalized advice. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Does ESG Investing Lead to Weaker Returns?

podcast@morningstar.com (Morningstar) — Mon, 31 Aug 2020 05:00:22 +0000

To download the slides mentioned in this episode, click here or send us an email at simple@morningstar.com.

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Investing in a Global Recession: Is This Time Different?

podcast@morningstar.com (Morningstar) — Mon, 10 Aug 2020 05:00:16 +0000

Global stock markets this year have gone through a dramatic sell-off and recovery in record time. Perhaps more importantly, we’ve seen a significant decline in economic activity since February, likely marking the onset of a recession. In this episode, Daniel Needham and Philip Straehl look at past recessions and compare them with the current environment. We consider what past market recoveries have looked like and discuss how our investment team is considering these lessons from the past to uncover potential long-term opportunities today. Daniel Needham is president & global CIO, and Philip Straehl is head of capital markets & asset allocation, Americas, at Morningstar Investment Management. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ask the PM: Finding ‘Robust, Reliable, and Growing’ Dividends in Today’s Markets

Mon, 3 Aug 2020 05:00:10 +0000

George Metrou, portfolio manager for the Dividend Select Equity Portfolios, talks about the poor performance of dividend-paying stocks so far in 2020, despite their reputation for being defensive. He also discusses why he holds cash, his thoughts on companies cutting dividends, and his outlook for income going forward. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Advisor Profile: From Yale to His Advice Practice, it’s All Hometown to John Caserta

podcast@morningstar.com (Morningstar) — Mon, 27 Jul 2020 05:00:02 +0000

John Caserta grew up in North Haven, Conn., where he’s now a Chartered Financial Consultant and managing director at Caserta & de Jongh LLC. His second office is in New Haven, home to his alma mater, Yale, where he studied Italian and played trumpet in concert and jazz bands. His frequent media appearances and alumni connections are helping him grow his practice. Listen to hear Caserta share the most underrated piece of financial advice. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Key Investing and Behavioral Messages for Advisor-Client Meetings

Mon, 20 Jul 2020 05:00:11 +0000

Find slides referred to in this episode at https://morningstaronline-my.sharepoint.com/:b:/g/personal/drew_carter_morningstar_com/ERJNlLpWN0xItcK6zzHH7-8BSz2imrSKymOTc-3U7Bqc8A?e=OmDV7c

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Overconfident? Cognitively Rigid? How Investors Can Make Better Decisions by Dealing With Emotions and Biases

Mon, 13 Jul 2020 05:00:14 +0000

Sarah Newcomb, director of behavioral science at Morningstar, Inc., discusses emotions brought on by market loss, talks about how they can affect decisions, and offers some ways to cope. Ryan Murphy, head of decision sciences at Morningstar Investment Management, discusses cognitive biases to watch out for and ways investors can make better decisions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Advisor Profile: Kevin Schaefer Coaches Clients to Have a 'Simple Smile'

podcast@morningstar.com (Morningstar) — Mon, 29 Jun 2020 05:00:03 +0000

Kevin Schaefer coaches clients to plan for the worst, and to be content. An obsession with money distorts smiley faces into ones with dollar-sign eyes and a squiggly mouth because it often leads to aggressive investing that's like being on a roller coaster. A smoother ride, he says, keeps "a simple smile on your face." Schaefer, a CFP and founder at Spirit West Certified Planning, LLC in Scottsdale, Arizona, says, "There aren't enough contrarians" paying attention to risks embedded in passive index-linked investments. "I'm hoping that trend (toward passive) will break and people will get back to basics." Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

U.S. vs. International Stocks: Will Next Decade’s Performance Look Different From the Last?

Mon, 15 Jun 2020 05:00:06 +0000

To view the slides for this episode, please click here. The slides will be available until July 22, 2020. After that date, please email simple@morningstar.com for access.

For more information about Morningstar Managed Portfolios, click here.

