Is the 60/40 portfolio living up to its reputation of resilience this year? The merit of a classic portfolio of 60% stocks and 40% bonds has been a matter of debate in recent years. A diversified 60/40 strategy failed to protect investors in 2022’s broad market crash—in fact, an all-stock portfolio would have held up better. However, a historical deep dive from Morningstar concluded that the tried-and-true approach lessened the pain in almost all of the worst market crashes in 150 years better than an all-stock portfolio. Morningstar Inc Portfolio Strategist Amy Arnott discusses the 60/40 portfolio’s ups and downs and its performance in 2025.

On this episode:

What is a 60/40 portfolio, and why is it popular? 

We often hear claims that the 60/40 portfolio is “dead” or obsolete. Why does it get criticized so much? 

Some of that criticism flared up in 2022. Why was the performance so bad for the 60/40 portfolio that year? 

Volatility has rocked the markets in 2025. How has the classic investment strategy done so far this year? 

Are there any asset classes that have performed better so far in 2025? Why? 

And which ones have struggled? 

Interest rates are sitting above 4%, but market watchers are anticipating the Federal Reserve will cut rates in September. What could that mean for the fixed-income part of the 60/40 portfolio? 

How do you think the 60/40 portfolio will perform over the next few years? 

Should people still rely on the 60/40 portfolio, or is another strategy better like the 70/30 or 50/30/20, which can be a mix of stocks, bonds, and alternatives? 

The tried-and-true strategy has proved its worth. So, what’s the final takeaway for current retirees, future retirees, or anyone seeking less risk?

Read about topics from this episode.  

The 60/40 Portfolio: A 150-Year Markets Stress Test

Is the 60/40 Portfolio Feeling ’22?

What We’ve Learned From 150 Years of Stock Market Crashes

How Does Your 60/40 Portfolio Allocation Compare With the Pros?

Why 2025 Is the Year to Invest in International Stocks

Why It’s Not Too Late to Add International Exposure

Why Holding Assets Outside the US Dollar Has Paid Off in 2025

How to Use Gold in Your Portfolio

Portfolio Diversification Is Winning in 2025

What to watch from Morningstar. 
These 16 Standout Funds Are Making Big Bets. Do They Fit in Your Investment Portfolio?

Market Volatility: Investors Are Seeking Safety in Gold ETFs. Is It Working?

Why Bonds Belong in Your Diversified Portfolio (Even Now)

Covered-Call ETFs Are Booming. But Not All Yield Is Good

Read what our team is writing.

Amy Arnott

Ivanna Hampton

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It can sometimes seem like there’s an endless number of mutual funds for you to invest in. But not all of them are a right fit for your portfolio—and some aren’t worthy investments at all. A popular feature from Morningstar’s FundInvestor newsletter greatly shrinks the list and can help you home in on the winners. Russ Kinnel is the newsletter editor and senior principal of ratings for Morningstar Research Services. And he’s here to brag about his thrilling funds list.

On this episode:

Let’s begin with the idea behind the thrilling funds list. How did this get started, and what’s the mission? 

You start with thousands of fund share classes. How do you narrow the list to a few dozen, and what are you looking for? 

Thirty-three funds met your high standards and made the cut, and they’re all repeats. Did that surprise you? 

What kept some funds off this year’s list?

A select group of these standouts are making big bets. Let’s start with the only thrilling fund from the diversified emerging-markets category.

A trio of foreign large growth funds from Fidelity are focusing heavily on financials and industrials. What’s their story, and what makes each of these unique? 

Can you describe the funds that are wagering big time on the tech sector? 

The healthcare sector has struggled this year. But some funds from Vanguard, Fidelity, and Dodge & Cox appear ready to benefit from a rebound, right? Talk about those funds. 

Where should fixed-income investors look if they’re tweaking that side of their portfolio? 

Which income and dividend-focused funds are outshining their category peers? 

And finally, how can the audience test the funds in their portfolio against your thrilling list?

Read about topics from this episode.  

The Thrilling 33

How Smart People Screen for Funds

Stop Screening Funds This Way

Worried About a Market Selloff? These 10 Funds Reduce Portfolio Risk

The Big Secret to Long-Term Investment Success

Holy Smokes! These Funds Could Get Barbecued

4 New Funds on Our Radar

Morningstar Medalist Rating for Funds

What to watch from Morningstar. 
Market Volatility: Investors Are Seeking Safety in Gold ETFs. Is It Working?

