Media Appearance
MSIM’s Dennis Lynch featured in Business Insider
In the last of five interviews with Business Insider, MSIM’s Head of Growth Investing, Dennis Lynch, reveals four pieces of advice for any aspiring money manager.
 
 

Media Appearance

MSIM’s Dennis Lynch featured in Business Insider

 

June 20, 2018

In another exclusive interview with Business Insider, MSIM’s Dennis Lynch reveals an epiphany he had early in his career that has informed his decision-making process.

  • Dennis Lynch is the head of growth investing at Morgan Stanley Investment Management.
  • In an exclusive interview with Business Insider, he reveals four pieces of advice that should be followed by any aspiring money manager.

In order to become the best, you have to learn from the best.

That's the mantra Dennis Lynch has followed. Now head of growth investing at Morgan Stanley Investment Management, where he runs six funds and directly oversees $27 billion, Lynch's success can be attributed to many things — his unique management style, his research capabilities, and an epiphany he had more than a decade ago.

But there are also several developmental choices Lynch made along the way that he thinks can help young, aspiring money managers follow in his footsteps. Here are Lynch's top four pieces of advice for conquering Wall Street, in his own words:

1) Study and read the work of Warren Buffett, the billionaire CEO of Berkshire Hathaway

"Obviously Buffett is one of the greatest investors of all time, if not the greatest, and reading and studying what he does is so interesting. Anybody from any field could learn a lot from what he does. He's exemplar. You can't go wrong studying someone like him."

"What he does is just one way of being a successful investor — having a core competence, finding companies that are unique and buying large positions when the time is right, and then hold them for many years. That certainly resonates with us."

2) Study and read the work of Marc Andreessen, the tech legend who co-authored the first widely-used web browser, and now runs venture capital firm Andreessen Horowitz

"Then you have someone like Marc Andreessen, who makes small bets and speculates on things that could change the world in dramatic fashion. He's looking to get in really early on companies that could be disruptive. That's a different form of investing — more of bet small to win big. But it works as well, and you can see a lot of wealth creation using it."

"I don't think you have to be one or the other. I think both work. You can look at the world through both of those lenses and be successful."

3) Constantly be open to new ideas

"When you think you have it all figured out in this business is exactly the time when there's something you're probably missing."

"It's a weird position in the sense that you have to develop conviction through analysis and research through differentiated thinking, but you also have to be simultaneously open to new ideas and thinking."

"I try to spend most of my time trying to assess the contrarian angle to what we think, looking at things that could be total game-changers, and being totally open to things before other people."

4) While business school can help, it's by no means the end all to be all

"Going to business school can be useful, if you don't already have that perspective. Although part of being a good investor is undoing some of the dogma that's taught at business school."

 
Head of Growth Investing
 
 
 
The Growth team seeks capital appreciation by investing with a long-term ownership mindset and focusing on fundamental, bottom-up analysis across the market-cap spectrum and geographies.
 
 
 

Important Disclosures

This material is for Professional Clients only, except in the U.S. where the material may be redistributed or used with the general public.

The views, opinions, forecasts and estimates expressed are those of the speaker as of date presented and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. As per the views presented by other parties, we have not verified this information, and we make no representations whatsoever as to its accuracy or completeness. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all portfolio managers at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific Morgan Stanley Investment Management product.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

RISK CONSIDERATIONS:
There is no assurance that a Portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this Portfolio. Please be aware that this Portfolio may be subject to certain additional risks. Investing involves risks including the possible loss of principal.

All information provided has been prepared solely for information purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

This communication is not a product of Morgan Stanley’s Research Department and should not be regarded as a research recommendation. The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This communication is only intended for and will be only distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.

There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Prior to investing, investors should carefully review the strategy’s/product’s relevant offering document. There are important differences in how the strategy is carried out in each of the investment vehicles.

EMEA:
This communication was issued and approved in the United Kingdom by Morgan Stanley Investment Management Limited, 25 Cabot Square, Canary Wharf, London E14 4QA, authorized and regulated by the Financial Conduct Authority, for distribution to Professional Clients only and must not be relied upon or acted upon by Retail Clients (each as defined in the UK Financial Conduct Authority’s rules).

Financial intermediaries are required to satisfy themselves that the information in this document is suitable for any person to whom they provide this document in view of that person’s circumstances and purpose. MSIM shall not be liable for, and accepts no liability for, the use or misuse of this document by any such financial intermediary. If such a person considers an investment she/he should always ensure that she/he has satisfied herself/himself that she/he has been properly advised by that financial intermediary about the suitability of an investment.

U.S.:
A separately managed account may not be suitable for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required. For important information about the investment manager, please refer to Form ADV Part 2.

Please consider the investment objective, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus, download one at morganstanley.com/im or call 1-800-548-7786. Please read the prospectus carefully before investing.

Morgan Stanley Distribution, Inc. serves as the distributor for Morgan Stanley funds.

NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT

Hong Kong:
This document has been issued by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to “professional investors” as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this document have not been reviewed nor approved by any regulatory authority including the Securities and Futures Commission in Hong Kong. Accordingly, save where an exemption is available under the relevant law, this document shall not be issued, circulated, distributed, directed at, or made available to, the public in Hong Kong.

Singapore:
This document should not be considered to be the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than (i) to an institutional investor under section 304 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), (ii) to a “relevant person" (which includes an accredited investor) pursuant to section 305 of the SFA, and such distribution is in accordance with the conditions specified in section 305 of the SFA; or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In particular, for investment funds that are not authorized or recognized by the MAS, units in such funds are not allowed to be offered to the retail public; any written material issued to persons as aforementioned in connection with an offer is not a prospectus as defined in the SFA and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and investors should consider carefully whether the investment is suitable for them.

Australia:
This publication is disseminated in Australia by Morgan Stanley Investment Management (Australia) Pty Limited ACN: 122040037, AFSL No. 314182, which accept responsibility for its contents. This publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

© 2018 Morgan Stanley. All rights reserved

It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products.

The services described on this website may not be available in all jurisdictions or to all persons. For further details, please see our Terms of Use.

Not FDIC Insured—Offer No Bank Guarantee—May Lose Value
Not Insured By Any Federal Government Agency—Not A Deposit

Privacy & Cookies    •    Terms of Use

©  Morgan Stanley. All rights reserved.

Morgan Stanley Distribution, Inc. Member FINRA/SIPC.