Keeping It Simple
Joseph D. Mansueto was born on September 3, 1956 in Munster, Indiana. His father was a doctor and his mother a nurse. Mansueto graduated from the University of Chicago with a Bachelor of Arts/Science and a Master of Business Administration degrees. He was entrepreneurial in nature and while taking his MBA degree actually even sold Christmas trees to see how the business would work out. He basically broke even.
It was not Christmas trees that brought him success. Mansueto founded Morningstar out of his living room in 1984 with $80,000. Morningstar is in the business of investment advice. Its star ratings for mutual funds is universally recognized. It is a trusted adviser that transformed the complex world of mutual funds into simple at-a-glance evaluations.
There’s a good chance you are using Morningstar services if you has a retirement account or investing in mutual funds, even if you don’t know it. Mansueto sells his data and analysis to just about everyone who handles or writes about money. This includes Yahoo and even big brokerages like J.P. Morgan Chase as well as small-scale financial advisers.
He took the company public in 2005 but still owns majority of the company. The stock value have made him a billionaire. Mansueto has now been active in buying up media properties including purchasing a string of Texas newspapers. He owns Inc. and Fast Company and is the majority owner of Time Out Chicago.
While now having branched out his key to success was to keep the financial advice simple and understandable.