With more than three decades at Morningstar, John Rekenthaler has had a front row seat to the tectonic shifts in the mutual fund business. During his career, John has seen the industry go from one dominated by actively managed funds (e.g., Fidelity's Magellan fund) to one where index funds (e.g., Vanguard Total Stock Market Fund) now hold more than 50% of fund assets. We reminisce about John's early days of Morningstar where one could leaf through binders with information on hundreds of funds (yes, I relied on these reports for my earliest investments in mutual funds). Please be sure to check out John's thought pieces in his Morningstar column after listening to the podcast. Enjoy!