Gary Poster, with essential assists from Galyn Norwood, Phiroon Phihakendr, Jose Quijada, Pavandeep Kalra.
Past performance is no guarantee of future results.
I think it's because we expect the future to resemble the past, and we'd like nothing better than to be able to read tomorrow's newspaper today. That way we could find out, ahead of time, which funds will do best in the future. Then we'd just repeat until wealthy. Nothing seems closer to tomorrow's newspaper than the Morningstar ratings. Since they were introduced in 1985 by the fund trackers at Morningstar Inc. in Chicago, the star ratings have come to dominate the selection of mutual funds almost as sweepingly as Microsoft holds sway over software.