Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Berkshire Hathaway Inc Cl B / Equity Bottom-Up

While we don't dispute the value Berkshire Hathaway has created through its insurance operations, we think investors draw two incorrect conclusions from its success.First, we think many are drawn to insurers that attempt to generate alpha on the investment side, while we believe the only sustainable competitive advantages are on the underwriting side.Second, we think many investors' view of reinsurance is too favourable, which is dangerous given current reinsurance trends.Analyst: Brett Horn

While we don't dispute the value Berkshire Hathaway has created through its insurance operations, we think investors draw two incorrect conclusions from its success.First, we think many are drawn to insurers that attempt to generate alpha on the investment side, while we believe the only sustainable competitive advantages are on the underwriting side.Second, we think many investors' view of reinsurance is too favourable, which is dangerous given current reinsurance trends.Analyst: Brett Horn

Berkshire Is a Good Insurance Operator, but a Bad Role Model