Morningstar performance

Morningstar looks at how their stock picks have performed.

5-star wide moat did better than 1-star wide moat.

5-star narrow moat did batter than 1-star narrow moat.

So far, so good.

BUT 5-star no moat did worse than 1-star no moat.

And, in fact, 1-star no moat had the best performance of all.

So the logical conclusion must be, to get the best performance, buy the worst stocks in the Morningstar universe!

[Though it looks like the results were because the worst stocks went completely nuts in 2009 since they were so beaten down. So I'd stick with the 5-star wide moat stocks, which did nearly as well as the 1-star no moat stocks since inception.]