Until you've done it for a while, being a Morningstar analyst can be a dizzying experience. We spend our days meeting fund company managers and executives, all of whom seem to have decades of experience, incredible resumes built around gilt-edged business degrees, and time working in rarified strata of the investment industry.
Eventually, though, you realize that even when many of those things are true, fund managers are still human beings. They all face daunting day-to-day challenges in managing money and running their businesses, even if most of them are well practiced at painting a picture of themselves and their colleagues as the most content people on earth, who have managed to short-circuit the basic laws of business and investing. Here are a few areas that most managers will never talk about, but with which just about all of them struggle on a daily basis: