The Master Investor Podcast with Wilfred Frost

Equities Extremely Complacent; De-lever and Prepare to Buy The Dip

Mon, 03 Aug 2026 05:00:00 +0100

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.

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 highlights US electrical infrastructure, including ETFs like PAVE and GRID, and Japanese industrial equities as key beneficiaries of reshoring and grid rebuilding, while cautioning that equity markets remain complacent near-term even as he stays structurally bullish long-term. His overriding message to investors is simple: stay unlevered, own some gold, and ensure you're positioned to survive the volatility ahead so you can take advantage of what he believes will be a highly bullish decade for equities.

0:00 Intro

3:00 Iran War impact underpriced

5:45 China has more leverage than realised

6:54 Rates will move higher until something breaks

10:55 Yield tipping points

15:18 LT supply-demand dynamic for USTs

22:08 The Fed will step in

24:04 UK, Jap, Ger, Fra all at risk

26:57 Equities extremely complacent

28:20 Equities rational in dollar terms

32:53 Dollar weakness vs gold not other currencies

36:06 Own gold

40:48 China’s surprising aim with gold

45:50 If gold beats USTs….buy stocks

47:48 Buy electrical infrastructure & Japan

51:43 Conclusion - deleverage, own gold, buy dip

Check out our podcast channel 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 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). Such discussion is not a financial promotion requiring approval by an authorised person under section 21 of the FSMA. Investing involves risk. You should consult a suitably qualified adviser who can assess your individual circumstances before making any investment decision.

Big Tech’s Tipping Point Is Here: Jim Mellon On Biggest Short Of All Time

Tue, 28 Jul 2026 05:00:00 +0100

Wilfred Frost welcomes back legendary investor Jim Mellon for his fourth, and typically candid and outspoken, appearance on the podcast.

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 trading heavy

41:49 Cheaper entry point ahead

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.

Jamie Dimon: Why I Won't Buy Bonds, AI's Future & Leadership Lessons

Tue, 21 Jul 2026 00:01:00 +0100

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.

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 health crises, living with no regrets, and the family values that have kept him grounded throughout one of the most successful careers in modern business.

Conversation took place on Thursday 16 July 2026 in Washington DC.

0:00 Intro

2:14 As good as it gets environment

3:08 Risks bigger than people expect

4:28 Resilience despite Iran

9:21 Would not buy bonds here

12:50 AI risk & opportunity

15:16 Not buyer of SP500 here

16:02 SpaceX valuation

17:45 Lessons from Financial Crisis

19:09 Don’t expect success

21:00 Loneliness of leadership

23:25 Commitment to NYC @NYCMayor

25:03 I want @AndyBurnham to succeed

26:40 UK Banks Levy is wrong

29:14 Fighting bureaucracy

33:20 Character most important trait

35:26 Insecurity ruins leaders

39:46 Success is not just your own

43:15 Politics is a very tough game

47:55 Dimon’s founder-like impact & succession

51:30 Near death experience

53:05 Family

56:34 Learn, learn, learn – from history & people

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.

The Key CEO Traits Investors Are Missing | Kara Swisher

Tue, 14 Jul 2026 05:00:00 +0100

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.

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 Only one AI winner

6:18 “Absolutely” bubble territory

9:37 Valuing tech companies

14:27 Valuing tech CEOs

16:37 Capital mkts generous to tech

18:22 Operators vs Innovators

22:35 CEO warning signs

27:36 Tech regulation

30:13 Under 16s social media ban

34:28 What makes a great podcast?

42:13 Wealth isn’t happiness

44:03 “Step out of line”

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.

The New American Dream: Democratising Investing

Mon, 06 Jul 2026 05:00:00 +0100

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.

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 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.

How to Build Wealth (And Survive Failure) with Anthony Scaramucci

Mon, 29 Jun 2026 04:30:00 +0100

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.

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 risk, expect failure

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.

Being Short Your Government: The Real Case for Gold & Silver

Tue, 23 Jun 2026 05:00:00 +0100

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.

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 being the lack of long-only institutional capital in the space, which he thinks could flood in if tech stocks peak.

