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Simple, but Not Easy

Simple, but Not Easy is a podcast about investing and behavioral science by Morningstar Investment Management LLC. Most shows focus on our asset class research, our principled approach to managing money, or our insights on using behavioral science to help investors and advisors make better decisions.

Episodes

Episode 74

Paul Arnold and Dan Kemp join Drew Carter to 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. Slides for this episode may be found in the Episode Notes section or by emailing simple@morningstar.com.
Episode 73

In January, the stock price of struggling retailer GameStop shot up to nearly $500, having started the year at below $20. A main cause, according to many news reports at the time, was a coordinated effort by individual investors to topple hedge funds who’d bet heavily against the stock. The uprising couldn’t be sustained, however, and GameStop shares plummeted. They traded around $44 at the time of this recording on February 23. The GameStop phenomenon offered spectacle, but what did it tell us about the democratization of investment markets? Host Drew Carter of Morningstar Investment Management LLC speaks with guests John Owens, David Whiston, and Steve Wendel about the contrasts between meme stocks or viral investing with taking a fundamental, long-term approach. Owens is senior portfolio manager at Morningstar Investment Management LLC, where he oversees two focused stock portfolios. Whiston is equity strategist at Morningstar Research Services LLC, where he covers mostly auto stocks, including Tesla, as well as auto dealers and Winnebago. And Wendel is head of behavioral science at Morningstar, Inc., where he researches and writes about the intersection of finance and human behavior.
Episode 72

Roger Ibbotson and Philip Straehl join host Drew Carter to trace the evolution of our asset allocation approach from Ibbotson Associates and the SBBI yearbooks, to supply-side forecasting research, to the valuation-driven approach we use today. Ibbotson and Straehl also discuss five lessons learned from the past five decades of allocating assets. Roger Ibbotson founded founded Ibbotson Associates in 1977, which became part of Morningstar Investment Management at the close of business on Dec. 31, 2015. Today he is Professor in the Practice Emeritus of Finance at Yale School of Management and also chairman and CIO of Zebra Capital Management, LLC, which is an equity investment and hedge fund manager. Philip Straehl is global head of research at Morningstar Investment Management LLC.
Episode 71

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.
Episode 70

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.
Episode 69

The move to passive investing and the rise of ETFs has been one of the most powerful forces in asset management in the past decade. A corollary to this has been the decline of active management. But is active management really in decline? In this episode, Daniel Needham, president and global chief investment officer at Morningstar Investment Management, explores how active management has evolved, how ETFs are often used actively, and how investors may benefit from these changes--if they get a few things right. ALSO, in the Episode Notes section, please use the link to take our short survey. If you don't see Episode Notes, email us at simple@morningstar.com.
Episode 68

Retirees have different needs from their portfolios, so you might expect a portfolio’s investment strategy to be aligned with those needs. However, one investment strategy has gotten a bit of a bad rap among professional investors—and that is the income approach. Yet, new research by Hong Cheng, associate portfolio manager at Morningstar Investment Management, shows an income portfolio can be a viable alternative to the traditional total return approach. In this episode, Cheng discusses her findings with Drew Carter.
Episode 0

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.
Episode 0

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."
Episode 0

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.
Episode 0

Taking this 1-minute survey on SurveyMonkey will help us understand who you are and what types of episodes you like. Copy/paste this link, or clink on the link in Notes below. https://www.surveymonkey.com/r/TKRNRYC
Episode 67

Just like that, the U.S. stock market has risen into overpriced territory, according to Michael Corty and John Owens of Morningstar Investment Management LLC. Fortunately for them, they manage concentrated portfolios of 20 to 40 stocks and continue to find opportunities in parts of the market. Mike and John discuss the overall market and share some examples of where they see value today. Mike is head of U.S. equity strategies and portfolio manager for the Tortoise and Equity Income portfolios. And John is senior portfolio manager for the All-Cap Equity and Small/Mid-Cap Equity stragegies.
Episode 66

