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The Vanguard Group's Nothing Fails Like Success and The Implications of Style Analysis on Mutual Fund Performance Evaluation (which shows that fund expenses are an indicator of future performance) from John Bogle.An introduction to Mutual Funds from the SEC.The EDGAR Mutual Funds database and Mutual Fund Cost Calculator from the SECĮducation - See also Benchmarks and Performance Evaluation.Mark Hulbert also noted top-ranked no-load equity funds tended to underperform in No Stars for Morningstar in Forbes (12/29/97). Then in the July/August edition, Stanford Professor William Sharpe's article titled Morningstar's Risk-Adjusted Ratings" discussed drawbacks of Morningstar's system ( another version). Wharton Professor Marshall Blume's article titled An Anatomy of Morningstar Ratings in the March/April 1998 issue of the Financial Analysts Journal argued that (1) funds with a long history are less likely to receive a five star rating than funds with a short history and that (2) no-load, diversified, domestic equity funds are far more likely to get four or five stars than they are to get one or two stars. Their ratings were the subject of numerous articles in the past. You can read about their Methodology here. Morningstar has run many articles pointing out that hot fund categories tend to underperform unpopular categories. As a result, Morningstar's rating system have been greatly debated. While its difficult to gauge the exact degree of causation (or correlation) between Morningstar ratings and fund purchases, it is clear that Morningstar ratings have an impact on investor behavior. The vast majority of money invested in mutual funds goes into funds that have either four or five star ratings from Morningstar, which is the leading provider of mutual fund information.Fidelity Investments Guides and Periodicals.Principal, Proficient Investment Management, LLC Mutual Fund Companies Investor Home - Mutual Funds Mutual Funds Companies | Education |