Hard Lessons

Dan Ivascyn, Group Chief Investment Officer at PIMCO, joined Morgan Stanley’s Co-President Dan Simkowitz for a deep dive on his experiences during the global financial crisis. He shared how an early underweight on mortgage-backed securities was the right call at the wrong time, and how he ultimately benefited from taking on risk as markets recovered.

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 circumstances and objectives. Morgan Stanley does not render advice on legal or tax and tax accounting matters to clients. Clients should always consult their own legal or tax advisor for information concerning their individual situation.
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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 circumstances and objectives. Morgan Stanley does not render advice on legal or tax and tax accounting matters to clients. Clients should always consult their own legal or tax advisor for information concerning their individual situation.
Opinions expressed by third parties are solely their own. All opinions are subject to change without notice.
©2026 Morgan Stanley, all rights reserved.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Morgan Stanley does not render advice on legal or tax and tax accounting matters to clients. Clients should always consult their own legal or tax advisor for information concerning their individual situation.
Opinions expressed by third parties are solely their own. All opinions are subject to change without notice.
©2026 Morgan Stanley, all rights reserved.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 guidance. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Opinions expressed by the guest speaker are solely their own, and do not necessarily reflect those of Morgan Stanley. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes an offer or a solicitation nor is it tax or legal advice.

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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 circumstances and objectives. Morgan Stanley does not render advice on legal or tax and tax accounting matters to clients. Clients should always consult their own legal or tax advisor for information concerning their individual situation.
Opinions expressed by third parties are solely their own. All opinions are subject to change without notice.
©2026 Morgan Stanley, all rights reserved.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.