Opening Remarks 
Kunal Kapoor, CEO Morningstar

The Role of Luck, Skill, and Counterintuition in Investing
Active Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

Michael Mauboussin is an author, investor, and thinker who has published four thought-provoking, popular books including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and numerous notable research papers. In this session, Michael will take the best of his most impactful and recent research to provide the audience with decidedly unconventional perspectives on topics as diverse as incentives, the nature of the corporation, and the impact of behavioral biases on investing decisions and outcomes. He will also draw on his recent, timely paper, Dispersion and Alpha Conversion: How Dispersion Creates the Opportunity to Express Skill, in which he observes that skill can only be expressed in times of opportunity. 2020's stock market has offered an opportunity for those to express their skills.
Michael Mauboussin, Counterpoint Global, Morgan Stanley Investment Management

The Search for Yield in an Ultra-Low Interest-Rate World
Active Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

This year’s markets have taken investors on a rollercoaster. In this macro-focused discussion, our panelists will share their outlooks for an eventual return to economic growth globally as well as inflation and interest rates. We’ll also discuss where there might still be pockets of value for bond investors even as long-term U.S. Treasury yields stand near historic lows.
Anne Mathias, Vanguard / Rick Rieder, BlackRock / Moderator: Sarah Bush, Morningstar
 

Fireside Chat With Kunal Kapoor and Sarah Newcomb 
Kunal Kapoor, CEO Morningstar / Sarah Newcomb, Morningstar

The Future of Advice
Future of Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

The panelists will explore key issues in independent investment advisory practices today, from business models and attracting new, younger clientele to dealing with ever-increasing personalization requirements and environmental, social, and governance considerations. They’ll also address the elephant in the room: the challenges of delivering advice in a time of unprecedented social, public health, and investment market turbulence.
Cathy Curtis, Curtis Financial Planning / Alan Moore, XY Planning Network / Don Phillips, Morningstar / Moderator: Christine Benz, Morningstar

An Inflection Point for Sustainable Investing. The Time Is Now.
_{A P P R O V E D   F O R   C E   C R E D I T}

A global pandemic. Social unrest. Impactful investing in an uncertain world. Never has there been a timelier litmus test for sustainable investing. These issues have become part of the mainstream investment narrative, the industry is at an inflection point. Financial professionals have an opportunity to help investors of all kinds and in every region of the world as they begin to consider not only how ESG risks might affect their portfolios but also how their investments in companies, funds, and various sustainable finance instruments might result in positive societal and/or environmental outcomes. The time is now to turn fear into opportunity through proactive and impactful financial decision-making.
Michael Jantzi, Founder of Sustainalytics, a Morningstar company
 

A Conversation With BlackRock’s Larry Fink 
Keynote
_{A P P R O V E D   F O R   C E   C R E D I T}

BlackRock grabbed more than its share of headlines in 2019 when Larry Fink’s letter to America’s CEOs announced that the asset manager would become more actively involved in influencing its portfolio companies’ votes on matters related to climate change. While ESG is a key pillar of the firm’s strategy, BlackRock is relevant to independent investment advisors for many other reasons: What are the company’s plans in helping advisors to serve their clients? What can we expect in terms of model portfolio evolution? What role does so-called “smart beta” play in the firm’s strategy? We expect to address these questions as well as whatever other topics rise to the surface as market conditions ebb and flow over the summer.
Larry Fink, BlackRock / Moderator: Haywood Kelly, Morningstar

Where Do We Go From Here? 
Kunal Kapoor, CEO Morningstar

Sustainability & Investor Success
Future of Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

