Simple, but Not Easy

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Theories, Crowds, Bubbles, & Bees: Daniel Needham on Contrarian Investing Jan 06, 2020

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Why might contrarian investing outperform, and how might an investor know when it's time to head in the opposite direction from the crowd? Daniel Needham, president and global chief investment officer, explores why markets are frequently efficient and what makes them become inefficient; explains how contrarians can act like a thermostat for markets; and explains how bees can be better decision-makers than humans at times. He also shares a checklist his team uses to help them make rational decisions that go against the crowd. Drew Carter hosts. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets Quiz: Test Your Knowledge! Dec 16, 2019

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Questions? Contact us at simple@morningstar.com.

Learn more about Morningstar® Managed PortfoliosSM at mp.morningstar.com.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Red Dusk: Do Post-Rally Prices Call for Russian Bearishness? Dec 09, 2019

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Take our markets quiz before Dec. 16! Follow this link now: https://bit.ly/36cXEo9

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Talking Turkey: Pt. 2 Nov 25, 2019

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In part two of our giving-thanks episode, more members of our investment team share what they're thankful for, and what they'd be thankful for if it were to happen. John Owens talks IPOs, Marta Norton is doubly thankful, Paul Arnold looks forward to greater wealth equality, and Shannon Steiner--new to the podcast--is thankful for her internship with Investment Management and discusses the findings of her study of Morningstar Investment Management's record of selecting funds over more than two decades. Drew Carter hosts. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Talking Turkey: What We're Thankful for in 2019, and What We'd Be Thankful for in the Future, Pt. 1 Nov 18, 2019

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Ryan Murphy talks about why it's good to give thanks, and how it can make us better investors. Then Brian Huckstep, Dan McNeela, Cindy Galiano, and Mike Stathakis share what investment developments they're thankful for, as well some things they would be thankful for if they came to pass. Drew Carter hosts. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Market Turbulence and Loss: Behaving Well When Markets Go Bad Oct 28, 2019

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Market losses can be upsetting. Aside from the pain of losing money, there’s something about it that just doesn’t feel right. Yet, we know that market dips, declines, and disasters are all a part of investing. So, what can investors do about them? Host Drew Carter is joined by Andrew Lill, chief investment officer, and Ryan Murphy, head of decision science, both at Morningstar Investment Management LLC, to discuss what investors can do to prepare for market declines, and how to respond when we find ourselves in the middle of an unfortunate drop in prices. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Contrarian Ideas: Have Lower Oil Prices Made Energy Stocks Attractive? Oct 18, 2019

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On September 14, 2019, Saudi Arabian oil fields were attacked, leading to a spike in oil prices. But the spike quickly subsided, with prices falling back—and even below—their pre-spike prices about two weeks later. But the phenomenon of lower oil prices is of course not new. And that’s reflected in the returns of U.S. stocks in the energy sector, which lost an average of about 5% a year over the five years ended September 30, according to S&P 500 sector index data on Morningstar Direct. The S&P 500, during that same period, rose nearly 11% annualized, while the IT sector climbed more than 18% on average each year. How does this weigh on our views of the energy sector going forward? We think energy is the most underpriced sector and, as valuation-driven investors, we therefore believe this sector may be poised for better growth than the broad market in the future. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Better Decision-Making Through Diverse Opinions, Pt. 2 Oct 14, 2019

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Getting more women into portfolio management might seem like a no-brainer. But Marta Norton, portfolio manager at Morningstar Investment Management, says "it’s a knotty problem because you don’t want people to have women or diversity on their team … just for the sake of having that kind of diversity. As a woman, I find it kind of insulting when people say, 'We need to have a woman here,' because then you don’t feel like you’re earning it by your own merit. And I feel very strongly that I’ve earned it by my merit, I feel that Michelle has, that Hong has. None of us want to feel like we are some sort of token by any measure, and I would imagine that most people would feel the same way. But at the same time, I like to express this as diversity of thought—if you have people all thinking the exact same way, you’re gonna have biases and your gonna make mistakes. But like Abraham Lincoln’s cabinet—a team of rivals—if you have people with different perspectives, you going to be able to challenge each other and maybe come up with views that you would have otherwise ignored that help you come to a better decision.” And we're all about better decision-making. Host Sammie Spector speaks with Marta and her investment team colleagues Michelle Ward and Hong Cheng about their careers in finance, struggles and joys along the way, and how we might encourage more women to investment career paths, including those that require quantitative skills. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Better Decision-Making Through Diverse Opinions, Pt. 1 Oct 07, 2019

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Value Investing: Intelligent Investing Aims to Get More Than You Pay For Sep 30, 2019

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Too often value investing is confused with the value style, and value investors are mistakenly thought to buy only value stocks. Daniel Needham, president and chief investment officer at Morningstar Investment Management, shares his views on value investing and on the way his team uses a valuation-driven approach to multi-asset investing. After all, as Charlie Munger has famously said, “All intelligent investment is value investment because why would you want to buy something which wasn’t worth as much as you were paying for it, and who wouldn’t like buying something for less than it’s worth? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

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