Morningstar Advisor - Spring 2007 - 12

Gray Matters The ongoing movement of workers from professionally managed plans to personal savings vehicles requires them to make their own decisions about how to allocate retirement savings and what products they should use to generate income in retirement. This shift naturally creates a huge demand for investment advice from the financialplanning communities. To assist financial advisors in providing theoretical foundation and practical solutions for developing investment advice to individual investors throughout their investing lifecycles—from the accumulation stage to retirement—our research project attempted to create a framework that: 1 Analyzes the asset-allocation decisions of individual investors while taking into consideration the following human capital characteristics: the size of human capital, its volatility, and its correlation with other assets. 2 Jointly analyzes the decision of how much life insurance a family should have to protect against the loss of its breadwinner and how the family should allocate its financial resources between risk-free and risky assets, vis-à-vis the dynamics of labor income and human capital. Is Your Client a Stock or a Bond? To build better portfolios, advisors need to measure a client’s human capital. by Peng Chen 3 Analyzes the transition from the saving phase to the spending phase of retirement planning, within the context of a lifecycle model that emphasizes the role of payout annuities and longevity insurance. Here, we summarize our findings on the first topic—the role of an investor’s human capital while making portfolio recommendations. The risk investors can afford not only depends on their attitude toward risk, but also their total financial situation, including the types and sources of income exclusive of investment income. The earning ability outside the investments is also important in determining the 12 Morningstar Advisor Spring 2007

Morningstar Advisor - Spring 2007

Table of Contents for the Digital Edition of Morningstar Advisor - Spring 2007

Morningstar Advisor Spring 2007
Features
Departments
Letter from Joe Mansueto
Get to Know Morningstar’s Fund Managers of the Year
Is Your Client a Stock or a Bond?
Less Alpha, More Beta Than Meets the Eye
Your Mileage May Vary
A Clear-Eyed Look at Hedge Funds
Lower Risk, Higher Returns, What’s Not to Like?
Without Cash and Clout, Advisors and Clients Get Short End of Stick
Get the Strategy Minus the Headaches
Analyzing Funds of Hedge Funds
Not All Hedge Funds Are Created Equal
A Fund with a (Long) View
Laying Low and Prospering
A Menu of Ideas to Fill Five Market Baskets
Oil and Gas Gushing with Values
Mutual Fund Analyst Picks
Undervalued Stocks
Most Popular Variable Annuities
What’s New at Morningstar and on the Web
You Can’t Always Get What You Want
Morningstar Advisor - Spring 2007 - Cover 1
Morningstar Advisor - Spring 2007 - Cover2
Morningstar Advisor - Spring 2007 - Features
Morningstar Advisor - Spring 2007 - Departments
Morningstar Advisor - Spring 2007 - 3
Morningstar Advisor - Spring 2007 - 4
Morningstar Advisor - Spring 2007 - Letter from Joe Mansueto
Morningstar Advisor - Spring 2007 - 6
Morningstar Advisor - Spring 2007 - 7
Morningstar Advisor - Spring 2007 - Get to Know Morningstar’s Fund Managers of the Year
Morningstar Advisor - Spring 2007 - 9
Morningstar Advisor - Spring 2007 - 10
Morningstar Advisor - Spring 2007 - 11
Morningstar Advisor - Spring 2007 - Is Your Client a Stock or a Bond?
Morningstar Advisor - Spring 2007 - 13
Morningstar Advisor - Spring 2007 - 14
Morningstar Advisor - Spring 2007 - 15
Morningstar Advisor - Spring 2007 - Less Alpha, More Beta Than Meets the Eye
Morningstar Advisor - Spring 2007 - 17
Morningstar Advisor - Spring 2007 - Your Mileage May Vary
Morningstar Advisor - Spring 2007 - 19
Morningstar Advisor - Spring 2007 - A Clear-Eyed Look at Hedge Funds
Morningstar Advisor - Spring 2007 - 21
Morningstar Advisor - Spring 2007 - Lower Risk, Higher Returns, What’s Not to Like?
Morningstar Advisor - Spring 2007 - 23
Morningstar Advisor - Spring 2007 - Without Cash and Clout, Advisors and Clients Get Short End of Stick
Morningstar Advisor - Spring 2007 - 25
Morningstar Advisor - Spring 2007 - 26
Morningstar Advisor - Spring 2007 - 27
Morningstar Advisor - Spring 2007 - Get the Strategy Minus the Headaches
Morningstar Advisor - Spring 2007 - 29
Morningstar Advisor - Spring 2007 - 30
Morningstar Advisor - Spring 2007 - 31
Morningstar Advisor - Spring 2007 - 32
Morningstar Advisor - Spring 2007 - Analyzing Funds of Hedge Funds
Morningstar Advisor - Spring 2007 - 34
Morningstar Advisor - Spring 2007 - 35
Morningstar Advisor - Spring 2007 - 36
Morningstar Advisor - Spring 2007 - 37
Morningstar Advisor - Spring 2007 - Not All Hedge Funds Are Created Equal
Morningstar Advisor - Spring 2007 - 39
Morningstar Advisor - Spring 2007 - 40
Morningstar Advisor - Spring 2007 - A Fund with a (Long) View
Morningstar Advisor - Spring 2007 - 42
Morningstar Advisor - Spring 2007 - 43
Morningstar Advisor - Spring 2007 - 44
Morningstar Advisor - Spring 2007 - 45
Morningstar Advisor - Spring 2007 - Laying Low and Prospering
Morningstar Advisor - Spring 2007 - 47
Morningstar Advisor - Spring 2007 - 48
Morningstar Advisor - Spring 2007 - 49
Morningstar Advisor - Spring 2007 - A Menu of Ideas to Fill Five Market Baskets
Morningstar Advisor - Spring 2007 - 51
Morningstar Advisor - Spring 2007 - 52
Morningstar Advisor - Spring 2007 - 53
Morningstar Advisor - Spring 2007 - 54
Morningstar Advisor - Spring 2007 - 55
Morningstar Advisor - Spring 2007 - 56
Morningstar Advisor - Spring 2007 - Oil and Gas Gushing with Values
Morningstar Advisor - Spring 2007 - 58
Morningstar Advisor - Spring 2007 - 59
Morningstar Advisor - Spring 2007 - 60
Morningstar Advisor - Spring 2007 - 61
Morningstar Advisor - Spring 2007 - Mutual Fund Analyst Picks
Morningstar Advisor - Spring 2007 - 63
Morningstar Advisor - Spring 2007 - 64
Morningstar Advisor - Spring 2007 - 65
Morningstar Advisor - Spring 2007 - Undervalued Stocks
Morningstar Advisor - Spring 2007 - 67
Morningstar Advisor - Spring 2007 - Most Popular Variable Annuities
Morningstar Advisor - Spring 2007 - 69
Morningstar Advisor - Spring 2007 - What’s New at Morningstar and on the Web
Morningstar Advisor - Spring 2007 - 71
Morningstar Advisor - Spring 2007 - 72
Morningstar Advisor - Spring 2007 - 73
Morningstar Advisor - Spring 2007 - 74
Morningstar Advisor - Spring 2007 - 75
Morningstar Advisor - Spring 2007 - You Can’t Always Get What You Want
Morningstar Advisor - Spring 2007 - Cover3
Morningstar Advisor - Spring 2007 - Cover4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2024q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2024q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2023q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2022q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2021q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019winter
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019fall
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019summer
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019spring
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20191201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20141011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20141201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120405
https://www.nxtbook.com/nxtbooks/morningstar/investorconference2012
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20091011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008catalog
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008winter
https://www.nxtbookmedia.com