Morningstar Advisor - Winter 2008 - 9

Inbox The magazine of investing insights for independent-minded advisors Fall 2007 Excellent articles. Two questions: Rather than by country of origin, can we see a mutual fund’s international statistics based on revenues? For example, if Coca-Cola has 70% overseas revenue and I have a mutual fund that’s 100% Coke, it would be a foreign fund, not a 100% domestic fund. Also, is there a way to break out returns from currency? Matthew Rapoport BNY Mellon Wealth Management , New York, NY to remind me that however difficult it may be to find them and stay with them when they are out of favor, terrific managers like these two give our clients as fair a chance at earning returns on our invested capital as can be found in the managed investment world. Dan McConlogue Eleven O’Clock Associates, LLC , Danbury, CT Morningstar Advisor Fall 2007 International Eveillard & Whitman Consumer Staples Editor’s note: Photographer Christopher Lane was happy to accommodate the request. Editor’s note: The answer to your first question The New Investing Geography The best companies in the world don’t constrain themselves to countries. Why should investors? Cover_7.indd 1 1/8/08 8:25:16 PM E-mail your feedback, ideas, and viewpoints to magazine_editor@morningstar.com is no, but we’ll pass along your requests to our development team. As for your second question, Coca-Cola and other companies with multinational operations state the impact of foreign currency in their 10-K in dollar terms, along with the percentage change of individual currencies they use around the world. It is complex, partly because a firm like Coca Cola operates in more than 60 currencies. I hold the most high respect for both of these managers, and I loved the article. Thank you. Bill Boatwright UBS Financial Services , Encino, CA Fund Analyst Picks Fall 2007 Issue: International Investing I prefer not to buy global funds since it complicates my decisions regarding foreign exposure. However, as markets are becoming more connected, I may have to rethink my attitude. For example, I like the American Funds Smallcap World SMCWX because it has the capability to look for small- and midcaps around the world, including U.S. markets. Kenneth Schlachter Bartlett & Co., Cincinnati, OH Eveillard and Whitman I enjoy your magazine and find many of your articles well written and germane to my business as an investment advisor. I really take issue with your Mutual Fund Analyst Picks list, however. Why do you insist on listing closed funds? Peter Traczyk Financial Planner, Oak Park, IL Editor’s note: We keep closed funds on the We use both kinds of managers—[those that roam and those that stick to one area]. The issue is to know which you prefer and know which strategy your manager provides. As long as the advisor assesses the risks of both strategies and understands their clients’ needs and tolerances, both strategies, delivered from different managers, is of value to clients. William Moore Deloitte & Touche Investment Advisors, Atlanta, GA Within the first month that I opened my door as an independent RIA 10 years ago, I bought Third Avenue Value TAVFX and First Eagle Global SGENX for my first client. “Class” is a term from my father’s generation, and whenever he uses that word, he smiles. When I think of Jean-Marie Eveillard and Marty Whitman, I, too, think of class, and yup, damned if I don’t smile as well. I would like to inquire as to how I could obtain a copy of the picture of the two of them on page 50 of the Fall 2007 issue. Yes, I know it may seem a little corny, but I plan on hanging that picture in my office to remind me that long-term value investing is why I got into this business—and list to avoid confusion. We don’t want shareholders of a closed fund to wonder if we have changed our opinion of it. We also want to them to know if the closed fund deserves their new money. That said, beginning with this issue, we will indicate in the table if a fund is closed to new investors. Sign Me Up I wish to congratulate you on Morningstar Advisor. You provide information I haven’t seen elsewhere, and I regularly read six or seven financial periodicals. I have sent in my free subscription card. Thanks! George Bates George E. Bates & Associates , Rockford, IL MorningstarAdvisor.com 9
http://MorningstarAdvisor.com

