Morningstar Advisor - Summer 2008 - 13
Rick Ferri CEO Portfolio Solutions Jim Wiandt President Index Publications fees continue to creep higher. Lower management fees on new ETFs, because Fund providers labeling active-management strategies as “indexes.” Most ETFs launched since 2003 follow active management strategies. The time has come to drop Lower fees as scale grows. sticks mode of product development. The throw-it-on-the-wall-and-see-what- mask and call these strategies by what they are. the indexing If the tax- and cost-efficient structure of ETFs works for index funds, it works doubly for active management. ETF companies closing funds that have not reached a profitable asset level. There have been some interesting product launches, but gains from innovation have shifted from potential alpha for investors to ETNs and ETFs packaging institutional strategies and scale for retail investors. A lot of the international regional, size, and style choices that have opened up recently. higher fees for fund providers. If the IRS allows ETNs to be as tax-efficient as the providers hope, there could be a huge rush to launch ETNs in every asset class. Unfortunately, the cost of ETNs will likely negate that tax advantage. The failure Likely ETNs and the product development around them. Active ETFs could also really shift the landscape. of active management brought me I am an investing geek governed by the old-fashioned to indexing. Lower costs, greater tax efficiency, and trading efficiency brought me to ETFs. There is no real threat. Only an adverse change in SEC regulation or IRS tax ruling can derail the freight train. idea that the best way to maximize my return is to pinpoint (and hold to) my asset allocation and to do it at the lowest possible cost. If one of the ETNs or swap-based funds, for example, blew up because of credit risk, that could tarnish even parts of the industry that have no such risk built into the products. Jack Bogle, Nate Most. Jack Bogle. First, I would not try to sell Jack anything if I wanted to stay his advisor. Second, Jack has no issue with the structure of ETFs. His issue is with the product providers promoting ETFs as short-term trading vehicles. I’d tell him to trust smart investors to actually act in their own interest and not trade themselves into bad returns. Many investors use ETFs intelligently. MorningstarAdvisor.com 13
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Morningstar Advisor - Summer 2008
Table of Contents for the Digital Edition of Morningstar Advisor - Summer 2008
Morningstar Advisor - Summer 2008
Contents
Letter from the Editor
Contributors
Inbox
College Planning: Solutions and Concerns
ETFs: The Next Chapter
Engineering Financial Advice
Investment Briefs
Flexible vs. Style-Pure Managers: The Evidence
Forging a New Commodity Index
Work Your Way Through College Planning
Sizing Up the Options
Best and Worst 529 College-Savings Plans
A 529 Travel Guide
10 Tax-Smart Tips for College-Savings Planning
Global Dialogue
How Sequoia Cranks Out Good Returns Year After Year
The Many Layers of David Winters
Living on the Edge
Stocks to Buy Once a Decade
With Munis Feeling the Pain, Some Opportunities Arise
Health Care Provides Shelter from Economic Storm
Help Your Clients Get More Out of Their Bond Portfolios
Mutual Fund Analyst Picks
50 Most Popular Equity ETFs
Undervalued Stocks
Most Popular Variable Annuities
New at Morningstar
New on MorningstarAdvisor.com
Closer to Fine
Morningstar Advisor - Summer 2008 - Morningstar Advisor - Summer 2008
Morningstar Advisor - Summer 2008 - Cover2
Morningstar Advisor - Summer 2008 - 1
Morningstar Advisor - Summer 2008 - 2
Morningstar Advisor - Summer 2008 - Contents
Morningstar Advisor - Summer 2008 - 4
Morningstar Advisor - Summer 2008 - 5
Morningstar Advisor - Summer 2008 - 6
Morningstar Advisor - Summer 2008 - Letter from the Editor
Morningstar Advisor - Summer 2008 - Contributors
Morningstar Advisor - Summer 2008 - Inbox
Morningstar Advisor - Summer 2008 - College Planning: Solutions and Concerns
Morningstar Advisor - Summer 2008 - 11
