Investing Insights: The Best Defense for Bear Markets and Estate Planning Must-Haves

please stay tuned for important disclosure information at the conclusion of this episode welcome to the investing insights podcast from Morningstar in this week's podcast Ross Kendall examines previous bear markets to figure out the best defense Christine Ben shares the must-have documents for estate planning Alec Lukas surveys the dividend landscape christine bans offers advice for creating income when yields are low and provides a personal finance to-do list let's get started here our Christine Benz of Morningstar Inc and Russ Kendall from Morningstar research services hi I'm Christine Benz for Morningstar calm stacks have recovered nicely of late but some investors might be looking at their portfolios wondering if they're in position to play adequate defense for what comes next joining me to share some research on that topic is Russ Kunal he's director of manager research and editor of Morningstar fund investor Russ thank you so much for being here glad to be here Russ you recently did some research where you looked out over the past three bear markets and you looked at how a total stock market index fund would have prepared would have performed relative to Vanguard balanced index over those three bear markets what did you find there yeah I was simply interested in what kind of defense you get from going from a pure equity exposure to two balanced and I found that if you're just using as a proxy of Vanguard total all right our balanced index versus Vanguard total stock market and there I found Vanguard balance index in about I had about half the losses from peak to trough as a total market this current market was wasn't quite as good about 35% loss for the total market versus about 23% loss for the balance index which is a 60/40 S&P 500 and Aggregate Bond Index combination so you know significant improvement and diminishment of losses just by going with a Plano 6040 mix and of course the balanced index has a very high quality very plain vanila fixed-income piece that helped as well right that's right that's really crucial in a bear market at least it has been in the past three because Treasuries benefit from that flight to quality whereas a lot of other bond portfolios with maybe a little more credit risk don't hold up as well because of course people are worried that those lower quality credits won't be able to actually make good on their payments you also took a look at a total market index a US market index Vanguard total market index relative to an international index fund I wouldn't expect that you found that the international index fund held up necessarily relative to the US index did it over the three bear markets that you examined not really you're correct so in the mm OH - bear market and the oh seven two oh nine bear market international did worse in this current one this year it did slightly better but obviously that kind of prompts the question well what good is international if it's not really going to reduce my losses where's the diversification and I think particularly in a in a panic and an extreme sell-off the markets tend to all go in lockstep and and certainly you see that but where I think the diversification exists is a little more like diversifying between small and large cap or having health care and tech and financials in your portfolio it's more that there are time periods where the performance can be very different so if you look at say various 10-year cycles there are times when international did much better than us and vice versa so I think it's that kind of diversification you're getting it's not the kind that say you get from having Treasuries that are ballast in a bear market but it's still a meaningful adoro diversification how about value versus growth did you see any differential in bear market performance there oh yeah so we did see sharp differences between those two camps in that first bear market as you may recall mm OH to growth got crushed lust about 51% and of course a lot of active growth funds did even worse value held up much better 38 percent loss but over the two ones after that value did much worse than growth so again another case for diversification it's really hard to predict those things but I think the reason you see those differences is that bear markets tend to hit one or two sectors extremely hard and therefore that tends to be either growth or value gets hit harder in in this current case of course it's about being economically sensitive and and those areas were which are and the value camp got hit hardest in in the 2000 bear market it was much more about valuation compression because there had been such a huge speculative boom in on the growth side so you really see there there can be very stark differences between value and growth did you find any category or asset class that performed well and had positive returns in all three bear periods only Treasuries long-term Treasuries did particularly well but even short-term Treasuries did well some of the short-term muni indexes and funds had positive returns in the prior two bear markets but they actually lost money in the current one admittedly a small amount but it makes a lot of sense because there's there's such a tremendous burden on states in this current environment as well as tremendous recession that has a lot of people worried about our state's our cities and other municipal issuers going to be able to make their payments and so it just shows even even high quality muni --zz are not impervious and high-yield bonds predictably poor I would imagine exactly in eight years out of nine high-yield is so much better than government bonds or even high-quality bonds because as the name says they're they have high yield but they do a lot worse than these bear markets that's the price you pay in in all three of them we saw high yield losing over twenty percent from peak to trough that's a meaningful hit and it's just a good reminder to everyone that high-yield behaves very much like a hybrid of equities and bonds because a lot there they come from equity holders but although they come from corporate issuers but also that they come from highly indebted corporate issuers so in the end the results of high yield are not so different from their 6040 Vanguard balanced