Morningstar Advisor - April/May 2010 - 36

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The magazine of investing insights for independent-minded advisors Summer 2008

Spotlight Spotlight

Summer 2008

A 529 Travel A 529 Travel Guide Guide
Where to goto go to the the Where to find find best best plans, and plans, and the states where you’ll the states where you’ll find the worst. find the worst.

Best

Best

Year plan was on best list best list Year plan was on

Year plan was on worst list worst list Year plan was on

Alaska T.Alaska Price College Savings Plan† Plan† Rowe T. Rowe Price College Savings ColoradoColorado Scholars Choice College Scholars Choice College Savings Program* Savings Program* Illinois Bright Start College Savings Program Program Illinois Bright Start College Savings Kansas Learning Learning Quest Advisor* Kansas Quest Advisor* Maryland College Investment Plan† Plan† Maryland College Investment MichiganMichigan Education Program Program Education Savings Savings Nebraska College Savings Savings Nebraska College Nevada VanguardVanguard 529Savings Plan* Plan* Nevada 529 College College Savings South Dakota College Access 529 South Dakota College Access 529 Utah Educational Savings Savings Utah Educational Virginia CollegeAmerica* a Virginia CollegeAmerica* a Virginia Education Savings Trust b Trust b Virginia Education Savings
Worst Worst

Features

2006

2006

2004 2006 2006 2005 2004 2004 2004 2007 2006 2005 2004 2007 2006 2005 2004 2008 2007 2006 2005 2006 2005 2004 2007 2006 2008 2007 2005 2006 2005 2008 2007 2007 2006 2006 2005 2008 2007 2006 2007 2007 2008 2008 2006

2004 2005 2005 2004 2005 2004 2008 2008 2005

Spotlight: College Savings
32 Work Your Way Through College Planning The number of hurdles grows to reach such a simple goal: financing a college education. 36 Sizing Up the Options We inspect the more popular college-savings vehicles and tally their pluses and minuses. 38 Best and Worst 529 CollegeSavings Plans Across the nation, many states clean up their messes, while others continue to offer bad plans. 42 A 529 Travel Guide Where to go to find the best plans, and the states where you’ll find the worst. 45 10 Tax-Smart Tips for College-Savings Planning Section 529 savings accounts need to be handled with care; otherwise, their tax benefits could turn into tax nightmares.

Morningstar Conversation
50 Global Dialogue With profits falling and uncertainty spreading, T. Rowe Price manager Rob Gensler discusses his approach to investing in the world’s diverse markets.

Undiscovered Managers
58 How Sequoia Cranks Out Good Returns Year after Year If you’re harboring doubts about Sequoia Fund’s reopening, cast them aside. It’s still a good mutual fund. 61 The Many Layers of David Winters A successful entrepreneur and world-class investor, Winters achieved both by taking an eclectic approach.

