Hard Lessons

Latest episode

27 Aug 2026 · 20 min

Brad Jacobs: Question Deeply, Act Quickly

In this episode of Hard Lessons, the Chairman and CEO of QXO and founder of Jacobs Private Equity shares how he has achieved success in more than 500 mergers and acquisitions. Watch for his take on how 1+1 can equal 11, when to disrespect the org chart and when to stop selling and start doing.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 appropriateness of a particular investment or strategy will depend on an investor’s individual…

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Earlier episodes 8 most recent

1. 

   E7 · 13 Jul 2026 · 22 min

   Jean Eric Salata: Find the Comeback in the Setback

   The EQT Group Chair joined Mo Assomull, Morgan Stanley Global Co-Head of Investment Banking, to discuss his journey from managing a small Asia fund to leading one of the world’s largest global private markets firms that today spans the U.S., Europe and Asia. He shared how seeing the world as an outsider gives him an advantage and the importance of finding the comeback after a setback.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…

2. 

   E6 · 18 Jun 2026 · 12 min

   Bonus: I Say Economy, You Say…with Stan Druckenmiller

   Morgan Stanley’s Iliana Bouzali takes Stan Druckenmiller through a fast-paced word association game that reveals his off-the-cuff observations about the U.S. economy, crypto, humanoid robots, and the future of the dollar. Watch the full episode and save the Hard Lessons playlist for more pivotal choices from iconic investors. This episode was recorded on Jan. 30, 2026.The preceding content was informational only, based on information available when created, and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation or…

3. 

   E5 · 9 Apr 2026 · 25 min

   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 appropriateness of a particular investment or strategy will depend on an investor’s individual…

4. 

   E4 · 27 Feb 2026 · 36 min

   Stan Druckenmiller: Invest, Then Investigate

   Legendary macro investor Stan Druckenmiller sits down with Iliana Bouzali, Global Head of Derivatives Distribution and Structuring at Morgan Stanley, to reflect on his early career and how he learned to act decisively and change course quickly when the facts on the ground shift. Druckenmiller, who currently manages his own capital at Duquesne Family Office, shares how he would construct a portfolio if he had to start over today, why contrarianism is overrated, and which stock he regrets selling too early.The preceding content was informational only, based on information available when…

5. 

   E3 · 19 Feb 2026 · 25 min

   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 are more important than location in choosing real estate investments aligned to the future.The…

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