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‘Essential Businesses’: Managing Focused Stock Portfolios in a COVID-19 World

podcast@morningstar.com (Morningstar) — Mon, 8 Jun 2020 13:41:01 +0000

Our equity portfolio managers talk about how they're navigating the COVID-19 crisis and their outlook. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is This Rebound for Real? And Is Now a Good Time to Double-Check Risk Tolerance?

Mon, 1 Jun 2020 05:00:13 +0000

In this episode, we take a closer look at the recent US stock market rally from its March low, and address some questions frequently asked by advisors around assessing risk and behavioral coaching in these unusual times. Guests, via a previously recorded webcast, are Daniel Needham, president and global CIO, and Ryan Murphy, head of decision sciences, at Morningstar Investment Management. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Advisor Profile: Erik Bowman Moved Quickly to Adapt His Practice to COVID-19

Mon, 18 May 2020 05:00:03 +0000

Growing a financial planning practice can be challenging at the best of times. But what if you had to replace your in-person presentations and meet-and-greets with online events and marketing tools? In this episode, Erik Bowman talks about how he’s looking to attract new clients in a shelter-in-place COVID-19 world. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets in Crisis: What Are Potential Implications for Inflation?

Mon, 11 May 2020 16:06:04 +0000

Inflation has been tame for some time. But where will inflation go from here? Will the massive COVID-19-related stimulus by the Fed and the Treasury lead to higher inflation? Or will rocketing unemployment weaken inflation—in fact, is deflation a greater concern in the near term? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets in Crisis: Finding Income in Today's Markets

Mon, 27 Apr 2020 05:00:08 +0000

Income investors might despair in today's COVID-19-ravaged environment—the Federal Reserve has lowered cash rates to near zero, shuttered businesses can’t pay stock dividends, and defaults are expected to rise. Yet, our income-focused portfolio managers say their prospects for income have improved greatly since February. Marta Norton, head of outcome-based strategies, and Hong Cheng, associate portfolio manager, share where they see income opportunities in today's markets. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets in Crisis: What’s Important to Remember During Trying Times?

Mon, 20 Apr 2020 05:00:01 +0000

We continue our series of episodes based on webcasts, with this week looking at what messages advisors might share with clients to help them understand how today's market environment may affect their long-term financial goals. Guests are Morningstar Investment Management president and CIO Daniel Needham and head of decision sciences Ryan Murphy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets in Crisis: Q1 Update and a Look Ahead

Mon, 13 Apr 2020 19:04:30 +0000

Andrew Lill, CEO, Americas, and Philip Straehl, head of capital markets & asset allocation, Americas, discuss the extraordinary markets in the first quarter of 2020, and share some thoughts on where they see opportunity in the days ahead. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Advisor Profile: How Has COVID-19 Affected Derek Notman's Practice? 'Not at all'

podcast@morningstar.com (Morningstar) — Tue, 7 Apr 2020 19:43:02 +0000

Derek Notman writes the Love Your Finances blog. More information about Intrepid Wealth Partners and Conneqtor are found by clicking these links.

You can also click here to read Morningstar Investment Management's investment insights and learn more about and learn more about Morningstar Managed Portfolios.

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Markets in Crisis: Answering Advisors' Questions

Mon, 30 Mar 2020 16:26:00 +0000

Daniel Needham, president and global chief investment officer at Morningstar Investment Management, discusses the recent stimulus and unemployment announcements, as well as asset class views--both going into the market crisis and as of the day of recording (March 26, 2020). Then Daniel and Alex Riedel, portfolio specialist at Morningstar Investment Management, answer questions from the webinar audience. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets in Crisis: Our Long-Term, Valuation-Driven Views of Markets Today

Mon, 23 Mar 2020 05:00:16 +0000

Daniel Needham and Andrew Lill share their views on markets, the economy, and how we're dealing with the crisis brought on by the novel coronavirus. Also, Ryan Murphy on how to keep clients calm amid market declines. Needham is president and global CIO, Lill is Americas CIO, and Murphy is head of decision sciences, all at Morningstar Investment Management. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