Ned and Wilf also discuss a wildcard factor – ‘Where Is the Gold?’ – a fascinating deep dive into fractional reserve bullion banking, central bank balance sheet expansions, and the systemic risks surrounding where physical gold actually resides.

0:00 Intro

3:05 Long term case for gold

6:14 Long term case for silver

7:06 Why no other metals?

9:54 What drove 2025 surge in gold & silver

13:06 Did Gold peak in January?

15:20 Is debasement priced in?

17:15 Central banks are NOT independent

22:00 Gold not risk-on or risk-off – its risk-free

23:15 Gold vs Bitcoin

27:14 Physical commodity + producers + development assets

29:52 Miners cheaper than ever

33:10 Portfolio construction

34:56 Gold & Silver not normal commodities

37:25 Where Is The Gold?

42:26 Physical gold vs his fund?

43:40 Revaluation of US gold reserves?

50:13 Why buy gold & silver NOW?

51:47 Could governments behave?

54:37 Conclusion

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.

Becky Quick: Warren Buffett's Biggest Lessons, CNBC, and Finding Purpose Through Adversity

Tue, 16 Jun 2026 12:41:31 +0100

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.

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/

Recorded Monday 15th June 2026

0:00 Intro

3:00 US-Iran peace deal

5:57 Iran over Mid-Terms for Trump

8:09 Buffett - don’t bet against Elon Musk

9:45 Déjà vu of late 1990s?

12:40 CNBC’s role – financial education

16:50 21 Years of Squawk Box

20:07 Purity of the markets

22:16 Lessons from Warren Buffett

26:05 Buffett’s secret – patience

30:07 CNBC Cures

40:20 Loneliness of rare disease

44:48 Investing, career and life advice

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.

Should You Buy Space X? | IPO Special

Tue, 09 Jun 2026 16:15:06 +0100

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.

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.

AI Could Turn Software Into “Dumb Data Pipes” | Dom Rizzo

Mon, 08 Jun 2026 04:30:00 +0100

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.

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 personality; work relentlessly hard; and get lucky.

Recorded 4th June 2026

0:00 Intro

3:00 Great performance & good timing

6:29 AI - we haven’t overspent yet

09:28 Impact of Agentic computing

11:47 Four part framework for picking stocks

14:34 Software companies got fat & happy

17:01 Can $MSFT $CRM adapt? No.

22:05 Why $NVDA is still the King - $AMD $INTC too.

27:59 $ARM figured out low power CPU processing

30:56 Memory is the hardest “commodity” in world to make

35:00 Technical market factors – ETFs & IPOs

36:30 $GOOGL capital raise signals CapEx boom continues

38:40 Compute equals revenue

41:43 Why leading intelligence beats cheap

45:13 Is $AAPL vulnerable?

47:22 Upcoming mega IPOs

52:11 Pressure on broader markets from insanely large IPOs

54:12 Valuations overall

56:00 Concluding investment advice

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.

“We’ve Seen the End of Times”: Tom Michaud on Market Extremes, IPO Red Flags, and 9/11

Wed, 03 Jun 2026 04:30:00 +0100

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"?

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 pressure. KBW’s offices were located in the Twin Towers on September 11, 2001. Tom shares his firsthand experience of that morning – missing his usual train by a twist of fate, watching the tragedy unfold from the sidewalk, and losing 67 of his colleagues, including the firm's Co-CEO and an entire research department. He details the profound "reservoir of goodwill" and human kindness that allowed a shattered firm to pull together, push the rock up the hill every single day, and rebuild into the global powerhouse it is today with the underlying resilience that stems from emerging from an unimaginable crisis.

Recorded 2nd June 2026

0:00 – Intro

3:00 – Lessons from 2008 – unbridled growth plus leverage are the warning signs

5:30 – Scale of leverage in banking is unique

6:39 – What happened with SVB and First Republic in 2023?

