You’ve probably used Morningstar’s star ratings to evaluate a mutual fund. Maybe you’ve checked their fair value estimates before buying a stock. Now you’re wondering if their newsletter — Morningstar StockInvestor — is worth paying for when so much Morningstar content is already free.
Here’s the tension: Morningstar is one of the most trusted names in investment research. But their newsletter doesn’t publicly disclose the performance of its Tortoise and Hare portfolios. For a company built on transparency and data, that’s a notable gap.
This review breaks down what you actually get, who it’s for, and whether the methodology justifies the subscription.
Quick Verdict: Is Morningstar StockInvestor Worth It?
Morningstar StockInvestor is worth considering for patient value investors who want Morningstar’s wide-moat methodology applied to a real portfolio. At approximately $170/year, you’re paying for access to two managed portfolios — the defensive Tortoise and growth-oriented Hare — plus monthly analysis from experienced Morningstar analysts.
The catch: unlike Motley Fool Stock Advisor (750%+ returns since 2002) or Alpha Picks (documented performance), Morningstar StockInvestor doesn’t publicly share its track record. You’re betting on methodology and brand credibility, not verified results.
Best for: Value investors who trust Morningstar’s moat-based approach and want a disciplined, research-driven newsletter without the promotional tone of competitors.
Skip if: You need transparent performance data, want aggressive growth picks, or prefer higher pick frequency.
The Morningstar Approach: What Makes It Different
Most stock picking services lead with returns. Morningstar StockInvestor leads with process.
The newsletter is built around a simple premise: companies with sustainable competitive advantages — what Morningstar calls “wide moats” — tend to outperform over time. The service identifies these companies and waits for them to trade below their intrinsic value.
This isn’t about finding the next hot stock. It’s about buying quality at a discount and holding.
The Tortoise and Hare Portfolios
Morningstar StockInvestor manages two real-money portfolios:
| Portfolio | Strategy | Risk Profile |
|---|---|---|
| Tortoise | Steady, defensive wide-moat stocks | Lower volatility, stable returns |
| Hare | Higher-growth wide-moat opportunities | More volatility, higher upside potential |
These aren’t model portfolios — they’re actual money managed by Morningstar Investment Management LLC. When the newsletter recommends a stock, they’re putting capital behind it.
The dual-portfolio approach lets you calibrate your exposure. Conservative investors can mirror the Tortoise. Those comfortable with more volatility can lean toward the Hare. Most will blend both.
The Team Behind It
David Harrell edits Morningstar StockInvestor. He joined Morningstar in 1994 and has held senior research and product development roles. He also edits Morningstar DividendInvestor, so he brings income-focused discipline to stock selection.
The portfolios are managed by Michael Corty, CFA (Head of U.S. Equity Strategies, joined 2013) and Grady Burkett, CFA (joined 2022). This is institutional-caliber management, not a solo newsletter writer making calls.
What You Actually Get
Monthly Newsletter
The core product is a monthly publication featuring:
- Portfolio updates — What they’re buying, selling, and why
- Stock analysis — Deep dives on holdings and potential additions
- Valuation assessments — Fair value estimates and margin of safety calculations
- Market commentary — How macro conditions affect the strategy
Weekly Roundups
Between monthly issues, you receive the “Tortoise and Hare Roundup” — brief updates on portfolio holdings and relevant market developments. Recent roundups have covered holdings like Medtronic, Veeva Systems, Bank of America, Berkshire Hathaway, JPMorgan Chase, and Wells Fargo.
Access to Morningstar Analyst Notes
Subscribers get detailed analyst notes from Morningstar Research Services LLC. This is the same research that powers Morningstar’s institutional products — not watered-down retail content.
What’s NOT Included
- Real-time alerts (this is a monthly newsletter, not a trading service)
- Full Morningstar Investor platform access (that’s a separate $249/year subscription)
- Community features or forums
- Options strategies or income-focused picks (see DividendInvestor for that)
Explore Morningstar StockInvestor
How the Wide-Moat Methodology Works
Morningstar popularized the concept of economic moats — the sustainable competitive advantages that protect a company’s profits from competition. The methodology behind StockInvestor is straightforward:
Step 1: Identify Wide-Moat Companies
Morningstar’s analysts evaluate companies across five moat sources:
- Network effects
- Intangible assets (brands, patents)
- Cost advantages
- Switching costs
- Efficient scale
Only companies with durable advantages earn the “wide moat” designation.