Morningstar Advisor - Summer 2008 - ETFs: The Next Chapter
Morningstar Advisor - Summer 2008 - 13
Morningstar Advisor - Summer 2008 - 14
Morningstar Advisor - Summer 2008 - Engineering Financial Advice
Morningstar Advisor - Summer 2008 - 16
Morningstar Advisor - Summer 2008 - 17
Morningstar Advisor - Summer 2008 - Investment Briefs
Morningstar Advisor - Summer 2008 - 19
Morningstar Advisor - Summer 2008 - 20
Morningstar Advisor - Summer 2008 - Flexible vs. Style-Pure Managers: The Evidence
Morningstar Advisor - Summer 2008 - 22
Morningstar Advisor - Summer 2008 - 23
Morningstar Advisor - Summer 2008 - 24
Morningstar Advisor - Summer 2008 - Forging a New Commodity Index
Morningstar Advisor - Summer 2008 - 26
Morningstar Advisor - Summer 2008 - 27
Morningstar Advisor - Summer 2008 - 28
Morningstar Advisor - Summer 2008 - 29
Morningstar Advisor - Summer 2008 - 30
Morningstar Advisor - Summer 2008 - 31
Morningstar Advisor - Summer 2008 - Work Your Way Through College Planning
Morningstar Advisor - Summer 2008 - 33
Morningstar Advisor - Summer 2008 - 34
Morningstar Advisor - Summer 2008 - 35
Morningstar Advisor - Summer 2008 - Sizing Up the Options
Morningstar Advisor - Summer 2008 - 37
Morningstar Advisor - Summer 2008 - Best and Worst 529 College-Savings Plans
Morningstar Advisor - Summer 2008 - 39
Morningstar Advisor - Summer 2008 - 40
Morningstar Advisor - Summer 2008 - 41
Morningstar Advisor - Summer 2008 - A 529 Travel Guide
Morningstar Advisor - Summer 2008 - 43
Morningstar Advisor - Summer 2008 - 44
Morningstar Advisor - Summer 2008 - 10 Tax-Smart Tips for College-Savings Planning
Morningstar Advisor - Summer 2008 - 46
Morningstar Advisor - Summer 2008 - 47
Morningstar Advisor - Summer 2008 - 48
Morningstar Advisor - Summer 2008 - 49
Morningstar Advisor - Summer 2008 - Global Dialogue
Morningstar Advisor - Summer 2008 - 51
Morningstar Advisor - Summer 2008 - 52
Morningstar Advisor - Summer 2008 - 53
Morningstar Advisor - Summer 2008 - 54
Morningstar Advisor - Summer 2008 - 55
Morningstar Advisor - Summer 2008 - 56
Morningstar Advisor - Summer 2008 - 57
Morningstar Advisor - Summer 2008 - How Sequoia Cranks Out Good Returns Year After Year
Morningstar Advisor - Summer 2008 - 59
Morningstar Advisor - Summer 2008 - 60
Morningstar Advisor - Summer 2008 - The Many Layers of David Winters
Morningstar Advisor - Summer 2008 - 62
Morningstar Advisor - Summer 2008 - 63
Morningstar Advisor - Summer 2008 - Living on the Edge
Morningstar Advisor - Summer 2008 - 65
Morningstar Advisor - Summer 2008 - 66
Morningstar Advisor - Summer 2008 - 67
Morningstar Advisor - Summer 2008 - 68
Morningstar Advisor - Summer 2008 - 69
Morningstar Advisor - Summer 2008 - Stocks to Buy Once a Decade
Morningstar Advisor - Summer 2008 - 71
Morningstar Advisor - Summer 2008 - With Munis Feeling the Pain, Some Opportunities Arise
Morningstar Advisor - Summer 2008 - 73
Morningstar Advisor - Summer 2008 - 74
Morningstar Advisor - Summer 2008 - 75
Morningstar Advisor - Summer 2008 - Health Care Provides Shelter from Economic Storm
Morningstar Advisor - Summer 2008 - 77
Morningstar Advisor - Summer 2008 - Help Your Clients Get More Out of Their Bond Portfolios
Morningstar Advisor - Summer 2008 - 79
Morningstar Advisor - Summer 2008 - Mutual Fund Analyst Picks
Morningstar Advisor - Summer 2008 - 81
Morningstar Advisor - Summer 2008 - 82
Morningstar Advisor - Summer 2008 - 83
Morningstar Advisor - Summer 2008 - 50 Most Popular Equity ETFs
Morningstar Advisor - Summer 2008 - 85
Morningstar Advisor - Summer 2008 - Undervalued Stocks
Morningstar Advisor - Summer 2008 - 87
Morningstar Advisor - Summer 2008 - 88
Morningstar Advisor - Summer 2008 - 89
Morningstar Advisor - Summer 2008 - Most Popular Variable Annuities
Morningstar Advisor - Summer 2008 - 91
Morningstar Advisor - Summer 2008 - 92
Morningstar Advisor - Summer 2008 - New at Morningstar
Morningstar Advisor - Summer 2008 - 94
Morningstar Advisor - Summer 2008 - New on MorningstarAdvisor.com
Morningstar Advisor - Summer 2008 - Closer to Fine
Morningstar Advisor - Summer 2008 - Cover3
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