The Master Investor Podcast with Wilfred Frost
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79 afleveringen, van nieuw naar oud
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Big Tech Selloff: Dan Niles on What Happens Next
3 november 2026 · 1 uur 6 min
Is the AI boom approaching its peak, or are we simply witnessing a painful but temporary correction before the next leg goes higher? Lees meer
In this episode of The Master Investor Podcast, Wilfred Frost sits down with Dan Niles of Niles Investment Management, one of the world's leading technology investors, to dissect the recent tech selloff and assess where we are in the AI investment cycle. Drawing parallels with the late 1990s dot-com boom, Dan explains why he believes today's market looks more like 1997–98 than 2000, while warning that the eventual AI bust could be every bit as brutal.
Dan examines the growing pressures on the AI trade, from rising financing costs and slowing revenue growth at leading AI companies to the challenges facing data centre infrastructure and the increasing scarcity of capital. He also explains why he believes Anthropic is better positioned than OpenAI, why Microsoft is in the “catbird seat” for enterprise AI, and why Google could emerge as a long-term winner despite the growing threat to its traditional search business.
The conversation also explores the outlook for Meta, Intel, Apple and Nvidia, including how the shift towards agentic AI could reshape the semiconductor industry. Dan discusses the potential implications of the US midterm elections for data centre investment, the risks posed by rising oil prices and interest rates, and why he believes investors need to be far more selective in the current environment.
Finally, Dan shares his approach to managing risk through market volatility, explaining why investors must remain nimble, avoid becoming emotionally attached to their investment views, and recognise that not every dip is a buying opportunity.
Recorded Monday 2nd November 2026
0:00 Intro
3:40 Where are we in the AI investment cycle?
6:50 Two biggest risks to the AI trade: financing costs and slowing growth
11:25 @AnthropicAI IPO: a critical test for the AI boom
14:30 @Microsoft - enterprise winner
22:08 @Meta positione…
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Picking Private Market Winners: Maggie Fanari on SpaceX, Anthropic & Stripe
28 oktober 2026 · 49 min
Where will the next wave of AI investment opportunities emerge, and how can investors access them? Lees meer
In this episode of The Master Investor Podcast, Wilfred Frost speaks to Maggie Fanari, CEO of J. Rothschild Capital Management, which manages RIT Capital Partners, the investment trust founded by Jacob Rothschild in 1988. Maggie shares the thinking behind investments in SpaceX, Anthropic, Stripe and Cognition, explaining why she believes the AI opportunity has a long runway, but why stock selection is key with huge risk posed by index concentration and the reality that not every AI bet will be a winner.
From making more than four times RIT’s money on SpaceX to identifying the potential of agentic AI, Maggie discusses what she looks for in exceptional businesses, founders and management teams. She also explores opportunities beyond the market’s most crowded trades, including US smaller companies, Japanese companies embracing corporate reform and European defence.
Wilf and Maggie examine RIT’s recent performance, and how it combines public equities, private investments and uncorrelated strategies to pursue long-term growth while seeking to protect capital in falling markets. They also discuss the reasons for the 22% discount to Net Asset Value that the fund trades at, which Maggie argues will close and provides an exceptional entry point to her fund.
Recorded 27th October 2026
0:00 Intro
2:30 History of RIT
4:30 Long term performance
5:54 Earnings resilience
7:05 Concentration risk
8:00 Rates not too high
10:22 Bullish Japan
14:47 Backing SpaceX early
20:10 Anthropic
23:55 AI Bubble?
28:00 Stripe
31:44 Cognition
34:14 Uncorrelated Assets
35:50 Credit holding in
38:35 Light on Gold
40:10 Discount to NAV
45:05 Closing advice
Watch the full episode on The Master Investor Podcast YouTube channel
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Sponsored by BNY Investments, Interactive Brokers - ibkr.com…
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How to Profit When Cycles Turn – Django Davidson on Capital Cycle Investing
13 oktober 2026 · 51 min
What evidence do you use when weighing up an investing decision? In this masterclass on capital cycle investing, Wilf sits down with Django Davidson, founding partner and portfolio manager at Hosking Partners – an $8 billion global investment firm focused on the capital cycle approach, an investing philosophy which has led their firm to significant outperformance in recent years. Lees meer
Django breaks down their methodology; how high profits actually attract devastating competition, and in contrast why low returns on capital can provide fantastic entry points to stocks. The key is knowing how to spot the turning points before the crowd catches on.
Moving beyond Wall Street's obsession with demand forecasts and growth narratives, Django shares why true contrarian outperformance relies on measuring supply, tracking replacement costs, and understanding industry consolidation. He explains why the era of zero interest rates was an aberration and how the return of a real cost of capital has revived two powerful forces: mean reversion and creative destruction.
Wilf and Django discuss Hosking’s early investment in memory chip stocks – Micron, Samsung, SK Hynix – and how the capital cycle investing framework drew them into the space a decade ago, but is also leading them to sell today as a key warning sign – enterprise value to replacement cost – flashes red.
They also cover why acute supply shortages in copper and platinum make both metals a core holding for Hosking; why his “Death Of The Brand” thesis a decade ago predicted Nike’s current fall from grace; and why the company’s biggest country bet is on Japan, which they feel is at the start of a long upswing.
Recorded 12th October 2026
0:00 Intro
3:25 Capital Cycle Investing
5:58 US capital returns declining
10:30 How to spot turn in cycle
14:05 Unconstrained globally
20:00 Focus on supply
24:30 Semis – time to sell
27:18 Buy Chemicals
29:30 Long time horizons
31:25 Buy Platinum
33:53 Buy Copper
36:20 Less constr…
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The Bond Pivot: Jim Bianco on Why it’s Time to Start Buying Bonds
5 oktober 2026 · 59 min
Jim Bianco, President and Macro Strategist at Bianco Research, sits down with Wilf for an in-depth look at global bond markets, central bank policy, and what it means for equities and your portfolio construction. Lees meer
After maintaining a bearish stance on bonds since 2020, Bianco reveals why he has finally stepped back from that call and now sees value in the bond market. With US yields crossing 5% and global rates surging, Bianco explains why bonds are offering fair value for the first time in years, and why strong nominal GDP growth justifies higher rates as opposed to sending warning signs.
Despite that major pivot, Jim explains why he prefers long-term TIPS over nominal Treasuries to hedge ongoing inflation risks, and explores the risks to his call that come from surging bond yields in Europe and Japan, which could mean there is more downside to come.
Wilf and Jim discuss the evolving nature of the Federal Reserve under Kevin Warsh including why the unanimous 12–0 September vote to hike rates makes it HARDER for the Fed to re-establish their credibility in the short term, with risks of higher yields as a result through the rest of 2026, and enormous competing pressures on the Fed around their next two meetings, which sit either side of the mid-term elections.
They also discuss why rising yields haven’t derailed stocks more; why he thinks Scott Bessent has been forced to make outlandish claims like “I am the house”; why the scale of the US debt problem is overstated; why he is constructive gold, but disappointed by its recent performance; why he loves crypto long term and thinks the failure of the Clarity Act is in fact a good thing.
Finally Jim outlines why a 60/40 portfolio is still sensible long term, but not for the reasons you might think, and why the key question for the next stock market crash is not the level prices fall to, but the time they remain there – “a bear market is time, not price.”
Follow Wilfred Frost on X: @WilfredFrost
Follow Jim Bianco o…
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Michael Hartnett: I coined “Mag7” - Here’s What Ends Their Run
28 september 2026 · 1 uur
In this rare extended interview, Wilf sits down with the famed market contrarian and man who coined the phrase "Magnificent Seven", Bank of America’s Chief Investment Strategist Michael Hartnett. Hartnett unpacks the structural forces reshaping markets this decade, from ballooning fiscal spending and nominal growth, to the massive rotation away from sovereign debt. He explains why the AI trade now faces a twin threat: bond market discipline on Wall Street and pushback from voters on Main Street. Lees meer
From the Mag 7 shifting from cash-flow machines to spending $1.2 trillion on CapEx, to the historical warning signs from the 1880s railroad boom and the 1990s dot-com bubble, Hartnett provides an unvarnished playbook for navigating today's market regime.
Hartnett breaks down the reasons why the equity market has not yet collapsed in the face of spiking bond yields and the importance of the Fed reestablishing its credibility. “Central Banks never run out of ammunition, but they can run out of credibility. The Fed has now been forced to do things to restore its credibility. I think that they're panicking and I think that they'll win.”
He reflects on the lessons learned from past stock market bubbles – with particular focus on the Railroad and Nifty50 bubbles which he feels have similarities to today – and answers the question of what pops a bubble? Bonds and social upheaval – which is why he is so focused on the midterms which he feels could derail the AI trade.
Finally – the ultimate contrarian – he explains why he lives by the mantra "Buy Humiliation, Sell Hubris" – revealing and explaining the contrarian trades you should have exposure to – certain bonds, China, small caps and real estate.
Recorded 23rd September 2026
Watch the full episode on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG…
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If Global Trade Breaks, It’s Worse Than 2008 | Ed Conway
22 september 2026 · 1 uur 3 min
What happens if the invisible system feeding and fuelling our planet suddenly breaks down? Lees meer
In this episode of The Master Investor Podcast, Wilfred Frost sits down with Ed Conway, Economics & Data Editor at Sky News and bestselling author of Material World and Trade World.
Drawing on Ed’s latest book, Trade World, they explore the enormous importance - and growing fragility - of global trade, and why the hyper-efficient, just-in-time supply chains that have delivered decades of cheap goods are increasingly vulnerable to tariffs, geopolitical friction and war.
Ed offers some stark warnings about what could happen if the global trading system begins to break down:
“So if we were to have a kind of breakdown in global trading system, God forbid, it would make the Global Financial Crisis look like a walk in the park because this is everything.”
And, looking at the growing tensions between major powers:
“It's not implausible that if things go south from here, people will look back and say this was the foothills for another world war.”
At the same time, the fact that the stakes are so high and the world is so integrated encourages him that the cost of escalating conflicts and diminishing trade would far outweigh the upside for world leaders. He also unpacks the ingenuity of trade middlemen who have ensured a resilience to world trade such that while oil prices have risen this year, they haven’t risen as much as worst estimates.
