Morningstar - Q3 2023 - 4

Contributors
Morningstar Magazine
Volume 15, Issue 3
Morningstar researchers unpacked 2022's
multi-asset meltdown in an extensive
Emory Zink
" 2023 Diversification Landscape. " Co-author Emory
Zink, associate director, global multi-asset
and alternative funds, at Morningstar Research
Services LLC, did a deep dive into the impact
of monetary policy, recessions, and inflation over
the years, which she adapted for this issue's
Spotlight. ( " How Diversification Works, " Page 33.)
" 2022 was a challenging year, but it wasn't the
first time that rates precipitously rose, and
it probably won't be the last, " Zink says. " I worked
on this piece to remind myself-and investors-
that was the case. It's useful to place interest-rate
shifts in a broader historical context. "
Spencer Look
Spencer Look contributes his annuities expertise
in a panel discussion from the 2023 Morningstar
Investment Conference ( " All About Annuities, "
Page 56) and with a study of fixed index annuities
with a living benefit rider ( " Annuities Under
the Microscope, " Page 42). Look is associate
director of retirement studies at the Morningstar
Center for Retirement and Policy Studies;
before joining in 2022, he was a life actuary
specializing in life insurance and annuity product
modeling and valuation.
" Fixed index annuities are very popular, but there
is significantly less research on them compared to
other annuities, " says Look. " I think the most
important theme in the study is that the behavioral
risk of a potential buyer needs to be considered.
While these products can offer attractive
guarantees, that's because a significant number
of buyers pay for benefits they don't use. "
Skizzomat
Founded by Marie Emmermann, Berlin-based
Skizzomat creates visual concepts, illustration,
collage, and mixed media art for clients such as
The Economist and Harvard Business Review.
To capture the challenge of building a diversified
portfolio, this issue's cover illustration abstractly
incorporates references to investing within
a precariously balanced system. As Emmermann
puts it: " I created a visual perpetuum mobile from
geometric elements and cut-out bits, arranged
in a captivating (yet impossible) graphic sculpture. "
4
Morningstar Q3 2023
Editor-in-Chief Jerry Kerns
Managing Editor Laura Lallos
Editorial Board Bryan Armour, Hortense Bioy, Wing Chan, Lee Davidson,
Adam Fleck, Charles Gross, Jon Hale, Mathew Hodge, Michael Holt,
Thomas M. Idzorek, Paul D. Kaplan, Dan Kemp, Alec Lucas, Alex Morozov,
Don Phillips, Jeffrey Ptak, Katie Rushkewicz Reichert, Daniel Rohr,
Janet Yang Rohr, Madison Sargis, Jeffrey Stafford, Timothy Strauts,
Lorraine Tan
Contributors Karen Andersen, Christine Benz, Annika Bradley, Mathieu
Caquineau, Eric Compton, Damie Conover, Ava Gams, Seth Goldstein,
Robby Greengold, Ryan Jackson, Eric Jacobson, Charles Keenan,
Russel Kinnel, Danielle LeClair, Dan Lefkovitz, Spencer Look, Matia
Möttölä, Chloe Qu, Andrew Redden, John Rekenthaler, Sheryl Rowling,
Adam Sabban, Grant Slade, Ivan Su, Aron Szapiro, Gregg Wolper,
Emory Zink
Art Director Alex Skoirchet
Designer Paul Zdon
Illustrator Marie Emmermann
Photographers Justin Burks, Matthew Gilson, David Lees, Matt Roth
Copy Editor Mike Eiler
Proofreader Mary Kate Chambers
Publisher Sheila Berleman
Director of Advertising Sales Stuart Roge
Regional Sales Directors Dan Atkinson, Tony Lignelli, Joanna Sawyer
Morningstar, Inc.
CEO Kunal Kapoor
Managing Director, Design David Williams
Editor-in-Chief Adley Bowden
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Morningstar - Q3 2023

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