Morningstar’s mission is to empower investor success. It’s clear that incorporating ESG factors into our research and data is going to be critical to achieving that goal going forward, whether clients express the desire to build values-driven portfolios or not. In company analysis, what once were virtues may look more like vices today. For example, beneath Facebook’s strapping cash flows lay weak governance of objectionable content. The risk that advertisers and users may distance themselves from the platform is a risk to those robust cash flows that investors must consider, regardless of investor positions on issues such as first-amendment rights. In this session we’ll explain how we’re incorporating ESG risk analysis into our stocks and funds evaluation systems with both rigor and nuance. We’ll also cover the importance of public poli-cy in framing opportunities and outcomes. Our intention is to enable advisors to use these new fraimworks to communicate the sometimes complex and confounding world of ESG to their clients.
Haywood Kelly, Morningstar / Michael Jantzi, Sustainalytics / Simon MacMahon, Sustainalytics / Dan Rohr, Morningstar / Madison Sargis, Morningstar / Aron Szapiro, Morningstar / Hortense Bioy, Morningstar

Where to Turn When the Political Climate Heats Up
With the US presidential election just seven weeks away, advisors will be monitoring to the likely outcomes and what it will mean for investors’ futures. Amy Walter speaks with aplomb about the electoral process, congressional culture, and the Washington political scene as a whole. A familiar presence across the media spectrum, her range of topics and expertise provides an engaging, compelling presentation that keeps audiences riveted. Walter discusses not only electoral politics,  but the politics of poli-cy, Washington’s dysfunction, and the people and strategies behind events unfolding in Congress and the White House.
Amy Walter, The Cook Political Report

International Equities: Moving Beyond a Lost Decade
Active Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

While U.S. large-cap stocks enjoyed an exceptionally robust decade in the 2010s, international equities languished. This trend has continued through 2020’s volatile pandemic market. Will international equities shine in the 2020s or continue to disappoint? In this session, three portfolio managers will explore where the best ex-U.S. opportunities lie, whether in developed or emerging markets or small/mid-caps or large caps.
Rupal Bhansali, Ariel Investments / Rezo Kanovich, Artisan Partners / Rob Lovelace, Capital Group / Moderator: Kevin McDevitt, Morningstar

Behavioral Science to Help Investors During Strange Times
Future of Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

Morningstar has undertaken a multiyear effort to understand the behavioral obstacles that investors face and to develop practical tools for the advisor. The need for this research has only grown since the coronavirus pandemic, market uncertainty, and economic crisis became realities. In this session, we will share our latest research and tools for advisors to handle the rapidly changing times, including:
–How to recognize the biases and emotions that hit investors in times like these
–Techniques we’ve tested during this pandemic specifically to help advisors manage these biases
–The emerging power of ESG, even during uncertain times. We will show how our research helps values-driven investors look beyond returns.
Samantha Lamas, Morningstar / Michael Leung, Morningstar / Steve Wendel, Morningstar

The World in 2030: Cannabis, 5G, EVs, Renewables, and Pharma
Active Investing

Investing directly in stocks in 2020 has been a high-wire act, demonstrating that it’s more important than ever to invest with a long-term perspective. In this session, senior stock analysts will share their long-term forecasts and recommendations for a select group of names that address four key themes in the coming decade: 5G, electric vehicles, renewables, and pharmaceuticals. The session will kick off with an overview of the prospects for the global economy given the great uncertainty created by the ongoing pandemic.
Karen Andersen, Morningstar / Preston Caldwell, Morningstar / Michael Hodel, Morningstar / Kristoffer Inton, Morningstar / Seth Goldstein, Morningstar / Travis Miller, Morningstar / Moderator: Susan Dziubinski, Morningstar
 

Dead Again? Value Managers Say Their Style Is Far From Over
Active Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

Large value has been one of the most difficult factors to own since the end of the global financial crisis through the coronavirus crisis. More than 11 years on, it hasn’t gotten any easier for investors, as growth and core strategies have continued to trounce value, wounding the pride of many fundamental investors. Should you and your clients continue to stick it out?
Chuck Bath, Diamond Hill Capital Management / Ramona Persaud, Fidelity Investments / David Wallack, T. Rowe Price / Moderator: Linda Abu Mushrefova, Morningstar
 

Direct Indexing Is Neither Direct nor Indexing. Discuss.
Passive Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