index bond okay breast it's always great to get your insights I look forward to reading the full research and Morningstar fund investor thank you so much for being here you're welcome thanks for watching I'm Christine Benz for morningstar.com six days a week we deliver the latest news for investors just say Alexa enabled the Morningstar skill or visit Morningstar comm / Alexa now Susan chevensky and Christine Benz of Morningstar Inc share the must-have documents for estate planning hi I'm Susan chevensky with Morningstar creating or updating our estate plans very often falls to the bottom of the to-do list however Morningstar's director of personal finance Christine Benz suggests that we use this crisis as a reason to look at our documents and make sure everything is in place that we need today we're going to talk about a few key issues that should be top of mind Christine thank you for joining us today Susan it's great to be here now before the current crisis that we're in the midst of is first and foremost a health care crisis so maybe we should start there what are some important health care documents that we should have in place as part of our state plans absolutely so at the top of the list would be naming someone to serve as power of attorney for health care and the basic ideas that you're entrusting someone you trust to make health care decisions on your behalf if you're unable to do so so everyone needs power of attorney for health care regardless of your financial circumstances regardless of your level of wealth it's absolutely crucial that you legally document who you want to make these decisions on your behalf it's also worthwhile for everyone to have what's called a living will and the idea there is that you are spelling out your attitudes to health care to life-extending health care so you should have that living well you should share it with the person who is your power of attorney for health care to make sure that he or she is aware of your attitudes toward life-extending care now let's pivot over to the financial side of things what are some of the documents that are essential there well here again power of attorney is important and you have two powers of attorney one for health care one for financial matters and they don't need to be the same person but you're delegating responsibility for carrying out financial affairs to someone if you're unable to do so so those are absolutely crucial having wills is also important where you are laying out what you would like to happen to your assets and your other possessions if something should happen to you and finally beneficiary designations tend to be really underrated when it comes to estate planning many people don't recognize that even if they've gone to the trouble of creating expensive state plans with the help of attorneys the estate plans are oftentimes overridden by what they have laid out in their beneficiary designations so it's absolutely crucial to take a look periodically at your beneficiary designations I recommend a once yearly review of those sometimes if you've changed investment providers they might not necessarily have poured it over or perhaps you've had a change in your own family situation where the person you want it to be your beneficiary in the past might not be appropriate anymore so make sure that you're periodically revisiting those designations and keeping them up to date they're super important and what about parents who have minor children absolutely crucial so you want to make sure that you have named guardians for those minor children and make sure that your guardians are aware of your thoughts make sure that they're comfortable with the potential obligations that could come along with the honorific of being named a guardian another thing that I think about Susan and this might seem kind of small in the scheme of things but to pet owners who have animals in their lives I think you want to think through who would serve as caregivers for those animals if for whatever reason you were unable to take care of them either short-term or long-term I think it's wise to line up who would be the guardians for the any pets in your life and what about trusts Christine who needs them these days well 15-20 years ago and trusts were sort of a standard prescription for even moderately affluent couples especially they would set up these a bee or bypass trusts now the estate tax exclusion is really high it's over 11 million dollars per person that means that married couples would need to have 23 million in assets together to be subject to the estate tax but nonetheless I think that parents of minor children in some cases may want to investigate trusts particularly given that the secured Act which passed through Congress in late 2019 did away with what's called the stretch IRA so it's something to investigate if you're sitting down with an estate planning attorney to talk about firming up the rest of your documents you might ask whether a trust might be appropriate for your situation certainly for people with special needs individuals in their lives they too may investigate whether a trust may be appropriate very often that is the right answer for families with special needs children lastly Christine you you think that now is also a good time for us to look at some of our non legal financial documents what what do you mean by that right as you know Susan we've talked about this idea of having a master directory and the basic idea is that you're creating a spreadsheet or some document like that we're really you're outlining your major financial relationships so the brokerage firms and mutual fund companies that you have accounts at what your account numbers are any individuals you deal with at these institutions lay that out in a document you want to keep it very secure because of course this is information that could be very valuable in case of identity theft or some other situation like that so if it's a an electronic document you want to go to the trouble of password protecting it or encrypting it if it's a physical document you certainly want to keep it i under lock and key and then from a practical standpoint I created one of these master directories and I also created a little bit of a narrative along the lines of I have these four accounts and just to sort of spell out the