Why Bonds Belong in Your Diversified Portfolio (Even Now)

Covered-Call ETFs Are Booming. But Not All Yield Is Good

This Dividend Investing Strategy Deserves a Second Look

Read what our team is writing.

Russel Kinnel

Ivanna Hampton

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Investors are piling into global gold ETFs for a safe haven from uncertainty. Demand surged in the first half of 2025, according to a new report from the World Gold Council. The industry trade group points to geopolitical turmoil, global trade policies, and higher gold prices for driving interest in these ETFs. The lure of investing in gold ETFs can vary from wanting to diversify a portfolio, hedge against inflation risks, or simply bet on rising prices. Bryan Armour explains what you should know about this speculative asset. He’s the director of ETF and passive strategies research for North America at Morningstar Research Services.

On this episode:

What are gold ETFs, how many types are there, and how do they work? 

The World Gold Council says there was strong demand for global gold ETFs in the first half of 2025. How much money has flowed in and out of these ETFs, and what’s your take on that?

How have gold ETFs held up against market volatility in 2025? How does it compare with other periods of uncertainty? 

Let’s talk about your recent article about how to choose the right gold ETFs. You pointed out that a two-month launch difference helped create a big gap in assets between the two largest gold ETFs. Can you talk about the rivalry between SPDR Gold Shares GLD and iShares Gold Trust IAU?

You listed those two ETFs and several others as top gold ETFs in your article. What makes one of these ETFs different from the other? 

What should investors zoom in on to find the right ETF for them? 

How do trading costs affect buy-and-hold investors and day traders differently?

The IRS applies a different tax treatment to gold than stocks or bonds. What should investors know? 

What are the best gold ETFs, and why?

Let’s quickly pivot to another speculative asset. People sometimes refer to bitcoin as digital gold. Is that a fair comparison? How has it performed so far this year?

Would you say gold ETFs or bitcoin has served as a better hedge?

Read about topics from this episode.  

Digging for Gold With ETFs 

5 Tips for Trading ETFs 

How to Use Gold in Your Portfolio 

Commodities vs. Gold: Which Is the Better Inflation Hedge? 

3 ETFs to Diversify Your Portfolio 

Diversification Landscape: Building Diversified Portfolios

Morningstar′s Guide to ETF Investing 

What to watch from Morningstar. 
Why Bonds Belong in Your Diversified Portfolio (Even Now) 

Covered-Call ETFs Are Booming. But Not All Yield Is Good

This Dividend Investing Strategy Deserves a Second Look

Market Volatility: Is Your Investment Portfolio Ready for a US-EU Trade Deal?

Read what our team is writing.

Bryan Armour

Ivanna Hampton

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Fixed-income investors, bonds are rising to the occasion and looking attractive again. Their yields are higher, and they have delivered as diversifiers against stock sell-offs this year. Yet, uncertainty has muddled the outlook as the bond market seeks clarity about tariffs, inflation, and interest rates.Paul Olmsted covers US fixed-income strategies for Morningstar Research Services. The senior manager research analyst explains why you need bonds for a balanced portfolio.

Let’s start with how you’re thinking about the bond market in 2025. Can you talk about what you have considered key moments this year? 

As a follow-up, what is at the core of the bond market’s concerns?

We’re recording this episode on July 30th around 10:30am. The Fed is expected to announce their interest-rate decision this afternoon. Market watchers are predicting the Fed will hold rates steady. High interest rates pose a risk to bonds. What other risks should investors watch out for now? 

Some bond investors are seeking a “Powell hedge” due to expectations that Trump could oust the Fed Chair. What are they hedging against, and is this something everyday investors need to think about? 

What’s the probability of Trump firing Powell before the Fed Chair’s term ends in May 2026, and who would be the ideal candidate? 

We have talked about how the memory of the worst bond market ever in 2022 is still lingering. However, bonds served as diversifiers during stock sell-offs earlier this year. Why do you think bonds can’t shake the bad rap?

