Morningstar Advisor - February/March 2012 - (Page 6)

Contributors MorningstarAdvisor Editor-in-Chief Jerry Kerns Managing Editor Ryun Patterson Ben Johnson Ben Johnson, Morningstar’s director of European ETF research, says that this issue’s Conversation (”Europe on the Brink,” Page 50) came at “an opportune time to pick the brains of two brilliant macro minds, in George Magnus and Edward Chancellor. In the short period since our conversation, Magnus’ prediction of a downgrade of France has already proven correct.” Editor-at-Large Don Phillips Contributing Editors Dan Culloton, Paul Justice, Haywood Kelly Contributors Christine Benz, Greg Carlson, Erin Davis, Mara Dobrescu, Philip Guziec, Ben Johnson, Robert Johnson, David Krempa, Philip J. Martin, Kevin McDevitt, Patricia Oey, Carl Richards, Kate Stalter, Rodney N. Sullivan, Francisco Torralba, Dave Whiston, James Xiong Data Editors Mnason Chew, Preethi Parmar, Alina Tarlea Proofreader Jennifer Gierat Erin Davis Senior equity analyst Erin Davis covers European banks for Morningstar, and the financial crisis has been keeping her very busy (“European Banks: Bargains or Value Traps?,” Page 42). She fondly remembers the days when banking seemed like a safe and steady business. “The industry will evolve significantly over the next decade as banks adapt to slower growth and tighter regulation,” she says. Art Director Alexander Skoirchet Illustrator Fernando Leal Photographer Beth Coller 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 Fernando Leal To create the illustrations about the European crisis, Brazilian Fernando Leal says that he drew inspiration from his time living in London and traveling around Europe. “European cities have majestic and imposing aesthetics in their architecture,” he says. “Statues and heraldry are present everywhere.” Leal’s clients include Fast Company and Businessweek. Managing Director, Design David Williams How to Reach Morningstar Advisor Subscriber Services and Circulation Editorial and Letters to the Editor Advertising Rate card available at Reprints and Licensing How to Reach Morningstar Customer Service +1 312 384-4000 Francisco Torralba As an economist and a European, Morningstar’s Francisco Torralba is fascinated with the European Monetary Union. “I remember my college economics professor in 1999 telling us that the EMU was not an optimal currency union.” says Francisco, who writes “How Europe Is Making Its Crisis Worse,” Page 38. “It took 12 years and a global financial crisis to prove him right.” 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 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. Mara Dobrescu Mara Dobrescu is a fund analyst and a member of Morningstar’s pan-European and Asian research team. “Asking fund managers about the European debt crisis was very insightful,” she says (“Don’t Count the Euro Out Yet,” Page 46). “We are flooded with alarmist news from the media, so it was refreshing to see that managers have more nuanced and, in some cases, optimistic outlooks.” 6 Morningstar Advisor February/March 2012

Table of Contents for the Digital Edition of Morningstar Advisor - February/March 2012

Morningstar Advisor - February/March 2012
Letter From the Editor
Make a Difference Stories, Not Debates
How Concerned Are You About Europe?
Analytical and Independent
What to Ask When a Fund Manager Leaves
Past, Present, Future
Have Financials Gotten Cheap Enough?
Four Picks for the Present
Investment Briefs
Tactical Funds Miss Their Chance
Specialty Retail: Ad Hoc Opportunity
How Europe Is Making Its Crisis Worse
Impact on U.S. Economy Will Be Minimal
European Banks: Bargains or Value Traps?
Don’t Count the Euro Out Yet
Europe on the Brink
GoodHaven Realizes Its Vision
How Index Trading Increases Market Vulnerability
Nonlisted REITS: Handle With Care
Safety Picks for the Many Moods of Mr. Market
On the Prowl for Large- Blend Index-Beaters
Our Favorite Mutual Funds
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
The Math That Matters

Morningstar Advisor - February/March 2012