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By Morningstar.com | 05-05-10 | 02:10 PM | Email Article

Mutual fund managers' quarterly letters, market commentaries, forecasts, and other reports are full of interesting tidbits and, if one looks carefully, investment ideas.

Morningstar.com offers coverage of more than 1,700 stocks, 1,700 mutual funds, and 300 ETFs, plus market news, economic analysis, portfolio-planning insights, and investment commentary.

Many portfolio managers, research chiefs, and advisors take the time to express their opinions about the markets, individual stocks, or other items on their minds. Some fund shops publish more frequently--on a monthly or even weekly basis. 

If you are interested in contributing to Perspectives, please email Liana Madura.

Recent Commentary

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Thornburg Investment Management | Brian McMahon and W. Vinson Walden | 04-20-2010
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Wade Slome | Wade W. Slome, CFA, CFP | 04-28-2010
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Lord Abbett | Milton Ezrati, Partner and Senior Economist and Market Strategist | 04-26-2010
Chinese Bubbles
At another level, emerging economies, like China's, possess such distinct characteristics from the United States, Japan, and other developed economies that easy parallels to their booms and busts almost always miss the mark.

Appleseed Fund | Ronald Strauss, CFA, Richard Singer, CFA, Adam Strauss, CFA, William Pekin, CFA, Joshua Strauss, CFA | 04-28-2010
Appleseed Fund First Quarter 2010 Shareholder Letter
During the last six months, the fund generated a total return of 12.4%, slightly exceeding the return of the S&P 500 Index.

Anderson Griggs | Kendall J. Anderson, CFA | 04-26-2010
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MFS Investment Management | James Swanson, CFA | 04-27-2010
U.S. economy exits rehab
James Swanson, CFA is MFS Chief Investment Strategist

MFS Investment Management | James Swanson, CFA | 04-05-2010
Happiness is: A resurgent corporate America
Investing on fundamentals

Davis Funds | Davis Funds | 04-28-2010
Davis Funds First Quarter 2010 Performance Update

Sound Shore Management | Harry Burn, III, John P. DeGulis, T. Gibbs Kane, Jr. | 04-28-2010
Sound Shore Fund First Quarter 2010 Commentary
Sound Shore's best contributors included Smith International, Baker Hughes, and Valero.

Scout Investment Advisors | William B. Greiner | 04-27-2010
Balance Sheet � Revisited
A word from President & CIO William B. Greiner, CFA

Savant Capital | Brent Lindell | 04-27-2010
Move Toward Dividends?
Since facing the market turmoil for the last 15+ months, it has been relatively commonplace to see my clients grasping for "safe" ways to get total return on their money and create an income at the same time.

INSEAD | Shellie Karabell | 04-19-2010
The double bottom line: social investing comes of age
The current economic malaise has sent investors looking for new avenues of investment - not just for the financial returns but also to make a difference in the world at large. Enter the socially-responsible investment, a niche market that is now coming of age.

Al Frank Mutual Funds | John Buckingham | 04-15-2010
The Taxman Cometh
The Buckingham Report

Merk Funds | Axel Merk, President and Chief Investment Officer | 04-27-2010
Implications of Chinese yuan Appreciation
Recently, there has been a lot of news and evidence supporting the likelihood of the Chinese authorities allowing the Chinese currency, the yuan or renminbi (CNY), to trade within a wider trading band. Why?

QFinance | Ian Fraser | 04-26-2010
SEC vs. Goldman Sachs: New Rules for Wall Street
The idea that what was good for the banks was good for America is gone.

Patterson Advisors | David C. Patterson and Erin Preston | 04-26-2010
The Weak Links of Financial Regulatory Reform
Whatever Congress does, we will still have problems in the future.

Leuthold Funds | Leuthold Funds | 04-26-2010
Leuthold Funds 4Q09 Reports
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U.S. Global Investors | Frank Holmes | 04-26-2010
China Imports Success
Just as the U.S. consumer is key for Chinese exporters, so too is the Chinese consumer key as an export destination for the rest of emerging Asia.

