A Bushel Full of Questions for Investors

It's time for the annual Morningstar Investment Conference, where great investors will meet to share their ideas. Last year, I was struck by the split between managers and economists who view the world from the top down and managers who analyze from the bottom up. The big-picture speakers were bearish, but stock-pickers were finding plenty of bargains. Sure enough, the market is up more than 20% since then.

This time, I suspect we'll hear a little less enthusiasm from the stock-pickers. I wouldn't expect to hear as much extreme bearishness as we heard a few years ago nor the bullishness we heard in 2009. But even if we aren't on the brink of a big shift in the markets, it pays to listen closely to what managers are finding as you want to be prepared when those tectonic moves come. Here are a few of the speakers I'm looking forward to. My colleague Gregg Wolper will take a closer look at some of the international panels.

The conference kicks off Wednesday, June 8. You can find the full agenda here.

David Laibson on the Age of Reason
It's well known that investors' needs, time horizons, and risk tolerance change over their lifetime. However, Harvard professor David Laibson explores a less-appreciated evolution of investors: their ability to make sound decisions. As with income, your ability to make sound financial decisions changes and that has profound implications for financial planners, fund companies, and anyone trying to assist a relative in making financial decisions.

Bill Gross on the Old Normal
Sluggish growth and hints of inflation? Check! Emerging markets in a leadership position? Check! The economy seems a lot like the "new normal" that Bill Gross and PIMCO predicted a few years ago. But what's next? How will Gross explain his rather overhyped bet against Treasuries in light of the recent Treasury rally? I hope he'll also discuss a much publicized dire prediction that one analyst made about muni defaults. Gross should set the table for our understanding of the second half of 2011.

Laurence Fink on BlackRock the Universe and Everything
We're going to have a wide-ranging conversation with BlackRock CEO Laurence Fink. He's at a fascinating spot in the industry given BlackRock's fixed-income expertise and the firm's purchase of ETF giant iShares. I look forward to hearing what's on his plate and where the fund industry is heading. Given BlackRock's expertise in risk management, I'm hoping we'll hear a little about what's on the new frontier in risk.

Buffett-Influenced Managers Swap Ideas
We've gathered three of the best Berkshire-inspired fund managers around for what should be an interesting chat. Value investing has been a treacherous pursuit in recent years even for those who have proven their ability to invest like Warren. David Poppe ( Sequoia (SEQUX)), Ken Feinberg ( Selected American (SLASX)), and Will Browne ( Tweedy, Browne Value (TWEBX)) have taken different paths and produced very different results. I look forward to hearing their take on financials and consumer giants.

Tapping into the Giant Research Firms
Managers at the asset-management giants have an embarrassment of riches with scores of analysts generating research for them. But using all that information effectively is not so easy. Fidelity's Tom Allen ( Fidelity Advisor Mid Cap II (FIIAX)), Wellington's Michael Carmen ( Hartford Growth Opportunities (HGOAX)) , and T. Rowe's David Giroux ( Capital Appreciation (PRWCX)) will discuss.

Is it Safe to Go Back to Munis?
The predicted disaster hasn't happened, though it did scare many investors, as evidenced by the billions in muni-fund redemptions. Of course, state finances are stretched. Are munis a good investment today? PIMCO's John Cummings, Wells Fargo's Lyle Fitterer, and AllianceBernstein's Michael Brooks will weigh in.

Green Light, Red Light
Which asset classes are attractive and which ones are scary? Christine Benz will put those questions to Ben Inker of GMO, Ross Levin of Accredited Investors, and Peng Chen of Ibbotson in the Asset-Allocation Lightning Round.

China or Korea? Japan or Thailand?
Matthews' Jesper Madsen will share his view on Asia's markets. Even if you don't have a dime invested in China, you need to understand what's going on in China. Matthews really knows its stuff and I expect Madsen to share a sober, hype-free take on Asia.

Hidden Gems
We love to spread the word about some great funds that have been missed by investors. After we've heard from many of our long-time favorites, it's time to check out some excellent managers who have gone under the radar. We'll chat with Brown Capital's Keith Lee, Brown Brothers Harriman's Michael Keller, and Boston Company's David Daglio.

Follow the Action
Even if you aren't attending the conference, you can watch for reports that we'll be posting to Morningstar.com throughout the conference. I'll also be dashing off some tweets @russkinnel.

Stay Tuned for Morningstar Exclusive Video Featuring Bruce Berkowitz 
Next week, we'll be posting a video recording of the Morningstar Conference panel featuring Fairholme's Bruce Berkowitz and Morningstar's Don Phillips, exclusively for Morningstar.com Premium Members. If you're not a Premium Member, start a FREE 14-day trial now to access this upcoming video and all of Morningstar's other Premium benefits.