Hard Lessons

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 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. © 2026 Morgan Stanley CRC 5236998 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 preceding content was informational only and based on information available when created. Neither the information provided nor any opinion expressed constitutes an offer or a solicitation nor is it tax or legal advice. The views and opinions and/or analysis expressed are those of the presenters as of the date of preparation of this video and are subject to change at any time without notice due to market or economic conditions and may not necessarily come to pass. ©2026 Morgan Stanley CRC 5122803   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Listen to Wellington Management CEO Jean Hynes and Morgan Stanley's Amy Ellis discuss how two of her long-term holdings had very different outcomes.

Listen to Blackstone's President & COO Jon Gray and Morgan Stanley's Dan Simkowitz discuss two out‑of‑consensus calls that shaped his investing perspective.

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.