Morningstar, Inc. - December 15, 2025
Beyond the Magnificent Seven: Unlocking Value in a Concentrated Stock Market
Plus: Our Guide to Portfolio Diversification, Hidden Fees, Hidden...
 Morning DigestMichael Budzinski As mega-cap tech dominates market returns, investors can consider diversification across sectors, regions, and smaller equities. 
ADVERTISEMENT  Editor's Picks  Add resilience by diversifying your portfolio with a variety of holdings. Tori Brovet  Follow these eight steps to an improved, streamlined, and more tax-efficient portfolio. Christine Benz, Margaret Giles  Tilray jumped 65%, while Marvell fell. Frank Lee  Payroll growth is expected to slow significantly, though federal job cuts will distort October’s numbers. Sarah Hansen  Plus, two affordable AI stocks and what investors need to know before 2026. Dan Kemp, Brian Colello, Ivanna Hampton  Sigel explains the leverage-driven selloff and his view of the long-term bull case for crypto. Leslie Norton  Plus what’s next after a bad week for AI. Tom Lauricella Investing Insights A provision in the legislative package would allow mutual funds to hide billions in fees from investors, all in the name of helping small businesses. James Locke Meet the government mortgage-backed bond, securitized bond-diversified, and securitized bond-focused Morningstar Categories. Eric Jacobson Offerings from Schwab and State Street stand out. Gabe Alpert As Warren Buffett nears retirement, we highlight the details of his legendary investment strategy. Emelia Fredlick, Tori Brovet These growth stock mutual funds and ETFs earn top ratings from Morningstar. Tori Brovet These bond ETFs and mutual funds earn Morningstar’s top rating. Tori Brovet, Susan Dziubinski These companies from various corners of the globe are well positioned for the future. Margaret Giles We’re initiating our coverage of Rivian stock. Seth Goldstein Recent Earnings New Stock Analyst Reports RH's (RH) third-quarter sales grew 9%, to $884 million, but adjusted operating margin contracted 340 basis points to 11.6%, hurt by higher-than-expected tariff costs and opening expenses. Sales growth in the home furnishing industry has increased just 4% over the past two years, constrained by higher mortgage rates and lower home turnover. But RH has increased its sales by 18% over the same time frame, implying significant share gain. Gains should persist, given RH's fourth-quarter outlook for sales growth of 7%-8%. New Fund Analyst Reports T. Rowe Price Global Technology’s (PRGTX) proven leadership and strong analyst bench merit a People Pillar rating upgrade to Above Average from Average. Manager Dominic Rizzo has made timely moves into artificial intelligence-related investments, making the strategy compelling at the right price point. The Tools You Need to Invest Like an Analyst Stay connected:
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