What’s the optimal bond allocation in a diversified portfolio during a high-rate environment? Should investors focus more on whether their holdings are short- or long-term, or is credit quality a bigger issue?

What are the best bonds for portfolio diversification?

What’s the takeaway for fixed-income investors for the rest of 2025?

Read about topics from this episode.  

Investors Should Embrace Elevated Bond Yields

3 Principles to Invest By, Whatever Comes Next

Why the Fed’s Independence Matters to Markets, the Economy, and Your Wallet

4 Top-Performing High-Yield Bond Funds

Tariffs and Dollar Weakness Tested US Resilience

Income Opportunities Remain at the Front End of the Yield Curve

What to watch from Morningstar. 
Covered-Call ETFs Are Booming. But Not All Yield Is Good

This Dividend Investing Strategy Deserves a Second Look

Market Volatility: Is Your Investment Portfolio Ready for a US-EU Trade Deal?

Market Volatility: 4 Key Factors to Track in Q3 2025

Read what our team is writing.

Paul Olmsted

Ivanna Hampton

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Daniel Sotiroff, senior manager research analyst for Morningstar Research Services, explains how covered-call ETFs work along with the popular investment’s risks and rewards.

On this episode:

1. What are covered-call ETFs, and how do they work?
2. Why are retirees and other income investors drawn to these ETFs? What’s making them so popular this year?
3. Their yields look very high. What is driving them?
4. What types of trade-offs are investors making?
5. ETFs are known to be tax-efficient investments. What are the tax considerations for covered-call ETFs?
6. Should you hold covered-call ETFs in a taxable or tax-deferred account?
7. What’s the optimal retirement account to hold covered-call ETFs?
8. Let’s talk about covered-call ETF performance in 2025. What have you’ve seen?
9. Which covered-call ETFs do Morningstar analysts consider a solid choice for investors, and why?

Read about topics from this episode. 

Should You Own a Covered-Call ETF Like JEPI? 

Is It Time to Reconsider Dividend Funds? 

3 Great ETFs for Jittery Markets 

Covered-Call and Buffer ETFs: Stock Investing With Less Gain but Less Pain

Covered-Call and Buffer ETFs: Do the Pros Outweigh the Cons?

100% Downside Protection ETFs: What’s the Catch?

Our 2025 ETF Predictions: A Midyear Review

Covered-Call Stock Funds Like JEPI Are Popular. Should They Be?

The Active ETFs That Led Inflows During 2025’s First Half

5 Charts on How Tariff Trouble Rocked US Fund Flows

Investors, Be Careful When Buying New ETFs

Tax-Efficient Retirement-Bucket Portfolios for ETF Investors

25 Top Picks for Tax-Efficient ETFs and Mutual Funds

How to Maximize the Tax Efficiency of an ETF Portfolio
3 Great ETFs for an IRA in 2025

The Best ETFs and How They Fit in Your Portfolio

What to watch from Morningstar. 
This Dividend Investing Strategy Deserves a Second Look

Market Volatility: Is Your Investment Portfolio Ready for a US-EU Trade Deal?

Market Volatility: 4 Key Factors to Track in Q3 2025

Is the International Outlook Brighter Than the US?

Read what our team is writing.

Daniel Sotiroff

Ivanna Hampton

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Amy Arnott, portfolio strategist for Morningstar Inc., discusses how a popular dividend investing strategy works, and who would or wouldn’t benefit from it.

On this episode:

• Let’s focus on when dividend reinvesting works as a strategy and when it does not. Who should consider reinvesting dividends?
• When shouldn’t an investor reinvest their dividends?
• Are there any differences between reinvesting dividends in a taxable vs a tax-deferred account?
• What types of dividends are taxable and non-taxable?

This part of the episode includes a correction: A response about which dividends are taxable versus nontaxable should have said, “If you're in a bond fund, most dividends would be taxable unless you’re investing in Treasury bonds, which would normally be exempt from state and local taxes.” We incorrectly said federal taxes.

• How long you’ve owned a dividend-paying stock matters when it comes to taxes. Can you explain the differences between qualified and non-qualified dividends?
• What kind of record-keeping does reinvesting dividends require, and how does reinvestment affect the cost-basis?
• How are considerations different for stock dividends vs fund dividends?
• What’s the final takeaway for the audience about dividend reinvestment?

