Morningstar Advisor - Fall 2008 - (Page 15) Charles Lahr Mutual Financial Services TFSIX David Ellison FBR Small Cap Financial FBRSX FBR Large Cap Financial FBRFX Seeing how the subprime problem could expand into a global macroeconomic issue. you don’t have time to react It’s happened really quickly, and —there’s no time to be thoughtful about what you’re doing. Things can change quickly, but your investment philosophy shouldn’t. Managers don’t always tell you the truth. But I’ve been learning that lesson for 25 years, so that’s a lesson relearned. The Fed is dealing with the fallout of prior Fed decisions, so policy is a very blunt tool, but ultimately the Fed’s actions should pay off. Its global nature. Opportunities and pitfalls abound everywhere. I wouldn’t give them a thumbs down. Monetary I think the jury’s out on that still. The liability side or the funding of the assets. The problems we’ve had have been not necessarily because assets have gone down, but because the funding went away. what you might hear, the mortgage market isn’t disappearing and these local players will be capitalizing on the difficulties of larger, weaker lenders. Lancashire Holdings. What I talked about in number five. Overcapitalized U.S. thrifts. Despite Those that are funded by insured deposits. Participating in the AIG AIG capital raising; it was too early. This year. Middletown (N.Y.) Savings Bank. If you’re getting bailed out, it’s Carly Simon’s “You’re So Vain,” but if Guaranty Bank & Trust, Cedar Rapids, Iowa. “Things Can Only Get Better”—Howard Jones. Ernest Shackleton. Galileo. you’re like me, it’s Warren Zevon’s “Lawyers, Guns and Money.” It’s all about having conviction, doing it the right way, and backing up your facts. MorningstarAdvisor.com 15 http://www.MorningstarAdvisor.com
Table of Contents Feed for the Digital Edition of Morningstar Advisor - Fall 2008 Morningstar Advisor - Fall 2008 Contents New on MorningstarAdvisor.com Letter from the Editor Contributors Inbox Are You Preparing for Higher Taxes? State of Financials Oracles of Alabama Investment Briefs Managers’ Investment Secrets Revealed Conformity Becomes a Growing Concern at American Gimme Shelter Location, Location, Location Rooted in Buffett, Going for Growth Keeping Little Company Away from the Numbers Consumer Confidence What about Natural Gas? TIPS to Beat Back Inflation Investing in Hidden Assets Funds That Have an Edge Come Tax Time Mutual Fund Analyst Picks 50 Most Popular Equity ETFs Undervalued Stocks Most Popular Variable Annuities New at Morningstar One for You, 19 for Me Morningstar Advisor - Fall 2008 Morningstar Advisor - Fall 2008 - Morningstar Advisor - Fall 2008 (Page Cover1) Morningstar Advisor - Fall 2008 - Morningstar Advisor - Fall 2008 (Page Cover2) Morningstar Advisor - Fall 2008 - Morningstar Advisor - Fall 2008 (Page 1) Morningstar Advisor - Fall 2008 - Morningstar Advisor - Fall 2008 (Page 2) Morningstar Advisor - Fall 2008 - Contents (Page 3) Morningstar Advisor - Fall 2008 - Contents (Page 4) Morningstar Advisor - Fall 2008 - Contents (Page 5) Morningstar Advisor - Fall 2008 - New on MorningstarAdvisor.com (Page 6) Morningstar Advisor - Fall 2008 - New on MorningstarAdvisor.com (Page 7) Morningstar Advisor - Fall 2008 - New on MorningstarAdvisor.com (Page 8) Morningstar Advisor - Fall 2008 - Letter from the Editor (Page 9) Morningstar Advisor - Fall 2008 - Contributors (Page 10) Morningstar Advisor - Fall 2008 - Inbox (Page 11) Morningstar Advisor - Fall 2008 - Are You Preparing for Higher Taxes? (Page 12) Morningstar Advisor - Fall 2008 - Are You Preparing for Higher Taxes? (Page 13) Morningstar Advisor - Fall 2008 - State of Financials (Page 14) Morningstar Advisor - Fall 2008 - State of Financials (Page 15) Morningstar Advisor - Fall 2008 - State of Financials (Page 16) Morningstar Advisor - Fall 2008 - Oracles of Alabama (Page 17) Morningstar Advisor - Fall 2008 - Oracles of Alabama (Page 18) Morningstar Advisor - Fall 2008 - Oracles of Alabama (Page 19) Morningstar Advisor - Fall 2008 - Oracles of Alabama (Page 20) Morningstar Advisor - Fall 2008 - Investment Briefs (Page 21) Morningstar Advisor - Fall 2008 - Investment Briefs (Page 22) Morningstar Advisor - Fall 2008 - Investment Briefs (Page 23) Morningstar Advisor - Fall 2008 - Investment Briefs (Page 24) Morningstar Advisor - Fall 2008 - Investment Briefs (Page 25) Morningstar Advisor - Fall 2008 - Managers’ Investment Secrets Revealed (Page 26) Morningstar Advisor - Fall 2008 - Managers’ Investment Secrets Revealed (Page 27) Morningstar Advisor - Fall 2008 - Managers’ Investment Secrets Revealed (Page 28) Morningstar Advisor - Fall 2008 - Managers’ Investment Secrets Revealed (Page 29) Morningstar Advisor - Fall 2008 - Conformity Becomes a Growing Concern