AlabamaAlabama Higher Education 529 Higher Education 529 Alaska John Freedom 529* Every year since 2004, Morningstar’s analysts analysts Alaska John Hancock Hancock Freedom 529* Every year since 2004, Morningstar’s Arizona & Reed & Reed Plan* have chosen the best and best and worst 529 plans. Arizona Waddell WaddellInvestEd InvestEd Plan* have chosen the worst 529 plans. Iowa Advisor 529 Twelve different different plans have landed on a best Iowa Advisor 529 Plan* Plan* Twelve plans have landed on a best Education Savings Savings Plan lists, andlists, and they’re still deserving of investors’ KentuckyKentucky Education Plan Trust† Trust† they’re still deserving of investors’ Mississippi Adv Affordable money. One plan, Virginia CollegeAmerica, has money. One plan, Virginia CollegeAmerica, hasMississippi Adv Affordable College College Savings Program* a Savings Program* a made themade the list each year. Twenty-one plans list each year. Twenty-one plans Mississippi Affordable have made themade the worst lists,of which of which noMississippi Affordable College College have worst lists, several several no Savings Program† b Savings Program† b longer exist. Wyoming College Achievement longer exist. Wyoming College Achievement Nebraska AIM College Savings merged with Colorado’s offeringsofferings and merged with Colorado’s in 2006, in 2006, and Nebraska AIM College Savings Plan* Plan* New College College Savings Program† Tennessee BEST Savings Plan closed inclosed in May. New York 529 York 529Savings Program† Tennessee BEST Savings Plan May. North Carolina College Early thisEarly this year, Westclosed Corner- Corner- North Carolina National National College year, West Virginia Virginia closed Savings Program† Savings Program† stone SMART529 and Leaders SMART529 and stone SMART529 and Leaders SMART529 and Ohio Putnam CollegeAdvantage* Ohio Putnam CollegeAdvantage* merged the assets into the better Hartford Hartford merged the assets into the better Wisconsin EdVest College SMART529. A few other “worst” offeringsofferings Wisconsin EdVest College Savings Savings SMART529. A few other “worst” have improvedimproved since we cited them. Maine’s have since we cited them. Maine’s Improving Improving plan made themade the 2005 worsttoday, the plan 2005 worst list, but list, but today, the Maine College College Plan NextGen NextGenInvestingInvesting Plan’s broker- and Maine NextGen NextGenInvestingInvesting Plan College College Plan’s broker- and Missouri Missouri MOST 529 Advisor* MOST 529 Advisor* direct-sold plans areplans are solidfor both residirect-sold solid choices choices for both resiNorth Dakota College dents and nonresidents. Another 2005 worst, worst, North Dakota College SAVE SAVE dents and nonresidents. Another 2005 North Dakota’s Dakota’sSAVE Plan, changed changed North College College SAVE Plan, Closed/Defunct Closed/Defunct for the better when it dropped its Morgan Morgan for the better when it dropped its Arizona PF 529 aPF 529 a Arizona Stanley lineup for stellar VanguardVanguard index funds. Stanley lineup for stellar index funds. Arizona SM&R Missouri’s MOST 529 Advisor Plan has Plan has added Arizona SM&R Family b Family b Missouri’s MOST 529 Advisor added Tennessee BEST Savings Plan better funds and cut its expensesexpenses to a more Tennessee BEST Savings Plan better funds and cut its to a more West Virginia Cornerstone SMART529 a reasonable level since it made themade the worst list inWest Virginia Cornerstone SMART529 a reasonable level since it worst list in West Virginia Leaders SMART529 b 2007. This mapThis map tracks every plan listed since West Virginia Leaders SMART529 b 2007. tracks every plan listed since Wyoming College Achievement 2004. Keep it handy to handy to locate thebest 2004. Keep it locate the nation’s nation’s best Wyoming College Achievement and worst 529 plans. plans. and worst 529

2008

2008

2008 2004

2008 2004 2008 a 2007 ba 2007 2007 b 2007 2007 a 2008 2007 2006 2006 2006 2005 2004 2008 2007 ba 2008 2008 2007 2006 2005 2004 b 2008

2008 2005 2004 a 2006 2005 2005 2004 ba 2006 2006 2005 2005 2004 b 2006 2005 2004 a 2008 ba 2008 2008 2005 2005

2008

2007 2006 2005 b 2008

2007 2006 2005

2007

2007

2006 2005 2004

2006 2005 2004

The College Savings Landscape: Choices are plentiful, as are the challenges.

*Broker sold only sold only *Broker

†Direct sold†Direct sold only only All other plans are available through both channels. channels. All other plans are available through both

3

42 Morningstar Advisor Summer 2008 42 Morningstar Advisor Summer 2008

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Gray Matters Gray Matters

Morningstar Conversation

Another Block in Building a Portfolio Another Block in Building a Portfolio

By Tom Idzorek Idzorek By Tom

It’s now possible to proveproveprivate equity has ahas a place in a It’s now possible to that that private equity place in a diversified collection of assets. diversified collection of assets.

