Morningstar Magazine - June/July 2018 - 3

June/July 2018
6
7

Dispatches

Contributors
Letter From the Editor
Letter From the Board

8

Contrarian Investing
Phillips Curve

10	

The	Rise	of	Non-Investment	Advisors
Ivory Towers

13

Why Buy Annuities?

16

Invest in HAL?

The Old Squirrel
Policy
19	

The	Future	of	Clean	Shares

23	

Do	Investors	Really	Pay	Attention	to	Fees?

27

Americas
Greater	Europe
Australia	&	New	Zealand
Asia

Behavioral Insights
Global Briefs
38	
46	
46

Spotlight

Of Models and Management
Advisors outsource investment management
	 to	focus	on	financial	planning.

51

	

53	
58	
62	

Target-Date	Investors	Choose	Cheap	and	Passive
Beyond	the	Glide	Path:	The	Drivers	of	Target-Date	Fund	Returns
Sizing	Up	Multi-Asset	Portfolios

3



Table of Contents for the Digital Edition of Morningstar Magazine - June/July 2018

Contents
Morningstar Magazine - June/July 2018 - Cover1
Morningstar Magazine - June/July 2018 - Cover2
Morningstar Magazine - June/July 2018 - 1
Morningstar Magazine - June/July 2018 - 2
Morningstar Magazine - June/July 2018 - Contents
Morningstar Magazine - June/July 2018 - 4
Morningstar Magazine - June/July 2018 - 5
Morningstar Magazine - June/July 2018 - 6
Morningstar Magazine - June/July 2018 - 7
Morningstar Magazine - June/July 2018 - 8
Morningstar Magazine - June/July 2018 - 9
Morningstar Magazine - June/July 2018 - 10
Morningstar Magazine - June/July 2018 - 11
Morningstar Magazine - June/July 2018 - 12
Morningstar Magazine - June/July 2018 - 13
Morningstar Magazine - June/July 2018 - 14
Morningstar Magazine - June/July 2018 - 15
Morningstar Magazine - June/July 2018 - 16
Morningstar Magazine - June/July 2018 - 17
Morningstar Magazine - June/July 2018 - 18
Morningstar Magazine - June/July 2018 - 19
Morningstar Magazine - June/July 2018 - 20
Morningstar Magazine - June/July 2018 - 21
Morningstar Magazine - June/July 2018 - 22
Morningstar Magazine - June/July 2018 - 23
Morningstar Magazine - June/July 2018 - 24
Morningstar Magazine - June/July 2018 - 25
Morningstar Magazine - June/July 2018 - 26
Morningstar Magazine - June/July 2018 - 27
Morningstar Magazine - June/July 2018 - 28
Morningstar Magazine - June/July 2018 - 29
Morningstar Magazine - June/July 2018 - 30
Morningstar Magazine - June/July 2018 - 31
Morningstar Magazine - June/July 2018 - 32
Morningstar Magazine - June/July 2018 - 33
Morningstar Magazine - June/July 2018 - 34
Morningstar Magazine - June/July 2018 - 35
Morningstar Magazine - June/July 2018 - 36
Morningstar Magazine - June/July 2018 - 37
Morningstar Magazine - June/July 2018 - 38
Morningstar Magazine - June/July 2018 - 39
Morningstar Magazine - June/July 2018 - 40
Morningstar Magazine - June/July 2018 - 41
Morningstar Magazine - June/July 2018 - 42
Morningstar Magazine - June/July 2018 - 43
Morningstar Magazine - June/July 2018 - 44
Morningstar Magazine - June/July 2018 - 45
Morningstar Magazine - June/July 2018 - 46
Morningstar Magazine - June/July 2018 - 47
Morningstar Magazine - June/July 2018 - 48
Morningstar Magazine - June/July 2018 - 49
Morningstar Magazine - June/July 2018 - 50
Morningstar Magazine - June/July 2018 - 51
Morningstar Magazine - June/July 2018 - 52
Morningstar Magazine - June/July 2018 - 53
Morningstar Magazine - June/July 2018 - 54
Morningstar Magazine - June/July 2018 - 55
Morningstar Magazine - June/July 2018 - 56
Morningstar Magazine - June/July 2018 - 57
Morningstar Magazine - June/July 2018 - 58
Morningstar Magazine - June/July 2018 - 59
Morningstar Magazine - June/July 2018 - 60
Morningstar Magazine - June/July 2018 - 61
Morningstar Magazine - June/July 2018 - 62
Morningstar Magazine - June/July 2018 - 63
Morningstar Magazine - June/July 2018 - 64
Morningstar Magazine - June/July 2018 - 65
Morningstar Magazine - June/July 2018 - 66
Morningstar Magazine - June/July 2018 - 67
Morningstar Magazine - June/July 2018 - 68
Morningstar Magazine - June/July 2018 - 69
Morningstar Magazine - June/July 2018 - 70
Morningstar Magazine - June/July 2018 - 71
Morningstar Magazine - June/July 2018 - 72
Morningstar Magazine - June/July 2018 - 73
Morningstar Magazine - June/July 2018 - 74
Morningstar Magazine - June/July 2018 - 75
Morningstar Magazine - June/July 2018 - 76
Morningstar Magazine - June/July 2018 - 77
Morningstar Magazine - June/July 2018 - 78
Morningstar Magazine - June/July 2018 - 79
Morningstar Magazine - June/July 2018 - 80
Morningstar Magazine - June/July 2018 - 81
Morningstar Magazine - June/July 2018 - 82
Morningstar Magazine - June/July 2018 - 83
Morningstar Magazine - June/July 2018 - 84
Morningstar Magazine - June/July 2018 - 85
Morningstar Magazine - June/July 2018 - 86
Morningstar Magazine - June/July 2018 - 87
Morningstar Magazine - June/July 2018 - 88
Morningstar Magazine - June/July 2018 - 89
Morningstar Magazine - June/July 2018 - 90
Morningstar Magazine - June/July 2018 - 91
Morningstar Magazine - June/July 2018 - 92
Morningstar Magazine - June/July 2018 - 93
Morningstar Magazine - June/July 2018 - 94
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Morningstar Magazine - June/July 2018 - 111
Morningstar Magazine - June/July 2018 - 112
Morningstar Magazine - June/July 2018 - Cover3
Morningstar Magazine - June/July 2018 - Cover4
Morningstar Magazine - June/July 2018 - Cover1I
Morningstar Magazine - June/July 2018 - Cover2I
Morningstar Magazine - June/July 2018 - I3
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Morningstar Magazine - June/July 2018 - I31
Morningstar Magazine - June/July 2018 - Cover4I
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