“Trade doesn't just stop when a trade barrier is put in place. It adapts and it evolves - it’s like water - it’s very difficult to stop it from finding a level.”
They also explore why established industries so often push back against new technologies and innovation; the extraordinary moment in history when technological progress delivered an even greater economic transformation than AI; and why global yields have reached multi-decade highs, how hedge funds are driving the gilt market, and the mechanics behind ending QT.
#EdConway ’s new bo…
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Optimistic On AI, Calm About Yields – But Own Land – Thomas Peterffy
16 september 2026 · 47 min
Thomas Peterffy is worth well over $100bn, making him one of the 20 wealthiest people in the world. He is a markets titan and the founder of Interactive Brokers, and joins Wilf on this week’s episode of The Master Investor Podcast. Lees meer
He breaks down how Interactive Brokers has grown both earnings and its share price by around 40% per year over the past five years, driven by its focus on building the products its customers want. He explains why he remains calm about the rise in bond yields, believes the Fed will hike rates, and disagrees with that decision.
Peterffy is optimistic about AI, arguing that fears of a Hindenburg moment are overstated and that AI will overwhelmingly boost the economy and stock market. He points to companies such as Nvidia, which he believes are “cheap” when their earnings growth is taken into account.
Wilf and Thomas also discuss prediction markets at length. Peterffy boldly predicts that they will eventually account for the majority of Interactive Brokers’ earnings, explaining the decade-long thinking behind his forecast, including his attempt to buy Kalshi five years ago.
Most strikingly, Peterffy reveals the deeply personal rationale behind his massive land holdings across the United States. Drawing on his childhood in communist Hungary, he puts the probability of capitalism faltering in America at 20% and explains why he sees physical land - rather than gold - as the ultimate generational hedge.
Check out our podcast channel The Master Investor Podcast YouTube channel
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Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promo…
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Forget Tech: Why Hard Assets Will Win The Decade | Jeff Currie
7 september 2026 · 59 min
This week on The Master Investor Podcast, Wilfred Frost sits down with one of the world’s foremost commodities experts, Jeff Currie. After nearly three decades building and leading commodities research at Goldman Sachs, Currie shares an unvarnished masterclass on why we are only in the "second or third inning of nine" of a generational commodity supercycle that will see hard assets crush tech and the dollar this decade. Lees meer
At the heart of Currie’s thesis is a simple but radical shift: mounting sovereign debt, financial repression and the debasement of currencies will drive investors away from traditional financial assets and towards gold, energy, agriculture and other hard assets.
Currie explains his bold $10,000 gold forecast, why he would rather own gold than the dollar or pound sterling, and why central banks - particularly in emerging markets - are continuing to de-dollarize and accumulate gold. He reveals why he favours his “Munificent Seven” energy giants over tech’s Magnificent Seven - Exxon Mobil, Chevron, ConocoPhillips, BP, Shell, Total and Saudi Aramco - and explains why agriculture, uranium, critical minerals and other physical assets could all benefit from the same structural forces.
He also offers a sharp critique of Bitcoin and crypto, and explains why he believes digital ledger technology is better suited to AI agents than humans.
From the Iran War and extreme weather to droughts, El Niño and intervention in the bond market, Currie explains why the events of 2026 have only strengthened his conviction - and why he believes the great rotation into hard assets is still in its early stages.
0:00 Intro
2:23 Yields rising
4:00 Bessent intervention is financial repression
7:36 OWN GOLD
13:08 Not worried about gold pullback
18:36 Energy over Tech
23:30 Watch Diesel
27:02 China buying crude again
29:23 Crude reserves low
30:19 Recession risk underpriced
34:53 “Munificent 7”
36:53 Ag commods exploding
41:22 Buy any commod pullback
44:20 Recessi…
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Beyond The Mag 7 – Positioning For Earnings Peaking and Yields Rising – Liz Ann Sonders
2 september 2026 · 57 min
This week on The Master Investor Podcast, Wilfred Frost sits down with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, which oversees $13.4 trillion in client assets. Lees meer
Liz Ann begins with the surge in global bond yields and the growing tension between Treasury Secretary Scott Bessent and the Federal Reserve. She argues that rising yields don't necessarily spell trouble for equities - provided the move remains orderly - and highlights 5% on the US 10-year Treasury as an important level to watch.
She believes that Kevin Warsh and the Fed will have more impact than Scott Bessent and the Treasury, and ultimately believes Warsh, who she knows personally, is still a hawk at heart wanting to limit inflation, and expects a rate hike soon. She also examines what history tells us about equity-market performance during Fed hiking cycles, arguing that the key question is whether the Fed takes the "escalator or the elevator" approach to raising rates.
The conversation then turns to the AI trade and the growing concentration of earnings growth among a small group of mega-cap companies. Liz Ann warns of a coming inflection point, which still accounts for a disproportionately large share of overall SP500 earnings growth, and thus carry significant risk, but points to the significant opportunities in the market broadening out, which has already begun to happen.
Ultimately, Liz Ann believes there is plenty of opportunity still in US equities and warns against trying to time the market in the short term.
0:00 Intro
3:20 Rising yields on stocks
5:45 Speed of rise key
7:32 Stock v Bond correlations
11:40 Fed beats Treasury
17:20 Warsh will hike
22:05 Growth is key & at risk
26:58 AI earnings growth peaking?
31:32 Mag7 earnings concentration
35:15 SP500 valuations
37:50 Mag7 already underperforming
41:20 More rotation to come
44:00 Mid terms
46:30 Wealth effect impact
50:01 Still constructive equities LTCheck out our podcast channel The Master Investor Podcast YouT…
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Equities Extremely Complacent; De-lever and Prepare to Buy The Dip
3 augustus 2026 · 55 min
Wilfred Frost sits down with macro strategist Luke Gromen, founder of independent macro research firm Forest For The Trees (FFTT), for a wide-ranging conversation on the growing fragility of Western sovereign bond markets, the economic fallout from the Iran war, and why he believes gold is quietly replacing US Treasuries as the world's reserve asset. Lees meer
Luke argues that markets continue to underestimate the implications of the Iran war, while acknowledging he underestimated China's ability to reduce its short-term oil import needs. The conversation turns to why rising western bond yields – not oil prices – are the bigger threat, with Luke laying out his "variant perception" that future risk-off events will trigger only brief yield declines before yields spike even higher as equities fall, a pattern he says has repeated since 2020. He details Treasury Secretary Scott Bessent's roughly 4.4%-4.9% "pain threshold" on 10-year yields and warns that repeated policy retreats are steadily eroding US credibility as the backstop of the Treasury market.
He is deeply bearish on long bonds and believes equity markets are exceptionally complacent in the short term. However, he argues that any major sell-off is ultimately likely to become a buying opportunity, as the Fed and US Treasury will prioritise Treasury market functioning over fighting inflation. His advice: de-lever, be prepared to buy the (significant) market dip and importantly, own gold.
A central theme is Luke’s thesis that China isn't pushing the RMB as a dollar replacement – but rather promoting gold as the new global reserve asset in place of US Treasuries, using offshore yuan-clearing hubs in London, Switzerland, Dubai, and elsewhere to let trading partners convert RMB into gold. He cites China's accelerating gold import volumes and argues this dynamic points to a much higher long-term gold price, alongside a weaker dollar over time.
The discussion concludes with where Luke is finding investment opportunities. He…
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Big Tech’s Tipping Point Is Here: Jim Mellon On Biggest Short Of All Time
28 juli 2026 · 45 min
Wilfred Frost welcomes back legendary investor Jim Mellon for his fourth, and typically candid and outspoken, appearance on the podcast. Lees meer
Jim discusses investor fatigue with US mega-cap technology companies, noting the Magnificent 7’s 30% average drop since their June highs. He also highlights the recent struggles of SpaceX, characterising it as the "biggest short of all time", and a sign of a major tipping point for markets.
While many investors fear a renewed Iran conflict could send energy markets soaring, Jim argues the world is adapting to the risk of disruption in the Strait of Hormuz. He outlines his active trading strategy for oil and his continued bullishness on North Sea oil and gas stocks, such as Ithaca Energy, but why he has faded many of his other long positions in the oil and gas space.
He acknowledges that he has been wrong about his bullish position in the Japanese Yen, but doubles down on his call, recapping why he remains a believer that the Yen is incredibly cheap, and revealing that he has the bulk of his cash stored in the currency.
Jim also reveals that he has faded his commodity exposure to gold and silver, albeit remains constructive on gold miners; that his favourite equity market at the moment is small-cap UK stocks; and why he thinks psychedelics and food security are powerful long term themes to explore.
Jim closes by reminding listeners that "a foolish consistency is the hobgoblin of a small mind" and advises them to remain nimble and be prepared to change their minds in volatile markets, predicting cheaper buying opportunities ahead.
0:00 Intro
2:25 US tech at tipping point
7:10 Strait of Hormuz less important than feared
9:27 Long UK North Sea plays
11:38 Fading most oil & gas longs
12:39 Debt LT problem not ST
15:28 US not the only risky bond mkt
17:41 Bullish on Yen still
23:22 Gold miners over gold/silver metal
26:07 Bullish UK small caps
29:46 The case for psychedelics
32:23 Novel proteins
39:12 Broad mkts tradin…
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Jamie Dimon: Why I Won't Buy Bonds, AI's Future & Leadership Lessons
21 juli 2026 · 1 uur 1 min
In this episode of The Master Investor Podcast, Wilfred Frost sits down with the undisputed heavyweight champion of global finance: Jamie Dimon, Chairman and CEO of JPMorgan Chase. Lees meer
Leading the world’s largest bank through 20 years of global economic crises, Dimon brings unprecedented, unfiltered insights into the true state of the macroeconomy. From inflation and government debt to AI, geopolitics and market valuations, this is a masterclass in risk management, leadership and long-term thinking.
Dimon's clearest market call is on long-dated government bonds: "I would not be a buyer." Drawing parallels with the inflationary spiral of the 1970s, he warns that investors may be underestimating the risks posed by record government deficits, rising interest rates and an increasingly unstable geopolitical backdrop. That said – he does think the world economy is more resilient in the face of oil price increases, and believes President Trump should pursue his goals in the Middle East regardless of its effects on the US economy, which he said can handle it.
