Obviously, we're pleased with the SEC's decision and are happy to put this matter behind us.

Obviously we're pleased with the SEC's decision and are happy to put this matter behind us.

It was a rough decision. I just really felt the miles between us.

I thought a company that provides mutual-fund information could be a great business, because you could construct an effective moat by building large financial databases and customer lists and a strong brand name.

Publishing had been successful where there had been natural geographic monopolies.

My philosophy is that small is beautiful. Instead of having one $70 million company, we will have smaller units that will operate as separate businesses. These changes will allow Morningstar to be more nimble in responding to the needs of investors.