. . . I'd say that 10-12 years ago I owned a fund—LETRX—that by that year's end turned in the best performance of ALL mutual funds, of any stripe of any category, bar none, and Morningstar had assigned it two stars. I pay zero attention to Morningstar's stars. I find their ratings virtually worthless. A far better rating system for mutal funds, IMO, is the Lipper ranking system.
Mstar is marginally more valuable than Cramer who is as worthless as dog sh*t. MStar has conflicts of interest up the ying tang and the SEC does nothing. They give growth funds 5 star ratings before they lost 455 in 1999-2001.