On AI, Dimon is optimistic about its long-term impact but sceptical that today's expectations will be met on the timeline investors anticipate. "Will it pay off? Probably. Will it pay off the way you expect, and in the timetable you expect? Definitely not." In light of that, he would not be buying the broad equity market at this level either.
The conversation then shifts from markets to leadership. Reflecting on two decades at the helm of JPMorgan Chase, during which the bank has increased in value eightfold, Dimon discusses the hidden dangers of bureaucracy, why insecure CEOs make poor leaders, the importance of character over credentials, and how to build organisations that can thrive long after their leader has gone.
Finally, Dimon opens up about the lonely reality of making billion-dollar decisions, the moment he signed the Bear Stearns acquisition during the financial crisis, surviving two life-threatening healt…
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The Key CEO Traits Investors Are Missing | Kara Swisher
14 juli 2026 · 48 min
How do you separate genuine innovation from pure hype? That is perhaps THE question of the moment for investors when it comes to AI, and it is also the question Kara Swisher has thought about for her entire career as the premier tech journalist of our time. She is co-founder of Recode and the host of powerhouse podcasts like Pivot and On with Kara Swisher, and she brings her trademark candor – and the occasional swear word – to the latest episode of The Master Investor Podcast to break down the realities behind tech’s biggest narratives. Lees meer
Kara has interviewed every major tech CEO of the modern era, and reflects on the traits that lead to trillion dollar companies and those that destroy shareholder value. Ultimately she thinks society overestimates the intelligence of many tech innovators, reflecting on the failure of the Metaverse and Cyber Truck, and identifies the character traits to watch out for – losing your passion and focus for the original job; talking too much to the media; and spending money on vanity projects. She reflects fondly on the lessons she has learned from Steve Jobs and Satya Nadella – and the extent to which they simply focused on running a business instead of talking to the press.
Wilf and Kara discuss why OpenAI will likely struggle to IPO this year even if Anthropic succeeds, and the ways in which the current AI frenzy mirrors the dot-com bubble. In particular the fact that not all frontier models will stay the course. In fact, the name she backs is Google’s Gemini much more than the much hyped new names like OpenAI, Anthropic and SpaceX.
Kara also reflects on social media and AI regulation and how it might impact share prices; the secret to building successful podcasts and her number one piece of career advice – “step out of line”.
Recorded Thursday 9th July 2026
Listen to Kara’s podcast Pivot here - https://podfollow.com/1073226719
And On with Kara Swisher here - https://podfollow.com/1643307527
0:00 Intro
3:00 AI alarm bells
4:38…
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The New American Dream: Democratising Investing
6 juli 2026 · 56 min
Robinhood didn't just survive one of the sharpest reversals in fintech, it emerged bigger, stronger and more ambitious than ever. After its market value collapsed by 80% to around $6 billion in 2022, the fintech pioneer has rebounded to nearly $100 billion, cementing its place at the centre of the next generation of finance. In this episode of The Master Investor Podcast, host Wilfred Frost sits down with Robinhood co-founder, chairman and CEO Vlad Tenev to dissect the evolution of retail trading and look ahead to the next frontiers of finance. Lees meer
Vlad pulls back the curtain on the mechanics of the pandemic-era meme stock craze, debunks the myth of institutional "smart money", and shares his perspective on whether we are currently living through an artificial intelligence bubble.
But this isn't just a look back at market history. Vlad lays out his blueprint for Robinhood’s next decade of growth, covering the ongoing path for more stock ownership in the US as penetration crosses 65% and heads for 90%, and for industry growth from a lower base in new markets like the UK.
Vlad also explains his ambition to democratise access to private markets in the same way Robinhood transformed public investing, arguing that tokenisation and the company's in-house blockchain are the key to making it possible. He also reveals how Robinhood is harnessing AI to give investors more powerful tools and help them make smarter investment decisions.
0:00 Intro
3:20 Bubble Behaviour in 2020/21
8:56 Retail traders buy the dips
11:31 Robinhood IPO July 2021
12:30 Déjà vu 2026 vs 2021?
16:05 Stocks leading today are LT winners
19:33 The 3 factors that drove Robinhood success
24:45 Penetration of stock ownership
27:35 UK opportunity
31:18 Robinhood in-house blockchain
35:07 Tokenisation of private assets
41:20 AI impact on trading
43:53 Humans will always drive markets
45:17 Scale vs innovation
47:25 $100bn mkt cap aged 39
50:15 The New American Dream
53:16 Conclusion
You can w…
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How to Build Wealth (And Survive Failure) with Anthony Scaramucci
29 juni 2026 · 54 min
Wall Street veteran, SkyBridge Capital founder, broadcaster, author and former White House Communications Director Anthony Scaramucci, aka “the Mooch” sits down with Wilf for a candid conversation about the painful market lessons that shaped his 38-year career, his bold transition into the digital frontier, and the importance of focusing on the long term. Lees meer
From the $14m he lost out on listening to Buffett over Bezos on Amazon, to how Trump took him to pieces on Brexit, and why he had to evolve from a crypto sceptic into a major institutional player, this is a grand lesson in learning from your mistakes, and coming out stronger for it.
Anthony has advice for younger investors – pay yourselves first, put that into the markets each month, and don’t get distracted by short term fluctuations. He acknowledges that early in his career he was too impetuous, and how these learnings have influenced his approach to SpaceX, which he owns and is not selling. His view: don’t bet against Elon Musk .
He also explains his position on blockchain technology and Bitcoin itself, and why, despite dismissing it initially, he now believes 90% of investors who actually "do the homework" will choose to own it.
The conversation then turns to career advice for young entrepreneurs and risk-takers, including the need for developing radical self-awareness, expecting to get your "ass kicked," and why you must never play the victim when things go colossally wrong.
Anthony’s new book All the Wrong Moves can be pre-ordered here: https://www.penguin.co.uk/books/476667/all-the-wrong-moves-by-scaramucci-anthony/9781847929235
Recorded Tuesday 23rd June 2026
0:00 Intro
3:35 Servant Leadership
6:30 Focus on very long term
12:37 Fear deflation more than inflation
15:57 SpaceX – long term holder
20:28 The case for blockchain & $BTC
28:12 $BTC still under-owned
31:46 Inflation vs innovation
37:31 Wall St vs Washington
40:31 Lessons from President Trump
45:26 UK too hard on itself
47:59 Take …
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Being Short Your Government: The Real Case for Gold & Silver
23 juni 2026 · 57 min
Wilf is joined by Ned Naylor-Leyland, newly crowned Investment Week Precious Metals Fund Manager of the Year and manager of the nearly $3 billion Jupiter Gold & Silver Fund. Known for his characteristically contrarian, deeply analytical perspective, Ned breaks down why the true narrative surrounding gold and silver is heavily misunderstood by the investing public. Lees meer
Instead of viewing gold and silver through the lens of traditional commodities, Ned explains why they are fundamentally foreign exchange instruments and why gold is the true risk-free asset of the global financial system.
“This is about being short the behaviour of your government.” Ned makes the case for physical gold as the ultimate safeguard against the long-term erosion of purchasing power caused by the inevitable debasement of paper currencies. But he disagrees with many fellow gold bulls when explaining the surge in price in 2025, and thinks that momentum and macro trend-following from leveraged investors, as well as changing real interest rate expectations, fueled the recent explosive rally, rather than central bank buying or a broader acceptance of the monetary debasement argument by most investors.
He explains why silver operates as a "dual-nature" asset – acting as money while simultaneously being in critically short supply for the industries of the future from AI to green-tech to military hardware. “Silver is like gold in that you are short politicians, but you're also long the future.” But Ned has exposure to just gold and silver, and explains why other precious or industrial metals have no place in his fund.
While he has personally owned Bitcoin himself historically, he doesn’t own it anymore as he likes to be a first mover and contrarian and sees no place for $BTC in light of that.
He believes gold and silver producers are cheaper than they’ve ever been, with free cash flow margins that are double or triple that of the tech sector, while trading on a fraction of the multiple. The reason…
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Becky Quick: Warren Buffett's Biggest Lessons, CNBC, and Finding Purpose Through Adversity
16 juni 2026 · 48 min
Powerhouse of business journalism and co-anchor of CNBC’s Squawk Box, Becky Quick, joins Wilf straight from live morning TV to break down a massive, fast-moving moment in the markets and share rare, deeply personal insights into both her career and family life. Lees meer
Over 20+ years Becky, who is Wilf’s former colleague and great friend, has become well known for her access to, and interviews with, legendary investor Warren Buffett. She shares what she has learned from her two-decade relationship interviewing and building trust with him, including the true source of his investing genius - unwavering patience, an extraordinary mathematical mind, and the complete absence of FOMO (fear of missing out).
The discussion begins on current market movements, including Becky’s latest headline takes on the factors affecting markets, and why she is optimistic that the newly announced 60-day US-Iran peace framework can hold. She cautions that President Trump is less concerned about the upcoming mid-term elections in November than markets think and will prioritise his legacy in the Middle East if he has to end the ceasefire.
Wilf and Becky also unpack the frenetic retail demand behind the historic SpaceX IPO, drawing parallels to the dot-com boom of the late 1990s while examining the timeless advice of Warren Buffett and Charlie Munger: never bet against Elon Musk.
Finally, the conversation turns to a deeply moving discussion about CNBC Cures, a powerful initiative Becky launched following her daughter Kaylee’s diagnosis with Syngap1, an incredibly rare genetic disease. Becky opens up about the isolation of navigating a rare diagnosis and how she is using CNBC's global platform to connect families, mobilize investors, and bridge the gap between laboratory science and life-altering treatments.
You can watch Becky’s documentary here - https://www.youtube.com/watch?v=-SD8-YcQdb4&feature=youtu.be
And read more about the CBNC Cures initiative here - https://www.cnbc.com/cures/
Record…
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Should You Buy Space X? | IPO Special
9 juni 2026 · 54 min
In this special episode of The Master Investor Podcast we explore the upcoming IPO of SpaceX - the largest IPO of all time, set to begin trading on Friday 12 June, raising $75bn in fresh capital, valuing the firm at close to $1.8trn. Lees meer
Wilf is joined by CNBC’s Morgan Brennan to set up the details with a breakdown of SpaceX’s business model, all of the key numbers, and how we got to this point.
