The story of the late Byron Wien (AB ’54, MBA ’56) bridges the decades at HBS.
The Harvard Business School student experience involves thinking a lot about history. The case method is predicated on the idea that learning the triumphs (and failures) of past generations is crucial for the future of business leadership. As students, we read hundreds of case studies, many of which are decades old, striving to extract lessons that are applicable for today. The challenge, though, is bridging the gap between those earlier eras and the fast-evolving world we live in.
My experience with the late Byron Wien has taught me how to bridge that gap. Byron graduated from HBS in 1956, and I am here now, a current student. Our Harvard journey, while shared, was separated by 60 years. His recently-published memoir, Stay at Risk and Live Forever, helps to connect that yawning stretch of time. I had the honor of co-authoring this book with him, and the journey became much more than a writing project — it was a lesson in mentorship, collaboration, and the power of generational wisdom. I want to share these lessons because I believe they hold timeless value for us all: find a great mentor, work closely with them, and treasure the lessons of those who have walked this path before us. It can be difficult to find relevance in the distant past — I think it's a worthwhile endeavor all the same.
The Late, Great, Byron Wien
Byron was a famed investor and an enduring figure on Wall Street, where he was variously referred to as a soothsayer, a sage, and an oracle. He passed away in October 2023, at the age of 90. Later in life, he compiled a list of “Life’s Lessons” that were widely read in the financial world and beyond. One of those lessons, “Never Retire,” he abided by until the very end. While he rose to prominence as Chief Strategist at Morgan Stanley, his final role was as an investment strategist at Blackstone, where I had the great pleasure of working with him for six years before I enrolled here at HBS.
As a double-alum of Harvard University, he remained deeply involved with the institution over the years. I shared a copy of the book with HBS Professor Luis Viceira, who reflected, “Byron was a well of wisdom about markets and more generally about businesses and the economy. He was a wonderful HBS alum who always came to campus when we asked him to. He brought a historical perspective and an institutional and personal memory that was valuable. It was a luxury to hear from him and to interact with him.”
Through my years of working with Byron, he also became a dear mentor and a treasured friend. Our journey of co-authoring his memoir began in the summer of 2020. The world was grappling with the pandemic, and Byron was frustrated by the constraints of isolation, longing to get back to the office and meet clients face-to-face (yes, at the age of 86). Talk about a generational divide. But sensing an opportunity, I convinced him to spend an hour a week with me on Zoom, ostensibly just to share his stories. Little by little, our conversations grew into tens of thousands of words, and before long, we found ourselves fully immersed in creating this book together.
Why the Book, Why Now
The memoir was born out of an extraordinary moment in time — a period of uncertainty and reflection during the pandemic. Many people had previously tried to persuade Byron to write a book, but he had always dismissed the notion, insisting that the world already had enough books. Yet, I felt that Byron's wisdom — captured in his famous Ten Surprises and Life’s Lessons — needed to be shared, not just for the insights they offered, but for the inspiration they provided. In a world that suddenly felt disconnected, Byron’s stories reminded us of resilience, curiosity, and the importance of thoughtful risk-taking. The timing of our project turned out to be auspicious. We finished the book shortly before his passing, and Stay at Risk and Live Forever is a tribute not just to his legacy, but also an opportunity for us to continue to learn the timeless lessons of a man who lived through — and helped shape — decades of financial history.
The Process of Co-Authoring
Working with Byron on this memoir was a unique experience — one that was equal parts challenge and privilege. He was someone who embodied curiosity, who never stopped seeking out new ideas, even as he approached his 90s. Byron read voraciously, diving into topics ranging from semiconductors to AI, constantly pushing himself to understand what was next. Our writing sessions reflected this — conversations that often felt like deep dives into the world of finance, history, and human nature. Byron would bring his experiences to life, and my role was to translate that energy onto the page. There were times when we disagreed (and Byron could be quite exacting in those moments), but it made the process all the more rewarding and, I think, improved the outcome. Each page of the book represents not just his stories, but also the result of the dynamic exchanges that characterized our partnership.
Key Takeaways for Future Leaders
There are three lessons I learned from Byron that stand out above all else: curiosity, grit, and humility. Byron was the epitome of curiosity. He never turned away from something because it was unfamiliar or because it contradicted his existing views. He encouraged those around him to approach the world with an open mind and a readiness to learn. His grit was evident in both his personal and professional life — he faced adversity early on, losing his parents as a teenager, but he persevered, eventually becoming one of Wall Street’s most respected strategists. As Steve Schwarzman (MBA ’72), founder and CEO of Blackstone put it, “Despite a childhood marked by extreme hardship, Byron rose to great success on Wall Street through a mix of good luck, sheer determination, and an insatiable curiosity.” And despite all of his success, Byron remained profoundly humble. He often spoke of his struggles with imposter syndrome, even after decades of accomplishments.