To Annuitize or Not: New Research by David Blanchett

Mon, 16 Mar 2020 05:00:01 +0000

Should retirees buy annuities to insure a steady stream of income? Few products are as polarizing among financial advisors than annuities, but certainly they have a place in the retirement picture for some individuals. In this episode, we look at new research by David Blanchett that may help advisors decide when a client should annuitize or not. Blanchett is head of retirement research at Morningstar Investment Management. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

20 Years of 'Tipping': What Investors Can Learn From Gladwell's Classic Book

Mon, 9 Mar 2020 05:00:09 +0000

In "The Tipping Point," author Malcolm Gladwell looks at how ideas can spread like viruses. Citing psychological studies and using many examples, Gladwell shows how people, environments, and changes in an idea itself can lead to explosive growth in popularity. In this episode, Jarred Watts considers how the ideas in this book, which turned 20 years old in February, apply to investing. Watts is a client portfolio manager at Morningstar Investment Management, where he also leads the investment team's book club. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Market Turbulence and Loss: Behaving Well When Markets Go Bad (Ep. 20 Rebroadcast)

podcast@morningstar.com (Morningstar) — Mon, 2 Mar 2020 06:00:06 +0000

Market losses like the recent coronavirus-induced decline can be upsetting. We're rebroadcasting this episode in which Andrew Lill and Ryan Murphy discuss what investors can do to prepare for market declines and how to respond once losses happen. Lill is the chief investment officer, and Murphy the head of decision science, both at Morningstar Investment Management LLC. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Outlook 2020 Pt. 2: Finding Opportunities When Most Markets Are Overpriced

Mon, 24 Feb 2020 06:00:05 +0000

We conclude our two-part conversation on our Outlook for 2020 and beyond with views on asset classes we view as being attractively priced. Philip Straehl, head of capital markets & asset allocation, Americas, and Tanguy de Lauzon, head of capital markets & asset allocation for EMEA, return to share their views. Important Disclosure: Returns for U.S. stocks are indicated by the Morningstar US Market Index. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Outlook 2020, Pt. 1: Assessing the Aggregate Risk-for-Reward Picture

Mon, 10 Feb 2020 15:40:14 +0000

We begin our two-part conversation on our Outlook for 2020 and beyond with a look at the aggregate risk/reward landscape around the world. Host Drew Carter welcomes Philip Straehl, head of capital markets & asset allocation, Americas, and Tanguy de Lauzon, head of capital markets & asset allocation for EMEA. Important Disclosure: Returns for U.S. stocks are indicated by the Morningstar US Market Index; for global stocks by the Morningstar Global Markets Index; for emerging markets stocks by the Morningstar EM Index; and for Russia by the Morningstar Russia Index. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is Dollar-Cost Averaging Irrational? Compared to What?

podcast@morningstar.com (Morningstar) — Mon, 3 Feb 2020 15:13:33 +0000

Helping Others: 2 Financial Advisors Share the Challenges and Joys of Their Practice

podcast@morningstar.com (Morningstar) — Mon, 27 Jan 2020 06:00:05 +0000

Peter Dugery, head of sales at Morningstar Investment Management, leads a discussion on the environment advisors face today. His guests are Matt Unger, the founder and managing director at Focus Asset Management, an independent RIA in Dallas, and Jason Baker, co-founder and president of Baker Wealth Management in North Carolina. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Picking Stocks for the Long Run: 4 Portfolio Managers Share Their Thoughts

Mon, 13 Jan 2020 06:00:02 +0000

Four portfolio managers describe how they evaluate and select stocks for their concentrated portfolios. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Theories, Crowds, Bubbles, & Bees: Daniel Needham on Contrarian Investing

Mon, 6 Jan 2020 06:00:09 +0000

Why might contrarian investing outperform, and how might an investor know when it's time to head in the opposite direction from the crowd? Daniel Needham, president and global chief investment officer, explores why markets are frequently efficient and what makes them become inefficient; explains how contrarians can act like a thermostat for markets; and explains how bees can be better decision-makers than humans at times. He also shares a checklist his team uses to help them make rational decisions that go against the crowd. Drew Carter hosts. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets Quiz: Test Your Knowledge!

