Fears over artificial intelligence disruption have sparked volatility across multiple industries that investors worry could be fully upended by new technology. Software stocks have been hit particularly hard. These fears may be overblown in the short term, but that doesn’t mean there isn’t risk ahead.

For now, the US market is looking less expensive, and more high-quality companies are looking undervalued.

Regardless of where the markets are headed, investors may want to own companies that offer some sense of certainty in terms of cash flows and company fundamentals. That’s where Morningstar’s Best Companies to Own list comes in. The companies that make up this list have significant competitive advantages. We believe the best…