So, all these reports were kind of sitting around my kitchen table. What investors really need now is patience. There is so much emphasis on short-term phenomena, much of which is random, that spurs investors to action needlessly. The result is higher transaction costs, higher tax bills, and there's little time to let compounding work in the investor's favor. I've never sold a single share of my original Morningstar shares, and any sale during the last 16 years would have been a bad one.
Good companies can grow for a long time, and it takes patience to harvest their true value.
So one of my major themes is to broaden our brand to be a firm that is known for all kinds of investments, not just funds but also equities. Providing comprehensive stock coverage, so that a stock investor can come to Morningstar and get all the information, tools, and advice that they need to make intelligent decisions about stocks. We're always looking at portfolio analysis. Individuals might feel that they're doing a pretty good job at analyzing an individual security, but when it comes to analyzing a whole portfolio, there's not a lot of analytics available to individuals. So we've created a tool that's called our portfolio X-ray.