Mon, 16 Dec 2019 06:00:02 +0000

Questions? Contact us at simple@morningstar.com.

Learn more about Morningstar® Managed PortfoliosSM at mp.morningstar.com.

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Red Dusk: Do Post-Rally Prices Call for Russian Bearishness?

podcast@morningstar.com (Morningstar) — Mon, 9 Dec 2019 06:00:09 +0000

Take our markets quiz before Dec. 16! Follow this link now: https://bit.ly/36cXEo9

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Talking Turkey: Pt. 2

Mon, 25 Nov 2019 06:00:03 +0000

In part two of our giving-thanks episode, more members of our investment team share what they're thankful for, and what they'd be thankful for if it were to happen. John Owens talks IPOs, Marta Norton is doubly thankful, Paul Arnold looks forward to greater wealth equality, and Shannon Steiner--new to the podcast--is thankful for her internship with Investment Management and discusses the findings of her study of Morningstar Investment Management's record of selecting funds over more than two decades. Drew Carter hosts. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Talking Turkey: What We're Thankful for in 2019, and What We'd Be Thankful for in the Future, Pt. 1

Mon, 18 Nov 2019 06:00:14 +0000

Ryan Murphy talks about why it's good to give thanks, and how it can make us better investors. Then Brian Huckstep, Dan McNeela, Cindy Galiano, and Mike Stathakis share what investment developments they're thankful for, as well some things they would be thankful for if they came to pass. Drew Carter hosts. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Market Turbulence and Loss: Behaving Well When Markets Go Bad

Mon, 28 Oct 2019 05:00:22 +0000

Market losses can be upsetting. Aside from the pain of losing money, there’s something about it that just doesn’t feel right. Yet, we know that market dips, declines, and disasters are all a part of investing. So, what can investors do about them? Host Drew Carter is joined by Andrew Lill, chief investment officer, and Ryan Murphy, head of decision science, both at Morningstar Investment Management LLC, to discuss what investors can do to prepare for market declines, and how to respond when we find ourselves in the middle of an unfortunate drop in prices. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Contrarian Ideas: Have Lower Oil Prices Made Energy Stocks Attractive?

Fri, 18 Oct 2019 21:36:01 +0000

On September 14, 2019, Saudi Arabian oil fields were attacked, leading to a spike in oil prices. But the spike quickly subsided, with prices falling back—and even below—their pre-spike prices about two weeks later. But the phenomenon of lower oil prices is of course not new. And that’s reflected in the returns of U.S. stocks in the energy sector, which lost an average of about 5% a year over the five years ended September 30, according to S&P 500 sector index data on Morningstar Direct. The S&P 500, during that same period, rose nearly 11% annualized, while the IT sector climbed more than 18% on average each year. How does this weigh on our views of the energy sector going forward? We think energy is the most underpriced sector and, as valuation-driven investors, we therefore believe this sector may be poised for better growth than the broad market in the future. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Better Decision-Making Through Diverse Opinions, Pt. 2

podcast@morningstar.com (Morningstar) — Mon, 14 Oct 2019 14:30:54 +0000

Getting more women into portfolio management might seem like a no-brainer. But Marta Norton, portfolio manager at Morningstar Investment Management, says "it’s a knotty problem because you don’t want people to have women or diversity on their team … just for the sake of having that kind of diversity. As a woman, I find it kind of insulting when people say, 'We need to have a woman here,' because then you don’t feel like you’re earning it by your own merit. And I feel very strongly that I’ve earned it by my merit, I feel that Michelle has, that Hong has. None of us want to feel like we are some sort of token by any measure, and I would imagine that most people would feel the same way. But at the same time, I like to express this as diversity of thought—if you have people all thinking the exact same way, you’re gonna have biases and your gonna make mistakes. But like Abraham Lincoln’s cabinet—a team of rivals—if you have people with different perspectives, you going to be able to challenge each other and maybe come up with views that you would have otherwise ignored that help you come to a better decision.” And we're all about better decision-making. Host Sammie Spector speaks with Marta and her investment team colleagues Michelle Ward and Hong Cheng about their careers in finance, struggles and joys along the way, and how we might encourage more women to investment career paths, including those that require quantitative skills. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Better Decision-Making Through Diverse Opinions, Pt. 1