Wedbush Securities’ Senior Research Analyst Dan Ives then gives the bullish take on the IPO.
Followed by Nicolas Owens from Morningstar - a rare Bear on Wall St on this deal - who thinks the company is worth half the mooted listing price. Read Nicolas' Note here - https://www.morningstar.com/stocks/spacex-what-investors-need-know-about-its-enormous-upcoming-ipo
Rounding things off, Wilf discusses the likely impact of the IPO on the broader markets with founder of The Bear Traps Report - Larry McDonald.
If you are debating buying shares in the SpaceX IPO then this is a critical listen for you.
Recorded 7th and 8th June 2026.
0:00 Intro
2:14 Morgan Brennan sets it up
17:00 Dan Ives - BULL case
28:43 Nicolas Owens - BEAR case
42:39 Larry McDonald - impact on wider market
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Art…
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AI Could Turn Software Into “Dumb Data Pipes” | Dom Rizzo
8 juni 2026 · 59 min
What happens the day after ChatGPT launches? If you’re Dominic Rizzo, you take over the helm of the $8.7bn T. Rowe Price Global Technology Fund and embark on an incredible run, delivering an outstanding 43.6% per annum return. Lees meer
In this episode of The Master Investor Podcast, host Wilfred Frost sits down with Dom Rizzo to dissect the massive shifts reshaping the technology sector. Dom explains why he believes that the key question the market is grappling with is how much more AI CaPex spend there is to come, and why he believes we are only half way through a massive AI CapEx cycle, with Google’s recent $85bn capital raise is a proof point of that.
Central to all of Dom’s thinking is that “compute equals revenue” and how that empowers the best AI companies (Anthropic and OpenAI) to deliver not just the highest raw intelligence but increasingly task completion too. The main reason we have seen such a strong market year to date is that the revenue is now following. “People didn't see Agentic taking off, but Claude Code and OpenAI Codex have opened everyone's eyes the huge enterprise opportunity here.”
Dominic thinks Software companies got fat and happy and explains why AI is the worst possible threat for them as a horizontal technology that can attack every software use case. He predicts that ChatGPT and Claude will end up sitting on top of basically the entire enterprise software stack and almost everything else will end up being a “dumb data pipe” feeding into those two.
He also explains why Nvidia remains King, why AMD and Intel are incredibly well placed, and why he laughs when people say Memory is commoditised with only three real players left globally in Micron, Samsung and Hynix.
Wilf and Dom also debate the upcoming mega IPOs of SpaceX, Anthropic and OpenAI and how the latter two’s roughly 10/1 Price/Sales multiple compares to the 100/1 multiple for SpaceX.
He ends by sharing his key investment advice for listeners: find a framework that matches your perso…
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“We’ve Seen the End of Times”: Tom Michaud on Market Extremes, IPO Red Flags, and 9/11
3 juni 2026 · 56 min
What separates a temporary market pullback from a systemic, catastrophic collapse? And how do the world’s greatest financial institutions build the resilience required to survive the absolute "end of times"? Lees meer
In this episode of The Master Investor Podcast, Wilfred Frost sits down with Tom Michaud, the CEO of banking and finance specialists Keefe, Bruyette & Woods (KBW). Tom has spent over 40 years at KBW studying the banking sector, leading KBW through its 2006 IPO and subsequent 2013 acquisition by Stifel Financial. As the head of the industry's premier financial services investment bank, Tom brings unique insight into what’s happening under the surface of markets today and where the next major "torpedo in the ocean" is hiding.
Wilfred and Tom map out the critical warning signs of a banking crisis, tracing the common threads between the Global Financial Crisis of 2008 and the sudden collapses of Silicon Valley Bank and First Republic in 2023. Tom explains the danger of unbridled growth for a bank especially when driven by uninsured deposits and fuelled by leverage. The biggest indicator to watch is credit turning south and “we should all know a credit normalisation is coming because it's just been too exceptional” - but he doesn’t expect it to derail the sector. He also reflects on the scale of the problems lying in the private credit sector.
Tom outlines the bull case for banks from the ongoing "regulatory reset"; why scale matters more than eve; why he expects more bank M&A; and why he thinks the best investment strategy is to buy best-in-class trophy companies. While the upcoming suite of mega-cap tech IPOs is good news for banks, he warns investors to be cautious – “there is risk in these offerings” – and outlines why he thinks individual stock selection is more important than ever and explains the reason why his firm is doubling down on expert research.
But the true heart of this episode lies in a deeply moving reflection on leadership under unimaginable p…
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Memory Is A Bubble, But Nvidia Protected – Jan Van Eck On Semis Surge
27 mei 2026 · 54 min
Are we in an AI bubble, or are capital markets correctly funding the largest infrastructure build-out in human history? Lees meer
In this episode of The Master Investor Podcast, Wilfred Frost sits down with Jan van Eck, CEO and owner of global asset management giant VanEck. Managing over $225 billion in assets, Jan has spent his career looking past daily market noise to focus on what he calls "10-year macro" trends. Today, he pulls back the curtain on the massive structural shifts that will define the global economy through 2036.
Wilfred and Jan dive deep into the staggering performance of VanEck’s flagship Semiconductor ETF (SMH) – which has surged to $65 billion in AUM on a jaw-dropping 29% annualized return since inception in 2011. Jan explains why the construction of the ETF is different from some rivals, allowing the likes of Nvidia to rise to up to 20% of the fund, and why he thinks Nvidia holds a generational moat protecting it, but issues a stark, timely warning for investors chasing the recent "bubblicious" frenzy in memory stocks.
Beyond technology, Jan sounds the alarm on massive government deficit spending in the US, UK, and Japan, detailing why a breakdown in bond market confidence could leave investors with nowhere to hide. He lays out the high-conviction case for why gold is re-emerging as the world's number one global currency; why India is his number one long term country pick; explains the explosive, bipartisan policy shift that sent VanEck’s nuclear and uranium fund from $20 million to $4.7 billion AUM; and breaks down the upcoming multi-billion dollar SpaceX IPO.
Recorded on 26th May 2026.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with…
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Bull Case Holds for 2026 – Lori Calvasina
18 mei 2026 · 50 min
Lori Calvasina – Head of US Equity Strategy at RBC Capital Markets – has one of the highest SP500 forecasts on Wall St at 7900. In this episode of The Master Investor Podcast we explore why that is, and do a deep dive into the five key factors she considers when weighing up what her price target for the market should be. This is a rare window into the modelling strategy of one of Wall Street's most respected and closely followed US equity strategists, and a must-listen for anyone looking to understand what data points matter when analysing US equities. Lees meer
Lori’s Five-Model Approach includes investor sentiment, cross-asset tests (stocks vs. bonds), valuation/earnings, GDP, and the Federal Reserve. At 23.6x PE she thinks the market is “not cheap” but “has room to run”, and is much more attractive that the 28x multiple reached last Summer/Fall. In particular, despite very strong performance in recent weeks she assesses investor sentiment to still be neutral. She discusses the irony that one of the most bullish SP500 targets on the Street only presents single-digit upside from here.
Wilf presses Lori as to whether the recent 9% peak to trough Iran War pullback was underdone. According to Lori, this was a rational move, because neither her nor the market is expecting a recession, justifying the relatively small pullback. She believes the covid pandemic and more recent tariffs have already taught many US companies an important lesson in establishing resilient supply chains, leaving them less vulnerable to more recent geopolitical developments. Lori also outlines why she likes Growth over Value, US over International, and Small Caps, but loves ‘AI Fast Lane’ Growth. Her and Wilf also cover the likely market impact from the Mid-Terms; of the new Fed Chair; and the upcoming slate of mega cap IPOs.
Recorded 14th May 2026
“0:00” Intro
“2:39” How to form an SP500 target
“5:09” New SP500 target of 7900
“7:24” Range of bull and bear case
“8:24” Where is sentiment?
“10:44” …
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Dan Niles: Be Nimble - 30-50% AI Crash By 2027
12 mei 2026 · 50 min
Legendary tech investor Dan Niles cautions investors to consider raising their cash ratings in this week’s episode of The Master Investor Podcast, just six weeks after he correctly called for a more aggressive risk-on approach at the end of March Lees meer
While he still thinks today is more like 1997/98 than 2000 and that the shift from chat-based AI to Agentic AI will sustain major earnings upgrades for the rest of this year, he warns that tech stocks are overbought, Iran War risks persist, and the challenges that will hit the AI trade either way by year end.
SEMIS: “So in the short term, are semis at the most overbought they've been since 2000 or 1995 before they had horrific corrections? Absolutely.”
IRAN WAR: “If this is going to take a lot longer for this situation at the Strait of Hormuz to get sorted out, then you're going to see stock prices collapse to catch up with where bond yields and oil prices are. I don't think that's the case. But, I'm viewing things as you should be sitting with a lot of cash.”
MEGA CAP WINNER: “It's obviously Google. They have the full stack and they're the ones you should bet on. And unless something drastically changes, they will continue to be the winner going forward because they've got everything and they've got the massive cashflow to fund it.”
He also discusses what the shift to Agentic AI means for $NVDA (not ideal), Intel $INTC (great) and $AMD (good); why concerns over $META are NOT overdone; why $AAPL fortunes should improve; why $AMZN and $MSFT are struggling a bit short term, and why $GOOGL shines bright.
Recorded 11th May 2026
00.00 Intro
02.39 Why today feels like 1997/98, NOT 1999/2000
05.25 Agentic AI suggests more upside to bull market
07.52 But Iran War could derail things
11.18 Agentic AI means CPU’s over GPU’s
13.35 Semis are overbought
17.51 Is shift to CPUs bad for Nvidia?
19.13 Google the standout performer
21.15 Apple leadership transition
23.45 Meta concerns not overdone
25.37 Google best placed
…
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The Bull Case for China: The Best Opportunity Right Now? | Louis Gave
4 mei 2026 · 45 min
Wilfred Frost is joined by Louis Gave, the founding partner and CEO of Gavekal, one of the world’s leading independent research firms. With a focus on the shifting geopolitical landscape, Gave outlines why traditional investment assumptions – from the safety of US Treasuries to the dominance of US tech & defence stocks – are being fundamentally upended, and why China is screamingly cheap. Lees meer
The Middle East & The Inflationary "Air Pocket": Louis analyzes the ongoing conflict in the Middle East, noting that even a diplomatic resolution will leave a two-month "air pocket" in global supply chains. He argues that the resulting inflationary shock is definitely coming, and while it might be priced into commodities it isn’t priced into equities and bonds.
