10 Questions Managers Who Actively Enrich Shareholders When Morningstar’s Christine Benz announced the 2007 Fund Managers of the Year, she said that the tumultuous year provided active managers ample opportunity to distinguish themselves from the pack. Many did not, of course, but the subjects of this issue’s 10 Questions certainly did—and not just last year; they have made a name for themselves over the long haul, too. Fidelity’s Will Danoff and Bill Gross of PIMCO were rewarded for their efforts by being named domestic-stock and fixed-income, respectively, managers of the year. James Moffett of UMB was named runner-up for international stock. Another thing these managers have in common is that they just don’t put up good total return numbers; they actually enrich their shareholders. “Their terrific Morningstar Investor Returns demonstrate that their shareholders have actually pocketed the lion’s share of their published total returns,” Benz says. These returns “attest to their ability to steer steady ships that have kept shareholders aboard in all types of weather.” We conducted these interviews in February. What’s the secret to your success? Any sage advice for advisors and clients out there who might be spooked by current economic events? What investing opportunities are you finding amid all this market turmoil? What keeps you up at night? What’s the first investment you ever made? If you weren’t managing funds, you’d be making a living doing what? What living person would you most like to meet? What are you currently reading? What word best describes the state of the U.S. economy? The investing story of 2008 will be? 12 Morningstar Advisor Spring 2008