Private Equity May Not Diversify Your Portfolio Like You Think
Alternative investments can create ‘a false sense of diversification,’ according to Morningstar’s Don Phillips.
Private Markets
More on Private Markets
Morningstar DBRS: Private Credit Rating Downgrade Volume Up 50% Over the Past Year
There have been 11 middle market defaults this year through May 20, compared with 17 in all of 2025.
You Bought a Fund That Owns SpaceX. Now What?
The payoff hinges on two hard-to-predict variables, the size of each portfolio’s SpaceX stake and how much it appreciates, while also courting hefty risk.
Don Phillips: Encouraging Better Outcomes for Investors
Morningstar’s first fund analyst reflects on investing culture, stewardship, and long-term thinking.
How Will Mega-IPOs Change the Face of the US Stock Market?
The effects of SpaceX and other big private companies going public won’t be sweeping or come all at once.
Investors First: Markets Are Converging. What Comes Next?
Where do investment opportunities live today—public markets, private markets, or somewhere in between?
The Biggest Threat to Your Retirement Isn’t a Bear Market
The inventor of the 4% rule offers advice on how retirees can preserve their capital.
3 Years of the AI Stock Market Boom in Charts
A look at how exploding AI revenues have driven returns, lifted non-tech stocks, added to market concentration, and sent unicorn valuations flying.
Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box?
A probe of BlackRock TCP Capital could have implications for an entire industry.
Why Stocks Sometimes Fall for No Obvious Reason
A look at the hidden role of private markets in public stock volatility.
E-Scooter Rental Company Lime Files for IPO as Debt Maturities Loom
The scooter rental industry has struggled for years, despite massive early venture capital support—Lime is a rare survivor.
Ben Carlson: Exploring Risk and Reward
The author of a new book about investing discusses the ‘automatic investing revolution,’ what investors can learn from past bubbles, and the role of complacency in today’s market environment.
Markets Brief: Will the Consumer Start Crying ‘Uncle’?
Plus: Cerebras’ IPO, the tech stocks leading the EM rally, unicorn concentration, and the April CPI.
How to Incorporate Semiliquid Funds Into a Portfolio
How investors can set realistic expectations, choose the right vehicle, and size allocations with care.
8 Things You Need to Know Before Buying a Nontraded BDC
Business-development companies look a lot like other funds, but they’re not.
There’s a Big Retirement Problem. Vanguard Takes a Step Toward Solving It
Plus, its exploration of private assets.
2 Private Credit Funds Topped Our Semiliquid Fund Ratings in Q1
Blackstone and Apollo offerings earned high marks in Morningstar’s latest batch of semiliquid fund ratings.
Semiliquid Private Equity Funds Have a Math Problem
High fees and high cash are a compound drag on returns.
Morningstar’s Guide to Public/Private Investing
What investors need to know about the risks, opportunities, and key happenings in the public/private convergence.
Smart Investor: Best Dividend Stocks, Utilities as a Growth Play, and a Revival for SPACs
Wrapping up our coverage of markets and the week.
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