These three exemplary managers have widened their firms' economic moats and created real value for shareholders over the years.
The slow-recovering employment market will need a boost from housing construction and a realignment of worker skill sets to get back to full health, say Morningstar's Bob Johnson and Vishnu Lekraj.
Although the two office-supplies companies could realize meaningful cost synergies, the combined firm would still face enormous competitive pressures, says Morningstar's Liang Feng.
Widening investment-grade credit spreads and rising interest rates lead to losses.
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