The Wall Street Journal and Morningstar are fighting. On Wednesday, an in-depth piece ran in the Wall Street Journal that attacked Morningstar’s rating metrics as being misleading and causing individuals, advisors, pension funds, and endowments to make poor decisions about where to invest. Later that day, Morningstar issued an aggrieved response that claimed that the Journal had drawn incorrect conclusions about their rating methodology and that, despite misunderstandings, the ratings are still a valuable tool for investors.
Once again, the President and several officials placed in charge of revamping the US tax code have released an outline for what they hope tax reform will accomplish this year. And once again, it is short on crucial details that would let us know the exact ramifications of the policies they aim for. You may remember that I have released thoughts on prior developments in the Trump tax plan back in December and May. Despite the latest release, constituting nine pages of information compared to the one-page outline released in April, there isn’t a lot of new information here. However, a few of the suspected aims of this tax plan seem to be coming into better view.