basic framework of our financial plan just because that master directory might be just a little bit difficult to get your head around as a standalone element I think having a little bit of a narrative discussion can also be helpful if you have the time to go to the extra trouble well Christine thank you for your time today and for helping elevate this further up on our to-do lists then maybe it's been and giving us the direction that we should take with it we appreciate it thank you so much Susan for morning sir comm I'm Susan chevensky thank you for tuning in watch all the Morningstar content you love from your living room download the Morningstar roku channel and get up-to-date independent insights on today's markets be comfortable be informed next Tom Laura Sela Morningstar Inc interviews Alec Lucas from Morningstar research services I'm Tom Laura Sullivan Morningstar today I'm joined by Alec Lucas and we're gonna discuss the landscape for dividend investing Alec thanks for joining us today thanks for having me so there's been a lot going on when it comes to dividend investing investing for yield in general we've had a big drop in interest rates we've had a big hit to the economy which flows through two companies abilities to pay dividends why don't you give us an overview of what the landscape looks like for an investor trying to invest for yield yeah income has become hard to come by that was true before the coronavirus closures happened here in early 2020 and it's especially true after so Dave context the ten-year Treasuries yield which you know had been above 3% briefly in years past since April has been around 60 basis points to about 80 basis points or so so around all-time lows and it's not going to beat the historic inflation rate of about 2.2 percent corporate bonds could edge the cost-of-living the bloomberg Barclays us corporate bond index had a 2.7 percent yield of maturity as of April 30 but the problem with bonds of course is that their prices could fall if you'll tries and so there's also some default risk with that too so dividend paying stocks you know on first don't seem so attractive because there have been a number of dividend cuts by my count from late February through mid May or so 240 companies in the u.s. at least 240 companies have cut their dividends or canceled buyback plans or suspended their dividends one one at least one of those things but if you look at the comparison between the dividend projected one-year dividend yield and the S&P 500 versus a 10-year Treasury stocks look historically attractive relative to the yield on bonds right now so if you can invest smartly in dividend paying stocks that is a way forward and of course with different paying stocks you have the benefit and potential for price appreciation as well as the dividend raising the payout increasing over time and of course you are taking on additional volatility when you invest in equities versus bonds but if that's done well it can be something that's additive to a portfolio so investors looking for yield right now it appears that stocks offer the potential for better better returns but of course there's different ways to come about that and you mentioned that dividend growth is one aspect of this but for some investors they may just simply be out there looking for just whatever the highest yielding stocks there are given this environment what probably makes more sense in terms of investing for dividend growth or investing for for simply for yield yeah I think if you're gonna pursue income through equities you have to have in mind two categories of companies or strategies rather that you invest in one is high dividend yield strategies they tend to invest in mature companies that are very cash generative and pay out a large portion of their earnings to shareholders and that results in a high yield so we're thinking you know in this environment 3 percent would be would be pretty substantial even four percent but you want to be careful that you don't invest in companies that are offering such an attractive yield that it signals that the company's prospects for growth might be distressed so if you see something in the neighborhood of 7% or higher you know that's an indication to investors that that yield might soon disappear in contrast to high dividend yield strategies our dividend growth strategies and in this case the companies tend to be a bit younger they tend to have more growth and they're paying out a lower percentage of their earnings and so the yield itself is smaller so think around 11.5 percent or so but they're growing their payout steadily and of course if the share price is increasing then the yield may may may actually go down even as the payout goes up and that's of course a good problem for investors to have those kinds of companies have shown more resilience typically than high dividend yielding stocks and they've been less prudent to cut their dividends and that's certainly the case in this recent coronavirus environment and you mentioned some of the data that you've looked at in terms of the number of dividend cuts that we've seen can you get to go into a little more detail in terms of where we where we've seen those dividend cuts what types of companies have they tended to be on how broad-based has this bin and it's a big number but whereas I concentrated so dividend cuts have been fairly widespread but that doesn't mean that certain parts of the market haven't been hurt more than others but to speak to the widespread nature of dividend cuts there have been at least 240 US firms that have cut their dividend suspended their dividend and/or canceled buyback plans and that's been a 68 out of 142 Morningstar industries have been affected but the industries that have been most affected tend to fall within the energy space so oil gas and exploration companies lead the way followed by oil and gas midstream companies that's probably not surprising given investors who've been following the energy space given that there's been a challenge both from demand as well as an oversupply so that's put a special pressure on energy which was challenged even entering the year real estate investment trusts have cut their dividends obviously with questions about companies leasing office space and so forth that's been a headwind for them and a major one