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

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 

Wellington Management CEO Jean Hynes joins Amy Ellis, Morgan Stanley’s Global Head of Senior Relationship Management, for a candid look at the pivotal investment calls that defined Jean’s career as an analyst and portfolio manager in biotech. One of those calls delivered outsized long‑term value, and while the other that tested her conviction when the stock fell 90% overnight. From navigating patent cliffs to dissecting drug pipelines, Hynes shares what it really takes to separate the signal from the noise in one complex corner of the market. She also reflects on the leadership lessons that guided her path to CEO and how she’s positioning Wellington for the future.Disclosures:The proceeding/preceding content is/was informational only and based on information available when created. 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 5135092

In the first episode of Morgan Stanley’s new Hard Lessons series featuring iconic investors, Blackstone President and Chief Operating Officer Jon Gray sits down with Morgan Stanley Co‑President Dan Simkowitz to unpack two out‑of‑consensus calls that shaped his perspective. Gray takes viewers behind the scenes on Blackstone’s decision to buy Hilton Hotels, sharing how his conviction in the strength of the business and its leadership turned a challenging situation into one of the most successful private equity deals in history. He also recalls a hard-won lesson about navigating hype cycles, and explains how the dotcom bubble can teach us about investing in AI.Disclosures:The proceeding/preceding content is/was informational only and based on information available when created. 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 5159913 

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.