Hard Lessons

Morgan Stanley•art19.com

Business

Investing

A new series where iconic investors reveal the critical moments that have shaped who they are today.

Last refreshed: April 10th, 2026 at 12:47 PM ⓘ

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Episodes

Rick Rieder: The Market Doesn’t Care If You’re Right

BlackRock’s CIO of Global Fixed Income shares what he learned about investment sizing, liquidity and discipline by investing in breakthrough technologies and managing painful losses. He explains what drives long-term returns and why it’s critical to seek views outside the consensus. The preceding content was informational only and is not an offer nor a solicitation to purchase or sell any security, commodity, instrument, or fund or to participate in any investment or trading strategy. The approp...

Apr 09, 2026•25 min•Ep. 5

Stan Druckenmiller: Invest, Then Investigate

Stan Druckenmiller reflects on his storied investment career, revealing his process for identifying opportunities and adapting to market changes. He discusses specific trades like Teva Pharmaceuticals and NVIDIA, emphasizing reliance on expert teams and conviction over contrarianism. Druckenmiller also shares his current portfolio construction, views on AI's economic impact, and the critical role of mentorship and emotional discipline in long-term success, including the hard lesson of selling too early.

Feb 27, 2026•36 min•Ep. 4

Lauren Hochfelder: Predict How People Will Live Tomorrow

In this episode of Morgan Stanley’s Hard Lessons, Lauren Hochfelder, Global Head of Real Assets at Morgan Stanley, speaks with Chief Client Officer Mandell Crawley about her out-of-consensus calls and the lessons learned from those transformative convictions. Tune in to hear her revisit an industrial real estate call that got ahead of e-commerce trends, and an investment that led to a hard rethink of office space that led to a well-timed portfolio pivot. She explains why pockets of dislocation a...

Feb 19, 2026•25 min•Ep. 3

Jean Hynes: Dig Deep and Hold Your Position

Wellington Management CEO Jean Hynes joins Amy Ellis, Morgan Stanley’s Global Head of Senior Relationship Management, for a candid look at the pivotal investment calls that defined Jean’s career as an analyst and portfolio manager in biotech. One of those calls delivered outsized long‑term value, and while the other that tested her conviction when the stock fell 90% overnight. From navigating patent cliffs to dissecting drug pipelines, Hynes shares what it really takes to separate the signal fro...

Feb 12, 2026•22 min•Ep. 2

Jon Gray: Stay Calm, Stay Positive, Never Give Up

In the first episode of Morgan Stanley’s new Hard Lessons series featuring iconic investors, Blackstone President and Chief Operating Officer Jon Gray sits down with Morgan Stanley Co‑President Dan Simkowitz to unpack two out‑of‑consensus calls that shaped his perspective. Gray takes viewers behind the scenes on Blackstone’s decision to buy Hilton Hotels, sharing how his conviction in the strength of the business and its leadership turned a challenging situation into one of the most successful p...

Feb 03, 2026•22 min•Ep. 1

Introducing Hard Lessons

Iconic investors sit down with Morgan Stanley leaders to go behind the scenes on the critical moments – both successes and setbacks – that shaped who they are today. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

Jan 29, 2026•1 min

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