The US-China Reset: Amidst these dark clouds, Gave identifies a potential silver lining: the economic pressure of inflation may force a "positive reset" in US-China relations. He suggests that both nations are now "condemned to get along" to avoid simultaneous inflationary shocks. He also wonders whether it might force Europe to finally adopt sensible energy policies.
The Death of the "Capital-Light" Model: Louis offers a provocative take on the US market and the AI boom. He explains how the world’s most successful "platform companies" (like Microsoft and Amazon) are shifting from capital-light models to massive capital intensity, questioning if their 35x earnings valuations remain justified.
The Bull Case for China: Contrary to popular sentiment, Gave argues that China is structurally undervalued. “China has the lowest cost of capital, the lowest cost labour, the lowest cost of electricity, and has the world's cheapest currency and it's not even close. And that makes for a very powerful combination.” He also thinks they are the economy best prepared for the Iran War.
The Changing Face of Warfare: Louis explains his bearish stance on traditional defense stocks, arguing that the age of the "$275 million fighter jet" is …
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Stephanie Link: When to Buy the Dip
28 april 2026 · 41 min
Stephanie Link, Chief Investment Officer and Portfolio Manager at Hightower Advisors, returns to The Master Investor Podcast to offer a constructive, theme-driven, bullish case for US equities. She explains why she has repeatedly “bought the dip” at moments of crisis – from the Silicon Valley Bank collapse and April 2025 ‘Liberation Day’ lows through to the recent March 2026 Iran war sell-off – arguing that investors who sell at such points historically miss out on very large subsequent gains. Her conviction rests on a still-resilient US consumer, a solid labour market, healthy bank balance sheets, and AI-driven capex – albeit with the clear caveat that a war lasting months rather than weeks could see higher energy and input costs eventually squeeze spending. Lees meer
The core of Link’s optimism is what she calls the AI “food chain”: a massive, multi-year capital-expenditure boom driven by the big tech platforms that ripples out through data centres, grid upgrades and power generation. She notes that the world will likely need to drastically increase the number of data centres in the coming years, requiring huge investment in infrastructure and specialised engineering talent, and she believes this AI build-out alone could add around 2 percentage points to economic growth. This leads her to favour semiconductors (with long-term positions like Broadcom and a current preference for Marvell), industrials and infrastructure names such as Vertiv, as well as mission-critical software and cybersecurity providers that stand to benefit from AI-driven complexity and rising security needs.
Frost also revisits a scorecard of Link’s prior stock picks from July 2025 – including big wins like Vertiv, and more mixed outcomes like Palo Alto Networks and Uber – giving her the chance to reaffirm and refine her views. She remains positive on Palo Alto after a burst of dealmaking and insider buying, has added to ServiceNow after a sharp pullback, and continues to like D.R. Horton as a cheap wa…
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Jeremy Grantham: Lessons from 60 Legendary Years of Investing
20 april 2026 · 52 min
Jeremy Grantham is one of the greatest investors of all time, and is famous for correctly identifying the four major stock market bubbles of his 60 year investment career. He joins Wilf to discuss the key ideas of his new book The Making of a Perma Bear: The Perils of Long-Term Investing in a Short-Term World and what they mean for investors today. Lees meer
Jeremy and Wilf explore the factors that drove him to admire value stocks; what makes for good idea generation and decision making when it comes to investing; and the factors he identified that academics missed.
In particular they explore why quality stocks and momentum remain persistent – and often misunderstood – market inefficiencies, and why this created the opportunity for the extraordinary outperformance he delivered at the firm he founded – GMO (Grantham, Mayo, & van Otterloo). But they also discuss why value is the ultimate gravitational market force that delivers performance over the long term.
Looking at today’s environment, Grantham assesses the Iran War’s impact on oil prices, AI, meme stocks and the “Magnificent Seven”, drawing parallels with 1970s, 1999, 2007 and the post-Covid boom. He sets out the conditions he believes typically lead to a bubble bursting and also tackles longer-term headwinds – from demographics and de-globalisation to climate damage and geopolitical risk – arguing that these are fundamentally at odds with the near-record valuations investors are currently paying.
Along the way, Grantham discusses his early role in the birth of index investing; his respect for Warren Buffett and Jack Bogle; why most institutions will never tell clients to get out before a crash; and how to know when to “reinvest when terrified”.
This is a candid, insightful masterclass from one of the defining investment thinkers of the last half-century.
Recorded Monday 13th April 2026.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
If you…
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Larry McDonald: SP500 Is A Screaming Sell; But Buy The Dip In Energy
13 april 2026 · 47 min
Wilfred Frost welcomes back Larry McDonald, founder of The Bear Traps Report and bestselling author of “A Colossal Failure of Common Sense” (2009) and “How to Listen When Markets Speak” (2024), for a timely, in-person conversation in London. Lees meer
Larry thinks the SP500 is “a screaming sell” and would use the post Iran War ceasefire announcement as an opportunity to sell the index, especially Mag7 tech names, which he continues to view as wildly overpriced.
But he would use the dip in energy stocks post-ceasefire as a buying opportunity. Larry explains why he believes we are still only in the “second or third inning” of the hard-asset super-cycle that has already seen outsized gains in precious metals, energy and other real-asset plays like copper since his latest book was published in March 2024, which called for buying hard assets over financial assets.
If you’d like to attend the upcoming Master Investor Show in London on Saturday 25 April, where I’ll be interviewing Jim Mellon amongst others, with over 5000 like minded investors in attendance, then click the link below and use code “MIPOD” for a free ticket:
https://forms.reg.buzz/masterinvestorshow-2026/mipod
Bottom line with the Iran war, Larry argues the latter order effects of the war - particularly the six-week surge in energy prices - are being underestimated, and are likely to drive a major inflation spike later this year. He thinks Wall Street’s muscle memory and recency bias – which led to a major rally when President Trump unwound his April 2025 Liberation Day tariffs – are fuelling a wave of excess optimism around the Middle East, when in reality, the situation is far more complex and unlikely to unwind so neatly.
He and Wilf also dig into why - for the first time ever - he is a buyer of Bitcoin (albeit as a short term trade rather than long term strategy); why the rebuilds in Ukraine, Gaza and Iran are still underappreciated and will drive metals like copper higher; why Microsoft has further to fall…
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Peter Boockvar: How To Position Your Portfolio In The Face of The Iran War
7 april 2026 · 48 min
In this episode of The Master Investor Podcast, Wilfred Frost sits down with Peter Boockvar, CIO of OnePoint BFG Wealth Partners and editor of The Boock Report, to dissect what the Iran War means for markets - highlighting the stocks and commodities poised to benefit, and the rallies investors should be cautious of. Lees meer
Peter shares his view thesis on why inflation was proving far more persistent than markets and central banks were willing to admit even before the war, and explains why this Iran War energy shock and renewed supply disruptions threaten to push PPI and CPI higher and global growth lower, with shortages in everything from jet fuel to fertilizers which threaten to trigger COVID-style hits to GDP in multiple regions.
He then lays out where he sees the most compelling opportunities and risks across asset classes. He sees gold as a “source of funds” in the short term, but still very attractive longer term; oil he doesn’t see settling back down to $65 regardless of when the war ends, and sees $80-85 long term which means oil companies should be bought on any pullback; and he sees agriculture as the commodity bull market for next year.
He makes the case for international equities - especially in the UK - which he views as chronically undervalued, while expressing caution of all developed markets long-duration bonds, while loving some EM debt, like that of Brazil.
Whether you are worried about the next inflation spike or looking for ways to position a portfolio for a world of higher prices, tighter supply and shifting market leadership, this conversation offers a clear, actionable framework for the months and years ahead.
If you would like to subscribe to The Boock Report, please visit peterboockvar.substack.com
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange …
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Democratising Investing: Charles Schwab CEO Rick Wurster on the Future of Finance
2 april 2026 · 41 min
Rick Wurster, CEO of Charles Schwab – who have $12 TRILLION of client assets across 38 million accounts – joins Wilf to explain how the world’s biggest retail investment platform is trying to “democratise” every corner of finance, what has powered its long-term growth since Chuck Schwab founded the firm in 1971 and more importantly, what’s driving it today and shaping its future. Lees meer
Rick reflects on the many factors driving their growth, but in particular growing engagement in investment from younger generations, which has driven their average client age from 50s to 40s, leading to changing habits. However, he notes that when adjusted for AUM, the average age remains significantly older, predicting a major shift in wealth across generations to come, that could drive increased appetite for risk assets.
He talks about new avenues like offering spot crypto trading and access to equity stakes in private giants like SpaceX and OpenAI, as well as how AI will let the firm deliver private-bank-style personalisation to every client, not just the wealthy.
Wilf and Rick dig into how retail investors have behaved through the Iran war shock, the boom in prediction markets and sports betting, and why he worries most of all about government debt and inflation.
Wurster closes with his core lessons on “grind to shine” career success and why time in the market, not timing the market, remains the most powerful driver of long-term wealth.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion …
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Crypto Winter or Buying Opportunity? Dan Morehead’s 4-Year Outlook
31 maart 2026 · 47 min
Dan Morehead returns to The Master Investor Podcast for a timely update on why he still believes Bitcoin – and the broader digital asset space – remains “the most asymmetric trade” of his career, even after a 50% drawdown from the cycle peak in October 2025. Lees meer
The Pantera Capital founder and former Tiger Management and Goldman Sachs macro trader unpacks the current crypto cycle, and why this correction has been milder than past 75–85% busts. He also tells Wilf why he thinks we may already be close to the bottom in terms of level, though maybe not timing, admitting that it may be another 6-8 months before crypto rallies significantly again.
The discussion ranges from the “debasement trade”; why central banks may have been drawn to buy gold of late but might pick bitcoin in future; the case for stablecoins and why crypto investors should celebrate the regulatory shift in the US even if there is currently a standoff around stablecoin legislation. Dan also explains why he thinks equities and AI in particular is overvalued, especially relative to crypto.