Mon, 7 Oct 2019 05:00:31 +0000

Value Investing: Intelligent Investing Aims to Get More Than You Pay For

Mon, 30 Sep 2019 05:05:23 +0000

Too often value investing is confused with the value style, and value investors are mistakenly thought to buy only value stocks. Daniel Needham, president and chief investment officer at Morningstar Investment Management, shares his views on value investing and on the way his team uses a valuation-driven approach to multi-asset investing. After all, as Charlie Munger has famously said, “All intelligent investment is value investment because why would you want to buy something which wasn’t worth as much as you were paying for it, and who wouldn’t like buying something for less than it’s worth? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Think Integration, not Outsourcing: The Importance of Choosing the Right Money Manager

Mon, 23 Sep 2019 15:24:39 +0000

Is "outsourcing" a dirty word? Are managed money offerings all the same? Matt Radgowski and Peter Dugery share insights on the challenges and rewards for financial advisors when choosing a money manager to handle client portfolios. Drew Carter hosts. Matt is managing director, Americas, at Morningstar Investment Management, and Peter is head of sales at the same firm. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dump the Dow: Why What You Pay Attention to Matters

Mon, 16 Sep 2019 05:00:11 +0000

In this episode, John Owens and Ryan Murphy talk about why price-weighted indexes like the Dow Jones Industrial Average can be distracting to investors. John, who's a senior equity portfolio manager at Morningstar Investment Management, explains why investors should disregard single-day Dow point drops, and also any short-term performance. Ryan, who's head of decision science at Morningstar Investment Management, shares some recent research that shows someone's risk perspective can be affected by what they pay attention to. Together, our guests discuss with host Drew Carter how discipline and nudges can help investors ignore the noise and stay focused on their financial goals. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Getting Personal: Getting to Know How Advisors Get to Know Their Clients

Mon, 9 Sep 2019 09:00:21 +0000

In today's episode, host Drew Carter gets up close and personal--into investing, that is. Getting personal might elicit nervousness, but why does it seem so antithetical to investing? We explore personalization and customization in financial practices: If you’re an investor, how well does your financial advisor know you? And advisors, how much time have you taken to get to know your clients? Joined by Morningstar Investment Management group's Matthew Radgowski, chief operating officer for the Americas, and Marta Norton, head of outcome-based strategies in the Americas, as well as Ryan Murphy, Ph.D. head of decision sciences, the conversation reviews Morningstar's belief that getting *personal* can be good for investors AND advisors—but it may be more complicated than you think. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Back-to-School Reading List (Part 2)

Mon, 26 Aug 2019 09:00:10 +0000

While host Drew Carter is on sabbatical, producer Sammie Spector guest hosts a two-part series on top reading recommendations from Morningstar employees. Guests include everyone from our portfolio managers to our sales directors, as well as a glimpse into our Investment Management Book Club and an interview the Morningstar HQ librarian. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Back-to-School Reading List (Part 1)

Mon, 19 Aug 2019 09:00:08 +0000

While host Drew Carter is on sabbatical, producer Sammie Spector guest hosts a two-part series on top reading recommendations from Morningstar employees. Guests include Christine Benz as well as portfolio managers, sales directors, and behavioral scientists, to provide a variety of reading material ranging from investment self-service books, to environmental sustainability, as well as one 'picture book' and perhaps the only investment principles book in the fiction genre. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

