Lessons From the Founder of Morningstar

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[00:02:25]  – (First question) – Joe is asked how the book 'Walden' was the inspiration for the name of the company, Morningstar

[00:04:23] – Looking back at whether Joe returns to Thoreau and ‘Walden’, which has led him to simplify things in his life

[00:05:36] – If he had to, Joe said he would give every 22-year-old ‘Walden’ to read

[00:06:45] – Exploring the early parts of Joe’s life, and first business ventures that eventually led him to launch Morningstar

[00:08:52] – When Joe first got interested in investing and how that sparked the idea of compiling investment information

[00:10:47] – Went to get some more real world experience

[00:12:56] – Patrick pushes Joe on his soda selling business that he started in college

[00:14:18] – How a focus on reducing transaction costs can lead to great business ideas and the first product launched by Morningstar

[00:17:17] – The power of floats in launching businesses

[00:20:55] – Is the ability to identify arbitrage innate or can it be learned

[00:22:40] – What were the principles that were used to maintain the Morningstar brand in the beginning and over the years

[00:26:17] – What did Joe think about when he was hiring those first few fund managers for Morningstar

[00:28:06] – Exploring Joe’s thoughts on some of the trends in investing, from active to passive management, or from boutique investors to larger mutual fund type companies

[00:31:06] – The origin of the Morningstar style box

[00:33:55] – A look at Joe’s personal investing styles 

[00:35:17] – What is the importance of confidence when it comes to investing in a company and does Joe’s role with Morningstar provide him with added confidence

[00:36:59] – A history of Joe’s roles and views as a capital allocator

[00:40:45] – The benefits of repurchasing stocks

[00:42:27] – Why do companies still favor dividends

[00:43:56] – Exploring Joe’s management style and what has changed over the last 30 years

[00:46:52] – Are there common traits to look for when hiring people

[00:50:14] – Are there any negative screens that Joe wants to avoid when hiring people

[00:51:02] – Favorite recent books/topics that Joe has explored

[00:53:07] – Exploring the darkest moments for Morningstar

[00:55:18] – How does Morningstar foster innovation and not get too comfortable with their success

[00:59:20] – Looking at Joe’s most memorable day at the company

[01:02:14] – In what ways has Joe simplified his life through his daily routine

[01:04:35] – Joe explains how he became a member of Warren Buffett’s Giving Pledge.

[01:06:12] – The importance of being able to say ‘no’.