New research from Ibbotson Associates New research from Ibbotson Associatesstudied—private equity improved the risk/ the risk/ A new waynewgaining access to the private private studied—private equity improved A of way of gaining access to the is shining shining lightrolethe role equity equityreturn characteristics of a model a model asset is light on the on private private return characteristics of asset equity asset class is emerging, however.however. It is equity asset class is emerging, It is should play in portfolios. should play in portfolios. allocation. allocation. accessible by all investors, it is easyitto easy to accessible by all investors, is maintainmaintain strategicstrategic asset allocation, a target a target asset allocation, The extraordinary performance of leading asset asset ourUntil our study, of private equity inequity in a and it resultsitin a mark-to-market time series series The extraordinary performance of leading Until study, the role the role of private a and results in a mark-to-market time allocators, like the Yale the Yale Endowment, coupledwell-diversified portfolioportfolio beennot been clearly does notdoes not suffer from return smoothing. The allocators, like Endowment, coupled well-diversified had not had clearly that that suffer from return smoothing. The with a lower perceived risk premiumpremium for with a lower perceived risk for understood. While defining defining theequity equityequities equities of traded firms whose whose understood. While the private private of publicly publicly traded firms traditional equities,equities, has considerable traditional has created created considerableasset class was straightforward, there wasn’t awasn’t a asset class was straightforward, there businesses are similar to those to those of traditional businesses are similar of traditional interest in alternative asset classes. classes. Over thewidely-agreed-upon time series ofseries of data interest in alternative asset Over the widely-agreed-upon time data private equity firms arefirms are being bundled together, private equity being bundled together, past fewpast few years, Ibbotson has completed a representing the beta thethe asset class. The years, Ibbotson has completed a representing of beta of the asset class. The and these bundles can serve as serve asfor and these bundles can proxies proxies for series ofseries ofthat demonstrate that adding adding studies studies that demonstrate that illiquid nature ofnature of theasset class created created private equity asset class. These firms— firms— illiquid the private private asset class the the private equity asset class. These asset classes to a typicala typical allocation can asset classes to allocation can performance measurement issues and performance measurement issues and whose revenue revenuecomes mostly from from whose stream stream comes mostly improve improve investors’ return trade-off. investors’ risk and risk and return trade-off. significantly reduced reduced individual investors’ investinginvesting in oror providing services services to significantly individual investors’ in or lending lending or providing to access to the asset class. class. access to the asset privatelyprivately held companies—trade on public held companies—trade on public The free The free lunch of diversification remains the lunch of diversification remains the exchanges, so performance measurement is exchanges, so performance measurement is easiest and most cost-effective method of easiest and most cost-effective method of The lack The lack of widely accepted benchmarks of widely accepted benchmarks straightforward and investorsinvestors can easily straightforward and can easily improving a portfolio’s risk/return trade-off. To improving a portfolio’s risk/return trade-off. To prevented investorsinvestors from understanding the purchasepurchase the individual assets or products prevented from understanding the the individual assets or products that end,that end, Ibbotson encourages all investors risk, return, and correlation characteristics of Ibbotson encourages all investors risk, return, and correlation characteristics ofthat are built are builtthis newthis newprivate private that around around type of type of to look at the all-inclusive Sharpe-ratio-maxito look at the all-inclusive Sharpe-ratio-maxi-private equity, and hence, the role of private private equity index. index. private equity, and hence, the role of equity mizing market portfolioportfolio of portfolioportfolio equity inequity in a diversified portfolio. The few private mizing market of modern modern a diversified portfolio. The few private theory’s capital asset pricing model (CAPM) (CAPM) equity indexes that existed had the standardstandard Securitization is changingchanging theequity equity theory’s capital asset pricing model equity indexes that existed had the Securitization is the private private and consider consider expanding their opportunity sets and expanding their opportunity sets problem problemto measuremeasure the performance asset class, and overand over time, what was once an of how of how to the performance of of asset class, time, what was once an to include what some investorsinvestors might view as to include what some might view as private assets. The inability inability to determine a true private assets. The to determine a true alpha, skill-based strategy strategy will a alpha, skill-based will become become a alternative asset classes. classes. being equal, equal, alternative asset All else All else being market price for price forassets forced investorsinvestors market private private assets forced traditional beta asset class. In class. In our study, we traditional beta asset our study, we investorsinvestors whotheir opportunity set and set and use appraisal-based prices that typically typically led two newtwo new composed of publicly publicly who expand expand their opportunity to to use appraisal-based prices that led used used indexes indexes composed of allocate allocate of the availableavailable asset classes artificial artificial smoothing of Smoothed to each to each of the asset classes to to smoothing of returns. returns. Smoothed traded companies as proxies of the private private traded companies as proxies of the will likely improve improve their risk/return trade-off. returns result in result in lower estimates of volatility,equity asset class: the Red Rocks Listed Private Private will likely their risk/return trade-off. returns lower estimates of volatility, equity asset class: the Red Rocks Listed lower correlations with most other asset asset lower correlations with most other Equity Index forIndex private equity and the Red the Red Equity U.S. for U.S. private equity and One key One key alternative asset private private classes, classes, and artificially high return return Rocks International Listed Private Equity Index Index alternative asset class is class is and artificially high risk and risk and Rocks International Listed Private Equity equity1. A new1IbbotsonIbbotson study examined the relationships, all of whichof which canalead to a equity . A new study examined the relationships, all can lead to for non-U.S.non-U.S.equity. (The researchresearch for for private private equity. (The for roles of U.S. and U.S. and non-U.S.equity inequity in a dramaticdramatic over-allocation in a traditional roles of non-U.S. private private a over-allocation in a traditional this article was preparedpreparedRocks Capital Capital this article was for Red for Red Rocks strategicstrategic asset allocation and found that— mean-variance optimization setting that asset allocation and found that— mean-variance optimization setting that Partners.) Partners.) similar to other asset classes that IbbotsonIbbotson has similar to other asset classes that has attemptsattempts to maximize return of risk. of risk. to maximize return per unit per unit

