Hard Lessons

Dan Ivascyn: Conviction Needs Capital

Brad Jacobs: Question Deeply, Act Quickly

Brad Jacobs, founder of eight multibillion-dollar companies, details his strategy for executing "out of consensus" investment calls. Success hinges on deep industry research, rapid integration, and a long-term focus that ignores short-term market skepticism. By prioritizing direct communication with frontline employees...

Jean Eric Salata: Find the Comeback in the Setback

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

Legendary macro investor Stan Druckenmiller emphasizes that excessive analysis often hinders investment performance, advocating for speed and reliance on intuition when significant opportunities arise. Rather than relying on lagging macro data like unemployment, he constructs a mosaic of the economy by analyzing compan...

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

Stan Druckenmiller: Invest, Then Investigate

Stan Druckenmiller, the legendary macro investor, shares insights on his investment strategies and market perspectives. He recounts a successful investment in Teva Pharmaceuticals, driven by a change in management and market misperception. Druckenmiller emphasizes the importance of trusting his team's expertise, partic...

Lauren Hochfelder: Predict How People Will Live Tomorrow

Lauren Hochfelder, Global Head of Real Assets at Morgan Stanley Investment Management, discusses two out-of-consensus investment calls she made during her career: one successful and one unsuccessful. She highlights a successful early bet on industrial real estate driven by the rapid growth of e-commerce in the early 20...

Jean Hynes: Dig Deep and Hold Your Position

Jean Hynes, CEO of Wellington Management, shares pivotal investment lessons learned from her career in healthcare and biotech. She recounts an out-of-consensus bet on Schering-Plough, driven by the potential of Zetia to replace Claritin's profits, which proved successful despite initial market skepticism and unexpected...

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

Jon Gray, President and COO of Blackstone, shares pivotal investment lessons with Dan Simkowitz of Morgan Stanley, highlighting both successes and failures. Gray recounts Blackstone's $26 billion acquisition of Hilton Hotels in 2007, a deal nearly derailed by the financial crisis, emphasizing the importance of faith in...

Introducing Hard Lessons