Morningstar Advisor - June/July 2009 - 8

Contributors Bill Bergman interests, with poor consequences for investors and the economy as a whole,” Bergman says. “As we’ve seen in the financial crisis, regulatory policy has a direct effect on investing returns.” Ilana Polyak I’m bothered by the fact that many of these funds remain pricey.” Roger G. Ibbotson Gluekit For years, senior stock analyst Bill Bergman, who moderates the Morningstar Conversation (“How the Fed Contributes to Crises,” page 40), has followed the work of the participants: Ed Kane, Walker Todd, and Martin Mayer. Bergman has long been interested in the regulatory aspects of financial market performance, and he recalls “getting really fired up” when the savings-and-loan crisis hit 20 years ago. “I was in grad school at the time, and that was the first time I learned who Ed Kane was. He wrote a book or two about the savings-and-loan crisis, one of which (The Gathering Crisis in Federal Deposit Insurance, MIT, 1985) was an eloquent warning before we really knew what hit us,” Bergman says. After graduate school, Bergman worked for the Federal Reserve Bank of Chicago for 13 years and continued to follow Kane. “Ed has done a lot of good work on governance and ethics in regulatory institutions.” Bergman met Todd in 2004. “Walker has a great grasp of history,” Bergman says. “He’d been an attorney with the Federal Reserve Bank of New York and the Federal Reserve Bank of Cleveland, and had a Waterloo or two within the Fed.” Through Todd, Bergman met Mayer. “The four of us share a concern that public policy in financial markets can be corrupted by special Ilana Polyak is a regular contributor who writes about personal finance and investing from her home in New York City, where she lives with her husband and a pit bull mix named Lola. Polyak has done a variety of writing for Morningstar Advisor, including several Advisor Profiles. Her contribution this issue is an Undiscovered Manager profile, “Appleseed Adds Value to SRI Formula” (page 52). Before full-time freelancing, she worked at Money, TheStreet.com, and InvestmentNews, where she covered mutual funds. Working under the name Gluekit from their studio in Connecticut, Christopher and Kathleen Sleboda got the call to illustrate this issue. The newlyweds, both graduates of Yale University, first joined forces in 2005 and have since illustrated articles for Newsweek, Rolling Stone, The New York Times, Esquire, BusinessWeek, and Wired, among others. “We work closely together throughout the entire illustration process, and particularly appreciate having dual perspectives when brainstorming,” Christopher Sleboda says. “Two heads are better than one for us--we really love being able to bounce ideas off each other.” Conceptual illustrations like the ones Gluekit created for Morningstar often require the team to wrap their minds around unfamiliar ideas, so they put in some research early on to help with the task. “We like to seize on a particular visual seed idea--something colorful or graphic that pulls us in--and then explore from there,” Kathleen Sleboda adds. “We like simplifying complex ideas and pulling literal and playful interpretations into the mix.” William Samuel Rocco Senior mutual fund analyst William Samuel Rocco contributes a primer on the SRI landscape, “Navigating the SRI Patchwork” (page 30). Rocco likes the fact that socially responsible investing allows individuals to align their investments with their secular philosophies or religious values. He’s also pleased that the universe of SRI funds has expanded considerably over the years. “That said, I recognize that it’s still challenging to build good all-SRI portfolios,” he says. “And Roger Ibbotson, Ph.D., is founder of Ibbotson Associates and a professor of finance at the Yale School of Management. Morningstar acquired Ibbotson Associates in March 2006, and Ibbotson now acts in a management advisory role for Morningstar. He is co-author of the annual Stocks, Bonds, Bills, and Inflation, the standard reference for information on investment-market returns. Ibbotson is also co-author of Global Investing: The Professional’s Guide to Global Markets with Gary Brinson (McGraw Hill, 1992). Ibbotson is a partner of Zebra Capital Management, which manages equity long/short hedge funds. In addition, he has directly managed bond portfolios, traded equity securities, and managed asset-allocation accounts. He serves on many boards, including Dimensional Fund Advisors. He has received numerous awards, including the Review of Financial Studies Award (best paper in 1992), Graham and Dodd Scrolls in 1980, 1982, 1985, 2001, 2003, and 2006, and the AIMR James R. Vertin Award (2001). Ibbotson co-writes “The Liquidity Premium” (page 23) in this issue’s Gray Matters section, with Zhiwu Chen. 8 Morningstar Advisor June/July 2009
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Morningstar Advisor - June/July 2009

Table of Contents for the Digital Edition of Morningstar Advisor - June/July 2009

