Investing Insights

Anthropic’s days as a private company are ticking down. The artificial intelligence frontier lab was founded in 2021 and is reportedly expected to price in mid-November. Many market watchers are predicting the company’s IPO will be one of the biggest of the year. Anthropic recently updated its S-1 to disclose how much revenue it generated in Q3 2026. A key figure left blank in the Claude chatbot maker’s original filing with the SEC. What would the private company’s arrival to the public market mean for investors and what should they watch for? Harrison Rolfes is a senior research analyst for Morningstar’s PitchBook, and he’s been tracking Anthropic’s rise.   Anthropic’s IPO to Cast Long Shadow Over Private AI Stocks  Follow and listen to The Long View podcast.  On this episode: 00:00:00 Welcome 00:01:36 What Anthropic Builds, Who Its Customers Are, and Its Rivals 00:03:33 Why PitchBook Lowered Anthropic’s AI Business Quality Score 00:05:45 Anthropic’s Revenue Growth, Spending, and Profitability Explained 00:10:45 Anthropic’s Debt and Long-Term Commitments, Plus Its Ownership Structure 00:13:57 Three Disclosures Wanted in Anthropic’s Amended Filing 00:17:56 SpaceX’s IPO Lesson, OpenAI’s Timing, and Anthropic IPO Takeaway  Check out more from Morningstar: Don’t Focus on Utilities Stocks’ Low Dividend Yields Mortgage Rates Are Above 7%. Is It Better to Rent or Buy a Home Right Now? Are TIPS ETFs the Best Way to Fight Inflation?  Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/  This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Utilities: Investors Counting on Growth to Stop Recent Slump  On this episode: 00:00:00 Welcome 00:01:25 The Utilities Yield Gap: This Time is Different 00:05:44 Data Centers are Driving Growth—and Creating a Backlash 00:10:43 Regulatory Risk Poses a Threat 00:12:20 These Companies are Poised for Growth 00:19:35 But What About Dividends? 00:23:49 Key Takeaways for Investors Considering Utilities Stock  Check out more from Morningstar: Mortgage Rates Are Above 7%. Is It Better to Rent or Buy a Home Right Now? Are TIPS ETFs the Best Way to Fight Inflation? The Smartest Moves for Bond Investors Today, and What to Do When You Have Too Many Investments  Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/  This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

High interest rates and expensive home prices are keeping some frustrated buyers on the sidelines. A 30-year fixed-rate mortgage recently crossed the 7% line and remains there, according to the Mortgage Bankers Association. And recently there’s an uptick in some buyers choosing adjustable-rate mortgages that come with a lower loan rate, but higher risk. Meanwhile, macroeconomic conditions are also squeezing homebuilders. So, when could affordability return to the housing market and where can investors find cheap stock opportunities? Suryansh Sharma is the director of equity research for Morningstar and covers the housing industry.   Sign up for PitchBook or Morningstar Direct to read Suryansh Sharma’s full report, US Housing: 2026 Q2.  On this episode: 00:00:00 Welcome 00:01:25 High Mortgage Rates and Prices Squeeze Buyers 00:02:46 How Rate Hikes and Cheap Mortgages Affect Home Sales 00:07:08 Rent vs. Buying: Comparing Monthly Housing Costs 00:08:11 Housing Market Risks, Mortgage Rate Outlook, and One Undervalued Stock 00:11:39 Ask the Economist: How Elections and the Economy Can Intersect  Check out more from Morningstar: Are TIPS ETFs the Best Way to Fight Inflation? The Smartest Moves for Bond Investors Today, and What to Do When You Have Too Many Investments 14 Elite Funds and ETFs, and 5 Popular Funds That Just Missed the Mark  Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/  This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is persistent inflation making TIPS ETFs more attractive? Hundreds of millions of dollars flowed into this niche investment in September, according to Morningstar data. Yet, there’s a debate over whether they’re an ideal way to defend against higher costs. Joining me is Dan Sotiroff to discuss what investors should know, including the risk, tax treatment, and top-rated ETFs. He’s the associate director of US passive strategies research for Morningstar. Ask the Analyst: TIPS ETFs Protect Against Inflation. So Why Did Mine Lose Money? On this episode: 00:00:00 Welcome 00:01:11 What TIPS ETFs Are and How They Work 00:02:28 Can TIPS ETFs Help Against Elevated Inflation? 