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Artwork for Hard Lessons

Hard Lessons

Morgan Stanley
Real Estate
Global Financial Crisis
Pharmaceutical Industry
E-Commerce
Mortgage-Backed Securities
Hilton Hotels
Blackstone
Claritine
North Anglia Education
Subprime Lending
Risk Management
Morgan Stanley
Dot-Com Bubble
Digital Infrastructure
Energy Infrastructure
Life Sciences
Autonomous Vehicles
Zetia
Multiple Sclerosis
Biotechnology

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

PublishesMonthlyEpisodes10Founded9 months ago
Number of ListenersCategories
InvestingBusiness

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Artwork for Hard Lessons

Latest Episodes

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 r... more

YouTube

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 cha... more

YouTube

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 a... more

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 s... more

YouTube

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Recent Guests

Dan Ivascyn
Group Chief Investment Officer at PIMCO
PIMCO
Episode: Dan Ivascyn: Conviction Needs Capital
Brad Jacobs
Chairman and CEO of QXO; founder of United Rentals, XPO, and other major companies
QXO, former United Rentals, XPO
Episode: Brad Jacobs: Question Deeply, Act Quickly
Jean Salata
Chair of EQT Group
EQT Group
Episode: Jean Eric Salata: Find the Comeback in the Setback
Stan Druckenmiller
Legendary macro investor
Duquesne Capital (investing firm)
Episode: Bonus: I Say Economy, You Say…with Stan Druckenmiller
Rick Rieder
Chief Investment Officer of Global Fixed Income and head of the Global Allocation Investment Team at BlackRock
BlackRock
Episode: Rick Rieder: The Market Doesn’t Care If You’re Right
Dan Simkowitz
Co-president of Morgan Stanley
Morgan Stanley
Episode: Jon Gray: Stay Calm, Stay Positive, Never Give Up
Christine Anderson
Head of Corporate Affairs
Blackstone
Episode: Jon Gray: Stay Calm, Stay Positive, Never Give Up

Host

Mo Assomull
Host of the episode

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#47
Chile/Business/Investing
Apple Podcasts
#109
Hong Kong/Business/Investing
Apple Podcasts
#130
South Korea/Business/Investing
Apple Podcasts
#197
Taiwan/Business/Investing
Apple Podcasts
#199
Chile/Business
Apple Podcasts
#201
Japan/Business/Investing
Apple Podcasts
#216
Russia/Business/Investing
Apple Podcasts
#217
Spain/Business/Investing
Apple Podcasts
#218
Norway/Business/Investing
Apple Podcasts
#229
Netherlands/Business/Investing
Apple Podcasts
#230
India/Business/Investing
Apple Podcasts
#232
Brazil/Business/Investing
Apple Podcasts
#240
South Korea/Business
Apple Podcasts
#243
Hong Kong/Business
Apple Podcasts
#248
Finland/Business/Investing
Apple Podcasts
#248
Switzerland/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

Dan Ivascyn: Conviction Needs Capital
Q: How do you think about hedging and has your philosophy changed?
He says historical back tests can fail during a regime change and that investors should seek independent perspectives, remain humble about what they cannot assess, and account for a wider range of outcomes.
Dan Ivascyn: Conviction Needs Capital
Q: How were you thinking about the market back then? And then tell us about the view that was forming.
Ivascyn says his team saw aggressive mortgage lending and unsustainable underwriting, so it moved defensively and underweighted the sector. The position initially hurt performance because it carried lower yields than peers and benchmarks.
Brad Jacobs: Question Deeply, Act Quickly
Q: Did you see that pivot coming at the time of the investment, or was it a surprise?
The pivot was a deliberate, rigorous process based on deep diligence and a long-term conviction; it faced initial skepticism but proved to be a home run as profitability improved and the company grew.
Jean Hynes: Dig Deep and Hold Your Position
Q: What did you learn when Elon opened up down 90%?
Jean emphasized the importance of understanding all potential risks and the financial implications in the pharmaceutical sector when faced with high-risk investments.
Jean Hynes: Dig Deep and Hold Your Position
Q: Can you set the stage now for us on a bet that you made and how it worked out for you?
Jean shares her investment story regarding Claritin and its patent expiration, as well as her belief in Zetia's potential as a complementary treatment for patients who couldn't tolerate higher doses of their statin medications.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

Listeners per Episode
Gender Skew
Location
Interests
Professions
Age Range
Household Income
Social Media Reach

Frequently Asked Questions About Hard Lessons

What is Hard Lessons about and what kind of topics does it cover?

This series features veteran investors and finance leaders sharing pivotal moments that shaped their approach to investing, leadership, and value creation. Episodes highlight out-of-consensus bets, turnarounds, and risk-management practices across public markets, private equity, real assets, and macro strategy. A recurring thread is how leaders balance bold conviction with disciplined execution, culture, and talent alignment, often illustrated through hands-on anecdotes, governance lessons, and how they evaluate management teams and business models. Listeners can expect practical frameworks for decision-making, risk, and long-horizon thinking, plus insider perspectives from top institutions and prominent firms.

Noteworthy aspects include a... more

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Which podcasts are similar to Hard Lessons?

These podcasts share a similar audience with Hard Lessons:

1. Thoughts on the Market
2. Capital Allocators – Inside the Institutional Investment Industry
3. The Markets
4. Invest Like the Best with Patrick O'Shaughnessy
5. Exchanges

How many episodes of Hard Lessons are there?

Hard Lessons launched 9 months ago and published 10 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Hard Lessons?

Recent guests on Hard Lessons include:

1. Dan Ivascyn
2. Brad Jacobs
3. Jean Salata
4. Stan Druckenmiller
5. Rick Rieder
6. Dan Simkowitz
7. Christine Anderson

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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