It could have gone further. They've made a step forward, but it's not a giant step. The question is whether they're able to alter conduct. Time will tell.

not a panacea, but it's a giant step forward.

It didn't seem to work.

Bob's big challenge is developing the perception within his own system that buying proprietary funds won't hurt you.

Morningstar should stick to their knitting, which is measuring investment returns, ... They do not have the expertise to judge companies' corporate governance.

Your ability to know what is going on is quite limited, and most investors won't like that. It just makes things frustrating. ... How much does an investor really want to put up with, when they could get a better return and use the difference to support their favorite causes.