Morningstar Advisor - October/November 2011 - (Page 4)

Contributors MorningstarAdvisor Editor-in-Chief Jerry Kerns Managing Editor Ryun Patterson Alex Nabaum Artist Alex Nabaum’s surroundings lent inspiration for this issue’s illustrations. “Living in the dry Western United States, water is always scarce.,” Nabaum, of Utah, says. “So, the arid landscape I’m so familiar with seemed like an apt metaphor for the tough environment in which investors find themselves. A good investment requires local knowledge, patience, observation, and a willingness to look beyond the horizon.” Nabaum’s art has appeared in the pages of TIME, Rolling Stone, WIRED, and National Geographic and on the cover of Newsweek, Forbes, and ESPN magazine. Editor-at-Large Don Phillips Contributing Editors Dan Culloton, Paul Justice, Haywood Kelly Contributors Greg Carlson, Josh Charlson, Philip Guziec, David Hirsch, David Krempa, Samuel Lee, John Owens, Esther Pak, Josh Peters, Michael Rawson, Carl Richards, Miriam Sjoblom, Kate Stalter, Mike Taggart Data Editors Mnason Chew, Preethi Parmar, Alina Tarlea Proofreader Jennifer Gierat Art Director Teofila Arellano Associate Art Director Alexander Skoirchet Production Designer Summer Bornman Illustrator Alex Nabaum Photographer Chad Wyndham Kate Stalter Freelance journalist Kate Stalter enjoys most about profiling advisors and fund managers is learning how their strategies evolved. In this issue, she talked with Hank Mulvihill about how technology allowed him to grow his new practice quickly (“Ahead of the Curve,” Page 10) and with Zac Wydra about baseball analogies that apply to money management (“Swift, Smooth, and Silent,” Page 54). “Everyone has mentors and experiences that shaped their investment approach, and sometimes there are enlightening stories that you simply don’t see in a prospectus,” she says. Publisher Leslie Banks Director of Advertising Sales Mary Uribe Regional Sales Directors Dan Atkinson, Tony Lignelli, Kristina Niemi, Stuart Roge Morningstar, Inc. Chairman and CEO Joe Mansueto President, Equity and Credit Research Group Catherine Odelbo Sr. Vice President, Financial Communications Business Mike Barad Managing Director, Design David Williams How to Reach Morningstar Advisor Subscriber Services and Circulation magazine_custserv@morningstar.com Editorial and Letters to the Editor magazine_editor@morningstar.com Advertising magazine_adrates@morningstar.com Rate card available at Josh Peters The first dividend check equities strategist Josh Peters received more than 20 years ago—for all of $3.72—made him a believer for life. “There are certainly other ways to make money in the stock market, but none that have ever struck me as being more tangible, reliable, and practical than a dividend strategy,” he says. As the founding editor of the Morningstar DividendInvestor newsletter, he’s been pounding the table for dividends since early 2005. He contributed the lead article for this issue’s Spotlight section (“The Virtues of Dividends,” Page 34). http://advisor.morningstar.com/products/advisormagazine.asp Reprints and Licensing magazine_licensing@morningstar.com How to Reach Morningstar Customer Service +1 312 384-4000 Advisor Product Sales +1 877 586-5405 Data Questions +1 312 696-6600 Morningstar Advisor is published bimonthly by Morningstar, Inc., 22 W. Washington St., Chicago, IL 60602. An annual subscription for delivery in the U.S. is $60. All exhibit data in this magazine is provided by Morningstar and Ibbotson Associates unless otherwise noted. © 2011 Morningstar. All Rights Reserved. The information contained herein: (1) is intended solely for informational purposes; (2) is proprietary to Morningstar and/or its content providers; (3) may not be copied or distributed; (4) is not warranted to be accurate, complete, or timely; and (5) does not constitute investment advice of any kind. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. “Morningstar” and the Morningstar logo are Mike Taggart In one of this issue’s Gray Matter articles (“The Relevance Paradox and Investing in Closed-End-Funds,” Page 58), Morningstar closed-end fund director Mike Taggart focuses on the hot topic of using closed-end funds to generate portfolio income and common investment pitfalls when doing so. “One of our goals is to educate investors about the benefits to and mistakes of using closed-end funds,” Taggart says. “They’re great investment vehicles that have a lot going for them when used properly.” registered marks of Morningstar, Inc. Disclosure: Morningstar licenses its indexes to certain providers, including Blackrock Institutional Trust Company, N.A., First Trust, and Deutsche Bank, for use in exchange-traded funds and exchange-traded notes. These ETFs and ETNs are not sponsored, endorsed, issued, or sold by Morningstar. Morningstar does not make any representation regarding the advisability of investing in ETFs and ETNs that are based on Morningstar indexes. 4 Morningstar Advisor October/November 2011 http://advisor.morningstar.com/products/advisormagazine.asp

Table of Contents for the Digital Edition of Morningstar Advisor - October/November 2011

Morningstar Advisor - October/November 2011
Contents
Contributors
Letter From the Editor
The Emotional Burden
Where Are You Going for Yield?
Ahead of the Curve
How to Use a ‘Collar’
Why Dividends
Is Bond Investing All Uphill From Here?
Four Picks for the Present
Investment Briefs
The Risks of Stretching for Yield
For Banks, Uncertainty Reigns
The Virtues of Dividends
How Well Do You Know Templeton Global Bond?
The Case for Dividends in Emerging Markets
Finding Refuge in Value
Swift, Smooth, and Silent
Crack Open Closed- End Funds to Avoid the Relevance Paradox
Getting Beyond Labels in the ‘To vs. Through’ Debate
Handling the Headwinds
Bonds, Short-Term Bonds
Mutual Fund Analyst Picks
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
A Prisoner of Pricing

Morningstar Advisor - October/November 2011