Wilf and Dan discuss what the Iran war means for crypto, including how, in his eyes, it’s yet another factor that will drive the separation of money and state. Dan argues that geopolitical fragmentation, sanctions risk and war are all accelerating the demand for neutral, non-sovereign money that sits outside the traditional banking and Treasury-controlled system.
This episode is a must-listen for anyone who owns crypto or is considering it for their portfolio.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invit…
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Lloyd Blankfein: Lessons from 2008, Identifying the Next Trigger
24 maart 2026 · 55 min
Former Goldman Sachs chairman and CEO Lloyd Blankfein joins Wilfred Frost in London for a candid conversation about risk, resilience and what it really takes to survive multiple crises at the very top of global finance. In this episode of The Master Investor Podcast, Lloyd reflects on his journey from the Brooklyn projects to running Wall Street’s most famous firm, why he was initially rejected by Goldman, and how a scrappy commodity trading outfit called J. Aron reshaped the culture of an Ivy League-dominated investment bank – and how Lloyd embodied that transformation. Lees meer
Drawing on stories from his new memoir, Streetwise: Getting To and Through Goldman Sachs, Lloyd explains the trading lessons that truly matter: why the best traders are more like great poker players than economic forecasters (he can “barely predict the present, let alone the future”), know how to play the cards they’re dealt, and are the quickest to adapt to changing situations. He also dives into the long-running tension between traders and investment bankers, why brilliant traders are often underestimated and investment bankers overestimated, and what the financial crisis looked like from the hot seat of one of only two major bank CEOs who led their institutions into 2008 and out the other side stronger.
Lloyd reflects on the echoes of 2008 today, and why it will pay to be wary of the built up risks in the system after 15 years of no reckoning. In particular he highlights the inability of Private Equity to exit their positions despite the most attractive financial markets in history as a warning sign. “At some point there will be a forced reckoning.”
He also shares key lessons in navigating corporate politics to rise up through a competitive firm from outsider to CEO, and how once at the top you need to ensure you do not become deluded by your own self importance ( something he also reflects on with President Trump in mind).
Along the way, Lloyd and Wilf discuss social mobility, imposter synd…
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The Private Credit Unwind Is Coming – Tony Yoseloff
18 maart 2026 · 45 min
Wilf sits down with Tony Yoseloff, executive managing member and CIO of Davidson Kempner, to explore how one of the world’s most enduring alternative asset managers navigates today’s markets. Tony, who manages around 40 billion dollars across opportunistic credit and event-driven strategies, shares his macro framework for the current environment, comparing it to both the 1970s and the early 2000s, and discusses how market concentration, rate shocks and a potential Iran-driven oil spike could shape inflation, interest rates, recession risk and the opportunity set in credit. Lees meer
Tony also gives his take on the much-debated private credit boom and emerging unwind, and why he sees direct corporate lending as a only mid single-digit return asset class that has been oversold to investors. He thinks default rates have already risen to 5 or 6%, and reflects on which parts of private credit are most exposed, most notably software companies, which often lack hard assets to sell for recovery when things go south.
Tony reflects on the balance needed between art and science for event-driven investing, and uses the recent takeover battle surrounding Warner Brothers Discovery as a case study for how to arbitrage specific market events, and why it is attractive to investors to have exposure to investments with zero beta, and unrelated to the rest of their portfolio.
Tony also argues that US investors have become too inward looking, and shares why he thinks India is particularly attractive, especially for credit where it has been overlooked.
Tony closes with a piece of investing advice he uses internally: always know in advance how and why you might lose money, and size and select positions with that probabilistic reality in mind.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Inve…
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Scott Bessent: Inside Trump’s Treasury; War Costs; & Why Bond Market is King
12 maart 2026 · 53 min
Scott Bessent, US Treasury Secretary and one of the most successful global macro investors of his generation, joins Wilfred Frost in the Cash Room at the Treasury for a rare, wide-ranging conversation that bridges markets, geopolitics and public service. In a gripping real-time interruption, Secretary Bessent is called to the Situation Room by President Trump in the middle of the interview, then returns to detail the administration’s response to the Iran war and the market turmoil it is creating. Lees meer
They start with the mindset that powered Bessent’s decades of outperformance at Soros Fund Management and his own firm Key Square: a healthy scepticism of elite opinion, the discipline to wait years for the right catalyst, and the ability to “imagine a different state of the world” – from betting against the ERM to riding the yen from sub-80 to 150 after spotting the policy and current-account shifts behind Abenomics. He explains how that same framework now shapes his decisions as Treasury Secretary, what it means to be “guardian of the bond market,” and why the true risk is not volatility but markets closing altogether.
On the Iranian conflict he covers the goals of degrading Iran’s military capacity, the record 400-million-barrel strategic reserve release, contingency plans for escorting tankers through the Strait of Hormuz, and how he thinks about oil price spikes in terms of duration rather than level. He also sets out America’s approach to tariffs, sanctions and the “shadow banking” system, including how Section 301 is being used post–Supreme Court ruling and why private credit stresses matter only when they infect the regulated core banking system.
Along the way, Bessent reflects on the previously-special relationship with the UK, the G7’s behind-the-scenes response to the war, and whether “America first” risks becoming “America alone” in the eyes of allies. He compares the Fed and Bank of England models, discusses gold, QE and balance-sheet policy, and explains…
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Is the US Market Finally Peaking? Ruchir Sharma’s Take
9 maart 2026 · 47 min
Ruchir Sharma, Chair of Rockefeller International and Founder and CIO of Breakout Capital, joins The Master Investor Podcast for a sweeping tour of today’s markets, the fading of “American exceptionalism” and what he thinks investors are getting wrong about risk. After 25 years at Morgan Stanley, where he ran emerging markets and served as Chief Global Strategist, Sharma now splits his time between managing money and writing bestselling books including Breakout Nations, The Rise and Fall of Nations, Democracy on the Road and What Went Wrong With Capitalism. Lees meer
In this episode, Ruchir lays out his case that the long dominance of US equities is giving way to a multi‑year period of international outperformance, driven by better earnings growth, higher shareholder payouts and a turning dollar cycle – and why he sees the US share of global indices falling back toward 50% over time from the current 65% level. The bull case for US markets are “a good story that has gone too far.”
Ruchir also digs into the Fed’s next move, arguing there is “no justification” for rate cuts with core inflation still closer to 3% and financial conditions loose, and why politically driven cuts would be structurally negative for the dollar. We discuss his evolving view on gold – from early bull to current agnostic as price action turns “parabolic” – and why he now prefers a broader toolkit of inflation hedges, from other commodities to inflation‑linked bonds.
On countries, Ruchir contrasts India’s steady 6% growth with its volatile market cycles, China’s demographic and debt squeeze despite a softer tone from Beijing toward the private sector, and why he’s far more excited by under‑owned markets from Brazil to Eastern Europe and Southeast Asia. He also unpacks the political consequences of inflation in developed markets, the rise of an anti‑incumbency bias for developed market voters, and his core thesis that capitalism has been “ruined by government” through ever‑expanding spending, regulati…
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IRAN WAR BONUS: Ruchir Sharma on Market Reaction to Us-Israel War
4 maart 2026 · 12 min
In this special bonus episode, author, journalist and Founder and CIO of Breakout Capital, Ruchir Sharma, explores and interprets the market reaction to the US-Israel war with Iran so far. Ruchir, who is also Chairman of Rockefeller International, and former Chief Investment Strategist at Morgan Stanley Investment Management, argues the market reaction is relatively calm and that most of the negative reaction has been de-grossing of markets that had recently outperformed. He explains what he is looking out for that would suggest things are spinning out of control and warrant a deeper, longer lasting sell off. Wilf’s full conversation with Ruchir drops on Monday 9 March - make sure you hit follow or subscribe so you don’t miss it! Lees meer
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of th…
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Greg Peters: Why Sovereign Bonds Now Beat Corporate Credit
2 maart 2026 · 44 min
Greg Peters oversees $1.2 trillion of fixed income investment as the co-CIO of Fixed Income at PGIM, and in this episode of The Master Investor Podcast offers a bond investing masterclass from the basics to the factors driving his current positioning. Lees meer
Greg breaks down how he analyses long-term government debt – including debt sustainability, growth outlook, central bank independence and the rule of law – and why US Treasuries still enjoy a unique safe-haven status versus markets like the UK, France and Japan, even if he increasingly thinks the direction of travel is higher for long term US bond yields.
Despite challenges for sovereign bonds, he sees more value there than in credit with spreads at historical lows. He outlines the key factors he looks for when assessing corporate bonds and how company analysis differs for an equity investor compared to a debt investor. He also explores the way in which an equity investor plays for the upside and bond investors limit the downside, and the key factor for a debt investor:free cash flow.
As Greg explains, this is why he worries about the market happily lending money to the hyperscalers for their AI build out, which is driving many of the biggest companies in the world to flip suddenly from being incredibly safe to free cash flow negative. He also discusses the head scratching and concerning decision for them to fund so much of this investment via debt, often held off balance sheets via SPV’s, rather than by equity.
Greg shares his framework for thinking about inflation in the AI era, why he prefers taking duration risk closer to the front end of yield curves, and his overarching advice to investors: stay humble, abandon point forecasts, and build scenario-based models that recognise just how wide the cone of outcomes really is.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterin…
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Aswath Damodaran: I Am More Cautious Than Ever
25 februari 2026 · 54 min
Aswath Damodaran, Professor of Finance at NYU Stern School of Business, joins Wilf to reveal that he is more cautious of the equity market today than at any point in his career. Lees meer
Because of this he has “more cash in my portfolio now than at any time in history”, and says this is a time to harvest profits gained in recent years as opposed to sowing more crops. He has recently sold his position in Nvidia accordingly.
Aswath shares his core reason for market concern, including the erosion of trust in economic institutions, and the move from a post WWII economic world order to an as yet unknown future, which he argues the market is too relaxed about.
He is sceptical of both the companies making AI who have overspent on CapEx, AND the companies due to use AI, arguing that rather than deliver greater efficiencies they will erode profitability – “if everybody has it, nobody has it”.
However – he does not believe in trying to time the market, and he reveals his cash balance is 15% not 50%, and that he still holds 5 of the Magnificent 7, his favourites being Apple, Amazon and Alphabet.
