Hi, I'm Seth Carpenter, Global Chief Economist and Head of Macro Research at Morgan Stanley.

On this show, you usually hear me talking about the big picture, the global forces that move markets.

But recently, for a new series from Morgan Stanley called Hard Lessons, I got to sit down with Rick Reeder.

As Black Rock's CIO for Global Fixed Income and the head of the Global Allocation

Investment Team, Rick helps to oversee nearly $3 trillion in assets.

He's an influential voice on interest rates, inflation, and market structure.

In our conversation for hard lessons, I wanted to get to the core of how he thinks as an

investor.

He shared a philosophy on conviction and market timing.

And I have to say, I've been thinking about that ever since we finished recording.

Have a listen.

I've learned over time that we're not in the business of being right or in the business generating return for clients.

And what happens is the market perception can stay wrong longer.

And I remember studying as you did in school, the efficient markets thesis, I actually

think they should throw that out because that is so far from the truth.

You know, I think markets are wrong a ton, but you've got to survive.

And you could be out of capital by the time the markets get it in theory right.

For the rest of that conversation, find hard lessons on your favorite podcast platform.

We've put links in the show notes.