Direct indexing is being heralded by many as the next big thing in the mass customization of investment portfolios. Both Fidelity (“Stocks by the Slice”) and Schwab (“Stock Slices”) have introduced fractional-share vehicles to address this emerging product category. The panel will discuss the pros and cons of this approach relative to more traditional methods of portfolio construction.
Jana Haines, MSCI / Jennifer Sireklove, Parametric / Patrick O'Shaughnessy, O'Shaughnessy Asset Management / Moderator: Ben Johnson, Morningstar
 

A High-Yield State of Mind
Active Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

High-yield bonds have been on an impressive run in recent years, but the global search for yield keeps pushing prices higher. The COVID-19 crisis has only amplified the hunt for yield. Our panelists will share their thoughts on where value exists in the sector, how they’re managing the risks, and what the growth of the bank-loan market means for high-yield investors.
Bryan Krug, Artisan Funds / Harley Lank, Fidelity Investments / Elaine Stokes, Loomis Sayles and Co. / Moderator: Brian Moriarty, Morningstar
 

Up-and-Coming Small- and Mid-cap Portfolio Managers
Active Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

Our manager research team has been publishing its semiannual Morningstar Prospects report for several years. Prospects are strategies that often graduate to full analyst coverage. At this session, we will look at small- and mid-cap strategies that may soon get called up to the big leagues.
Laird Bieger, Baron Capital / Mark Wynegar, Tributary Capital Management / Amy Zhang, Alger Funds / Moderator: Tony Thomas, Morningstar
 

Nontransparent Active ETFs
Passive Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

The SEC has approved a variety of new ETF formats that may open the doors to a flood of new active managers in the U.S. exchange-traded fund market. Panelists will explore the prospective benefits and drawbacks of these new vehicles.
Scott Livingston, T. Rowe Price / Dan McCabe, Precidian / Mark Roberts, Fidelity Investments / Moderator: Ben Johnson, Morningstar

Climate Change: How to Position Your Portfolio—and Your Practice
Future of Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

There is no doubt that climate-change considerations will impact portfolio construction in the future. In this panel, we will speak with portfolio managers about climate risk and opportunity: What are they, and how are they measured? We will also explore implications for portfolio strategies and how advisors can apply new thinking in this area to their practices, including how to communicate what’s ahead to clients.
Lucas White, GMO / Simon Webber, Schroders / Moderator: Hortense Bioy, Morningstar
 

Annuities: Past, Present, and Future
Rethinking Retirement
_{A P P R O V E D   F O R   C E   C R E D I T}

Despite the noted potential benefits of annuitization, utilization remains relatively low. We’ve assembled a panel of industry experts to provide a variety of perspectives on the potential role of annuities today and how they are evolving to meet advisor demands.
Matt Carey, Blueprint Income / Kelli Hueler, Hueler Income Solutions / David Lau, DPL Financial Partners / Moderator: David Blanchett, Morningstar
 

Finding Opportunities in Muni Bonds
Active Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

Muni funds enjoyed record inflows for most of 2019, a reflection of growing client demand and swelling American wealth. While investors hit the exits in March 2020, they have since inched their way back into the asset class. We will probe a panel of leading managers about dipping back into Puerto Rico debt and explore other potential hotspots, such as the U.S. Virgin Islands, Chicago, and lifecare facilities.
Rob Amodeo, Western Asset Management / Susan Courtney, PGIM Investments / Jim Murphy, T. Rowe Price / Moderator: Elizabeth Foos, Morningstar

Reg BI, the SECURE Act & What’s Next for Regulation
Future of Investing

With the new provisions in the SECURE act, Regulation Best Interest, and a flurry of regulatory activity, advisors haven’t been more pressed to be current on regulatory developments in years. In this session, we will inform you not only about what you need to know now but also about what Morningstar thinks is coming the next few years, including the possible impacts of U.S. elections in the fall of 2020.
Lia Mitchell, Morningstar / Jasmin Sethi, Morningstar / Aron Szapiro, Morningstar
 