Rooted in Buffett, Going for Growth
By Kunal Kapoor
In a series ofseries of historical optimizations, we found Rocks private equity indexes using using In a historical optimizations, we found In both historical and future-looking optimizaIn both historical and future-looking optimizaRed Red Rocks private equity indexes that includingincluding U.S.equity inequity in the that U.S. private private the tions, tions, U.S. private private equity and backfilled histories—dramatically improved the backfilled histories—dramatically improved the includingincluding U.S.equity and non-U.S.non-U.S. opportunity set would have dramatically opportunity set would have dramatically private the opportunity set improved risk/return characteristics of the efficient efficient private equity inequity in the opportunity set improved risk/return characteristics of the improved the risk and return characteristics improved the risk and return characteristics frontier. Over theOver the common standard deviationthe availableavailable risk/return characteristics of the the risk/return characteristics of the frontier. common standard deviation over the over the past period. From theFrom the past 10-year 10-year period. asset asset allocations. The portion of the range from approximately 0.67% to0.67% tothe range from approximately 34.1%, 34.1%, the allocations. The portion of the private private beginning of 1997 to the end of 2006, of 2006, U.S. average average improvement infrom includingincluding beginning of 1997 to the end U.S. equity asset class that is availableavailable for purchase equity asset class that is for purchase improvement in returns returns from private equity and non-U.S.non-U.S.equity were were two private equity asset classes in the in the represents approximately 2.6% of the of the private equity and private private equity the represents approximately 2.6% the two private equity asset classes the best-performing asset classes in the in the the best-performing asset classes worldwide investable universe.universe. around around worldwide investable A range A range optimization is an impressive 633 basis points. points. optimization is an impressive 633 basis opportunity set, althoughalthough the performance of opportunity set, the performance of this 2.6% market-neutral allocation—varying this 2.6% market-neutral allocation—varying the private equity proxies appears appears to be highly also We also a forward-looking optimization the private equity proxies to be highly from to 10%—seems appropriate for most We created created a forward-looking optimization 0%from 0% to 10%—seems appropriate for most sensitivesensitive to the weighting of the of the using a set of returns based onbased on a global to the weighting scheme scheme investors, according to the optimizations. For investors, according to the optimizations. For using a set of returns a global proxies. This sensitivity highlights that all that all implementation of the CAPM. In a findingathat proxies. This sensitivity highlights investorsinvestors with average risk tolerances, an with average risk tolerances, an implementation of the CAPM. In finding that private equity investments still contain a high a high qualitatively similar to that of Ennis of Ennis and allocation below 2.6% could be could be regarded as private equity investments still contain allocation below 2.6% regarded as is is qualitatively similar to that and level of specific risk. Over time, wetime, we think securilevel of specific risk. Over think securiunderweight in private equity. Allocations to Sebastian2, the benefit of includingincluding private underweight in private equity. Allocations to Sebastian2, the benefit of private equity isequitysignificant for higher-risk, most is most significant for higher-risk, tization will reduce the amount of specific risk tization will reduce the amount of specific risk private equity above 10% should be entered entered private equity above 10% should be equity-centric asset allocations. The associated with private equity portfolios. associated with private equity portfolios. equity-centric asset allocations. The benefits benefitsinto withinto with great and are only are only approgreat caution caution and approare mostare most pronounced allocations with with pronounced in asset in asset allocations priate for very aggressive, knowledgeable priate for very aggressive, knowledgeable a standardstandard deviation above 19%, which in our a deviation above 19%, which in our For the study, we created two historical For the study, we created two historical investorsinvestors withto top-quartile managers. with access access to top-quartile managers. analysis analysis corresponds to asset allocations with corresponds to asset allocations with efficient efficient frontiers. Including U.S.equity equity frontiers. Including U.S. private private Institutional investorsinvestors withto top- to topInstitutional with access access approximately 85% or more in and non-U.S.non-U.S.equity—based on both on both approximately 85% or more in equities.equities. and private private equity—based quartile managers should use traditional quartile managers should use traditional