Read about topics from this episode. 

When to Reinvest Dividends (or Not)

These 4 Dividend ETFs Strike the Right Balance for Income Investors

10 Top Dividend Stocks for 2025

13 Elite Companies With Fast-Growing Dividends

What Are Dividends?

The 10 Best Dividend Stocks

The Best Dividend Funds

What Makes a Great Dividend Fund?

What to watch from Morningstar. 
Market Volatility: Is Your Investment Portfolio Ready for a US-EU Trade Deal?

Market Volatility: 4 Key Factors to Track in Q3 2025

Is the International Outlook Brighter Than the US?

Digital Advice in 2025: What You Need to Know About Robo-Advisors

Read what our team is writing:

Amy C. Arnott

Ivanna Hampton

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Michael Field, European Market Strategist at Morningstar Holland, talks about tariff risks for key sectors and European stock performance as market volatility persists.

On this episode:

President Trump pushed his tariff deadline from July to August. How are global markets reacting to the uncertainty during this tariff watch?

The EU is one of America’s largest trading partners. How important is it for these two sides to strike a deal? 

And what’s at stake if they don’t before the deadline?

More than two dozen countries make up the EU. The bloc is seeking lower tariffs for a variety of sectors like aircraft, car parts, and spirits. Talk about that. 

So, what sectors do you think could be hit the hardest, and which ones could be spared?

The EU has presented a united front. However, some countries want a trade deal sooner than later. Can you talk about the debate you’re witnessing in Europe? 

Trade deals typically take years to be implemented, so any announcement would be a preliminary agreement. If a US investor has European companies in their portfolio, what would this framework mean for them in the long-term? 

Let’s shift to this year’s market performance of European stocks. What’s been winning? 

Which European stocks do Morningstar analysts consider undervalued, and why?

Read about topics from this episode.  

What’s Morningstar’s Outlook for Europe in 2025?

Why It’s Not Too Late to Add International Exposure

What Investors Need to Know About Tariffs

Here Are the Sectors and Industries That Are Vulnerable if Reciprocal Tariffs Come Back

Where Next for European and UK Stock Markets in 2025?

Best International Companies to Own: 2025 Edition

Find Morningstar's complete collection of tariff-related articles and analysis here.

What to watch from Morningstar. 
Market Volatility: 4 Key Factors to Track in Q3 2025

Is the International Outlook Brighter Than the US?

Digital Advice in 2025: What You Need to Know About Robo-Advisors

Demystifying Private Equity and Private Credit ETFs: What Every Investor Should Know

Read what our team is writing:

Michael Field

Ivanna Hampton

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Sarah Hansen, Morningstar Inc’s senior markets reporter, discusses the uncertain outlook for the third quarter and how investors should prepare for market volatility.

What Was Surprising From Q2 Market Volatility

Mixed Expectations as Trump’s Tariff Deadline Approaches

How Should Investors Prepare Themselves for Market Volatility?

How Tariff Uncertainty Could Affect Company Earnings

How Trump’s Tax and Spending Bill Raises Concerns About Federal Deficit

How the Fed’s Decision on Interest Rates Could Affect the Yield Curve

Should Investors Brace for More Market Volatility?

Read about topics from this episode.  

13 Charts on Q2’s Major Market Rebound 

Market Volatility: What to Watch in Q2 After Big Swings in Q1 

Has the Stock Market Reached Peak Optimism on Tariffs? 

What Investors Need to Know About Tariffs 

Tariffs Would Likely Hit These US Stock Sectors the Hardest 

What Investors Need to Know About the Budget Reconciliation Bill 

The Deficit is the Biggest Risk for the Bond Market, Says Matt Eagan of Loomis Sayles 

How Much Will the Fed Cut Interest Rates? 
How Healthy Is the US Economy? Here’s What the Top Economic Indicators Say 

What to watch from Morningstar. 
Is the International Outlook Brighter Than the US?