Stocks of just six Big Tech firms have dominated performance in recent years, having grown to take an unusually large chunk of the U.S. market. Philip Straehl, global head of research at Morningstar Investment Management, analyzes these firms' performance through four drivers: secular growth, a COVID-19 bump, falling interest rates, and beating expectations. Then Paul Arnold, portfolio manager at Morningstar Investment Management, considers the likelihood that these companies will continue to outperform in years to come. The six Big Tech firms discussed are also known as FAANGM: Facebook, Amazon.com, Apple, Netflix, Google (Alphabet), and Microsoft.
Episode 0

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.
Episode 65

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.
Episode 64

The Nov. 3 elections lived up to the hype. They've consumed much of our time and attention of late, but how should investors respond to the election returns—and how should they not respond? Marta Norton discusses how our investment team at Morningstar Investment Management is navigating this environment, and the different rolls investors and asset managers play in helping people reach their financial goals. Ryan Murphy shares some thoughts about how investors can avoid emotional pitfalls in these turbulent times. Marta is the chief investment officer for the Americas and Ryan the head of decision sciences at Morningstar Investment Management.
Episode 63

Daniel Needham, President and Global CIO, Morningstar Investment Management LLC, discusses how the US election picture and rising COVID-19 rates may affect the economic recovery in the U.S. Could investors be more bullish about the economy than what’s often portrayed in the media today?
Episode 62

Despite uncertainty around upcoming elections and the ongoing pandemic, we continue to find assets we believe can deliver attractive returns over the long term. In this episode, Philip Straehl, global head of research, investment management, and Edward Fane, portfolio manager and global lead for Americas fixed-income research, discuss the macro reward-for-risk picture and why we like certain asset classes.
Episode 60

Market gyrations, a weak economy, continuing trade wars, resurging COVID-19 cases, civil unrest, and one of the most contentious elections in recent history. Given these risks, how can advisors best help clients succeed? Ryan Murphy, head of decision sciences at Morningstar Investment Management, shares some thoughts about coaching clients to make better decisions. And Marta Norton, CIO for the Americas, connects risk and better decision-making with investment portfolios.
Episode 59

Growth-style stocks outpaced value-style stocks in the decade or so leading up to 2020. Then something interesting happened. Instead of reversing—as these trends typically do if given enough time—it accelerated. Growth stocks’ outperformance since late March has about doubled its outperformance since 2007. Philip Straehl, head of capital markets & asset allocation at Morningstar Investment Management LLC, analyzes drivers of this outperformance and discusses his outlook for value and growth over the next decade.
Episode 58

Elections are always big news, but this year's seem especially so. Setting the hype aside, we consider how the election might affect investors. Daniel Needham, president and global CIO, provides some historical context for election returns for investors, a snapshot of current probabilities of who might win, and some thoughts on how these outcomes may affect investors.
Episode 57

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.
Episode 56

Paul Arnold, portfolio manager of the ESG Asset Allocation series, discusses the growing interest in sustainable investing, as well as his approach to managing portfolios with the dual goal of seeking to do good without giving up returns. See Episode Notes below for a link to the slides mentioned in this episode, or email us at simple@morningstar.com
Episode 55

In this episode, Philip Straehl and Edward Fane share their views on aggregate reward for risk in markets today and discuss some of the asset class convictions that our investment team has developed over the past quarter. These convictions encompass our valuation-driven perspective on reward for risk at the asset class level and are used by our portfolio managers when allocating capital and sizing positions in their portfolios. Philip is head of capital markets & asset allocation for the Americas, and Ed is a portfolio manager and the global lead for Americas fixed-income research at Morningstar Investment Management.
Episode 54

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.
Episode 52

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.
Episode 50

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.
Episode 49

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." 
Episode 47

Daniel Needham puts the past decade of performance of the U.S. and ex-U.S. stock markets into a long-term context. Then Philip Straehl shares his views on why dominant U.S. stock performance is far from guaranteed. Daniel is president & global CIO of Morningstar Investment Management LLC, and Philip is head of capital markets & asset allocation. See Episode Notes below for a link to the slides Daniel and Philip discuss.
Episode 45

