2010 10-K: Part I Business Segments, Products, and Services Investment Information We operate our business in two segments: Other major products within the Investment Information segment  include equity and credit research, fund research, Realpoint’s research  on commercial mortgage-backed securities, and our Enterprise Data  Management business, which helps institutions outsource certain  business operations to Morningstar, including creating investment  profiles, aggregating account data, performance reporting, and  consolidating and managing data feeds from multiple sources. We also offer a variety of financial communications materials, real- time data and desktop software, investment software for financial  advisors and institutions, and investment indexes, as well as several  print and online publications. The table below shows our revenue by business segment for each  of the past three years. For information on segment operating income (loss) and total assets,  refer to Note 5 of the Notes to our Consolidated Financial Statements. In 2010, 31.8% of Investment Information segment revenue was  from outside of the United States. Most of our products for individual investors target investors who  are actively involved in the investing process and want to take  charge of their own investment decisions. We also reach individuals  who want to learn more about investing and investors who seek  out third-party sources to validate the advice they receive from  brokers or financial planners. We sell our advisor-related products both directly to independent  financial advisors and through enterprise licenses, which allow  financial advisors associated with the licensing enterprise to use  our products. Our institutional clients include banks, brokerage firms,  insurance companies, mutual fund companies, media outlets, and  retirement plan sponsors and providers. We also have data resell- ing agreements with third-party providers of investment tools and  applications, allowing us to increase the distribution of our data  with minimal additional cost. We believe the Investment Information segment has a modest  amount of seasonality. We’ve historically had higher revenue in the second quarter because we hold an investment conference then. Other products in this segment generally have not shown  marked seasonality. The largest products in this segment based on revenue are Licensed  Data, a set of investment data spanning all of our investment data- bases, including real-time pricing data, and available through elec- tronic data feeds; Morningstar Advisor Workstation, a web-based  investment planning system for independent financial advisors as  well as advisors affiliated with larger firms; Morningstar.com, which  includes both Premium Memberships and Internet advertising sales;  Morningstar Direct, a web-based institutional research platform;  and Morningstar Site Builder and Licensed Tools, services that help  institutional clients build customized websites or enhance their  existing sites with Morningstar’s online tools and components. The Investment Information segment also includes Logical Information  Machines, Inc. (LIM), an analytical software service we acquired  at the end of 2009 that aggregates financial and energy data from  a large number of sources. LIM delivers a comprehensive, real-time  solution for research, analysis, and trading for institutional clients  and lets clients query these multiple data sets simultaneously. The  majority of LIM’s clients are in the energy and commodities industries. 2010  2009  2008 Revenue by Segment ($000)  Amount % Amount  %  Amount  % Investment Information  $ 444,957 80.1% $ 386,642  80.7%  $ 390,693  77.8% Investment Management  110,394 19.9% 92,354  19.3%  111,764  22.2% Consolidated revenue  $ 555,351 100.0% $ 478,996  100.0%  $ 502,457  100.0% 32 U  Investment Information, which includes all of our data, software,  and research products and services. These products are typically  sold through subscriptions or license agreements; and U  Investment Management, which includes all of our asset manage- ment operations, which operate as registered investment advisors  and earn more than half of their revenue from asset-based fees.