Aswath shares many of his core investing principles including how you know when to sell a stock as well as when to buy it; why buybacks have done more good than bad; why we should listen to what the gold surge is telling us even if gold cannot be valued, only priced; and why you must view investing as a way to preserve and growth wealth not to get rich.
There is also some life advice too - the importance of idling, and finding space to dream.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or ind…
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Mason Morfit: New Technology is Terrifying, But Incumbents Can Win AI Race
17 februari 2026 · 59 min
Mason Morfit is the co-CEO and CIO of ValueAct Capital and in this incredibly rare extended interview he outlines the unique investment approach that defines ValueAct - “quiet” but highly engaged activism, using long-term partnerships with management teams to transform great but drifting companies like Microsoft in 2013 and Salesforce in 2022. Lees meer
Mason contrasts the short-term, transactional culture he saw as a young banker during the dot-com boom with ValueAct’s model of deep, long-term relationships focused on understanding management’s psychology and context rather than attacking them.
According to Mason, ValueAct aims to provide a safe space for CEOs to pivot, avoiding berating or public confrontation, because that typically makes management defensive and less open to needed change.
Mason talks Wilf through some of ValueAct’s key positions including their 2013 investment in an out-of-favour Microsoft, then trading on a low multiple and seen as having missed search, phone and tablet. From his board seat, Mason helped highlight the billions in annual losses tied to devices and the Windows Phone, clarifying the opportunity to reallocate capital toward Office and Azure and supporting Satya Nadella’s strategic pivot. He uses this as a textbook example of what an engaged, analytical shareholder can add inside a boardroom that otherwise lacks a large, financially sophisticated owner at the table.
Mason also outlines ValueAct’s current core theme: “everything digitizes, everything organizes, everything automates,” arguing that the real bottleneck for AI isn’t flashy models but the messy middle step of organizing data and rights. Using Spotify as an illustration, he describes how the hard work was not digitizing music but building the global rights, standards, and audit infrastructure that then allowed automated recommendations and playlists to flourish. He then links those lessons and the Microsoft experience to Salesforce, where ValueAct pushed on unit economics, a c…
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Tectonic Shift or Head Fake? Cameron Dawson on the Market’s Next Move
10 februari 2026 · 39 min
Cameron Dawson, Chief Investment Officer at NewEdge Wealth, joins Wilf to explore whether recent market rotation away from mega-cap growth marks the start of a new “tectonic shift” or just a counter-trend rally. Lees meer
She compares today’s market to the Nifty 50 era and the dot‑com bubble, and the warning signs those moments provide today, plus what it means for growth versus value over the next several years.
Cameron digs into the wealth effect and the “K‑shaped” US economy, laying out how elevated equity exposure among the top 10% of households is propping up consumption, and what could flip that positive feedback loop into a negative one. She also tackles liquidity, the prospect of a Treasury–Fed accord, and what the global liquidity cycle means for risk assets, gold and Bitcoin. Specifically on gold she warns of tougher times ahead given the extraordinary run last year, and how higher inflation might in fact hurt gold going forward because it is a “psychological commodity”.
In equities, Cameron shares how she’s positioning into 2026: balancing growth and value, thinking about energy as an inflation and geopolitical hedge, and weighing richly valued industrials where fundamentals are strong but flows look crowded. She outlines why she expects more volatility from here, and how midterm election years often disappoint on price returns despite solid earnings.
Away from the markets, Cameron reflects on her unconventional journey from professional ballet dancer to Wall Street. She closes with her core piece of advice to investors: stay curious to avoid hubris, resist falling in love with your narratives, and keep enough imagination for reality to be prepared for genuine surprises.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Pr…
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“This is the Era of the Retail Trader": Sonali Basak on Democratising Private Markets
5 februari 2026 · 42 min
Sonali Basak joins the Master Investor Podcast to discuss her transition from Bloomberg anchor to Chief Investment Strategist at iCapital, a key player in democratising access to private markets. Lees meer
The former lead Wall Street correspondent at Bloomberg Television and host of "Bullish," shares insights on iCapital's role in this new age of retail investing, explaining how technology is lowering minimum investment levels without removing rigorous due diligence.
Basak cautions on bond market risks, predicting fewer Fed cuts in early 2026 and potential upticks in long-end yields due to US fiscal pressures and global spillovers from Japan and Europe. In private credit, she highlights floating-rate benefits in a higher-rate environment but warns of vintage risks from low-rate deals and urges focus on proven managers. On equities, she welcomes market broadening beyond the Magnificent 7, favouring infrastructure software over vulnerable SaaS amid AI shifts.
The episode traces Basak's path from broadcasting to investing - the reverse of Wilf’s - reflecting on what she has learnt from some of her most high profile guests while at Bloomberg, including Stan Druckenmiller and Ken Griffin. She advises young professionals to embrace inexperience as an edge and embrace being new to a situation.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and …
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The Hidden Force Behind the AI Revolution: Arm CEO Rene Haas
2 februari 2026 · 47 min
Rene Haas is CEO of Arm Holdings, the British chip designer at the heart of the global AI race and the previous smartphone revolution. Haas explains to Wilf in plain English where Arm sits in the semiconductor value chain, why its CPU designs power virtually every tech device on the planet, and how its partnerships with giants like Nvidia, Apple, Microsoft and OpenAI are shaping the next decade of computing. Lees meer
They discuss Arm’s evolution from a low‑power chip design for the Apple Newton to becoming the “brain” inside billions of smartphones, to powering the data centres that are driving the AI revolution. He reflects on the company’s surging revenues as AI workloads explode, and as its revenue model evolves, including the possibility of whether Arm should move closer to full chip design in its own right. Haas also tackles big strategic themes: data centres versus AI-at-the-edge, the “valuation bubble” and “overinvestment bubble” that exists in the short term, but why mega-cap tech names like Apple, Nvidia, Google Microsoft and Amazon will still thrive – scale. Haas also assesses the respective advantages China and the US have over each other from energy to talent to execution.
Haas offers a candid take on Britain’s strengths and shortcomings as a tech hub, what it would take to build the next hyperscaler here, and why risk appetite and scale still lag the US and China. He closes with career advice for young people on how to future‑proof themselves in an AI‑driven economy, the skills Arm hires for, and why curiosity and embracing AI will matter more than any single qualification.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for informati…
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Oil as a Weapon: Helima Croft on How Geopolitics Moves Markets
28 januari 2026 · 45 min
Helima Croft, one of Wall Street’s most influential energy strategists and Head of Global Commodity Strategy at RBC Capital Markets, unpacks the new geopolitics of energy in a world reshaped by wars in Ukraine and the Middle East, OPEC+ policy shifts, and the increasing but volatile drive toward decarbonisation. Lees meer
Helima, who began her career as a CIA analyst, explains how energy is once again a tool of statecraft. She discusses why the US and its adversaries are rethinking energy security, comparing the US approach of relying heavily on oil and gas to that of China, who are embracing all energy sources. She also reflects on conversations with senior Trump administration officials who think the scale of oil stockpiling pursued by China suggests they are preparing for potential conflict with the US.
On Venezuela, Helima explains why the Trump administration’s moves are more geopolitical – wanting to remove Chinese and Russian influence – rather than economic, with the task of boosting Venezuelan oil production an incredibly capital-intensive one.
Helima also explains what she thinks energy markets are missing when it comes to a potential peace deal in Ukraine, and the importance of whether the Iranian regime responds aggressively to any potential US action, or in a muted fashion like last summer.
Geopolitics aside, Helima thinks President Trump’s entire economic policy is based on lower energy prices, which could pose problems for US shale producers in the years ahead. Her razor sharp insight is an essential listen for anyone keen to understand better the current and future shape of the global energy market.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
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Tom Lee: Bear Market Coming in 2026 – Use It As Buying Opportunity
20 januari 2026 · 50 min
Tom Lee returns to The Master Investor Podcast to lay out his bullish – but bumpy – roadmap for markets in 2026. He is the co-founder and head of research at Fundstrat Global Advisors, chair of Ethereum treasury company Bitmine Immersion and CIO of Fundstrat Capital which runs the rapidly growing Granny Shots ETF suite (now $4.7bn AUM). Lees meer
In this episode Tom explains why he still thinks we are early in a 10‑year bull market that began in 2022, even as he forecasts a sharp pullback this year that will feel like a bear market, before equities finish 2026 strongly. He breaks down the three big transitions investors must navigate this year – a new Fed, a more interventionist White House and an AI narrative that is still being repriced – and sets out why he still likes the Magnificent 7 but thinks cyclicals, energy, basic materials, financials and small caps could be the more interesting trade from here.
The conversation ranges across gold, crypto and demographics: Tom explains why he believes gold is under‑owned, why Tether may now be one of the metal’s biggest private buyers, and why millennials are rediscovering gold as a store of value even as younger generations adopt crypto. He outlines his thesis that Bitcoin is still “digital gold”, why Ethereum remains his favourite crypto currency, discusses the October deleveraging event that knocked crypto off its gold‑tracking path, and sets out bold upside targets for both Bitcoin and Ethereum as banks and asset managers increasingly adopt blockchain technology.
Tom explains Bitmine’s headline‑grabbing $200m investment into MrBeast’s Beast Industries, why he sees MrBeast as the defining media asset of this generation, and how financial education and Ethereum could sit at the heart of future products reaching a billion‑strong global audience.
This was Tom’s second appearance on The Master Investor Podcast – please check out his first in August 2025 - episode 12.
You can watch the full video on The Master Investor Podcast…
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David Tait: Inside Gold’s Relentless Bull Market
12 januari 2026 · 52 min
As CEO of The World Gold Council, David Tait oversees the physical gold that backs one of the biggest gold ETFs in the world (GLD) – some $180bn of gold – and he brought along one 13kg bar to show Wilf during his appearance on this week’s episode of The Master Investor Podcast – worth a $1.8m. Sadly he asked for it back at the end. Lees meer
David outlines the six main drivers for gold’s recent surge – from a new wave of Japanese buyers to Chinese deregulation – but why the one that matters the most is the fear of a debt spiral, particularly in the US, which in particular is driving the enormous surge in buying from central banks around the world, who he has particularly close ties to.