"The Largest Purchase Most Americans Will Ever Make": Researching the State of Retirement

podcast@morningstar.com (Morningstar) — Mon, 12 Aug 2019 09:00:04 +0000

When you save and invest, most likely your biggest financial goal is retirement, a topic that can be daunting or even frightening on both a personal level and on a macro level. Host Drew Carter discusses the state of retirement with David Blanchett, head of retirement research at Morningstar Investment Management, who has called retirement the "largest purchase most Americans will ever make." Today's discussion revolves around the "right" age to retire, online savings and management tools, retiring earlier than planned, and how far off people tend to be when planning for retirement, as well as if there is in fact a retirement crisis. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bringing Their "A-Game": Advisors as Behavioral Coaches

Mon, 5 Aug 2019 09:00:37 +0000

Today's episode explores what the role of financial advisors really entails. When you think about, did the role of 'behavioral coach' cross your mind? Guest Ryan Murphy, Ph.D., head of decision sciences at Morningstar, Inc. thinks it should. Host Drew Carter and Ryan Murphy discuss the responsibilities, such as behavioral coaching, that may be central to an advisor’s role, perhaps even more important than some traditional roles, like, say, building investment portfolios. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Next Generation of Investors: A Conversation with Millennials

Mon, 29 Jul 2019 09:00:05 +0000

Millennials. Has a generation ever attracted so much attention from—or created so much angst within—the financial services industry? If you Google “Millennials and financial advisors” or “Millennials and investing,” you’ll find a dizzying array of surveys and published opinion pieces on the topic. And for good reason—Millennials and those that will come after them represent the future of investing and financial advice. Host Drew Carter decides to leave the surveys and data behind, and focus some interviews on real… live… Millennials, here in the studio to talk about investing and financial advice. Drew Carter asks our 4 millennials in the studio about their investing habits, their opinions on working with a financial advisor--and what specific types of financial advice they're looking for, and their approach to savings. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Not-So-Crude Markets: Energy Infrastructure and MLPs

Mon, 22 Jul 2019 09:00:04 +0000

Like all investments, MLPs have risks investors should consider before making an investment decision. Those risks include governance features that can favor management over other investors, potential conflicts of interest, and concentrated exposure to a single industry or commodity. Since most MLPs are clustered in the energy sector, they can therefore be sensitive to shifts in oil and gas prices. There may be advantages and disadvantages associated with MLPs including, but not limited to, MLPs’ net income being passed through to the investor, which is then taxed at the investor’s individual tax rate and certain distributions being deemed as return of capital. Morningstar and its affiliates, including Morningstar Investment Management do not provide tax advice. Individuals should consult with their Financial Adviser and/or tax professional about this and other tax issues relating to their accounts

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Thinking in Bets, and About Biases: A Deep Dive into Using Behavioral Science Techniques in Investing

Tue, 16 Jul 2019 20:47:55 +0000

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A Contrarian View: Why We Prefer International Over U.S. Stocks

podcast@morningstar.com (Gareth Lyons, Drew Carter) — Mon, 8 Jul 2019 05:05:07 +0000

Developed equity markets outside the U.S. have struggled mightily for about a decade since the global financial crisis. Individually, these markets have their unique struggles, whether it’s Brexit in the U.K. or sustained economic growth and profitability in Japan. So, why would anyone want to invest in these markets, let alone prefer them to the U.S. market? Portfolio manager Gareth Lyons, who covers equity markets outside the U.S., discusses his views with host Drew Carter. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sinking Treasury Yields: Our Views on the “Belly” of the Curve

podcast@morningstar.com (Morningstar) — Mon, 1 Jul 2019 05:05:12 +0000

The U.S. Treasury market has seen a stunning turnaround in about six months. The Federal Open Market Committee voted to continue to raise rates last December, despite the ongoing stock-market rout. Shortly into the new year, the Fed changed its tune. Stocks rallied, but so did Treasuries, pushing the yield on 10-year notes down to nearly 2%.

The fact is, we don't really know why this has happened. Assumptions of rate cuts, the possible end of the economic cycle (read: a pending recession), and even actions of bond vigilantes might be at play. Regardless of the cause, the yield curve has come down and is now inverted, with very short-term and long-term rates appearing like shoulders on the curve above an intermediate-term "belly."

