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Morningstar Star Ratings: Do They or Don't They Predict?
Fiduciary News; registration may be required 
[Opinion] Jan. 29, 2013
"Most of the advisers ... see Morningstar's ratings as historical evaluations, not predictive devices. Morningstar, the proverbial hairdresser in this sense, appears to delight in leaving the answer rather ambiguous. It wasn't always this way.... But now Morningstar's tune might be changing."
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