He also outlines the one thing he is watching that could lead to a top in the gold price – albeit he assigns a low probability to it – and that is if the US can successfully inflate and grow its way out of its debt problem in the next few years.
He also talks about the future of gold – from digitalisation of gold for use as collateral for institutions, why bitcoin is NOT digital gold, and why increasingly he thinks gold won’t be seen just as a ‘disaster asset’ but as a positive part of all portfolios regardless of what events are coming.
In the final part of the episode, Tait shares the extraordinary story of how childhood abuse, a near breaking point at 30, and five ascents of Mount Everest led him to raise more than £8 million for children’s charity NSPCC – and the life and career lessons he now passes on to the next generation about risk, courage and using trauma as a weapon rather than a shield.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information pu…
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Jim Mellon: Why I'm Loading Up On Energy Stocks
7 januari 2026 · 41 min
To kick off 2026, Wilfred Frost is joined by billionaire investor and Chairman of The Burnbrae Group, Jim Mellon who shares his big investment calls for 2026. Lees meer
Jim reveals he is loading up on energy stocks; that he has reduced his gold and silver exposure by 80% following a phenomenal year in 2025; remains bearish the Magnificent 7 and AI stocks, but thinks Robotics is the way to play AI; and why he loves the Japanese Yen.
“We’ve been loading up [on energy stocks], I mean literally loading up on oil and gas in November and December.” This is as clear and bullish a call from legendary investor Jim Mellon as you will hear – and Jim explains why – the sector is currently unloved by investors, yet critical to the AI and data centre build out. He discusses the US move to remove President Maduro from power in Venezuela and why the market reaction to it validates his bullish stance on the sector. Jim also shares the stocks he likes the most – including BP, Shell, Equinor, ADNOC and Santos.
On gold and sliver, where he enjoyed great gains, and the Magnificent 7 where he has been on the sidelines, he reflects on a mantra that has served him well – “my view in life is that you don't need to be in the game that everyone else is playing. There's plenty of other things to do and that's what I try and do. Leave the party before the last of the punch is drunk and the hangover sets in.”
Following his new book on Robotics, Jim discusses why it’s the best way to play AI, expecting the robotics market to be larger than food or transport by 2040 and why China currently holds the manufacturing edge. That said, the Japanese Yen remains his top pick as a proxy for undervalued Asian currencies.
If you would like to sign up for Jim's upcoming in person investing event that he discussed with Wilf, then visit masterinvestorshow.com
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by Interactive Brokers - …
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Under-Owned, Undervalued, Unapologetic: Nick Train’s Case for UK Equities
18 december 2025 · 40 min
Legendary UK fund manager Nick Train joins Wilfred Frost on The Master Investor Podcast to discuss why, despite recent underperformance, he remains relentlessly optimistic on equities, on the opportunities the UK market presents, and on his own highly concentrated portfolio. Lees meer
Nick lays out his philosophy of patient, conviction-led investing, highlighting that his portfolios typically turn over less than 5% a year and many of his top holdings have been owned for a decade or more, with his top 10 holdings accounting for more than 80% of his fund. Influenced by Warren Buffett and Charlie Munger, he argues that owning a small number of world-class businesses for very long periods is the most powerful route to wealth creation, and explains why every sale is, in his mind, “a confession of error.”
Despite acknowledging decades of relative underperformance for the UK versus the US, Train makes a full-throated case that select London-listed companies are under-owned, undervalued and well placed to benefit from global themes like artificial intelligence. He uses London Stock Exchange Group and RELX as case studies in how proprietary data, capital-light digital models and AI-driven analytics can support compounding growth, even if headline UK indices remain out of favour. He also defends Diageo despite a difficult couple of years, arguing that ultra-premium spirits brands like Guinness and Don Julio should benefit over decades from rising global wealth, much as luxury brands have for LVMH. All 3 stocks represent over 10% positions in his portfolio.
Train is candid about recent underperformance, and talks openly about why his fund has underperformed in recent years and the discomfort he has experienced because of it. He also reflects on how he has confronted it - by buying more of his own trust and being relentlessly optimistic, and leaves tips for listeners with his distilled mantra: be bold, be disciplined, be optimistic.
You can watch the full video on The Master Inv…
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Dan Ives: How To Pick Generational Tech Winners
15 december 2025 · 46 min
Dan Ives joins The Master Investor Podcast with Wilfred Frost for a high‑energy deep dive into the AI revolution, Big Tech’s next decade, and how to navigate the most powerful tech bull market of our lifetimes. Lees meer
From backing visionaries like Elon Musk, Satya Nadella and Jensen Huang early, to calling generational winners such as Apple, Tesla, Nvidia, Microsoft and Palantir, Ives explains why he believes we are still only in the “10:30pm” phase of a tech party that could run until 4am – and why fears of an AI bubble, overbuilt data centres, or cloud reversal are overdone.
In this episode, Dan breaks down why only a small fraction of companies have truly embraced AI so far, why US tech is now ahead of China, and how hyperscalers and second‑ and third‑derivative names – from chips to cybersecurity and infrastructure – could drive years of earnings growth (including CoreWeave, Pegasystems and Iren Ltd). He digs into Nvidia’s dominance, the competitive landscape around Google’s Gemini and OpenAI, the future of Apple’s AI strategy and ecosystem, the political and geopolitical risks around TSMC, and why he still sees at least two more years left in this tech bull market.
Wilfred also presses Dan on the bear cases: stretched valuations, AI capex amortisation, the risk of data moving off the cloud, and whether retail investors can maintain their edge in an AI‑driven research world. Dan responds with his framework for looking 3–5 years out, betting on innovators over spreadsheets, and the importance of “feet on the street” research – including three and a half million air miles across Asia and beyond.
Beyond his day job at Wedbush, Dan opens up about launching the IVES ETF, a concentrated basket of 30 high‑conviction AI names across chips, software, infrastructure, power and more, now managing over a billion dollars in assets. He also discusses his role as chairman of ORBS, a listed play on human‑proof authentication and Worldcoin’s iris‑scanning technology, and why he se…
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Brian Moynihan: Inside the Mind of America’s Banker
8 december 2025 · 37 min
Brian Moynihan, long‑serving Chairman and CEO of Bank of America and host Wilfred Frost sit down for a wide‑ranging conversation exploring what it takes to run one of the world’s most important financial institutions, the state of the US economy, and how is leadership lessons for finance and beyond. Lees meer
Moynihan explains how the “Bank of America” brand helps attract customers but also carries a deep responsibility and how his ‘customer in’ rather than ‘leadership out’ approach shapes their offering where they seek to empower clients to achieve their goals.
He reflects on taking over as CEO in 2010 amid post‑crisis turmoil, why he never doubted the franchise would endure despite enormous challenges in his early years, and how a long runway allowed him to clean up legacy mortgage issues and embed his “responsible growth” framework before accelerating earnings in recent years. Drawing on his background as a lawyer, he describes how critical thinking, precision and an understanding of regulation have shaped his decisions on risk, litigation and strategy in a heavily regulated industry.
Leveraging Bank of America’s data on 70 million US consumers, Moynihan outlines a base case of around 2.4% US growth in 2026, his positive outlook for capital markets, and relaxed perspective on asset quality, constructive outlook on AI, all while warning that US fiscal deficits are an “accreting risk” that must be managed before the “pipes get clogged.”
He discusses the difficulty of managing operating in different political environments and ultimately welcomes the engagement that the Trump administration has with business – “if America is strong then The Bank of America is going to be strong.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by Interactive Brokers - ibkr.com/masterinvestor
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime …
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TEASER: Brian Moynihan - Bank Of America CEO Commits to UK
4 december 2025 · 11 min
A special teaser episode with Bank Of America Chairman and CEO Brian Moynihan, who says he is absolutely committed to the UK regardless of the recent budget. Lees meer
Moynihan tells Wilf that the recent budget was “ok” and “fine” for Bank Of America, which has roughly 6000 people in the UK, with an extra 1000 coming to Belfast, compared to 1k in the Republic of Ireland and 2k in Continental Europe. But he told Wilf that businesses ask the question about why taxes are rising, and they have to pay attention to that, alluding that Prime Minister Starmer has been listening.
Moynihan was late for the interview because he had just been with King Charles who he spoke very warmly of.
The full conversation with Moynihan on the US economy, markets and AI, his career and company drops on Monday.
You can watch the full video on The Master Investor Podcast YouTube channel
And follow @WilfredFrost on X and Linked In
Sponsored by Interactive Brokers - ibkr.com/masterinvestor
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of the FPO).…
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Greg Fleming: How Great Wealth Managers Win in Any Cycle
3 december 2025 · 40 min
Gregory J. Fleming, President and CEO of Rockefeller Capital Management, tells Wilf what it takes to build a great wealth management business, how to navigate a crisis under pressure, current market outlook, and the importance of optimism in leadership. Lees meer
Fleming reflects on three decades at the top of Wall Street, from leading Merrill Lynch through its sale to Bank of America during the financial crisis, to helping create Morgan Stanley’s powerhouse wealth management franchise, and now 10x‑ing assets under management at Rockefeller from roughly 18 billion dollars to close to 200 billion AUM. He explains why wealth management’s recurring, capital‑light, client‑aligned model has become the “crown jewel” of modern finance, the enduring power of brands like Merrill, Smith Barney, Morgan Stanley and BlackRock, and how the Rockefeller name and family office heritage from 1882 underpin his strategy serving high and ultra‑high‑net‑worth families across the US.
The discussion then turns to the macro backdrop and AI. Fleming lays out why he sees artificial intelligence as perhaps the most transformational technology in history, already reshaping productivity and margins across thousands of companies, and potentially helping lift US growth enough to manage today’s enormous debt burden. He discusses the political and fiscal realities that may entrench higher inflation, and what that means for asset allocation over the next decade, including the expanding role of alternatives in client portfolios.
Along the way, Wilfred and Greg revisit the lessons of the financial crisis, the animal spirits that return after even the worst shocks, and how and why he remains fundamentally optimistic even when facing major challenges.
Fleming also reflects on the legacy of John D. Rockefeller, whose wealth surpassed that of Bezos and Musk today – at one point equalling around 4 percent of US GDP – and how his relentless search for progress and excellence is worth pursuing at Rockefeller Capit…