U.S. Global Investors | Frank Holmes | 04-26-2010
The Six Key Drivers of Emerging Markets
Outlining the cause and effect relationship driving emerging markets

ICON Advisers | Craig Callahan, DBA, Founder, and Chief Executive Officer of ICON Advisers | 04-22-2010
Back To The Future
Valuable Lessons from the Past

Weitz Funds | Wallace R. Weitz and Bradley P. Hinton | 04-26-2010
Weitz Stock Funds 1Q10 Performance

Hussman Funds | John P. Hussman, Ph.D. | 04-26-2010
Looking Back, Looking Forward
We need a defensive investment stance, based on a syndrome of overvalued, overbought, overbullish, and rising-yield conditions.

Advisors Capital Management | Dr. Charles Lieberman; Chief Investment Officer | 04-26-2010
Stocks Still Have Limited Downside
Investors who delay getting in or those who sell in the hope of buying back in later at lower prices risk are going up against improving fundamentals and quite reasonable stock valuations.

INSEAD | Kevin Tan | 04-19-2010
Upside in the Unknown
Investing in underfollowed stocks could yield higher returns.

Caldwell & Orkin | Caldwell Orkin | 04-23-2010
Caldwell & Orkin Market Opportunity Fund 1Q10 Report
A review of the fund's peformance during the first quarter of 2010.

| Jeremy Grantham | 04-23-2010
Playing with Fire (A Possible Race to the Old Highs)
Bernanke is begging investors to speculate, and they are complying, writes Jeremy Grantham in his April letter.

Nakoma Capital Management | Dan Pickett | 04-23-2010
Nakoma Absolute Return Fund March 2010 Report
An economic and equity market outlook from the fund's portfolio manager.

Brown Brothers Harriman | Brown Brothers Harriman | 04-23-2010
BBH Core Select 1Q10 Report
The fund has now recovered more than 100% of its 2008 losses.

Thornburg Investment Management | George Strickland, Josh Gonze, Christopher Ihlefeld and Christopher Ryan | 04-23-2010
Thornburg Municipal Bonds 1Q10 Review
A commentary on the bond market by four Thornburg portfolio managers.

Thornburg Investment Management | George Strickland and Jason Brady | 04-23-2010
Thornburg Strategic Income Fund 1Q10 Review
The fund's co-portfolio managers discuss its performance in this market commentary.

Thornburg Investment Management | Jason Brady and Lon Erickson | 04-23-2010
Thornburg Corporate and Government Bonds 1Q10 Review
A commentary on the U.S. fixed-income market in the first quarter of 2010.

Thornburg Investment Management | Alexander M.V. Motola | 04-23-2010
Thornburg International Growth Fund 1Q10 Report
A market commentary on the fund's first quarter 2010 performance.

Thornburg Investment Management | Connor Browne and Edward Maran | 04-23-2010
Thornburg Value Fund 1Q10 Report
The fund's co-portfolio managers present their first quarter 2010 market commentary.

Wells Fargo Funds Management, LLC. | Brian Jacobsen, Ph.D., CFA, CFP, Chief Portfolio Strategist | 04-22-2010
TIPS "for" Retirement, but not "in" Retirement
Treasury Inflation-Protected Securities (TIPS) were introduced in the United States to provide investors with an investment that not only guarantees a risk-free nominal rate of return, but a risk-free real rate of return.

INSEAD | Shellie Karabell, Barcelona | 04-19-2010
The Double Bottom Line: Social Investing Comes of Age
Microfinance, venture philanthropy offer investors a chance for two types of returns.

PIMCO | Scott Simon, Managing Director | 04-22-2010
Scott Simon Discusses a Post-Fed Mortgage-Backed Securities Market
In this interview, Scott Simon, managing director and head of PIMCO's mortgage- and asset-backed securities teams, explains how the Agency MBS market will function without its biggest buyer.

Metropolitan West Asset Management | MetWest | 04-22-2010
Mortgage Market Monitor
March 2010 Remittances

Wells Fargo Funds Management, LLC. | John Lynch | 04-19-2010
Milestones Achieved: Now What?
The market's recent sprint has resulted in several signs of weakening momentum.

Hussman Funds | John P. Hussman, Ph.D. | 04-21-2010
Earning More by Setting Aside Less
To the extent that investors tend to attribute market fluctuations to the immediate news surrounding them, the Goldman Sachs issue may become more of a subject of investor attention in the weeks ahead than it deserves. But really, is anybody actually surprised?