Legg Mason manager Robert Hagstrom uses the value propositions of Warren Buffett to buy growth stocks.

It’s been a tough stretch for the investment team at Legg Mason. While the headlines have been filled with banter relating to the falling fortunes of the legendary Bill Miller, his colleague Robert Hagstrom has not had an easy go of it, either. Hagstrom, who manages the Legg Mason Growth Trust LMGTX and has written books about Warren Buffett, runs a concentrated portfolio that’s lately been hit hard because of its financials exposure. We visited Hagstrom on Aug. 25 at Legg Mason in Baltimore to see how his investing philoso-

phy has led him to some of the market’s most unloved areas—especially as a growth manager. We also spoke with him about the portfolio’s exposure to areas such as technology, which has also struggled lately. The interview has been edited for clarity and length.
Kunal Kapoor: You’re well-known for having

Robert Hagstrom: We wrote The Warren

Bu ett Way back in 1994 and started the mutual fund in 1995. I was a sole proprietor, running a very small shop. It became very clear to me that you needed a lot of support to run a mutual fund well. We didn’t have a marketing department. We didn’t have client service. We were a 1-800 number. I was good friends with Bill Miller, and he threw me a lifeline in late 1998. He asked if I’d come and run a growth fund for Legg Mason. I have a great respect for Bill, who I think is a

written several books, and when a lot of people hear who you’ve written about—Warren Buffett—they’re surprised to know that you run a growth fund.

26 Morningstar Advisor Winter 2008 26 Morningstar Advisor Winter 2008

MorningstarAdvisor.com 27 MorningstarAdvisor.com 27

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The magazine of investing insights for independent-minded advisors Fall 2008

Undiscovered Managers

Fall 2008

Departments

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New on MorningstarAdvisor.com Letter from the Editor

Advisor Profile
17 Oracles of Alabama With the help of Buffett, Berkowitz, and others, Jeff Cavender and Lyle Watts heed the value investors’ call of buying securities on the cheap. 21 Investment Briefs

Investments á la Carte
62 Consumer Confidence Thirteen investment vehicles that offer strong plays on consumer spending.

