Wrote about the new Morningstar study looking at pricing discrepancies in bonds held by mutual funds. Bonds aren't like stocks in the sense that you can't just look up a single price on an exchange. So funds end up *estimating* prices in different ways. bloomberg.com/news/newslette…

You can see how these price discrepancies grew much bigger for corporate bonds in March 2020, during the worst of the market-sell-off:

What's even more amazing, is that prices on Treasuries also diverged a lot more in March. So even in the world's most liquid and standardized market, these pricing discrepencies are happening (and haven't really normalized since March)

Should You Be Buying What the Junk Bond Market is Selling? spr.ly/6013HmWvf

Tracy Alloway and Joe Weisenthal were kind enough to have us on their Odd Lots podcast to discuss research that we conducted recently on consistency in bond pricing. "Bond Pricing: Agreeing to Disagree". spr.ly/6017HI3SH spr.ly/6016HI3SG

1/7 - Today we published Morningstar, Inc.'s annual fund fee study, looking at the latest trends in the fees charged by U.S. mutual funds and ETFs. morningstar.com/articles/10552…

Just published: Our annual Mind the Gap study sheds more light on the persistent gap (an estimated 1.7 percentage points per year over the past 10 years) between investor returns and total returns. spr.ly/6012yabGC

Whether you plan to spend now or invest for the future, our latest study compares #HSA providers to help you make an informed decision. Learn which one best serves both spenders and investors: spr.ly/6014JH3fy

Globalization Isn’t in Decline. Here’s Why That Matters for Investors morningstar.com/portfolios/glo…

A great piece by Morningstar Indexes Strategist Dan Lefkovitz on the re-emergence of benefits of fixed-income diversification. He also steers readers to range of great pieces from other Morningstar experts. spr.ly/6017IURXt

Have a look at this great piece by Alec Lucas on understanding your bond fund's returns. spr.ly/6013IUTTB

Morningstar Indexes' strategist Dan Lefkovitz recently published an interesting piece delving into dynamics around emerging-market equities' valuations relative to U.S. stocks. (It's not even about bonds and still a great read.) spr.ly/6019L711L

“My fear is that people have no idea how much more risk they’re taking now than they were before:” Eric Jacobson on.mktw.net/1lGXha1

'U.S. Economy Shrank By Most in Five Years' online.wsj.com/articles/u-s-g…

'Federal Judge Rules No-Fly List Violates Constitutional Rights' online.wsj.com/articles/feder…

Thx! Penelope Wang: 5 things your fund group won't tell you about non-traditional bond funds Eric Jacobson bit.ly/1j0ko0p must read

BNP and what it says about The Almighty Dollar nyti.ms/1m69W6L