Today’s guests are Morningstar’s Brian Moriarty and Jack Shannon. Brian is a principal, fixed-income strategies, for Morningstar. Before assuming his current role in 2015, Brian was a client solutions consultant for Morningstar Office, a practice and portfolio management system for independent financial advisors. Before joining Morningstar in 2013, he was a research assistant for DePaul University’s religious studies department. Brian holds a bachelor’s degree in political science from Michigan State University and a bachelor’s degree in Islamic world studies from DePaul University.

Jack Shannon is a principal, equity strategies, for Morningstar. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Before joining Morningstar in 2020, Jack worked in commercial banking and was a consultant providing subject-matter expertise on complex financial litigation. Jack holds a bachelor’s degree in economics and history from James Madison University. He also holds a master’s of business administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.

• 00:02:06 What are Private Markets, and What Investment Opportunities Do They Provide?
• 00:03:13 Do Semiliquid Funds Provide Easier Access to Private Markets?
• 00:05:57 Applying Morningstar Processes to Evaluate Private Markets
• 00:09:50 Managing Liquidity in Private Market Investments
• 00:18:48 Valuation and Transparency: Putting Private Assets Under the Microscope
• 00:24:07 Payment in Kind as a Valuation Concern
• 00:28:02 Public vs. Private Markets: Understanding Risk, Language, and Infrastructure Differences
• 00:39:28 Building Methodology to Explain Private Asset Fees and Incentive Structures
• 00:44:22 What Morningstar Medalist Ratings Signal for Semiliquid Funds

Morningstar’s Guide to Public/Private Investing

Private Equity Funds Step Into the Spotlight

Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box?

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Kathleen Rehl. Kathleen is an author, educator, speaker, and certified financial planner dedicated to empowering widows financially and guiding the professionals who support them. She operated her own planning firm for 18 years before shifting her focus to writing, teaching, and research. After her husband died, she transformed her personal grief into a mission, helping others navigate widowhood, legacy planning, and purposeful aging. She is the author of Moving Forward on Your Own: A Financial Guidebook for Widows.

• Learning widowhood from the inside (00:02:17)
• What changes when only one person is left to make decisions (00:04:13)
• Irreversible choices widows often face early on (00:05:16)
• Stress-testing for life without a spouse: Where will you live, and how will you live? (00:08:39)
• Why widows leave advisors—and how advisors can do better (00:16:03)
• Slowing down decisions to prevent emotional and financial harm (00:18:53)
• Continuing care retirement communities as a housing and risk management choice (00:25:55)
• “Refirement” instead of retirement, and building a lasting legacy (00:30:38)

Harry Margolis: How to Confront Aging Challenges Head-On

How to Tackle Estate Planning Basics in 7 Steps

3 Tricky Decisions for Every Retirement Plan

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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

Our guest on the podcast today is Don Phillips. Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor’s degree from the University of Texas and a master’s degree from the University of Chicago.

• 00:01:57 Viewing Investing From 100,000 Feet Up
• 00:08:20 The Role of the Manager, From Salesmanship to Stewardship
• 00:11:18 What Indexing and AI Make Easier—and What They Risk
• 00:17:50 Private Credit and Private Equity Risks for Retail Investors
• 00:28:01 Finding the Unmet Needs in Asset Management
• 00:35:47 Fixed-Income Funds as the Industry’s Achilles’ Heel
• 00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling

Morningstar’s Why

Don Phillips: We’re All in the Behavior Modification Business

Private Equity Funds Step Into the Spotlight

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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