Here is a excerpt of the transcript:
Jason Stipp[/b]: I'm Jason Stipp for Morningstar. As is our early January tradition, we announced our 2009 Fund Managers of the Year today. Here with me to talk about the winners is Morningstar's Karen Dolan. She's the director of mutual fund analysis here at Morningstar. Thanks for joining me, Karen.
Karen Dolan: Thanks, Jason.
Stipp: So, before we get started, the Manager of the Year award looks back over more than just 2009, over several managers' histories, but we do specifically want to look at 2009 and find an exemplary year. So as you were looking at the candidates this year, what themes from 2009 were popping up and were part of the discussion of choosing the winner?
Dolan: 2008 was a theme this year. Usually it's not the two-year award or the three-year award. It's the one-year award. We do want to look for good, risk-adjusted results over the long term: 5, 10 years. We like to see that.
But this year, we really did pay close attention to what happened in 2007 and what happened in 2008. The reason for that is because a lot of the winners, the ones that put up the most spectacular gains in 2009, were the ones that lost their pants in '08. And as you know, the arithmetic of losses means that it takes a lot bigger of a gain to make up for very big, 50%, 70% losses, which a lot of funds put up in '08.
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