9:00 – Regulatory rationalisation tail wind

11:38 – Private credit not a threat to economy

14:20 – Banks ultimately in great shape

16:50 – Tech is 36% of SP500 vs 14% Financials

19:52 – Importance of scale in banking accentuated by AI - $JPM as example

24:11 – Banks weren’t built for negative rates and inverted yield curves

26:26 – A credit normalisation is coming, its been too exceptional

30:40 – Upcoming mega cap IPOs – “There is risk in these offerings”

34:00 – Stock selection is key

35:12 – I think M&A is going to remain very strong

37:20 – Crypto vs Banks

40:18 – Client trust is built over decades – AI can’t replicate that

42:56 – Leadership under unimaginable pressure - reflecting on 9/11

50:18 – Buy the trophies when they’re on sale

52:46 – Liquidity matters

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.

Memory Is A Bubble, But Nvidia Protected – Jan Van Eck On Semis Surge

Wed, 27 May 2026 05:00:00 +0100

Are we in an AI bubble, or are capital markets correctly funding the largest infrastructure build-out in human history?

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 Bird Lime Media.

Bull Case Holds for 2026 – Lori Calvasina

Mon, 18 May 2026 04:30:00 +0100

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.

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” Energy, Materials and Tech growth rates stand out

“12:14” AI Fast Lane not impacted by Iran War

“15:29” Sector valuation multiples

“17:42” SP500 23.6x PE, and where that sits in recent range

“22:17” Stressing the target with big Iran War impact

“26:45” Lessons from Covid & Tariffs mean resilience for 2026 at least

“29:36” US/China and tariffs

“32:31” What will US Mid Terms mean for markets

“35:37” Fed outlook under Warsh

“37:19” Like small caps, love large cap growth

“39:52” US over International, despite valuation gap

“42:10” Growth over Value

“43:32” Pressure from summer IPOs?

“44:45” Conclusion – Not cheap, but room to run

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.

Dan Niles: Be Nimble - 30-50% AI Crash By 2027

Tue, 12 May 2026 05:30:00 +0100

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

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

27.36 30-50% AI crash by early 2027

30.01 Concerns about OpenAI

34.27 Upcoming IPOs, oil, bonds signal problems

36.16 Hold more cash

37.48 Kevin Warsh a positive, but watch bonds

43.34 Quantum computing

45.44 Conclusion:1998 or 1999?

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.

The Bull Case for China: The Best Opportunity Right Now? | Louis Gave

Mon, 04 May 2026 05:00:00 +0100

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.

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 being replaced by the age of the "$50,000 drone". He compares the current defense industry giants to IBM in the era of the personal computer.

Sovereign Vulnerabilities: A look at why the bond markets in the UK, France, and the US are uniquely vulnerable due to their reliance on "the kindness of strangers" (foreign investors) rather than domestic savings.

Finally he reflects on his overriding investment advice for listeners. "The first thing you have to know as an investor is to know yourself... making sure to not put yourself in the situation where you're going to make the wrong decisions."

Recorded 29th April 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 Bird Lime Media.

Stephanie Link: When to Buy the Dip

Tue, 28 Apr 2026 04:30:00 +0100

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.

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 way to play pent-up US housing demand once mortgage rates move sustainably into the low-5% range. At the index level, she acknowledges that S&P 500 valuations are not cheap but points out that earnings estimates are rising, particularly in her favoured AI-linked sectors, and argues that investors should stay focused on decade-long themes, using volatility to add selectively rather than retreating in the face of short-term macro and geopolitical shocks.

Recorded 27th April 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 Bird Lime Media.

Jeremy Grantham: Lessons from 60 Legendary Years of Investing

Mon, 20 Apr 2026 04:30:00 +0100

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.

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’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

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.

Larry McDonald: SP500 Is A Screaming Sell; But Buy The Dip In Energy

Mon, 13 Apr 2026 05:00:00 +0100

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.

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.

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 before it is attractive; why certain emerging market bonds are vulnerable here; and the “evils” of passive investing.

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.

Wilf has positions in the OIH and FCG ETFs mentioned in this episode.

Peter Boockvar: How To Position Your Portfolio In The Face of The Iran War

Tue, 07 Apr 2026 16:54:39 +0100

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.