Screens
76 Investing in Hidden Assets 78 Funds That Have an Edge Come Tax Time

9

A Good Read
By Karen Dolan

10 Contributors 11 Inbox

By the Numbers Sector Rap
69 What about Natural Gas? All eyes are on oil, but advances in drilling technology and an evolving global market makes for interesting times in the naturalgas industry. 82 Mutual Fund Analyst Picks 86 50 Most Popular Equity ETFs 88 Undervalued Stocks 92 Most Popular Variable Annuities

On Topic
12 Are You Preparing for Higher Taxes?

Thinking beyond investing puts Dennis Lynch’s team in the right frame of mind to uncover his brand of growth stocks.

Gray Matters
26 Managers’ Investment Secrets Revealed Few mutual fund managers have significant ownership stakes in their own funds. 30 Conformity Becomes a Growing Concern at American As the family’s assets balloon, advisors should be on the lookout for fund overlap.

10 Questions
14 State of Financials

In the Loop
95 New at Morningstar

Bond Fix
73 TIPS to Beat Back Inflation Stocks and commodities can do the job, but TIPS offer an explicit hedge against investors’ number-one enemy.

I walked out of Dennis Lynch’s office with a stack of articles three inches thick. The pile of pages was two months’ worth of reading material that Lynch, 37, and his seven team members had rounded up and shared with each other. And, no, I was not carrying Wall Street Journal clippings or summaries of quarterly earnings results. The stack included a few other portfolio managers’

Phillips Curve
96 One for You, 19 for Me

Capital Pains No tax rate is safe, as the government’s bills mount.
4

shareholder letters, but also an article titled “Leading Clever People” and another one pulled from ScientificAmerican.com discussing new technologies that could help people create digital memories. Then, there was a Wikipedia definition of tacit knowledge and a New York Times piece arguing that the Lotto makes sense despite its terribly awful odds. What do any of those subjects have to do with investing? To most, not a lot. But to Lynch,

they have everything to do with it. Lynch, who runs a successful stable of growth funds for Morgan Stanley and Van Kampen, wants his team to bring a fresh frame of reference to investing. He urges them to read a wide variety of material, related and not related to finance. In addition to passing around articles, the team has a book club. And Lynch encourages every person to take a full day out of the office each month “just to think and read.”

56

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Morningstar Advisor - April/May 2010

Table of Contents for the Digital Edition of Morningstar Advisor - April/May 2010