and led to a lot of different cuts some some noteworthy places where you've seen dividend cuts that perhaps you might not expect regional banks have cut their dividends asset managers have tended to cut their dividends smaller ones and obviously airlines and restaurants in retail you've seen dividend cuts there as well if you look at the whole universe of companies that have cut their dividends certain themes emerge one of them is that they tend to be smaller companies so out of those 240 companies that cut their dividends the median market cap was 1.1 billion so that's that's a small cap company for the most part and of course you have to take into effect that their market caps have shrunk obviously with the market turmoil and the cut of the dividend that would have naturally shrunk the market cap but even taking that into account these are smaller companies bigger companies so haven't been entirely unaffected so there's 220 stocks in morningstar's u.s. large-cap index and 21 of those companies cut or suspended their dividend and nor cancel buyback plans and so some prominent companies that are in that index that you've heard about in the news Boeing would be one slumbers J Occidental Petroleum Southern copper but even a stalwart like McDonald's or 3m have canceled buyback plans so companies obviously are being conservative and this up this is in contrast to what we've seen in the market the market has had a pretty significant rebound since its March 23rd low in fact April the rally in April depending on the index you look at was one of the strongest we've had in a long time and yet April was also a month in which we saw an acceleration of dividend cuts so I think investors have to be cautious when going to equities for yield and they have to play as smartly and again I would suggest that the way to do that is to keep in mind the difference between high dividend yielding companies and you don't want a dividend that is so high that it's prone to being cut because the Marcos market is signaling that and again that's in a yield of 7% or more would you'd have to be especially cautious on that and a small yield might be unattractive in the present but that's the kind of thing where the payout might grow given the company so what are we seeing in terms of how mutual fund managers that that oversee dividend strategies how are they Ferenc how are they navigating this what are we seeing from for example some of the Morningstar medalists dividend funds so with all the dividend cuts you would expect that income oriented funds have been hit the hardest and certainly we've seen some strategies hold companies that have cut their dividend so royal dutch/shell is a holding in a number of funds that it's company that cut its dividend but in general active managers who have income oriented strategies are very used to thinking about potential dividend cuts and trying to steer away from companies where they're worried about that and so we've seen an impact but not perhaps as dramatic as you would expect an example would be American Funds Income Fund of America which strives for an above average dividend payout and invests in stocks but also bonds as well it's march 2020 portfolio just 2.3 percent of its assets were in companies that cut their dividends and about half of the stocks in that portfolio had already cut their dividends and another half would go on to do so where we have seen strategies most affected by dividend cuts or deep value strategies so lsv which has a small cap value strategy as well as some advises of mid cap value strategy they've held double-digit stakes in companies that have cut their dividends but these kinds of companies are again smaller so we're thinking about small cap REITs REITs the kinds of things that a lot of the largest active funds just aren't investing in but they've held because they tend to have a contrary in streak and I would clarify that just because a manager holds a company that cut its dividend doesn't actually automatically trigger a sale so a good example of this is tea row price equity income its manager Jon Linehan takes into account total yield when he makes investments so dividend plus share buybacks and he's reticent about selling a stock if he sees a path for recovery and so a good example of that is if you compare his year-end 2019 portfolio with his march 2020 portfolio he had airline exposure at the end of 2019 but continued to have it in March of 2020 he did sell a position in southwest as as well as Delta but Alaska air he actually added to Alaska air group in Alaska Air Group modestly so but but added added exposure amid the cut alright great that's a lot of fantastic information Alec thank you very much for being here today thanks for having me now Christine Benz from Morningstar Inc offers advice for creating income when yields are low now I want to address a question I've been getting a lot from people who are already retired and that is how do you create a livable income stream from a portfolio in an era in which yields are really really low today so it's definitely a conundrum and first I want to talk about why this is happening and there are a couple of big reasons one is policy so the Federal Reserve has its interest rate policy that it sets and in an effort to stoke the economy and get people out there borrowing it has pushed its target interest rate down near zero so that's one reason and then another key reason is that people have been gravitating to very safe investments and then that effect of that is that it pushes up the prices of safer investments but it also pushes down their yields so this has made life really difficult for people who are retired and who had hoped to subsist at least in part on whatever income their portfolios throw off so a couple of piece of pieces of advice for people in this situation first I wouldn't expect it to get better overnight there are a lot of headwinds facing the economy I would expect that interest rates would stay down for a good long while here and the fact is we have had a secular period of low interest rates so it's something we've been living through for a while but has it has also gotten progressively worse over the past several years I would also caution against really chasing things that have much more attractive yields than you can find on safer investments