Morningstar Advisor - August/September 2012 - (Page 6)
Editor-in-Chief Jerry Kerns Editor-at-Large Don Phillips Contributing Editors Dan Culloton, Paul Justice, Haywood Kelly Contributors Rachel Barkley, Greg Carlson, Elizabeth Foos, Philip Guziec, Brett Horn, Eric Jacobson, David Krempa, Candice Lee, Samuel Lee, Gideon Magnus, Jeffrey Ptak, John Rekenthaler, Carl Richards, Miriam Sjoblom, Kate Stalter, Jeff Westergaard, James Xioung, Vincent Yu Data Editors Mnason Chew, Preethi Parmar, Alina Tarlea Proofreader Jennifer Gierat Art Directors Teofila Arellano, Alexander Skoirchet Illustrator Lloyd Miller Photographers Trib La Prade, James Tweedie, Publisher Leslie Banks
Elizabeth Foos, Jeff Westergaad, Rachel Barkley, and Candice Lee
Morningstar’s team of municipal credit analysts provides research, analysis, and commentary for the firm’s equity and credit research division. The team develops methodologies and models and uses these tools to analyze the fundamental credit quality of municipal issuers and obligors. The analysts then produce reports and commentary for municipal-bond investors and professionals. “Our goal is simple,” says Jeff Westergaard, who leads the team. “We produce accurate, insightful, and timely analysis that helps investors and their advisors reach successful outcomes in municipal-bond investing.” The team contributed articles for this issue’s Spotlight section on municipal bonds (Page 36).
Director of Advertising Sales Mary Uribe Regional Sales Directors Dan Atkinson, Tony Lignelli, Kristina Niemi, Stuart Roge Morningstar, Inc. Chairman and CEO Joe Mansueto Managing Director, Design David Williams How to Reach Morningstar Advisor Subscriber Services and Circulation email@example.com Editorial and Letters to the Editor firstname.lastname@example.org Advertising email@example.com Rate card available at http://advisor.morningstar.com/products/advisormagazine.asp Reprints and Licensing firstname.lastname@example.org 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. © 2012 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.
Gideon Magnus is director of quantitative research in Morningstar’s fund research group. Recently, he’s been thinking a lot about money—more specifically, understanding money’s value through the theory of asset pricing. For this issue’s Morningstar Conversation (Page 52), he leads a discussion about money and its role in times of economic crises with two distinguished professors from the University of Chicago, John Cochrane and Harald Uhlig.
Lloyd Miller, this issue’s illustrator, views his lack of investing knowledge as a plus. ”I tend to associate investing with mathematics, which was never my best subject,” he says, “but I try to turn this to my advantage by creating unique and informative graphics that avoid traditional financial imagery.” This is Miller’s second Morningstar Advisor issue. He illustrated our first issue in spring 2007. His work has also appeared in The New York Times, The Wall St. Journal, and Harvard Business Review.
Morningstar Advisor August/September 2012
Table of Contents for the Digital Edition of Morningstar Advisor - August/September 2012
Morningstar Advisor - August/September 2012
Letter From the Editor
How Much of the Behavior Gap Is Your Fault?
What’s Your View of the Muni-Bond Market?
A Balanced Life
How to Get to Know EMMA
A Strong, Robust Fund Business
Dividend Investing Abroad
Four Picks for the Present
Fund Expenses Through the Decades
Autos on Comeback Track
Lessons From the Muni-Bond Rebound
Municipal-Bond Landscape Shifts
Municipal Bonds 101
A Tale of Two Cities
Unraveling the Mysteries of Money
Small Companies Mean the World to Him
The Chinese Art Market and the Origin of Bubbles
The Myth of the Dumb Investor
Stocks That Can Stand the Heat
Our Favorite Mutual Funds
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
The War on Savers
Morningstar Advisor - August/September 2012