Morningstar Advisor - April/May 2010
Contents
New On MorningstarAdvisor.com
Contributors
Letter from the Editor
Our Job: Building Better Investors
What’s Your Biggest Long-term Concern for the Economy?
An Early Start
Women’s Work
Investment Briefs
Markowitz 2.0
Asset Allocation Is King
A Decade of Riskier Assets ...
... but with plenty of Silver Linings
Be Prepared
Facing up to the Economy’s Problems
Levelheaded
Surviving on Conviction
Four Picks for the Present
Pharmaceutical Firms Get the Urge to Merge
Funds That Look Cheaper Than the Market
Finding Dividend Leaders
Mutual Fund Analyst Picks
50 Most Popular ETFs
Undervalued Stocks with Wide Moats
VAs: Assets Rise as New Sales Slip
New at Morningstar
When You Wish Upon a Star
Morningstar Advisor - April/May 2010 - Morningstar Advisor - April/May 2010
Morningstar Advisor - April/May 2010 - Cover2
Morningstar Advisor - April/May 2010 - 1
Morningstar Advisor - April/May 2010 - 2
Morningstar Advisor - April/May 2010 - Contents
Morningstar Advisor - April/May 2010 - 4
Morningstar Advisor - April/May 2010 - 5
Morningstar Advisor - April/May 2010 - New On MorningstarAdvisor.com
Morningstar Advisor - April/May 2010 - 7
Morningstar Advisor - April/May 2010 - Contributors
Morningstar Advisor - April/May 2010 - Letter from the Editor
Morningstar Advisor - April/May 2010 - 10
Morningstar Advisor - April/May 2010 - Our Job: Building Better Investors
Morningstar Advisor - April/May 2010 - 12
Morningstar Advisor - April/May 2010 - 13
Morningstar Advisor - April/May 2010 - What’s Your Biggest Long-term Concern for the Economy?
Morningstar Advisor - April/May 2010 - 15
Morningstar Advisor - April/May 2010 - An Early Start
Morningstar Advisor - April/May 2010 - 17
Morningstar Advisor - April/May 2010 - Women’s Work
Morningstar Advisor - April/May 2010 - 19
Morningstar Advisor - April/May 2010 - Investment Briefs
Morningstar Advisor - April/May 2010 - 21
Morningstar Advisor - April/May 2010 - Markowitz 2.0
Morningstar Advisor - April/May 2010 - 23
Morningstar Advisor - April/May 2010 - 24
Morningstar Advisor - April/May 2010 - 25
Morningstar Advisor - April/May 2010 - 26
Morningstar Advisor - April/May 2010 - 27
Morningstar Advisor - April/May 2010 - Asset Allocation Is King
Morningstar Advisor - April/May 2010 - 29
Morningstar Advisor - April/May 2010 - 30
Morningstar Advisor - April/May 2010 - 31
Morningstar Advisor - April/May 2010 - 32
Morningstar Advisor - April/May 2010 - 33
Morningstar Advisor - April/May 2010 - A Decade of Riskier Assets ...
Morningstar Advisor - April/May 2010 - ... but with plenty of Silver Linings
Morningstar Advisor - April/May 2010 - 36
Morningstar Advisor - April/May 2010 - Be Prepared
Morningstar Advisor - April/May 2010 - 38
Morningstar Advisor - April/May 2010 - 39
Morningstar Advisor - April/May 2010 - 40
Morningstar Advisor - April/May 2010 - 41
Morningstar Advisor - April/May 2010 - 42
Morningstar Advisor - April/May 2010 - 43
Morningstar Advisor - April/May 2010 - Facing up to the Economy’s Problems
Morningstar Advisor - April/May 2010 - 45
Morningstar Advisor - April/May 2010 - 46
Morningstar Advisor - April/May 2010 - 47
Morningstar Advisor - April/May 2010 - 48
Morningstar Advisor - April/May 2010 - 49
Morningstar Advisor - April/May 2010 - Levelheaded
Morningstar Advisor - April/May 2010 - 51
Morningstar Advisor - April/May 2010 - 52
Morningstar Advisor - April/May 2010 - 53
Morningstar Advisor - April/May 2010 - Surviving on Conviction
Morningstar Advisor - April/May 2010 - 55
Morningstar Advisor - April/May 2010 - 56
Morningstar Advisor - April/May 2010 - 57
Morningstar Advisor - April/May 2010 - Four Picks for the Present
Morningstar Advisor - April/May 2010 - 59
Morningstar Advisor - April/May 2010 - 60
Morningstar Advisor - April/May 2010 - Pharmaceutical Firms Get the Urge to Merge
Morningstar Advisor - April/May 2010 - 62
Morningstar Advisor - April/May 2010 - 63
Morningstar Advisor - April/May 2010 - Funds That Look Cheaper Than the Market
Morningstar Advisor - April/May 2010 - 65
Morningstar Advisor - April/May 2010 - Finding Dividend Leaders
Morningstar Advisor - April/May 2010 - 67
Morningstar Advisor - April/May 2010 - Mutual Fund Analyst Picks
Morningstar Advisor - April/May 2010 - 69
Morningstar Advisor - April/May 2010 - 70
Morningstar Advisor - April/May 2010 - 71
Morningstar Advisor - April/May 2010 - 50 Most Popular ETFs
Morningstar Advisor - April/May 2010 - 73
Morningstar Advisor - April/May 2010 - Undervalued Stocks with Wide Moats
Morningstar Advisor - April/May 2010 - 75
Morningstar Advisor - April/May 2010 - VAs: Assets Rise as New Sales Slip
Morningstar Advisor - April/May 2010 - 77
Morningstar Advisor - April/May 2010 - 78
Morningstar Advisor - April/May 2010 - New at Morningstar
Morningstar Advisor - April/May 2010 - When You Wish Upon a Star
Morningstar Advisor - April/May 2010 - Cover3
Morningstar Advisor - April/May 2010 - Cover4
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