Morningstar Runs the Numbers

Inspired by Harper's Index (with a tip of the hat to FiveThirtyEight's Significant Digits blog), Morningstar Runs the Numbers uses a numbers-based approach to highlight recent Morningstar research, along with some outside news stories.

38,000 jobs In an interview with Jeremy Glaser, Bob Johnson provides his perspective on a disappointing jobs report:

… this report showed an increasing number of job openings and certainly, that can still be a problem because if you haven't got skilled workers in the right places at the right wage to fill those jobs, you're still not going to grow and you're still not going to get people hired and move the economy along. So, it's still a problem, but it would seem to indicate that the problem is more of one of not enough workers, not that there are not enough jobs.

57,000 steps How some folks are getting creative to excel at Fitbit challenges:

… Mr. Adams taped his Fitbit activity tracker to the blade of an electric saw and left it vibrating on a work bench. When he returned early the next morning, the saw's vibrations had registered 57,000 steps.

58% vs. 8% In a Fund Spy post highlighting Morningstar's annual report on target-date funds, Jeff Holt points out the extremes of equity exposure:

While a few series may appear similar for the youngest of investors, the divergences grow as investors approach and pass their targeted retirement dates. In fact, within the postretirement phase, two index-based series represent the extreme ends of equity exposure out of all target-date mutual funds. The Great-West SecureFoundation Lifetime series holds a 58% equity stake throughout retirement, whereas the John Hancock Retirement Choices series maintains a scant 8% position.

You can download the full landscape report here. According to this EBRI report, target-date funds now account for 25% of defined contribution plan assets.

5 lawsuits There are now five industry groups asking courts to rule against the DOL fiduciary rule.

3 keys John Rekenthaler examines the importance of asset allocation, contribution rates, and investment costs in retirement investing:

The relative importance of the three items will vary depending upon how the study is structured. For example, a higher initial balance, relative to contributions, will increase the importance of costs. But the very general pattern is clear. The contribution rate is paramount. Investors can't asset-allocate and low-cost their way to retirement success. They must accompany their good investment decisions with cold, hard cash.

13% a year Based on survey data, Meb Faber calculates the average return institutional investors are expecting from hedge funds:

… a 13% NET return means you need to average gross returns of almost 20%. Good luck with that.

$28 trillion In a Stock Strategist post on State Street, Stephen Ellis notes the size of its client assets:

Custodial banking tends to be a moaty business, as only large players like State Street, one of the top three custody banks in the U.S. with about $28 trillion in client assets, can compete effectively on price.

90% Hall If you've ever wondered about the respective contributions in Hall & Oates, Daryl Hall quantified his role in this 2007 interview:

We are not an equal duo, and never have been. I'm 90% and he's 10%, and that's the way it is.

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