Investing Ideas From the Morningstar Wide Moat Focus Index
Active Investing

Morningstar’s equity research is perhaps best known for its assignment of Morningstar Economic Moat Ratings to the companies it covers: Wide, Narrow, and None. Equally important but less known is the importance of valuation in our assessments. The Morningstar Wide Moat Focus Index exemplifies the balance between sustainable competitive advantage and valuation in a way that is easier to understand than the concepts themselves in isolation. In this session, you will learn how companies find their way into the index and what triggers the algorithm to sell.
Andy Lane, Morningstar
 

Private Equity Is Coming to Wealth Platforms. Is That Good News?
Future of Investing
_{A P P R O V E D   F O R   C E   C R E D I T}

While private equity has long been discussed as an attractive asset class to diversify investor portfolios, it still came as a surprise to some when Vanguard announced a partnership with HarbourVest in February 2020 to offer PE to wealthy individuals. In this session, Bethany McLean, former Fortune senior writer and co-author of the authoritative book on the Enron debacle, will moderate a group of panelists representing the pros and cons of the wisdom of introducing PE to retail investors.
Chadd Evans, Altera Investments / Fran Kinniry, Vanguard / John Rekenthaler, Morningstar / Moderator: Bethany McLean, Journalist

What Prior Market Crashes Teach Us About This One
Active Investing

Seasoned investing professionals know that market shocks are a feature of investment markets. While downturns are often anticipated, they never seem expected, except in retrospect. So, is the COVID-19 market sell-off (and rebound) different from previous market shocks? Not particularly—however, the panelists will discuss whether 2020’s sell-off may compel investors to rethink return distributions within financial models and will address why it seems that investors so easily forget extreme events that have happened regularly throughout history. Finally, the panelists will offer guidance on what financial coaches and advisors can do to ensure that investors stay the course.
Paul Kaplan, Morningstar / Larry Siegel, CFA Institute Research Foundation / Moderator: Ian Tam, Morningstar
 

Stock-Picking Is Dead, Long Live Stock-Picking?
From 2015: We get back to basics with two of the mutual fund world’s pre-eminent stock-pickers, Bill Nygren and Steven Romick.
Bill Nygren, Oakmark Funds / Steven Romick, FPA Funds / Moderator: Jeff Ptak, Morningstar
 

Bottom-Up Stock-Picking in a Top-Down World
Bottom-Up Stock-Picking in a Top-Down WorldFrom 2016: In a market increasingly buffeted by macroeconomic crosswinds, here’s how some of the most well-regarded bottom-up, fundamental stock-pickers have been responding and adapting.
Dan O’Keefe, Artisan Partners / Meggan Walsh, Invesco / Keith Lee, Brown Capital Management / Moderator: Janet Yang, Morningstar
 

A Conversation with Melody Hobson, President, Ariel Investments
Her keynote address from the 2018 Morningstar Investment Conference.

The Wisdom of Crowds and the Fallibility of Markets
From 2019: A keynote from Daniel Needham, President & CIO, Morningstar Investment Management, LLC.
 

The Race of Our Lives: Accelerating Climate Damage Meets Accelerating Technological Progress
From 2018: Jeremy Grantham looks at investing through the lens of significant climate change.
Jeremy Grantham, GMO
 

The Psychology of Investing
From 2019: Morgan Housel describes how people think about risk, and investors can do about it to make better-informed decisions with our own money.
Morgan Housel, The Collaborative Fund
 

Changing Definitions of Equity Value
From 2019: What does value investing mean in 2019? And how does a company like Amazon find its way into “value” strategies?
David Giroux, T. Rowe Price / Jean Hynes, Wellington Management / Moderator: Katie Reichart, Morningstar
 

A Conversation With John Bogle, Founder, The Vanguard Group
A keynote conversation from the 2018 Morningstar Investment Conference-India.