Morningstar Advisr - June/July 2009
Contents
New on MorningstarAdvisor.com
Letter from the Editor
Contributors
Is SRI a Relevant Investment Strategy?
A Head for Numbers
Building a Business on SRI
Investment Briefs
The Liquidity Premium
Navigating the SRI Patchwork
Profit and Progress
How the Fed Contributes to Crises
Holding Steady
Appleseed Adds Value to SRI Formula
Four Picks for the Present
Long-Term Investors Can Find Value among Industrials
Higher Yields, Hold the Risk
Bargains in U.S. Industrials
Mutual Fund Analyst Picks
50 Most Popular Equity ETFs
Undervalued Stocks
Most Popular Variable Annuities
New at Morningstar
Talkin’ ‘bout a Revolution
Morningstar Advisor - June/July 2009 - 47
Morningstar Advisor - June/July 2009 - Morningstar Advisr - June/July 2009
Morningstar Advisor - June/July 2009 - Cover2
Morningstar Advisor - June/July 2009 - Contents
Morningstar Advisor - June/July 2009 - 2
Morningstar Advisor - June/July 2009 - 3
Morningstar Advisor - June/July 2009 - New on MorningstarAdvisor.com
Morningstar Advisor - June/July 2009 - 5
Morningstar Advisor - June/July 2009 - 6
Morningstar Advisor - June/July 2009 - Letter from the Editor
Morningstar Advisor - June/July 2009 - Contributors
Morningstar Advisor - June/July 2009 - 9
Morningstar Advisor - June/July 2009 - Is SRI a Relevant Investment Strategy?
Morningstar Advisor - June/July 2009 - 11
Morningstar Advisor - June/July 2009 - A Head for Numbers
Morningstar Advisor - June/July 2009 - 13
Morningstar Advisor - June/July 2009 - 14
Morningstar Advisor - June/July 2009 - Building a Business on SRI
Morningstar Advisor - June/July 2009 - 16
Morningstar Advisor - June/July 2009 - 17
Morningstar Advisor - June/July 2009 - Investment Briefs
Morningstar Advisor - June/July 2009 - 19
Morningstar Advisor - June/July 2009 - 20
Morningstar Advisor - June/July 2009 - 21
Morningstar Advisor - June/July 2009 - 22
Morningstar Advisor - June/July 2009 - The Liquidity Premium
Morningstar Advisor - June/July 2009 - 24
Morningstar Advisor - June/July 2009 - 25
Morningstar Advisor - June/July 2009 - 26
Morningstar Advisor - June/July 2009 - 27
Morningstar Advisor - June/July 2009 - 28
Morningstar Advisor - June/July 2009 - 29
Morningstar Advisor - June/July 2009 - Navigating the SRI Patchwork
Morningstar Advisor - June/July 2009 - 31
Morningstar Advisor - June/July 2009 - 32
Morningstar Advisor - June/July 2009 - 33
Morningstar Advisor - June/July 2009 - 34
Morningstar Advisor - June/July 2009 - Profit and Progress
Morningstar Advisor - June/July 2009 - 36
Morningstar Advisor - June/July 2009 - 37
Morningstar Advisor - June/July 2009 - 38
Morningstar Advisor - June/July 2009 - 39
Morningstar Advisor - June/July 2009 - How the Fed Contributes to Crises
Morningstar Advisor - June/July 2009 - 41
Morningstar Advisor - June/July 2009 - 42
Morningstar Advisor - June/July 2009 - 43
Morningstar Advisor - June/July 2009 - 44
Morningstar Advisor - June/July 2009 - 45
Morningstar Advisor - June/July 2009 - 46
Morningstar Advisor - June/July 2009 - 47
Morningstar Advisor - June/July 2009 - Holding Steady
Morningstar Advisor - June/July 2009 - 49
Morningstar Advisor - June/July 2009 - 50
Morningstar Advisor - June/July 2009 - 51
Morningstar Advisor - June/July 2009 - Appleseed Adds Value to SRI Formula
Morningstar Advisor - June/July 2009 - 53
Morningstar Advisor - June/July 2009 - 54
Morningstar Advisor - June/July 2009 - 55
Morningstar Advisor - June/July 2009 - Four Picks for the Present
Morningstar Advisor - June/July 2009 - 57
Morningstar Advisor - June/July 2009 - Long-Term Investors Can Find Value among Industrials
Morningstar Advisor - June/July 2009 - 59
Morningstar Advisor - June/July 2009 - 60
Morningstar Advisor - June/July 2009 - 61
Morningstar Advisor - June/July 2009 - Higher Yields, Hold the Risk
Morningstar Advisor - June/July 2009 - 63
Morningstar Advisor - June/July 2009 - Bargains in U.S. Industrials
Morningstar Advisor - June/July 2009 - 65
Morningstar Advisor - June/July 2009 - Mutual Fund Analyst Picks
Morningstar Advisor - June/July 2009 - 67
Morningstar Advisor - June/July 2009 - 68
Morningstar Advisor - June/July 2009 - 69
Morningstar Advisor - June/July 2009 - 50 Most Popular Equity ETFs
Morningstar Advisor - June/July 2009 - 71
Morningstar Advisor - June/July 2009 - Undervalued Stocks
Morningstar Advisor - June/July 2009 - 73
Morningstar Advisor - June/July 2009 - 74
Morningstar Advisor - June/July 2009 - 75
Morningstar Advisor - June/July 2009 - Most Popular Variable Annuities
Morningstar Advisor - June/July 2009 - 77
Morningstar Advisor - June/July 2009 - 78
Morningstar Advisor - June/July 2009 - New at Morningstar
Morningstar Advisor - June/July 2009 - Talkin’ ‘bout a Revolution
Morningstar Advisor - June/July 2009 - Cover3
Morningstar Advisor - June/July 2009 - Cover4
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