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 Group (LSEG).

The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

Democratising Investing: Charles Schwab CEO Rick Wurster on the Future of Finance

Thu, 02 Apr 2026 05:00:00 +0100

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.

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.

Crypto Winter or Buying Opportunity? Dan Morehead’s 4-Year Outlook

Tue, 31 Mar 2026 04:34:00 +0100

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.

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.

Lloyd Blankfein: Lessons from 2008, Identifying the Next Trigger

Tue, 24 Mar 2026 17:47:24 +0000

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.

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 syndrome on Wall Street, the value and limits of stock picking, the responsibilities that come with influence in markets and politics, and why despite starting as a gold trader he is not a gold bug (“gold might go to $100k but it will go there without me”).

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.

The Private Credit Unwind Is Coming – Tony Yoseloff

Wed, 18 Mar 2026 04:30:00 +0000

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.

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 Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

Scott Bessent: Inside Trump’s Treasury; War Costs; & Why Bond Market is King

Thu, 12 Mar 2026 20:40:31 +0000

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.

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 why he turned down the Fed chair job to stay at Treasury during what he calls an extraordinary moment for US dollar dominance and energy, military and technology leadership.

The episode closes with personal lessons: what lifeguarding taught him about crises and crowds, how a failed dream to edit the Yale Daily News nudged him into finance, and his core advice for investors – know your risk tolerance, stay in the game, avoid being forced to sell at the bottom, and remember that in both careers and markets “you never know what’s going to happen.”

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.

Is the US Market Finally Peaking? Ruchir Sharma’s Take

Mon, 09 Mar 2026 06:32:47 +0000

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.

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, regulation and bailouts.

We finish with Ruchir’s overriding pieces of advice: in investing, temperament beats spreadsheet skill, and in life, “live in parallel” – cultivating a second vocation or passion, as he has with writing, to stay grounded when markets and careers become all‑consuming.

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.

IRAN WAR BONUS: Ruchir Sharma on Market Reaction to Us-Israel War

Wed, 04 Mar 2026 19:07:28 +0000

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!

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.

Greg Peters: Why Sovereign Bonds Now Beat Corporate Credit

Mon, 02 Mar 2026 04:30:00 +0000

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.

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/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.

Aswath Damodaran: I Am More Cautious Than Ever

Wed, 25 Feb 2026 04:30:00 +0000

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.

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.

Mason Morfit: New Technology is Terrifying, But Incumbents Can Win AI Race

Tue, 17 Feb 2026 00:01:00 +0000

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.

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 clearer product matrix, and bundled pricing, helping drive a sharp margin and share-price recovery before the recent AI-driven SaaS sell-off. On the current fear that AI tools will “eat SaaS’s lunch,” he argues incumbents like Salesforce retain huge advantages in identity, permissions, compliance and long-term contracts, much as Microsoft Office ultimately outcompeted early cloud-native rivals.

Mason reflects on his most significant new position – BlackRock – as it transitions from a traditional asset manager into one of the industry's premier data and software companies. He views BlackRock as a dominant player in the "digitize, organize, and automate" megatrend and perfect example of a company whose opportunity set will expand further as it grows. He also discusses Disney and closes on his key investment advice - stay young in your thinking.

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.

Tectonic Shift or Head Fake? Cameron Dawson on the Market’s Next Move

Tue, 10 Feb 2026 04:30:00 +0000

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.

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 Productions, Master Investor Ltd in association with Bird Lime Media.

“This is the Era of the Retail Trader": Sonali Basak on Democratising Private Markets

Thu, 05 Feb 2026 04:30:00 +0000

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.

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.

The Hidden Force Behind the AI Revolution: Arm CEO Rene Haas

Mon, 02 Feb 2026 00:01:00 +0000

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.

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.

Oil as a Weapon: Helima Croft on How Geopolitics Moves Markets

Wed, 28 Jan 2026 10:17:45 +0000

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.

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.

Tom Lee: Bear Market Coming in 2026 – Use It As Buying Opportunity

Tue, 20 Jan 2026 04:30:00 +0000

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).

