Our business rebounded nicely in  2010. Following a moderate decline in 2009, our results improved steadily  in  2010 as the markets and the economy recovered. For the year, revenue rose 16% to $555 million, while  operating income fell  3% to $121 million. Restoring compensation costs we reduced during the downturn held  back earnings growth, which I’ll discuss later. The broad U.S. stock market rose 17% in 2010, on top of 28% growth in 2009. That gave our clients more  positive financial results and enabled them to do more business with us. Higher market levels also helped our  Investment Consulting business, as our fees are often tied to assets under management.  Overall, it was a productive year for Morningstar. We enlarged our audiences, expanded our investment  databases, and introduced significant enhancements to our investment research and software platforms. Our  reputation for independent investment research remained strong. We were also named to  FORTUNE  Magazine’s “ 100 Best Companies to Work For” list, which recognizes top employers in the United States. All this  widened our economic “moat” (or sustainable competitive advantage) and adds to our optimism for  2011.  Our revenue growth in 2010 reflects 5% from organic growth, plus another 10% from acquisitions. Organic  growth improved each quarter, reaching  12% in the fourth quarter. The dollar was slightly weaker against a  basket of major currencies for the year, so currency movements added about  1% to our revenue growth. The main growth drivers were Morningstar.com advertising sales and Morningstar Direct. Most products made  positive contributions, the major exceptions being some legacy products where users are migrating to other  Morningstar offerings with newer technology. 2 Financial Review Dear Morningstar shareholders,