Morningstar Advisor - Winter 2008

Table of Contents for the Digital Edition of Morningstar Advisor - Winter 2008

Morningstar Advisor - Winter 2008
Contents
Letter from the Editor
Inbox
How Do You Use the Morningstar Style Box?
Real Estate Investing Goes Global
The Golden Touch
Investment Briefs
Learning to Fly with Equity Options
Another Block in Building a Portfolio
In a League of Their Own
Unlock the Box
Fashion Change
The View from the Investment Side
Unpredictable Style
Weighting the Fundamentals
Wire-to-Wire Consistency
The Secret's Out
Focus on Financials
Strongest Homebuilders Will Withstand the Wrecking Ball
Breaking Style Conventions
Playing It Safe with Financials
Back to Bond School
Mutual Fund Analyst Picks
Undervalued Stocks
Most Popular Variable Annuities
New at Morningstar
The Style Counsel
Morningstar Advisor - Winter 2008 - Intro
Morningstar Advisor - Winter 2008 - Morningstar Advisor - Winter 2008
Morningstar Advisor - Winter 2008 - Cover2
Morningstar Advisor - Winter 2008 - 1
Morningstar Advisor - Winter 2008 - 2
Morningstar Advisor - Winter 2008 - Contents
Morningstar Advisor - Winter 2008 - 4
Morningstar Advisor - Winter 2008 - 5
Morningstar Advisor - Winter 2008 - 6
Morningstar Advisor - Winter 2008 - Letter from the Editor
Morningstar Advisor - Winter 2008 - 8
Morningstar Advisor - Winter 2008 - Inbox
Morningstar Advisor - Winter 2008 - How Do You Use the Morningstar Style Box?
Morningstar Advisor - Winter 2008 - 11
Morningstar Advisor - Winter 2008 - Real Estate Investing Goes Global
Morningstar Advisor - Winter 2008 - 13
Morningstar Advisor - Winter 2008 - 14
Morningstar Advisor - Winter 2008 - The Golden Touch
Morningstar Advisor - Winter 2008 - 16
Morningstar Advisor - Winter 2008 - 17
Morningstar Advisor - Winter 2008 - Investment Briefs
Morningstar Advisor - Winter 2008 - 19
Morningstar Advisor - Winter 2008 - 20
Morningstar Advisor - Winter 2008 - 21
Morningstar Advisor - Winter 2008 - Learning to Fly with Equity Options
Morningstar Advisor - Winter 2008 - 23
Morningstar Advisor - Winter 2008 - 24
Morningstar Advisor - Winter 2008 - 25
Morningstar Advisor - Winter 2008 - Another Block in Building a Portfolio
Morningstar Advisor - Winter 2008 - 27
Morningstar Advisor - Winter 2008 - 28
Morningstar Advisor - Winter 2008 - 29
Morningstar Advisor - Winter 2008 - In a League of Their Own
Morningstar Advisor - Winter 2008 - 31
Morningstar Advisor - Winter 2008 - 32
Morningstar Advisor - Winter 2008 - 33
Morningstar Advisor - Winter 2008 - 34
Morningstar Advisor - Winter 2008 - 35
Morningstar Advisor - Winter 2008 - Unlock the Box
Morningstar Advisor - Winter 2008 - 37
Morningstar Advisor - Winter 2008 - 38
Morningstar Advisor - Winter 2008 - 39
Morningstar Advisor - Winter 2008 - Fashion Change
Morningstar Advisor - Winter 2008 - 41
Morningstar Advisor - Winter 2008 - 42
Morningstar Advisor - Winter 2008 - 43
Morningstar Advisor - Winter 2008 - The View from the Investment Side
Morningstar Advisor - Winter 2008 - 45
Morningstar Advisor - Winter 2008 - 46
Morningstar Advisor - Winter 2008 - 47
Morningstar Advisor - Winter 2008 - 48
Morningstar Advisor - Winter 2008 - 49
Morningstar Advisor - Winter 2008 - 50
Morningstar Advisor - Winter 2008 - 51
Morningstar Advisor - Winter 2008 - Unpredictable Style
Morningstar Advisor - Winter 2008 - 53
Morningstar Advisor - Winter 2008 - Weighting the Fundamentals
Morningstar Advisor - Winter 2008 - 55
Morningstar Advisor - Winter 2008 - 56
Morningstar Advisor - Winter 2008 - 57
Morningstar Advisor - Winter 2008 - 58
Morningstar Advisor - Winter 2008 - 59
Morningstar Advisor - Winter 2008 - 60
Morningstar Advisor - Winter 2008 - 61
Morningstar Advisor - Winter 2008 - Wire-to-Wire Consistency
Morningstar Advisor - Winter 2008 - 63
Morningstar Advisor - Winter 2008 - 64
Morningstar Advisor - Winter 2008 - 65
Morningstar Advisor - Winter 2008 - The Secret's Out
Morningstar Advisor - Winter 2008 - 67
Morningstar Advisor - Winter 2008 - 68
Morningstar Advisor - Winter 2008 - 69
Morningstar Advisor - Winter 2008 - Focus on Financials
Morningstar Advisor - Winter 2008 - 71
Morningstar Advisor - Winter 2008 - 72
Morningstar Advisor - Winter 2008 - 73
Morningstar Advisor - Winter 2008 - Strongest Homebuilders Will Withstand the Wrecking Ball
Morningstar Advisor - Winter 2008 - 75
Morningstar Advisor - Winter 2008 - Breaking Style Conventions
Morningstar Advisor - Winter 2008 - 77
Morningstar Advisor - Winter 2008 - Playing It Safe with Financials
Morningstar Advisor - Winter 2008 - 79
Morningstar Advisor - Winter 2008 - 80
Morningstar Advisor - Winter 2008 - Back to Bond School
Morningstar Advisor - Winter 2008 - 82
Morningstar Advisor - Winter 2008 - Mutual Fund Analyst Picks
Morningstar Advisor - Winter 2008 - 84
Morningstar Advisor - Winter 2008 - 85
Morningstar Advisor - Winter 2008 - 86
Morningstar Advisor - Winter 2008 - 87
Morningstar Advisor - Winter 2008 - Undervalued Stocks
Morningstar Advisor - Winter 2008 - 89
Morningstar Advisor - Winter 2008 - 90
Morningstar Advisor - Winter 2008 - 91
Morningstar Advisor - Winter 2008 - Most Popular Variable Annuities
Morningstar Advisor - Winter 2008 - 93
Morningstar Advisor - Winter 2008 - New at Morningstar
Morningstar Advisor - Winter 2008 - 95
Morningstar Advisor - Winter 2008 - The Style Counsel
Morningstar Advisor - Winter 2008 - Cover3
Morningstar Advisor - Winter 2008 - Cover4
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