at American (Page 30) Morningstar Advisor - Fall 2008 - Conformity Becomes a Growing Concern at American (Page 31) Morningstar Advisor - Fall 2008 - Conformity Becomes a Growing Concern at American (Page 32) Morningstar Advisor - Fall 2008 - Conformity Becomes a Growing Concern at American (Page 33) Morningstar Advisor - Fall 2008 - Conformity Becomes a Growing Concern at American (Page 34) Morningstar Advisor - Fall 2008 - Conformity Becomes a Growing Concern at American (Page 35) Morningstar Advisor - Fall 2008 - Gimme Shelter (Page 36) Morningstar Advisor - Fall 2008 - Gimme Shelter (Page 37) Morningstar Advisor - Fall 2008 - Gimme Shelter (Page 38) Morningstar Advisor - Fall 2008 - Gimme Shelter (Page 39) Morningstar Advisor - Fall 2008 - Location, Location, Location (Page 40) Morningstar Advisor - Fall 2008 - Location, Location, Location (Page 41) Morningstar Advisor - Fall 2008 - Location, Location, Location (Page 42) Morningstar Advisor - Fall 2008 - Location, Location, Location (Page 43) Morningstar Advisor - Fall 2008 - Location, Location, Location (Page 44) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 45) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 46) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 47) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 48) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 49) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 50) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 51) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 52) Morningstar Advisor - Fall 2008 - Rooted in Buffett, Going for Growth (Page 53) Morningstar Advisor - Fall 2008 - Keeping Little Company (Page 54) Morningstar Advisor - Fall 2008 - Keeping Little Company (Page 55) Morningstar Advisor - Fall 2008 - Keeping Little Company (Page 56) Morningstar Advisor - Fall 2008 - Keeping Little Company (Page 57) Morningstar Advisor - Fall 2008 - Away from the Numbers (Page 58) Morningstar Advisor - Fall 2008 - Away from the Numbers (Page 59) Morningstar Advisor - Fall 2008 - Away from the Numbers (Page 60) Morningstar Advisor - Fall 2008 - Away from the Numbers (Page 61) Morningstar Advisor - Fall 2008 - Consumer Confidence (Page 62) Morningstar Advisor - Fall 2008 - Consumer Confidence (Page 63) Morningstar Advisor - Fall 2008 - Consumer Confidence (Page 64) Morningstar Advisor - Fall 2008 - Consumer Confidence (Page 65) Morningstar Advisor - Fall 2008 - Consumer Confidence (Page 66) Morningstar Advisor - Fall 2008 - Consumer Confidence (Page 67) Morningstar Advisor - Fall 2008 - Consumer Confidence (Page 68) Morningstar Advisor - Fall 2008 - What about Natural Gas? (Page 69) Morningstar Advisor - Fall 2008 - What about Natural Gas? (Page 70) Morningstar Advisor - Fall 2008 - What about Natural Gas? (Page 71) Morningstar Advisor - Fall 2008 - What about Natural Gas? (Page 72) Morningstar Advisor - Fall 2008 - TIPS to Beat Back Inflation (Page 73) Morningstar Advisor - Fall 2008 - TIPS to Beat Back Inflation (Page 74) Morningstar Advisor - Fall 2008 - TIPS to Beat Back Inflation (Page 75) Morningstar Advisor - Fall 2008 - Investing in Hidden Assets (Page 76) Morningstar Advisor - Fall 2008 - Investing in Hidden Assets (Page 77) Morningstar Advisor - Fall 2008 - Funds That Have an Edge Come Tax Time (Page 78) Morningstar Advisor - Fall 2008 - Funds That Have an Edge Come Tax Time (Page 79) Morningstar Advisor - Fall 2008 - Funds That Have an Edge Come Tax Time (Page 80) Morningstar Advisor - Fall 2008 - Funds That Have an Edge Come Tax Time (Page 81) Morningstar Advisor - Fall 2008 - Mutual Fund Analyst Picks (Page 82) Morningstar Advisor - Fall 2008 - Mutual Fund Analyst Picks (Page 83) Morningstar Advisor - Fall 2008 - Mutual Fund Analyst Picks (Page 84) Morningstar Advisor - Fall 2008 - Mutual Fund Analyst Picks (Page 85) Morningstar Advisor - Fall 2008 - 50 Most Popular Equity ETFs (Page 86) Morningstar Advisor - Fall 2008 - 50 Most Popular Equity ETFs (Page 87) Morningstar Advisor - Fall 2008 - Undervalued Stocks (Page 88) Morningstar Advisor - Fall 2008 - Undervalued Stocks (Page 89) Morningstar Advisor - Fall 2008 - Undervalued Stocks (Page 90) Morningstar Advisor - Fall 2008 - Undervalued Stocks (Page 91) Morningstar Advisor - Fall 2008 - Most Popular Variable Annuities (Page 92) Morningstar Advisor - Fall 2008 - Most Popular Variable Annuities (Page 93) Morningstar Advisor - Fall 2008 - Most Popular Variable Annuities (Page 94) Morningstar Advisor - Fall 2008 - New at Morningstar (Page 95) Morningstar Advisor - Fall 2008 - One for You, 19 for Me (Page 96) Morningstar Advisor - Fall 2008 - One for You, 19 for Me (Page Cover3) Morningstar Advisor - Fall 2008 - One for You, 19 for Me (Page Cover4)
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