The Long View

We’re taping this podcast live at the Morningstar Investment Conference, where we’re delighted to be joined by Fidelity’s Will Danoff. Will runs a number of Fidelity equity strategies, the best known of which is Fidelity Contrafund FCNTX, a mutual fund he’s been managing since September 1990. Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and assistant portfolio manager at Fidelity Magellan FMAGX. He graduated from Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Will, welcome back to The Long View.

Episode Highlights

00:00:00 Introduction

00:00:56 Investing Origins and Early Influences

00:00:53 Retail Analysis and Unit Economics

00:10:29 Reg FD Changes and Adapting Research Processes

00:15:00 Identifying Durable Competitive Advantages

00:19:24 SpaceX and Buying Private Companies

00:22:40 Investing Mistakes and Avoiding Unprofitable Companies

More From Morningstar

2026 Morningstar Investment Conference: From SpaceX to Safeguarding Retirement

Here’s Fidelity Contrafund’s Will Danoff’s Secret Sauce

As Legendary Manager Will Danoff Leaves Fidelity, Should Investors Follow Him Out the Door?

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Today’s guests are Morningstar’s Brian Moriarty and Jack Shannon. Brian is a principal, fixed-income strategies, for Morningstar. Before assuming his current role in 2015, Brian was a client solutions consultant for Morningstar Office, a practice and portfolio management system for independent financial advisors. Before joining Morningstar in 2013, he was a research assistant for DePaul University’s religious studies department. Brian holds a bachelor’s degree in political science from Michigan State University and a bachelor’s degree in Islamic world studies from DePaul University.

Jack Shannon is a principal, equity strategies, for Morningstar. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Before joining Morningstar in 2020, Jack worked in commercial banking and was a consultant providing subject-matter expertise on complex financial litigation. Jack holds a bachelor’s degree in economics and history from James Madison University. He also holds a master’s of business administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.

Episode Highlights

00:00:00 Introduction

00:02:06 What are Private Markets, and What Investment Opportunities Do They Provide?

00:03:13 Do Semiliquid Funds Provide Easier Access to Private Markets?

00:05:57 Applying Morningstar Processes to Evaluate Private Markets

00:09:50 Managing Liquidity in Private Market Investments

00:18:48 Valuation and Transparency: Putting Private Assets Under the Microscope

00:24:07 Payment in Kind as a Valuation Concern

00:28:02 Public vs. Private Markets: Understanding Risk, Language, and Infrastructure Differences

00:39:28 Building Methodology to Explain Private Asset Fees and Incentive Structures

00:44:22 What Morningstar Medalist Ratings Signal for Semiliquid Funds

More From Morningstar

Morningstar’s Guide to Public/Private Investing

Private Equity Funds Step Into the Spotlight

Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box?

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Kathleen Rehl. Kathleen is an author, educator, speaker, and certified financial planner dedicated to empowering widows financially and guiding the professionals who support them. She operated her own planning firm for 18 years before shifting her focus to writing, teaching, and research. After her husband died, she transformed her personal grief into a mission, helping others navigate widowhood, legacy planning, and purposeful aging. She is the author of Moving Forward on Your Own: A Financial Guidebook for Widows.

Episode Highlights

00:00:00 Introduction

00:02:17 Learning Widowhood From the Inside

00:04:13 Decision-Making Without a Spouse

00:05:16 Early Irreversible Choices For Widows

00:08:39 Stress-Testing Life Without a Spouse

00:16:03 Why Widows Leave Advisors

00:18:53 Slowing Down Decisions to Prevent Emotional and Financial Harm

00:25:55 Continuing Care Retirement Communities

00:30:38 “Refirement” vs. Retirement and Building a Legacy

More From Morningstar

Harry Margolis: How to Confront Aging Challenges Head-On

How to Tackle Estate Planning Basics in 7 Steps

3 Tricky Decisions for Every Retirement Plan

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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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

00:00:00 Introduction

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

More From Morningstar

Morningstar’s Why

Don Phillips: We’re All in the Behavior Modification Business

Private Equity Funds Step Into the Spotlight

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Adam Grossman. Adam’s the founder of Mayport, a fixed-fee wealth management firm. He’s also a regular contributor to Humble Dollar, the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company, Ballentine Partners, and MFS Investment Management. He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he’s also a CFA charterholder.

Episode Highlights

00:00:00 Introduction

00:01:16 Writing for Humble Dollar and Jonathan Clements

00:05:15 How Flat‑Fee Advice Beats AUM Pricing

00:10:29 Helping Investors Stay Calm in Market Stress

00:17:30 Simple Stock/Bond Portfolios Still Work

00:22:58 How to Protect Your Portfolio Before Retirement

00:27:20 Social Security Timing: Math Versus Emotions

00:34:19 How AI Is Changing Financial Advice

More From The Long View

Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’

Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner

Harry Margolis: How to Confront Aging Challenges Head-On

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.