Step 2: Calculate Intrinsic Value
Using discounted cash flow analysis and other valuation methods, analysts estimate what each company is actually worth — independent of where the stock currently trades.
Step 3: Wait for a Discount
This is where patience matters. The newsletter doesn’t chase momentum. It waits for wide-moat stocks to trade meaningfully below their fair value estimate, creating a margin of safety.
Step 4: Hold for the Long Term
Once purchased, positions are held until either the thesis changes or the stock becomes significantly overvalued. This isn’t a trading service — turnover is low.
The Philosophy: “Morningstar StockInvestor focuses on companies that we believe have competitive advantages that are trading at discounts to their intrinsic values.”
Pricing and Value
The Cost
| Option | Price | Billing |
|---|---|---|
| Digital Subscription | ~$170/year | Annual |
| Print + Digital | ~$190/year | Annual |
Note: Exact pricing requires contacting Morningstar directly at 1-866-608-9570. Based on comparable Morningstar newsletters (FundInvestor at $170/year digital), expect similar pricing.
The Math
At $170/year, you’re paying roughly $14/month or $3.30/week for:
- 12 monthly newsletters
- 52 weekly roundups
- Access to two professionally managed portfolios
- Morningstar analyst research
For comparison:
- Morningstar Investor (research platform): $249/year
- Motley Fool Stock Advisor: $99/year
- Alpha Picks: $449/year
The breakeven math is simple: if the newsletter helps you avoid one bad investment or find one undervalued opportunity, it pays for itself many times over. A single 10% improvement on a $2,000 position covers years of subscription costs.
Refund Policy
Not explicitly stated on the website. For print subscriptions, contact customer service at 1-866-608-9570 (Monday-Friday, 8AM-5PM CST).
Get Started with Morningstar StockInvestor
The Trade-Offs: Pros and Cons
What Works
- Institutional methodology — You’re getting the same moat analysis that powers Morningstar’s professional products, not a dumbed-down retail version
- Real-money portfolios — The Tortoise and Hare aren’t hypothetical. Morningstar has actual capital at stake.
- Experienced team — David Harrell (30+ years at Morningstar), Michael Corty, and Grady Burkett bring genuine expertise
- Low-hype approach — No breathless claims about 1,000% returns. This is research, not marketing.
- Dual strategy — The Tortoise/Hare split lets you calibrate risk to your comfort level
What Doesn’t
- No public performance data — The biggest limitation. You can’t verify whether the strategy actually beats the market.
- Low pick frequency — If you want a new stock every week, this isn’t it. Monthly updates with occasional additions.
- Value bias in a growth market — Wide-moat value investing has underperformed aggressive growth strategies in recent years. The S&P 500 is up 16.63% YTD, driven largely by growth stocks.
- No real-time alerts — This is a newsletter, not a trading service. No notifications when opportunities emerge.
- Pricing opacity — Having to call for pricing feels dated for a digital product
Who Morningstar StockInvestor Is For
Subscribe if you’re:
- A patient value investor who measures success in years, not months
- Someone who trusts Morningstar’s methodology and wants it applied to a portfolio
- An investor who prefers research depth over pick volume
- Looking for a low-maintenance approach — buy, hold, occasionally rebalance
- Comfortable with defensive positioning in a market dominated by growth stocks
Who Should Look Elsewhere
Don’t subscribe if:
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You need verified performance data. Without public track records, you’re trusting the brand, not the numbers. If that bothers you, consider Stock Advisor (750%+ documented returns) or Alpha Picks (transparent performance).
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You want aggressive growth picks. Wide-moat value investing is inherently conservative. If you’re chasing the next Palantir (+146% YTD) or Robinhood (+214% YTD), this strategy will frustrate you.
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You prefer high pick frequency. Monthly updates with occasional new positions won’t satisfy investors who want constant action. Stock Advisor delivers 2 picks per month; Cabot Growth Investor offers even more.
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You want a complete research platform. The newsletter is a newsletter. For screening tools, portfolio analytics, and full research access, you need Morningstar Investor ($249/year).