00:04:39 Where Investor Money Is Going and How TIPS ETFs Performed 00:07:07 How Interest Rates Affect TIPS ETFs, Plus Other Risks 00:09:13 How TIPS ETFs Are Taxed 00:10:57 Gold- and Silver-Rated TIPS ETFs and Key Takeaways Listen to more from Morningstar: The Smartest Moves for Bond Investors Today, and What to Do When You Have Too Many Investments 14 Elite Funds and ETFs, and 5 Popular Funds That Just Missed the Mark Why Are Some of the Strongest Stocks Struggling This Year?  Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We have a special episode for you this week. The author behind the popular Ask the Analyst column on Morningstar.com is coming to the table. Morningstar portfolio strategist Amy Arnott is going into the mailbag to answer readers’ questions about bonds, including TIPS and other portfolio matters. Submit your question to the Ask the Analyst column created and written by Morningstar's Amy Arnott.  On this episode: 00:00:00 Welcome 00:01:36 How Bond ETFs Work and Comparing TIPS, I Bonds, Treasuries [This video states that an investor can use $5,000 from a tax refund to purchase I bonds in excess of the $10,000 limit. The US Treasury discontinued this tax-refund option on Jan. 1, 2025. ].00:05:06 Municipal Bond Fund Losses After a Fed Rate Hike 00:06:58 Where to Hold Bonds: Roth vs. Traditional IRA, and TIPS Ladders  00:09:15 Paying for Law School Tuition: Which Accounts Come Into Play 00:10:30 Simplifying 231 Holdings and Limiting Capital Gains on Fund Swaps 00:14:11 What to Know Before Submitting Your Ask the Analyst Question  Watch More From Morningstar: 14 Elite Funds and ETFs, and 5 Popular Funds That Just Missed the Mark Why Are Some of the Strongest Stocks Struggling This Year? Don’t Make This Mistake When Chasing Higher Bond Yields  Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/  This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The menu of mutual funds and exchange-traded funds can appear to go on and on, and it’s probably hard not to feel overwhelmed when you’re researching what works for your portfolio. A popular annual feature in Morningstar’s FundInvestor newsletter narrows the choices from thousands to about a few dozen. Russ Kinnel has done the hard work for you and is here to share investment ideas from his Thrilling Funds list. He’s the newsletter editor and Morningstar’s senior principal of ratings. Sign up for Morningstar’s FundInvestor newsletter.  On this episode: 00:00:00 Welcome 00:01:11 What's New in Morningstar's FundInvestor Newsletter 00:01:55 How Funds Make the Thrilling Funds List 00:03:43 Large-, Midsize, and Small-Company Funds From Fidelity, Vanguard and More   00:06:22 Bond ETFs, Global Stock Funds, and Municipal Bond Funds That Stand Out 00:08:50 Why Fidelity Contrafund and Other Popular Funds Just Missed the Cut 00:10:02 How Investors Can Find Out How Their Funds Stack Up Against the Criteria  Watch more from Morningstar: Why Are Some of the Strongest Stocks Struggling This Year?  Don't Make This Mistake When Chasing Higher Bond Yields  How AI Is Taking Over Your Portfolio   Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/  This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Are wide-moat stocks’ struggles a sign of their protection diminishing? That’s the big question from the Q3 issue of Morningstar magazine. Key market moments this year heavily weighed on some stocks with competitive advantages. Why did they stumble? Morningstar magazine Editor-in-Chief Jerry Kerns is returning to Investing Insights to discuss this issue’s cover story. Sign up for a free subscription to Morningstar magazine. On this episode: 00:00:00 Welcome 00:01:06 What Is a Moat and Its Five Sources 00:03:24 Why Examine Wide-Moat Stocks' Performance Now 00:04:12 What's Behind the Morningstar Wide Moat Focus Index's Rough Stretch? 00:06:59 Are Moats Really a Sign of Quality? 