Morningstar held its annual investment conference [Morningstar Investment Conference US (MICUS) 2022] in Chicago during the beautiful month of May, beginning on the month’s 16^th day.

And with it came the return of …

• The expansive venue of Chicago’s McCormick Place … “the largest and most flexible use convention center in North America.”
• In-person attendees of 1500, plus another 500 virtual participants.
• In-person appearances of top money managers, like T. Rowe Price’s David Giroux and AQR’s Cliff Asness.
• The massive keynote luncheon, which included large round tables with white table clothes and an army of waiters in black vests.
• Dozens of mutual fund house kiosks with sharply dressed staffers answering questions and handing out promotional material and trinkets.
• Roof-top social gatherings at venues like the Chicago Athletic Club, with lots of smiles and chatter.
• The traditional press dinner where Morningstar executives and analysts give generous amounts of time answering questions and providing industry perspectives.

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Rates on US Bonds have been falling generally for more than 40 years, prompting many to coin the term: “The 40-Year Bond Bull Market.” Below is the FRED chart depicting 3-month T-Bill rates since 1940. The bond bull started in June 1981. In the forty years proceeding this bond bull, rates were doing just the opposite … rising generally, which we’ll call the “The 40-Year Continue reading →