Best Alternatives to Morningstar StockInvestor
For Transparent Performance + Stock Picks
Motley Fool Stock Advisor — $199/year
The industry benchmark for stock picking services. 750%+ returns since 2002 (vs. S&P 500’s 170%). Two picks per month, clear track record, 30-day guarantee. More growth-oriented than Morningstar’s value approach, but the performance transparency is unmatched.
Try Stock Advisor — 30-Day Guarantee
For Research Tools Instead of Picks
Morningstar Investor — $249/year
If you want Morningstar’s research without the newsletter format, this is the move. Full access to analyst reports, fair value estimates, portfolio tools, and screening capabilities. You build your own portfolio using their data. Compare it to StockInvestor in our Koyfin vs Morningstar guide.
For Quantitative Stock Selection
Alpha Picks by Seeking Alpha — $449/year
Data-driven stock selection using Seeking Alpha’s Quant ratings. Transparent performance, monthly picks, clear methodology. More expensive than StockInvestor but with documented results. See how they compare in our Stock Advisor vs Alpha Picks breakdown.
Final Verdict
Morningstar StockInvestor is a solid choice for value investors who trust Morningstar’s methodology and want a disciplined, research-driven approach to stock selection. The wide-moat strategy is intellectually sound, the team is experienced, and the dual Tortoise/Hare portfolio structure offers flexibility.
The significant limitation is transparency. In an industry where competitors publish verified track records, Morningstar’s decision not to disclose performance data is a notable gap. You’re essentially betting that a company built on research and transparency will deliver results it won’t show you.
For investors who prioritize process over proof, who believe in value investing’s long-term edge, and who want Morningstar’s institutional approach in newsletter form — this is worth the ~$170/year investment.
For everyone else, the lack of performance data makes it hard to justify when alternatives like Stock Advisor offer both methodology AND documented results.
The bottom line: Trust the process, or verify the results. Morningstar StockInvestor asks you to do the former. Whether that’s enough depends on how much the Morningstar name means to you.
Compare all your options in our guide to the best stock advisors.
Frequently Asked Questions
Is Morningstar StockInvestor worth the money?
For patient value investors, yes — with caveats. At ~$170/year, you get access to Morningstar’s wide-moat methodology applied to two real-money portfolios (Tortoise and Hare), monthly analysis from experienced analysts, and weekly portfolio updates. The limitation is that Morningstar doesn’t publicly disclose performance data, so you’re trusting the methodology without verified results. If you believe in value investing and trust the Morningstar brand, it’s a reasonable investment. If you need proof before paying, consider alternatives with transparent track records.
What are the best alternatives to Morningstar StockInvestor?
The best alternatives depend on what you’re looking for:
- For verified performance: Motley Fool Stock Advisor ($99/year) has documented 750%+ returns since 2002
- For research tools: Morningstar Investor ($249/year) provides full platform access instead of a newsletter
- For quantitative picks: Alpha Picks ($449/year) uses data-driven selection with transparent results
- For dividend focus: Morningstar DividendInvestor applies similar methodology to income stocks
Morningstar StockInvestor vs Stock Advisor: Which is better?
They serve different investor types. Stock Advisor is better for growth-oriented investors who want frequent picks (2/month) and verified performance (750%+ since 2002). Morningstar StockInvestor is better for value investors who prefer a methodical, wide-moat approach with lower turnover. Stock Advisor is more aggressive; StockInvestor is more defensive. The key difference: Stock Advisor publishes its track record. Morningstar doesn’t. Read our Stock Advisor review for the complete analysis.
How do I cancel Morningstar StockInvestor?
For print subscriptions, call Morningstar customer service at 1-866-608-9570 (Monday-Friday, 8AM-5PM CST). Digital subscription cancellation policies aren’t explicitly stated on the website — contact customer service for details. There’s no publicly stated auto-renewal policy, so confirm billing terms when you subscribe.
What is the Tortoise and Hare strategy?
The Tortoise and Hare are two real-money portfolios managed by Morningstar Investment Management LLC. The Tortoise Portfolio focuses on steady, defensive wide-moat stocks with lower volatility — companies like Berkshire Hathaway and JPMorgan Chase. The Hare Portfolio targets higher-growth wide-moat opportunities with more volatility but greater upside potential. Both portfolios apply Morningstar’s wide-moat methodology, buying quality companies trading below their intrinsic value. Subscribers can follow one or both depending on their risk tolerance.