Digital Advice in 2025: What You Need to Know About Robo-Advisors

Demystifying Private Equity and Private Credit ETFs: What Every Investor Should Know

Market Volatility: Portfolio Diversification Is Winning in 2025

Read what our team is writing:

Sarah Hansen

Ivanna Hampton

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Two Morningstar research leaders join Investing Insights to discuss whether US investors should consider international stocks and fixed income. They are Dominic Pappalardo, chief multi-asset strategist, and Philip Straehl, chief investment officer for the Americas, for Morningstar Wealth, part of registered investment adviser, Morningstar Investment Management.

Key Takeaways:

How the Markets Have Been Handling Volatility in 2025

Why Economic Data Has Stayed More Stable Than the Markets During Volatility

Why the Timing and the Scale of the Tariffs Were a Shock to the Market  

Will International Stocks Outperform US Stocks?

Why Now Is the Time to Check Your International vs US Stock Allocation

Should Investors Broaden Their International Stock Exposure?

Why Global Consumer Stocks Are Poised to Perform Well During Market Volatility  

How Rising Yields in Fixed Income Can Create Opportunities for Investors  

How the Shape of the Yield Curves Have Shifted

How US Investors Can Mediate US Dollar Weakness With International Equity Exposure 

Key Takeaways on the US Market Outlook vs International Market Outlook  

Read about topics from this episode.  

2025 Morningstar Investment Conference: How to Invest Today 

Bull or Bear? Here’s How the Outlook for Stocks Stacks Up 

BlackRock’s Rick Rieder: Why the US Economy Is Going to Be Fine 

6 Charts on How Trump’s Tariffs Have Upended Global Markets 

Should Investors Rethink Global Diversification Amid Tariff Uncertainty? 

What Higher Bond Yields Mean for Markets in 2025 

Why the Bond Market Looks Brighter Than It Did in 2022 

The Trade Deals That Could Calm Wall Street 

Why Holding Assets Outside the US Dollar Has Paid Off in 2025 

Consumer Stocks Stand Out Among Opportunities for the Second Half of 2025 

For Investors Who Can Get Beyond Headline Risk, Opportunity Beckons in Bonds 

How Healthy Is the US Economy? Here’s What the Top Economic Indicators Say

What to watch from Morningstar. 
Digital Advice in 2025: What You Need to Know About Robo-Advisors 

Demystifying Private Equity and Private Credit ETFs: What Every Investor Should Know

Market Volatility: Portfolio Diversification Is Winning in 2025

13 Elite Companies With Fast-Growing Dividends

Read what our team is writing:

Philip Straehl 

Dominic Pappalardo 

Ivanna Hampton 

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Lan Tran, manager research analyst for Morningstar Research Services, discusses the benefits and limitations of digital investment advice. Plus, a look at the best and worst robo-advisors of 2025.  

What Is a Robo-Advisor?

Robo-Advisors vs. Traditional Advisors

Who Should Use a Robo-Advisor?

Benefits of Digital Investment Advice vs. a DIY Approach

Do Robo-Advisors Offer Retirement and Taxable Accounts?

Limitations of Robo-Advisors

Robo-Advisor Fee Structure

How Robo-Advisors Are Taking a Hybrid Approach to Financial Advice

How Morningstar Rates the Best Robo-Advisors of 2025

Do Robo-Advisors Control Security Selection in Your Portfolio?

Why Betterment Is One of Morningstar’s Top 3 Robo-Advisors of 2025

Why Fidelity Go Is 2025’s Runner-Up for Top Robo-Advisor

Why Vanguard Remains the Best Robo-Advisor in 2025

The Worst Robo-Advisor of 2025

Read about topics from this episode.  

Are Robo-Advisors Still Worth It?

Compare Robo-Advisor Performance & Assess the Best Options

The Best Robo-Advisors of 2025

Should You Be Using a Robo-Advisor?

Are Robo-Advisors Worth Your Investment?

Another Robo-Advisor Bites the Dust

What Is a Robo-Advisor?

5 Questions to Ask a Financial Advisor

What to watch from Morningstar. 
Demystifying Private Equity and Private Credit ETFs: What Every Investor Should Know

Market Volatility: Portfolio Diversification Is Winning in 2025

13 Elite Companies With Fast-Growing Dividends

The Stock Strategies That Are Paying Off in 2025

Worried About Inflation? What to Know Before Buying TIPS ETFs

Read what our team is writing:

Lan Anh Tran

Margaret Giles

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