today so given that we have seen some volatility in the market we have seen yields rise on some types of investments so junk bonds or low-quality bonds have seen their yields pick up real estate investment trusts now have pretty nice yields attached to them these securities might be part of your portfolio but I think you want to be careful about trying to extract all of the income you need from your portfolio using very risky investments in general these investments are volatile and their fortunes tend to be really tied to what's going on in the economy and in the stock market so when the economy is down and the stock market is down the prices on these securities are often down as well so be careful about just building a portfolio of high yielding investments I think the best bet for retirees at this juncture is to take a step back and build a broadly diversified portfolio and bolt onto it a cash bucket that you can use for ongoing living expenses in my work on morningstar.com I often talk a lot about this bucket strategy and the basic ideas that I'm stepping back and thinking about how can I create a total return portfolio that is going to give me the best risk adjusted return over my in retirement time horizon and then periodically prune from it whatever looks right for the picking so maybe when yields get better I'll be able to pull all of the income I need from you'll producing securities in other environments like in 2019 my best source of cash flow is the appreciated equity piece of my portfolio so the virtue of having the cash bucket attached to the total return portfolio is that I can use that as kind of a buffer zone if neither my income producing securities or my equity securities are performing particularly well that's the basic setup that I talk about when I talk about building a bucket portfolio for retirement and in the model portfolios that I've done along these lines I've typically earmarked a couple of year worth of portfolio withdrawals and true cash investments so no risk involved in these investments I've just got two years worth of portfolio withdrawals parked in CDs and money market funds maybe online savings accounts not taking any risk with this portion of the portfolio and then I'm stepping out on the risk spectrum a little bit from there so in my model portfolios I've thought about having five to eight years worth of portfolio withdrawals in short and intermediate term high-quality bonds and the idea is that you're picking up a little bit more income and a little bit more volatility potential with this portion of the portfolio but you're also protecting yourself a little bit from inflation so you are giving yourself a little bit more return potential with this portion of the portfolio so if you have that two years worth of cash and another five to eight years worth of short-term and intermediate term high-quality bonds you've essentially built yourself a runway of say seven to ten years worth of living expenses in safer investments that way if stocks go down and stay down for a good long while you could spend through those first two buckets before you would need to touch the stock bucket so with this bucket strategy you are holding any money that you would need for the next for ten years and beyond of retirement you're holding that in stocks but you're giving yourself enough of a buffer to ensure that you're not needing to touch stocks when they're down so that's the basic bucket setup I've done a lot of different versions of this on Morningstar calm not so much with an eye toward beating any other retirement income strategy that's ever been Daz I devised but really is a means of showing investors how to create a sane portfolio in an era in which income production is really pretty sparse expand your investing horizons and look to the long view with morning stars new podcast the long view join hosts Christine Bend's and Jeff Patek as they talked to influential leaders and investing advice and personal finance search for and subscribe to the long Butte today and lastly Susan J Vince key and Christine Ben's provide a personal finance to-do list hi I'm Susan shippin ski with morningstar.com during the current covin 19 crisis some people are finding themselves at home with a little extra time on their hands joining me today to talk about some financial tasks you might considering knocking off your list while you're at home is Christine Benz Christine is our director of personal finance at Morningstar Christine thank you for joining me today Susan it's great to be here now we'll first start by saying of course there are plenty of people right now who are busier than ever so they don't necessarily have the time on their hands that we're suggesting but if you are at home and you do you know you're saving yourself a commuter or for whatever reason you find you have some spare time one financial task you suggest knocking off that list is doing your taxes now we have until July so why do you think that's something that should be on the top of our to-do list well obviously if you're getting money back you don't want to delay filing get that return and as soon as possible to expedite your your return if you are owing I still think it's worth figuring out what you owe you'll ultimately wait until July to file your return because you don't want to have to pay any sooner than you need to but take your time to figure out what you owe and also if you do owe maybe more than you expected it'll give you some time to think about where you'll go for funds to pay your taxes and potentially budget for them in advance now you also think Christine that now is a good time for us to sort of go through our financial paperwork and get things organized right I've been banging this drum for a while but in my experience people hang on to way too many paper documents it gives them filing headaches and it also exposes them to more identity theft issues than would be the case if they were receiving electronic document delivery so if your financial providers have been badgering you about going paperless it's time to take them up on it check those boxes you may even actually be paying to receive physical paper documents so you could save a little bit of cash every month and then once you've done that go the extra step of culling the paperwork that you have hung