Continuing the Journey
Reflecting on Byron’s life and our journey together, I’m reminded of the importance of seeking wisdom from great mentors and the past, even as the pace of change in the world seems only to accelerate. Byron exemplified a lifelong commitment to learning, thoughtful risk-taking, and living with purpose, staying curious and engaged until his final days. As HBS students, we have the privilege of learning from such leaders, and it’s our responsibility to carry these lessons forward — leading with humility, curiosity, and perseverance. If this story inspires even one classmate to pursue a meaningful mentorship, it will have been worth sharing.
Byron Wien’s 20 Life Lessons
Concentrate on finding a big idea that will make an impact on the people you want to influence. The Ten Surprises, which I started doing in 1986, has been a defining product. People all over the world are aware of it and identify me with it. What they seem to like about it is that I put myself at risk by going on record with these events, which I believe are probable and hold myself accountable at year-end. If you want to be successful and live a long, stimulating life, keep yourself at risk intellectually all the time.
Network intensely. Luck plays a big role in life, and there is no better way to increase your luck than by knowing as many people as possible. Nurture your network by sending articles, books and emails to people to show you’re thinking about them. Write op-eds and thought pieces for major publications. Organize discussion groups to bring your thoughtful friends together.
When you meet someone new, treat that person as a friend. Assume he or she is a winner and will become a positive force in your life. Most people wait for others to prove their value. Give them the benefit of the doubt from the start. Occasionally you will be disappointed, but your network will broaden rapidly if you follow this path.
Read all the time. Don’t just do it because you’re curious about something, read actively. Have a point of view before you start a book or article and see if what you think is confirmed or refuted by the author. If you do that, you will read faster and comprehend more.
Get enough sleep. Seven hours will do until you’re sixty, eight from sixty to seventy, nine thereafter, which might include eight hours at night and a one-hour afternoon nap.
Evolve. Try to think of your life in phases so you can avoid a burn-out. Do the numbers crunching in the early phase of your career. Try developing concepts later on. Stay at risk throughout the process.
Travel extensively. Try to get everywhere before you wear out. Attempt to meet local interesting people where you travel and keep in contact with them throughout your life. See them when you return to a place.
When meeting someone new, try to find out what formative experience occurred in their lives before they were 17. It is my belief that some important event in everyone’s youth has an influence on everything that occurs afterwards.
On philanthropy, my approach is to try to relieve pain rather than spread joy. Music, theatre and art museums have many affluent supporters, give the best parties and can add to your social luster in a community. They don’t need you. Social service, hospitals and educational institutions can make the world a better place and help the disadvantaged make their way toward the American dream.
Younger people are naturally insecure and tend to overplay their accomplishments. Most people don’t become comfortable with who they are until they’re in their 40’s. By that time, they can underplay their achievements and become a nicer, more likeable person. Try to get to that point as soon as you can.
Take the time to give those who work for you a pat on the back when they do good work. Most people are so focused on the next challenge that they fail to thank the people who support them. It is important to do this. It motivates and inspires people and encourages them to perform at a higher level.
When someone extends a kindness to you write them a handwritten note, not an e-mail. Handwritten notes make an impact and are not quickly forgotten.
At the beginning of every year think of ways you can do your job better than you have ever done it before. Write them down and look at what you have set out for yourself when the year is over.
The hard way is always the right way. Never take shortcuts, except when driving home from the Hamptons. Shortcuts can be construed as sloppiness, a career killer.
Don’t try to be better than your competitors, try to be different. There is always going to be someone smarter than you, but there may not be someone who is more imaginative.
When seeking a career as you come out of school or making a job change, always take the job that looks like it will be the most enjoyable. If it pays the most, you’re lucky. If it doesn’t, take it anyway, I took a severe pay cut to accept each of the two best jobs I’ve ever had, and they both turned out to be exceptionally rewarding financially.
There is a perfect job out there for everyone. Most people never find it. Keep looking. The goal of life is to be a happy person, and the right job is essential to that.
When your children are grown or if you have no children, always find someone younger to mentor. It is very satisfying to help someone steer through life’s obstacles, and you’ll be surprised at how much you will learn in the process.
Every year, try doing something you have never done before that is totally out of your comfort zone. It could be running a marathon, attending a conference that interests you on an off-beat subject that will be populated by people very different from your usual circle of associates and friends, or traveling to an obscure destination alone. This will add to the essential process of self-discovery.
Never retire. If you work forever, you can live forever. I know there is an abundance of biological evidence against this theory, but I’m going with it anyway.
Taylor Becker (MBA ‘25) is from Oregon. Prior to HBS, he spent six years at Blackstone on the firm’s Investment Strategy team. Taylor is the co-author of Byron Wien’s memoir, Stay at Risk and Live Forever. He received his bachelor’s degree from the University of Pennsylvania.