Hello, I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley, and one of the regular voices on the podcast.

You're here listening because you want to know more about the forces shaping the markets.

And if you've ever been curious about the people who move markets, you should know about a new podcast from Morgan Stanley.

It's called Hard Lessons, and it features conversations with legendary investors like John

Gray, Gene Hines, and Lauren Hawkefelder.

What I like so much about this podcast is that it focuses not just on where investors have

succeeded, but where they've struggled, and what investors could learn from each.

As somebody who's now worked

for Morgan Stanley for the last 20 plus years, I can tell you from experience that it's both the

highs and lows that define a career and investment success. Learning from both is essential,

and hopefully this podcast gives you a little better insight into how that works in the real world.

Have a listen.

When you buy everything and it goes up, it doesn't really train you to be a great investor, right?

It's the experience. It's these hard lessons that make all the difference.

Hard lessons, a new series from Morgan Stanley, where iconic investors reveal the critical moments that shaped

who they are today.

The next day, the stock is down 90%.

And my colleague said to me, Gene, there's nothing you can do.

Every episode features two out of consensus calls, one that was on the money and one that

wasn't.

I'm grateful that we stubbed our toe because that caused us to really dig deep to understand

how did we get this wrong.

...