Editor - Editor Morningstar Employee Review

Thanks for taking the time to share your thoughts and ideas. In particular, I appreciate your comment about our leaders “caring” for employees as much as shareholders. I wholeheartedly agree with you. I also know this feeling is not purely the result of attractive HR programs (although those don’t hurt), but rather it's a reflection of the true nature of our leadership. If you’ve known Joe Mansueto, our founder, and Kunal Kapoor, our current CEO, as long as I have, you too would know both are genuinely nice people who care deeply for the individuals at Morningstar as well as the investors we serve. Not only does it influence their behaviors and decisions, but it tends to attract like-minded people-- it’s fair to say that the entire team at Morningstar shares this same attribute. To respond to a couple of your other comments, while we work hard to stay competitive in the talent markets we draw from, and we don’t believe our pay scale is out of step, we do focus on the “total employee value proposition.” So compensation is just one element of a broader package of traditional and cultural benefits. Considered together we believe the reasons to join and stay at Morningstar are quite compelling relative to other employers in the tech and financial services industries. I also appreciate your comments about brand. As you know, we appointed a new chief marketing officer a couple of years ago, and we just hired a new corporate communications director. They’ve been working on strengthening our brand and the messaging around our brand. Both are very attuned to the value of a strong brand across the markets we serve, including millennials who represent the future of our workforce and customer base.