International Women’s Day: Insights from the women of Morningstar
Inside the experiences that shaped our voices, values and financial perspectives.
International Women’s Day is a moment to celebrate women’s achievements and acknowledge the progress we continue to make.
This year, we’re highlighting the voices of women across Morningstar as they share the experiences that have shaped their careers, confidence and perspectives on personal finance.
Amy C. Arnott, CFA
Portfolio Strategist, Morningstar US
The best career insight for me was: “You need to be the loudest voice in the room.” That was what my former boss, Martha Dustin Boudos, told me when I stepped into a new role as Morningstar’s head of investor relations when the company went public in 2005. It was an eye-opening moment because my natural tendency is the opposite. She helped me understand that not only is it OK to be vocal and opinionated, but it was my job to be that way. That advice helped me get more comfortable in a high-profile role that involved regular interactions with company executives and board members.
My current job mainly involves writing and research, but I still take her words to heart when I need to weigh in on research projects, rating methodologies, and other decisions. Sometimes you can add a lot of value by being the only person to question something that doesn’t make sense or needs to go in a different direction. And if you can recommend a better approach, that’s even better.
Read more from Amy here.
Bianca Rose
Senior Portfolio Manager, Research and Investments
One of the biggest financial lessons I want to pass on is the importance of thinking about risk through a long‑term lens. Like many women, I’ve often been naturally cautious when making investment decisions. That instinct can be a strength, but I’ve learnt that being too conservative can mean missing out on the growth needed to reach your financial goals. This is especially important when we consider the structural challenges that many of us face such as lower lifetime earnings and longer life expectancies.
If I could give women one piece of advice, it would be that you shouldn’t let short-term volatility overshadow the long‑term opportunity. Instead of focusing on the risk of markets moving up and down over one or two years, ask yourself more meaningful questions like what am I risking if I won’t meet my investment goals?
Reframing risk this way can change how you think about asset allocation and the role of growth assets like equities, property and infrastructure. This International Women’s Day, I hope more women feel encouraged to take an active role in shaping their long‑term financial futures.
Read more from Bianca here.
Danielle Labotka, Ph.D.
Behavioral Scientist, Morningstar US
A few years ago, I was on the verge of making a big career move, and I was wracked with uncertainty. No matter how many ways I looked at it, I couldn’t tell whether it was going to be the best thing I’ve done for my career or the worst. I went to one of my mentors to discuss the issue, and after listening to me, she succinctly proclaimed, “You’re making the right decision.”
My mentor was much wiser and more experienced than me, so that reassured me. I believed she could see the outcome I couldn’t because of her knowledge. It wasn’t until later that I realized she didn’t know it would work out well anymore than I did, but she was confident in my judgement.
I think that’s an important lesson for many women: trust your ability to read a situation and make a decision. Sometimes it will work out; other times it won’t. But at the end of the day, no one has a crystal ball, so trust your judgement in the moment.
Read more from Danielle here.
Christine St Anne
Senior Communications Manager, Morningstar Australia
My mother raised my sister and I on her own. Moving in-and-out of dubious rental accommodation, life was not only financially precarious for us, but we were also aware that security could be temporary. That sense of vulnerability shaped how I see money to this day.
Moving into public housing was certainly a turning point, offering stability and security. Stable accommodation, made for a stable home and importantly, my mother could focus on getting us clothed, fed and educated.
From that experience, I learned lessons that guide me today - not spending more than you can afford was the big one. Being thrifty does not necessarily have to be about denial. The choices you make can also give you a secure future. One key lesson, I learned from my mother was having at least some cash in the bank. Even a small buffer can mean the difference between stress and resilience for those unexpected wacks to the budget. And being thrifty certainly helped mum build that buffer.
Decades of working in financial services, conversations about wealth creation are anchored in investing or maximising superannuation. These are of course important, but they aren’t the whole story. Financial literacy at the most basic level - budgeting, saving, and living within your means - can be just as powerful. For me, financial resilience started there.
