Publishing had been successful where there had been natural geographic monopolies.

I thought a company that provides mutual-fund information could be a great business, because you could construct an effective moat by building large financial databases and customer lists and a strong brand name.

Obviously, we're pleased with the SEC's decision and are happy to put this matter behind us.

Obviously we're pleased with the SEC's decision and are happy to put this matter behind us.

My philosophy is that small is beautiful. Instead of having one $70 million company, we will have smaller units that will operate as separate businesses. These changes will allow Morningstar to be more nimble in responding to the needs of investors.

Since Morningstar was founded in 1984, our mission has been to serve as an advocate for the individual investor. We have been successful in executing our strategy, but we must refocus our efforts to capitalize on the opportunities in the marketplace.