Ben Johnson, Director of Global Research at Morningstar joins Phil for a deep conversation about career and ETFs. They discuss:

• After a false start in architecture, Ben discovered finance
• Investing lessons from collecting baseball cards as kids
• Morningstar's ETF rating approach, including classifications
• Persistence of top rated funds and predictive value of the ratings
• How to rate portfolios of ETFs, and Morningstar's new portfolio rating service
• Ben defends market cap weighting, Phil makes the case that investors can do better
• Morningstar's conference and why the ETF and mutual fund conferences were merged
• The outlook for non-transparent ETFs
• The obstacle Ben had to overcome to move his career forward