Don Phillips: Encouraging Better Outcomes for Investors
Morningstar’s first fund analyst reflects on investing culture, stewardship, and long-term thinking.
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.
Episode Highlights
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
This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income
