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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar Online Advice Advisory Board Members Receive Accolades

CHICAGO, Feb 15, 2001 – Morningstar Associates, LLC today announced that Nicholas C. Barberis, an advisory board member of the firm's Online Advice unit and associate professor of finance at the University of Chicago Graduate School of Business, recently was named winner of the fifth annual Paul A. Samuelson Award from TIAA-CREF.

The award is one of a series of accolades and honors recently given to advisory board members of Morningstar's Online Advice unit. These individuals, among the nation's leading experts in finance, economics, and financial planning, provide external guidance for Morningstar advice-related products, including its innovative online retirement planning service, Morningstar®ClearFutureSM.

The Paul A. Samuelson Award is given by TIAA-CREF for "outstanding scholarly writing in lifelong financial security," and is judged by an independent panel of experts. Barberis received the award for his article "Investing for the Long Run When Returns Are Predictable," published in the Journal of Finance in February 2000. Dr. Barberis injects a note of skepticism into discussions regarding the long-term "equity premium," or advantage of the stock market, by arguing that the 70 years of meaningful data available are too limited to offer complete confidence in the predictability of the market's returns. Barberis received the award, which carries a prize of $20,000, at a reception in New Orleans on January 5, 2001. 

"We are thrilled that Dr. Barberis has been recognized for his work on the important topic of predicting the long-term return of equities," said John Rekenthaler, president of Morningstar's Online Advice business unit. "Dr. Barberis's research was instrumental in the development of Morningstar ClearFuture. His work is making a major impact on leading-edge thinking in the investment industry."

Also in January, board member Shlomo Benartzi was one of five people named by Labor Secretary Alexis Herman to the 15-member Advisory Council on Employee Welfare and Pension Plans. Benartzi is an assistant professor of accounting at the Anderson School of Management at UCLA, where his research specializes in defined contribution savings plans. Dr. Benartzi has several forthcoming articles on the behavior of investors in 401(k) plans. 

Other members of the advisory board have also garnered praise recently. Rene Stulz, who holds the Everett D. Reese chair of banking and monetary economics at the Ohio State University, received the 2000 Jensen Prize for best article on corporate finance, which appeared in the prestigious Journal of Financial Economics. His article "The Determinants and Implications of Corporate Cash Holdings," coauthored with Tim Opler, Lee Pinkowitz, and Rohan Williamson, was published in 1999. Dr. Stulz also serves as director of the Dice Center for Research in Financial Economics at the Ohio State University.

Morningstar advisory board member M. Barton Waring, managing director of the client advisory group at Barclays Global Investors, recently received an award for Outstanding Paper Citation from the Journal of Portfolio Management for its second annual Bernstein Fabozzi/Jacobs Levy award. The article "Optimizing Manager Structure and Budgeting Manager Risk," coauthored with Duane Whitney, John Prione, and Charles Castille, appeared in the Spring 2000 issue of the journal.

"These esteemed advisory board members help Morningstar remain at the cutting edge of usable, methodologically sound products that build better portfolios for individual investors," Rekenthaler said. "We are fortunate to have them on our team as we continue to expand our portfolio-building services in the year 2001 and beyond."

About Morningstar Associates, LLC
The Morningstar®ClearFutureSM retirement advice program is provided by Morningstar Associates, LLC, a registered investment adviser and a wholly owned subsidiary of Chicago-based Morningstar, Inc., an independent provider of reliable, unbiased investment information and analytical tools. Morningstar, Inc.'s extensive line of Internet, software, and print services offers news, data, and analysis on stocks, mutual funds, closed-end funds, and variable annuities. Neither Morningstar, Inc. nor Morningstar Associates, LLC owns, operates, or holds any interest in investment products. The financial data and methodology used in ClearFuture are proprietary to Morningstar, Inc., and/or Morningstar Associates, LLC. Although the data are gathered from reliable sources, neither Morningstar, Inc. nor Morningstar Associates, LLC guarantees their accuracy, completeness, or timeliness. Past performance is no guarantee of future performance.

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