Patterson Advisors | Dave Patterson and Erin Preston | 04-21-2010
Get Ready for More Taxes
Will there be a VAT tax in your future?

Smead Capital Management | William Smead, CEO, CIO |
At the Margin
We learned that producers and their competitors produce until marginal profit moves to zero. What was so important about the things which happened at the margin?

Thornburg Investment Management | Bill Fries, Wendy Trevisani, and Lei Wang | 04-20-2010
Thornburg International Value Fund 1Q10 Report
The fund's managers review its performance in this market commentary.

Thornburg Investment Management | Brian McMahon, Jason Brady, and Cliff Remily | 04-20-2010
Thornburg Investment Income Builder Fund 1Q10 Report
A review of this fund's performance by its managers in their market commentary.

Thornburg Investment Management | Lewis Kaufman | 04-20-2010
Thornburg Developing World Fund 1Q10 Report
The first quarter market commentary from the fund's portfolio manager.

Thornburg Investment Management | Brian McMahon and W. Vinson Walden | 04-20-2010
Thornburg Global Opportunities Fund 1Q10 Report
A review of the fund's performance in this quarterly portfolio manager market commentary.

Advisors Capital Management | Charles Lieberman | 04-20-2010
Goldman, as Scapegoat
In reality, the financial crisis was the result of many mistakes and bad behavior by many different players.

Advisors Capital Management | Charles Lieberman | 04-20-2010
ACM Quarterly Letter to Investors
The first quarter 2010 report from Advisors Capital Management.

Turner Investment Partners | Robert Turner, Chris McHugh, Tara Hedlund, Dan Hirsch, and Mike Lozano | 04-20-2010
Sector Focus: Higher Spending on Data Centers
The April 2010 review from Turner's analysts on the market sectors they cover.

American Century Investments | American Century Investments | 04-20-2010
First Quarter 2010 Market Review
The global economic recovery is well under way in 2010.

Classic Value Investors | Mariusz Skonieczny | 04-20-2010
How to Evaluate a Company's Sales Force
Interview with Samuel Lucci from Partners Through People

ICAP | ICAP | 04-20-2010
Institutional Capital Investment Review and Outlook
ICAP's Q1 2010 Commentary

Longleaf Partners Funds | O. Mason Hawkins and G. Staley Cates | 04-20-2010
Longleaf 1Q10 Shareholder Letter
A look at the three Longleaf funds' first quarter performance and their place in the market.

Classic Value Investors | Mariusz Skonieczny | 04-20-2010
Speculator
A Person Who Thinks He or She is an Investor

Osterweis Capital Management | Carl Kaufman | 04-19-2010
Q1 2010 Osterweis Fixed Income Outlook
We are concerned with China's large trade surplus and the prospect of rising interest rates in the U.S.

Patterson Advisors | Dave Patterson and Erin Preston | 04-17-2010
Pros and Cons of Dollar Cost Averaging
It can help investors overcome emotional paralysis

Knowledge@Wharton | Knowledge@Wharton | 04-14-2010
Why CEOs May Want You Talking About Takeover Attempts
Stock price isn't always a good gauge of management's performance.

Anderson Griggs | Kendall J. Anderson, CFA | 04-12-2010
Will Inflation reemerge as a dominate force?
Science can warn us of pending natural disasters. Can it do the same for investors?

Matthews Asia Funds | Robert J. Horrocks, PhD, Matthews International Capital Management, LLC | 04-01-2010
Overinvestment in China
Recently, some investors and pundits have argued that China is in the midst of a debt-fueled bubble. This month, Matthews' Chief Investment Officer Robert Horrocks examines debt concerns related to China, the issue of whether China has too much capital and whether the pace of growth of its capital has been excessive. Moreover, he asks: How concerned are we about this?

Smead Capital Management Mutual Fund | William Smead and Tony Scherrer | 04-16-2010
A Contrarian Nature: Holding Periods, Price and Duration
The Smead Value Fund's letter to shareholders for first quarter 2010 results.

Barel Karsan Value Investing Blog | Barel Karsan | 04-16-2010
Leveraging Net-Nets
Value investors must try to gauge a company's future plans when weighing an investment.