on to so go through your files chances are you're saving way more than you need to I often see people save shareholder literature like annual reports and prospectus --is so you can get that stuff out of your filing cabinet and create a system that will be more skinny down and of course you want to save any very difficult to replace documents in a safety deposit box outside of your house ideally now related to do here Christine would be creating some of these documents these larger overarching documents that we should have that address our investment in financial plans what would those be absolutely so a few of the ones that I would call out would be what I call a master directory also an investment policy statement and a retirement policy statement so starting with the master directory that's simply a guide to the investments that you own where you own them maybe the approximate account value account number and you want to password protect this document or encrypt it and share it with someone who could need access to your information in a pinch so it's a way of inventory all of your assets and having it in a streamlined sort of document that someone could take a look at if they needed to if there were some sort of a financial emergency an investment policy statement is another document that I think every household where you've got investors should have and the basic idea is that it's a blueprint for your investment plan so it lays out your asset allocation plan it lays out your approach to reviewing your investments on an ongoing basis so it documents how you will choose and monitor your investments on an ongoing basis and finally a retirement policy statement is something that I recommend that all retired households have and the basic idea there is that it lays out your system for generating income in retirement so it lays out your system for cash flows from your portfolio what your withdrawal rate will be how you will generate cash from your portfolio you might include some details about your approach to Social Security and any other non portfolio income sources as well so those are really the big three documents that I think every household should have to document their financial and investment plans and lastly you know one thing that often follows to all of our the bottom of our to-do lists is creating or updating our state plans so what should we be thinking about there right this is one that seems to get pushed down to the bottom of everyone's list and the fact is it's not any fun to ponder our own mortality but it has been top of mind recently as we've been monitoring the current crisis so if you don't have an estate plan you can either use some sort of an online resource and there have many been there have been many that have popped up in recent years or turn to an attorney and I believe that many of them are now doing video conferencing so you shouldn't use the current shelter-in-place rules as an excuse to put this off because chances are you'll finally be able to find someone who will work with you and so you're really looking to get the basics hammered out you're looking to have a will if you have minor children you'd certainly want to have guardians specified for them we all need to have powers of attorney so people who will make financial and health care decisions on our behalf of we're unable to make them a living will is another essential document to have so check in with an attorney or if you have a very simple sort of estate plan you may use an online resource but this is something to focus on especially if you find yourself with a little bit of extra time another thing that I would add under that estate planning heading would be checking up on your beneficiary designations because many of our assets do pass through beneficiary designations and those actually supersede what you may lay out in your will so definitely attend to those beneficiary designations if you had an estate plan that made sense for you 10 years ago there may have been some changes in your life so check up on it to make sure that it still syncs up with your current situation well Christine looks like you have a lot of smart and important things for us to do to fill our time that we have if we're at home these days other than you know streaming videos and watching movie right so thank you for thank you for your time Christine so I was a pleasure to talk with you thank you so much Susan I'm Susan shebanski for a Morningstar thank you for tuning in that does it for this week's investing insights podcast for Morningstar we hope you have enjoyed our program and we welcome your feedback please send your comments and questions to podcasts at Morningstar comm from everyone here at Morningstar thanks for listening this recording is for informational purposes only and should not be considered investment advice opinions expressed are as of the date of recording such opinions are subject to change the views and opinions of guests on this program are not necessarily those of Morningstar Inc and its affiliates Morningstar and its affiliates are not affiliated with this guests or his or her business affiliates unless otherwise stated Morningstar does not guarantee the accuracy or the completeness of the data presented here in the podcast is for informational purposes only and should not be considered tax advice please consult the tax and our financial professional for advice specific to your individual circumstances Morningstar research services LLC is a subsidiary of Morningstar Inc and is registered with and governed by the US Securities and Exchange Commission Morningstar research services shall not be responsible for any trading decisions damages or other losses resulting from or related to the information data analysis or opinions or their use past performance is not a guarantee of future results all investments are subject to investment risk including possible loss of principal individuals should seriously consider if an investment is suitable for them by referencing their own financial position investment objectives and risk profile before making any investment

Channel: Morningstar, Inc.

Views: 2,690

Rating: 5 out of 5

Keywords: morningstar, investing, stocks, funds, etfs, mutual, market

Id: 5fKt9hDmvWo

Length: 40min 55sec (2455 seconds)

Published: Fri Jun 05 2020