00:07:38 Key Takeaway on Wide-Moat Stocks 00:08:12 Other Highlights from This Quarter's Morningstar Magazine Watch more from Morningstar: Don't Make This Mistake When Chasing Higher Bond Yields How AI Is Taking Over Your Portfolio 401(k) Millionaires: Here's How to Avoid Going Broke in Retirement  Follow Morningstar on social: https://www.facebook.com/MorningstarInc/ https://x.com/MorningstarInc https://www.instagram.com/morningstarinc/ https://www.linkedin.com/company/morningstar/  This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Higher bond yields are attracting more attention and more money. US bond ETFs pulled in almost $54 billion in August. Core and core-plus bond ETFs make up about $8.5 billion of that. These funds tend to provide shelter during market storms to ease a portfolio’s rocky moments. They also provide steady and predictable income. As bond rates sit higher than they have in the past, how can you benefit while also taking a conservative approach? Dan Sotiroff is the associate director of US passive strategies research for Morningstar. Why Higher Bond Yields Can Be 'a Great Thing'  On this episode: 00:00:00 Welcome 00:00:50 How core and core-plus bond ETFs work 00:04:22 Billions flowing into core and core-plus bond ETFs this year 00:05:55 How active fund managers capitalize on higher bond rates 00:08:36 What higher bond yields mean for income investors 00:09:51 Core bond ETFs earning Gold and Silver ratings 00:11:17 Core-plus bond ETFs Morningstar analysts like  Watch more from Morningstar: How AI Is Taking Over Your Portfolio 401(k) Millionaires: Here's How to Avoid Going Broke in Retirement New ETFs Are Launching Fast. Proceed With Caution  Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/  This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

he dominance of artificial intelligence is swelling globally. Its massive growth is weighing heavily on stock markets, pressuring bond markets, and even growing to outsized proportions in emerging markets. These developments are increasing concentration risks in everyday investors' portfolios. What should you look for, and how do you guard against the AI surge? Tom Lauricella is Morningstar's chief global markets editor and the editor of the Smart Investor newsletter.  Sign up for the Smart Investor newsletter from Morningstar.  Markets Brief: Your Portfolio Is More Concentrated Than You Think  On this episode: 00:00:00 Welcome 00:01:18 Any signs of the AI stock rally slowing down? 00:02:01 Semiconductor stocks vs. other industries 00:03:11 Concentration risk in emerging-market funds 00:06:33 How AI is blurring lines between growth and value 00:10:34 Big Tech's AI debt binge and the outlook for bond yields 00:14:23 What to know about the Anthropic and OpenAI IPOs  Watch more from Morningstar: 401(k) Millionaires: Here's How to Avoid Going Broke in Retirement New ETFs Are Launching Fast. Proceed With Caution Why Playing It Safe in Retirement Can Backfire  Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Becoming a 401(k) millionaire can require decades of hard work and sacrifice. Previously, a seven-figure nest egg shined as the gold standard among retirement planners. But the shine has dulled as a portfolio of that size no longer guarantees the same security. What steps should you take to protect your savings and avoid going broke in retirement? Sheryl Rowling has a list of tips. The certified public accountant is the editorial director of financial advice for Morningstar. Your 7-Figure Retirement Fund Might Not Stretch As Far As You Think. Here’s How to Change That On this episode: 00:00:00 Welcome 00:01:20 Why seven-figure retirement portfolios need extra planning finesse 00:01:58 Why the retirement-to-RMD window matters 00:03:40 How taxpayers can approach the new SALT deduction 00:04:50 Building a cash bucket for market downturns 00:06:15 Retirement money missteps worth avoiding 00:09:41 Shifting asset allocation and key takeaways   Watch more from Morningstar: New ETFs Are Launching Fast. Proceed With Caution Why Playing It Safe in Retirement Can BackfireWhy Do Active Funds Lag Even With Winning Picks?   Follow Morningstar on social: Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/ LinkedIn: https://www.linkedin.com/company/morningstar/   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.