The Pragmatic Capitalist | The Pragmatic Capitalist | 04-16-2010
Parts of This Market Are Looking Irrational
The data simply does not line up with our euphoric economy.

24/7 Wall Street | Douglas A. McIntyre | 04-16-2010
What If Germany Leaves the Eurozone?
From an economic standpoint, Germany does not need its membership in the Eurozone at all.

T. Rowe Price | Anh Lu | 04-12-2010
Keys to Growth in Emerging Asia
Anh Lu, manager of the New Asia Fund, shares her views about China and India. While both countries face some headwinds, she believes they continue to be the keys to investing in the region.

footnoted | Michelle Leder | 04-16-2010
Holy Cannoli at Abercrombie
A new amendment in Abercrombie's SEC filing is one the craziest disclosures we have ever seen.

24/7 Wall Street | Douglas A. McIntyre | 04-16-2010
The IMF and the Greek Chapter 11
Just like GM, Greece needs to restructure.

INSEAD | Karen Cho | 04-16-2010
Is It Too Late for Companies to Get into the China Market?
The market is still compelling for latecomers, but they will need to find a unique value proposition, says Booz & Company chairman and author Edward Tse.

Contrarian Edge | Vitaliy N. Katsenelson | 04-15-2010
China: the coming costs of a superbubble
China may seem to have defied the recession and the laws of economics. It hasn't. When China's bubble bursts, the global impact will be severe, spiking US interest rates.

QFinance | Ian Fraser | 04-14-2010
Breaking up is the hardest thing to do
Three years since the onset of the crisis, the US Congress has finally got around to debating some serious proposals for reforming America's banks and other financial institutions�and specifically for overhauling how they are regulated.

Calvert Group | Natalie Trunow, Chief Investment Officer, Equities | 04-07-2010
March Market Commentary: Continued Improvements in U.S. Economic Indicators Provide Further Boost to the Markets
Markets continued to rebound for the month of March, with the S&P 500 and Russell 1000 indices returning over 5% for the month, reacting to the signs of economic recovery.

Validea.com & Validea Capital Management, LLC. | John Reese | 04-15-2010
The Gurus Look for an Earnings Day Bounce
History shows earnings announcement days are kinder to some stocks than others, a new study shows.

Calvert Group | Natalie Trunow, Chief Investment Officer, Equities | 04-08-2010
First Quarter Market Commentary: Improving Economic Picture in the U.S. Continues to Fuel Equity Markets
Despite some volatility in the first half of the quarter, equity markets ended the first quarter of 2010 back in positive territory.

Thornburg Investment Management | Alexander M.V. Motola, CFA | 03-31-2010
Thornburg Core Growth Fund 1st Quarter Portfolio Manager Market Commentary
During the quarter, the Thornburg Core Growth Fund (A shares, without sales charge) trailed the benchmark, returning 1.48%.

Knowledge@Wharton | Knowledge@Wharton | 04-14-2010
Jeremy Siegel on the Dow Reaching 11,000: 'You've Still Got Upside'
Stocks could end the year 8% to 10% higher than they are today, says the Wharton finance professor.

Patterson Advisors | Dave Patterson and Erin Preston | 04-15-2010
Improve Your Returns by Focusing on Factors You Can Control
Stop doing things detrimental to your financial success.

The Oakmark Funds | Clyde S. McGregor and Edward A. Studzinski | 04-14-2010
Oakmark Equity and Income Fund Letter to Shareholders
The March quarter proved much busier for equity transactions than the end of 2009.

The Oakmark Funds | William C. Nygren and Henry R. Berghoef | 04-14-2010
Oakmark Select Fund Letter to Shareholders
We still believe that long-term returns from stocks are likely to be higher than returns for either bonds or cash.

Oak Value Fund | David R. Carr, Jr., Larry D. Coats, Jr., and Christy L. Phillips | 04-14-2010
Oak Value Fund 1Q 2010 Review
Oak Value picks up CME Group, Teva, and Thomson Reuters; sells Aon, Microsoft, and XTO.

