Fresh off of a competitive basketball game on Morgan Stanley Smith Barney's sprawling Purchase, N.Y. campus, Paul Hatch says it is just as important to fail as it is to win.

That may sound strange to hear from Hatch, who currently oversees one of Morgan Stanley Smith Barney's most successful businesses as part of his role as managing director and head of investment strategy and solutions. That business, Consulting Group, has consistently ranked number one over the competition in managed accounts.

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