Morningstar Magazine - October/November 2016 - 6

Contributors Magazine Laurence Siegel Aron Szapiro Gérard DuBois Paul D. Kaplan, Morningstar Canada's director of research, first met Laurence Siegel in 1988 when Kaplan applied for a job at Ibbotson Associates, where Siegel was a managing director. (Ibbotson would eventually become part of Morningstar.) Ibbotson hired Kaplan, and the two worked closely together for the next six years, until Siegel left for a role at the Ford Foundation. He is now the Gary P. Brinson director of research at the Research Foundation of the CFA Institute and an independent consultant, writer, and speaker. In this issue, the two reunite to write "Monetarism Through the Looking Glass" (Page 46), which looks at why monetary expansion has failed to promote real economic growth. As Morningstar's new director of policy research, Aron Szapiro focuses on better outcomes for individual investors by improving public policy. He's testified in front of Congress on the retirement crisis, and in this issue, he writes about how policymakers need to consider the best ways to encourage retirees to allocate and draw down their assets in sensible ways so that they last through retirement ("Retirees Need Help Converting Savings into Income," Page 20). Szapiro came to Morningstar with the HelloWallet acquisition. About why readers should check out his column: "Policy has defined and created the financial-services industry," he says. "In the absence of the Investment Company Act of 1940, there could be no modern mutual funds, hedge funds, or ETFs. In the absence of ERISA in 1974, and further legislation in 1986, 2002, and 2006, there would be no 401(k)s, no targetdate funds, and no IRAs." Artists take on immense risks when they present their work. So, Gérard DuBois had the extra task of illustrating an issue on risk. "Taking the risk to work on risk was a great challenge," he says. His work appears on this issue's cover and Spotlight section. DuBois is based in Montreal. His illustrations have appeared in publications such as The New York Times, The Washington Post, Time, Newsweek and GQ. Editor-in-Chief Jerry Kerns Managing Editor Rob Wherry Editorial Board David Blanchett, Joel Bloomer, Heather Brilliant, Andrew Carter, Elizabeth Collins, Scott Cooley, Lee Davidson, Sylvester Flood, Jon Hale, David Harrell, Michael Holt, Thomas Idzorek, Paul D. Kaplan, Kunal Kapoor, Haywood Kelly, Grant Kennaway, Daniel Needham, Don Phillips, Jeffrey Ptak, Hal Ratner, Christopher Traulsen Contributors Christine Benz, Alex Bryan, Jackie Choy, Christopher Davis, Sumit Desai, Glenn Freeman, David Kathman, Jamie Katz, Neal Macker, Nikolaj Holdt Mikkelsen, Ben Johnson, Karen Kwok, Tom Lauricella, James Li, Zurab Margvelashvili, John Rekenthaler, Carl Richards, Sheryl Rowling, Madison Sargis, Laurence Siegel, Jake Spiegel, Tim Strauts, Aron Szapiro, Ralph Wanger, Steve Wendel Art Director Alex Skoirchet Designers Mike Pettit, Zach Sherwood, Paul Zdon Illustrator Gérard DuBois Photographers Alex Chessare, Agnieszka Dratwa, Graham Jepson, David Lees Proofreader Mike Eiler Publisher Leslie Marshall Design Directors Jason Ackley, Renee Benz Director of Advertising Sales Mary Uribe Regional Sales Directors Dan Atkinson, Tony Lignelli, Stuart Roge Morningstar, Inc. Chairman and CEO Joe Mansueto Managing Director, Design David Williams Chief Marketing Officer Rob Pinkerton Head of Brand Kristin Mateja How to Reach Morningstar Magazine Subscriber Services & Circulation magazine_custserv@morningstar.com Editorial and Letters to the Editor magazine_editor@morningstar.com Advertising magazine_adrates@morningstar.com Rate card available at global.morningstar.com/MorningstarMagazine 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 magazine 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. © 2016 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. 2645063 6 Morningstar October/November 2016 http://global.morningstar.com/MorningstarMagazine

Table of Contents for the Digital Edition of Morningstar Magazine - October/November 2016