Yingqi Tan, CFA
Equity Analyst, Morningstar Australia
At the beginning of my time at the company, I walked into the office each day carrying more than a healthy level of impostor syndrome. I second-guessed what I said and replayed even the smallest mistakes in my mind.
What helped me move through that phase was talking with more experienced professionals in the industry. I realised I wasn’t alone - impostor syndrome is incredibly common, especially among women. Even those with years of experience still wrestle with self-doubt from time to time.
I came to understand that self-doubt isn’t always unhealthy. A certain level of self-awareness helps us recognise where we can grow. When harnessed well, it can motivate us to improve and strive for excellence. More importantly, we should make a habit of revisiting our past successes and acknowledging the positives. Be kind to ourselves and celebrate our wins, however small they may seem.
Read more from Yingqi here.
Shani Jayamanne
Director, Investment Specialist, Morningstar Australia
I didn’t grow up in a household where investing was talked about, so it wasn’t something that came naturally to me. Investing felt abstract, risky and not for me. To make my first investment took more than learning the basics. It meant overcoming a persistent worry that I would get everything wrong.
I hear the same from many women. They tell me – ‘I know I should be investing, I’m just not confident enough yet’. Confidence rarely comes before action. With investing, it usually comes after you start engaging.
We know from behavioural research that women often set a higher bar for themselves before investing. We want to understand everything first. The problem is that waiting to invest doesn’t reduce risk, it often increases it. Cash feels safe but you’re losing the purchasing power of your money every day. Time can be a powerful driver of your outcomes – it can erode your savings, or it can help you build wealth.
The irony is that many of the traits that hold women back from investing – caution, discipline and realism - are the same behaviours that make us such great investors. They underpin strong long-term investment outcomes.
Investing is mandatory - to achieve a comfortable retirement, provide security for ourselves and reach our financial goals. One of the biggest misconceptions about investing is the typical investor has a keen interest in investing. Investors look like you and look like me. There is no ‘mould’ you need to fit. It is a tool to better your life.
I want to leave those looking to still take the leap, or to jump deeper into investing two resources.
The first is Shane Oliver’s five charts (including a second iteration). His graphs are appropriate for new and seasoned investors. They are reminders of the fundamentals. They’re grounding during times of volatility. They’re included in an article I wrote about lessons I wish I knew earlier as an investor.
The second is my investment strategy. As an investment specialist, I felt pressure to have a sophisticated portfolio where complexity legitimises my position. I have gone in the other direction to create a portfolio that serves me. I hope that this helps to show that a good investor is not one with the most securities, the most sophisticated research or trading daily. A successful investor uses investing as a means to an end – for a better life.
Read more from Shani here.
Simonelle Mody
Associate Investment Specialist, Morningstar Australia
When I first began my career in the financial industry two years ago, I often felt pressure to show up as the most confident, ruthless version of myself. Fresh out of Uni, it’s easy to assume that to be taken seriously, you need to be sharper, louder and more certain than you actually feel. Very quickly, I realised that putting on a performance wasn’t just inauthentic, but exhausting. It was also pushing me down a path I had no real interest in. As the saying goes, “it’s better to admit you walked through the wrong door than to spend the rest of your life in the wrong room”.
One of the most valuable lessons I’ve learnt is that genuine confidence grows from participation rather than performance. It involves asking questions, making mistakes and a healthy dose of introspection. All things that my ego was previously terrified of.
The more I reflected on what actually energised me versus what I was doing to prove something, the easier things became. My investing journey has been very similar. Fuelled by the vague ambition of ‘making a lot of money’, I started out with the clutter of individual stock picks and speculative bets on crypto that my friends were piling into. You can imagine how long that approach lasted.
Eventually, I realised that I had to stop chasing hype, accept my losses and adopt a more systematic, long-term approach, if I wanted control over my future. That shift, both in my career and finances, came from dropping the facade of confidence and gaining the humility required to build something lasting.
