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Hard Lessons Podcast Transcripts

Morgan Stanley · 9 episodes with transcripts

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

Spoken has transcripts of 9 Hard Lessons episodes, with the speakers named. The newest listed here is from October 20, 2026.

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9 episodes of Hard Lessons have transcripts. Fetch them all as speaker-labeled Markdown in one script — 1 credit each, and re-fetching one you already have is free:

archive.sh
curl -s -H "x-api-key: YOUR_KEY" \
  https://spoken.md/podcasts/1873095977/episodes \
  | jq -r '.episodes[] | "\(.id) \(.title)"' \
  | while IFS=' ' read -r id title; do
      slug=$(echo "$title" | tr '[:upper:]' '[:lower:]' | tr -cs 'a-z0-9' '-' | sed 's/-*$//')
      [ -f "${id}-${slug}.md" ] && continue
      curl -sf -H "x-api-key: YOUR_KEY" \
        -o "${id}-${slug}.md" \
        https://spoken.md/transcripts/$id || rm -f "${id}-${slug}.md"
      sleep 0.34
    done

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Latest Hard Lessons transcripts

Dan Ivascyn: Conviction Needs Capital

October 20, 2026

SPEAKER_1 (0:00)

For Morgan Stanley, this is Hard Lessons, where iconic investors reveal the critical moments that have shaped who they are today.

Dan Ivascyn (0:06)

I was saying, God, the radio agencies are all wrong here. They look at these deals and they see 5% lifetime losses. We said, no way, they're going to be much, much higher than this. They're going to be 10%, even 12%.

They turned out to be 30%.

SPEAKER_1 (0:19)

Today on the show, Dan Ivascyn, Group Chief Investment Officer at Pimco, one of the largest fixed income managers in the world, with $2.33 trillion in assets under management.

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