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.
Episode 42

To give some greater understanding around how we’ve positioned portfolios today and why, we talked to a three of our leaders at Morningstar Investment Management during a recent webcast. Daniel Needham, president & global CIO; Dan McNeela, senior portfolio manager for our Mutual Fund Asset Allocation portfolios; and Michael Corty, head of US equity strategies, speak at times to charts, and we’ve included a link to those charts below in Episode Notes.
Episode 41

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.
Episode 40

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.
Episode 37

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.
Episode 36

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.
Episode 35

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.
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, where he also leads the investment team's book club.
Episode 33

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.
Episode 32

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.
Episode 31

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.
Episode 30

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?
Episode 27

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.
Episode 26

Play along with our markets quiz, complete with drum roll special effects before we reveal correct answers! Senior portfolio manager Dan McNeela joins host Drew Carter for this special episode. We discuss some perhaps surprising market return figures, and Dan offers some insights into how to interpret market data.
Episode 24

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.
Episode 22

How should a portfolio to seek to deliver income to an investor? By maximizing dividend yield? Total return? Or perhaps through an endowment model that tries to keep capital from drawing down? Our guests today, who manage three very different income strategies, agree that a balanced approach is key to a robust income strategy. This episode continues our series of panel discussions from a recent event we sponsored in Chicago. This discussion focuses on delivering income in a low-yield market environment, and our panel of portfolio managers addresses the importance of global exposure and downside protection in their strategies. Leading today’s discussion is Michelle Ward, portfolio manager at Morningstar Investment Management. She's joined by George Metrou, equity portfolio manager, and Hong Cheng, associate portfolio manager, both of Morningstar Investment Management, and Rahul Sharma, portfolio manager at Schafer Cullen Capital Management, Inc.
Episode 21

Three portfolio managers at Morningstar Investment Management gathered at a symposium we hosted in Chicago on Oct. 22, 2019, to discuss their best ideas in equities. This episode gives our listeners access to that panel discussion, featuring Matt Coffina, who manages the Hare strategy, John Owens of the All-Cap and Small/Mid-Cap Equity strategies, and Dan McNeela, an equity specialist on the multi-asset team. The PMs share nuanced views on tech stocks, reiterate our thoughts on buying stocks in their initial public offerings, and discuss opportunities in international markets.
Episode 20

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.
Episode 19

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.
Episode 18

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.
Episode 17

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.
Episode 16

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?
Episode 15

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.
Episode 14

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.
Episode 13

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.
Episode 12

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.
Episode 11

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.
Episode 10

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.
Episode 9

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.
Episode 8

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.
Episode 7

A chart of oil prices in the past year looks a lot like a roller coaster. And the stock prices of oil companies tend to follow oil prices higher or lower. Today's episode will discuss an energy investment that’s different in many ways from the oil companies that are household names because of their corresponding gas stations—firms like Exxon Mobil and Chevron. We'll focus on energy infrastructure and MLPs, or master limited partnerships, and how they're used in some of our portfolios. Joining Host Drew Carter is joined by George Metrou, Portfolio Manager for the Dividend Select Equity strategy here in the US, and Dan McNeela, who is co-head of our target risk strategies in the U.S. Recording date: June 24, 2019
Episode 6

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? Host Drew Carter is joined by Dan Kemp, chief investment officer for EMEA at Morningstar Investment Management. In this episode, Drew and Dan will discuss who is susceptible to behavioral biases and Annie Duke's book, 'Thinking in Bets.'
Episode 5

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.
Episode 4

Host Drew Carter discusses recent Treasury yield moves with Edward Fane, portfolio manager and head of U.S. fixed-income research at Morningstar Investment Management. They also discuss a scenario analysis Ed did that led to some portfolio implications that might be surprising, coming from a valuation-driven investor--further evidence that investing can be simple, but not easy.
Episode 3

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
Episode 1

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