When FiduciaryNews.com published a story that, despite the provocative title, merely relayed the fairly uniform feelings of many financial advisers (see "Have Mutual Fund Rating Agencies Lost Their Mojo?" FiduciaryNews.com, January 15, 2013), no one expected the Spanish Inquisition.
In the piece, we quoted a source who said, "Morningstar was honest enough to state exactly that in a recently published article on their site where they pointed out that their proprietary star rating system is not a valid indicator of future investment performance or even relative performance." To be clear, the article didn't single out Morningstar, although this particular quote did.
Within hours, FiduciaryNews.com received an e-mail from Morningstar stating we "take exception" to that particular quote. Furthermore, they insisted "it's simply not true." In researching the original article, so many sources said the same thing we did not expect the quote to be challenged.
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