The Oakmark Funds | Clyde S. McGregor, CFA, Portfolio Manager, and Robert A. Taylor, CFA, Portfolio Manager | 03-31-2010
Oakmark Global Fund Letter to Shareholders
The March quarter proved profitable for the Oakmark Global Fund. The Fund gained nearly 7%, which contrasts to 3% for the MSCI World Index and 3% for the Lipper Global Fund Index.

The Oakmark Funds | David G. Herro, CFA, Portfolio Manager | 03-31-2010
Oakmark International Small Cap Fund Letter to Shareholders
The Oakmark International Small Cap Fund returned 5% for the quarter ended March 31, 2010, compared to the MSCI World ex U.S. Small Cap Index, which also returned 5%. For the last 10 years, the Fund has earned an annualized rate of return of 11%, compared to the MSCI World ex U.S. Small Cap Index, which has returned 7% for the same period.

The Oakmark Funds | Bill Nygren, CFA, Portfolio Manager, and David G. Herro, CFA, Portfolio Manager | 03-31-2010
Oakmark Global Select Fund Letter to Shareholders
The Oakmark Global Select Fund returned 6% for the quarter ended March 31, 2010, compared to the MSCI World Index, which returned 3% for the same period. Since inception, the Fund has returned an average of 5% per year, outperforming the MSCI World Index, which has averaged -2% per year over the same period.

The Oakmark Funds | David G. Herro, CFA, Portfolio Manager and Robert A. Taylor, CFA, Portfolio Manager | 03-31-2010
Oakmark International Fund Letter to Shareholders
The Oakmark International Fund returned 6% for the quarter ended March 31, 2010, comparing favorably to the MSCI World ex U.S. Index, which returned 1% over the same period. Most importantly, the Fund has returned an average of 11% per year since its inception in September 1992, outperforming the MSCI World ex U.S. Index, which has averaged 7% per year over the same period.

Caldwell & Orkin | Caldwell and Orkin | 04-01-2010
Caldwell and Orkins Update
Caldwell and Orkin's commentary on the current market and economic environment.

The Oakmark Funds | William C. Nygren, CFA, Portfolio Manager, and Kevin G. Grant, CFA, Portfolio Manager | 03-31-2010
Oakmark Fund Letter to Shareholders
The Oakmark Fund manager by Bill Nygren, Kevin Grant

The Oakmark Funds | William C. Nygren, CFA, Portfolio Manager | 03-31-2010
Commentary on the Oakmark and Oakmark Select Funds
Oakmark's Bill Nygren and Kevin Grant look back to their first report to shareholders in March 2000 and offer their take on the market today.

The Oakmark Funds | John Raitt, President and CEO of The Oakmark Funds | 03-31-2010
The Oakmark Funds President's Letter by John Raitt
Quarterly Report from The Oakmark Funds

QFinance | Anthony Harrington | 04-12-2010
Asia forges ahead
"There are still large income disparities and poverty remains a significant problem�a great challenge is to ensure that all Asians benefit from the region's dynamism."

Smead Capital Management | William Smead, CEO, CIO | 04-13-2010
The Trend is Your Friend
On Wall Street there are a number of old adages and one of the all-time favorites is the trend is your friend. In this week's missive, we at Smead Capital Management would like to talk about trends that exist in today's market. In the process, we will try to determine if they truly are the investor's friend.

Anderson Griggs | Kendall Anderson | 04-13-2010
Earnings Season and Analyst Stress
Time Constraints and Short Cuts Rule the Season

Shenkman Capital Management | Mark R. Shenkman | 04-13-2010
The Re-inflating of the Credit Bubble
Despite the market juggernaut, the U.S. economy is drowning in government debt, grappling with unsustainable government spending, living with stubbornly high unemployment, and facing unpopular healthcare legislation.

Muhlenkamp | Ron Muhlenkamp | 04-01-2010
Muhlenkamp Memorandum
Muhlenkamp's Quarterly Letter by Ron Muhlenkamp

Dividend Detective | Harry Domash | 04-13-2010
Corporate Bond Funds Beat Money Market Accounts
With banks paying next to nothing in terms of interest, this may be a good time to consider corporate bonds.

Wasatch Funds | Samuel S. Stewart, PhD, CFA, Founder and Chairman of Wasatch Advisors | 04-05-2010
The Optimistic Market
Wasatch Funds Letter To Shareholders

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