This belly is where yields have fallen most. So, as valuation-driven investors, we have naturally asked ourselves whether yields have fallen too much—in other words, do these prices call for trimming exposure to these assets?

We'd previously looked at our Treasury exposure as a sort of barbell approach, with short-term bills offering strong yields and less duration—or interest rate risk exposure—which might lessen the damage of rising rates. On the other end of the barbell were long-term bonds. These bonds weren't attractively priced, necessarily, but were decently attractive to us relative to government debt from other countries, as well as in light of their potential portfolio protection in a downturn (recessionary environment or a crashing stock market).

After prices of Treasuries across the curve were bid even higher, we expected to find them less appealing, especially in that belly area. But, as contrarians, we want to challenge predictable conclusions. Also, as a reminder, we don’t know what's next for bond markets—if a recession is at hand, yields could possibly go even lower, but if this is an overreaction by the market, they may bounce back quickly. Those were our two central scenarios when thinking about this probabilistically—that is, the most likely outcomes that we might try to assign probability weightings to. From there, we built a model to test how different portfolios might respond in different environments, which is known as scenario testing.

Our test results may seem surprising: The middle of the curve now looks most attractive. Certainly, long-term bonds appear to offer the widest range of potential outcomes—positive or negative—but the likelihood of a meaningful positive outcome is low. The positive skew only points to overweighting long-term bonds under relatively high probabilities of the more extreme downturn, in which we might expect the long end of the yield curve to move to, or below, its lowest point since 1993.

Otherwise the balance is less attractive. Short-term bonds appear exposed to very little downside risk, but also don't offer much upside in the event that yields continue downward. The belly, which we'd previously avoided, may be the sweet spot for Treasury exposure now, with Treasuries of between three and seven years to maturity offering what we believe to be the best trade-off of potential rewards and potential risks in a highly uncertain environment.

The key here is that if we did move into a recession, we could expect the Fed (as one of the only central banks globally that has managed to raise rates) to cut the fed funds rates aggressively. Unless a recession is severe enough to affect expectations for long-term growth and pull long-term bonds materially lower, the middle of the curve has enough duration to benefit from the steepening that would likely occur as the Fed unpinned the short end by cutting rates toward zero, but not enough to greatly offset its income if we saw a more positive economic outcome where rates actually reverted toward previous higher levels.

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Some Like It Hot: Looking into the IPO Market

Mon, 24 Jun 2019 08:00:07 +0000

The market for initial public offerings, or IPOs, in the U.S. is hot, with household names like Lyft, Uber, and Pinterest coming to the public markets with a lot of media coverage and interest from investors. But many of these so-called unicorns who’ve achieved $1 billion valuations before they’ve gone public have never turned a profit. So, how can investors tell if these IPOs are potentially worth investing in? Host Drew Carter speaks with Ali Mogharabi, senior equity analyst at Morningstar Research Services, about the history of the IPO market, internet bubble, and 'tech unicorns.' Then, we learn from John Owens, senior portfolio manager at Morningstar Investment Management, about the caution taken when approaching 134 firms that went public last year. Recorded on: May 14, 2019 Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Planting Sustainable Investing in Your Practice [Part 2]

Tue, 18 Jun 2019 04:08:05 +0000

Now that we've been given a great background on sustainable investing, Drew Carter turns our attention to how advisors and investors might go about investing in a sustainable way. Recorded on: April 5, 2019 Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

What Is Sustainable Investing? [Part 1]

podcast@morningstar.com (Julie Koska, Morningstar, Drew Carter, Jon Hale) — Fri, 14 Jun 2019 13:34:44 +0000

Are you new to sustainable investing and ESG? Guests Jon Hale and Julie Koska of Morningstar Research Services explain how managers are incorporating environmental, social, and governance into investment decisions, why investors are flocking to ESG portfolios, and the effect of ESG on investment returns (which might surprise you). Drew Carter hosts. Recorded on: April 1, 2019 Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.