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 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.

David Tait: Inside Gold’s Relentless Bull Market

Mon, 12 Jan 2026 05:00:00 +0000

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.

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.

Jim Mellon: Why I'm Loading Up On Energy Stocks

Wed, 07 Jan 2026 13:43:30 +0000

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.

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 - ibkr.com/masterinvestor, BNY Investments and London Stock Exchange Group (LSEG).

The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

Please note - Wilf holds the following ETF’s that Jim mentions during the episode - iShares MSCI Europe Energy Sector ETF, VanEck Oil Services ETF, First Trust National Gas ETF

Under-Owned, Undervalued, Unapologetic: Nick Train’s Case for UK Equities

Thu, 18 Dec 2025 00:01:00 +0000

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.

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 Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by 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.

Please note Wilf is a holder of The Finsbury Growth and Income Trust

Dan Ives: How To Pick Generational Tech Winners

Mon, 15 Dec 2025 04:30:00 +0000

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.

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 sees crypto and AI converging rather than competing.

The conversation finishes on a personal note, with Dan reflecting on building a distinctive personal brand – bold calls and bold clothes – and his single biggest piece of advice for aspiring master investors: know your risk profile, build a process, and don’t let macro noise or social media shake you out of well‑researched convictions.

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.

Brian Moynihan: Inside the Mind of America’s Banker

Mon, 08 Dec 2025 05:00:00 +0000

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.

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 Media.

TEASER: Brian Moynihan - Bank Of America CEO Commits to UK

Thu, 04 Dec 2025 22:14:38 +0000

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.

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.

Greg Fleming: How Great Wealth Managers Win in Any Cycle

Wed, 03 Dec 2025 16:54:14 +0000

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.

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 Capital today.

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.

Playing Asia Without China: Inside Jason Pidcock’s High-Conviction Portfolio

Wed, 26 Nov 2025 04:30:00 +0000

Jason Pidcock, manager of the Jupiter Asian Income Fund, reflects with Wilf on his 35 years of investing in the continent and how he has built his strategy over the last 20 years to be one of the most successful Asian equity strategies managed from London.

Jason explains how a concentrated portfolio of 25 large, cash-generative companies across Taiwan, Australia, Singapore, India and South Korea has delivered strong long-term returns and outperformance.

The conversation ranges from why he has zero exposure to China and Hong Kong despite their economic heft, why he embraces investing in Taiwan despite geopolitical fears, to why he sees India as the most attractive developing market in the world and why some of Asia’s tech hardware names are a better-value way to play the AI boom than richly valued US mega caps. Jason also unpacks his bullish stance on gold and Australian miners amid loose global monetary policy, shares his concerns about China’s demographics, politics and corporate governance and why he prefers to access Chinese growth indirectly via companies listed elsewhere.

Along the way, Jason and Wilfred revisit the evolution of the strategy from its Newton days to Jupiter – when Wilf worked for Jason – and discuss the trade-offs involved in leaving a multi‑billion dollar franchise to build a new platform. Jason also explains why a lack of emotion is a necessity for working in investing and how you should always trust your own judgement when it comes to big career decisions.

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.

Please note - Wilf is a holder of the Jupiter Asian Income Fund

Harnessing Insecurity: Harvey Schwartz on Leadership & Markets

Wed, 19 Nov 2025 04:30:00 +0000

Harvey Schwartz, CEO of Carlyle, reflects on his unconventional journey from a challenging upbringing and early career uncertainties, to the peak of global finance, including senior roles at Goldman Sachs. Schwartz, who oversees over $450 billion in assets at Carlyle, dives deep into how private markets have evolved, the factors driving their extraordinary growth, and his perspective on the future of public versus private capital.

As the conversation unfolds, Schwartz candidly addresses topics like mental health and personal adversity, sharing lessons on harnessing insecurity as a strength and the importance of mentorship and humility in leadership. The episode also explores the current economic environment, the resilience of US and global markets, the impact of fiscal and monetary stimulus, and the outlook for interest rates and credit markets. Listeners will gain unique insights into financial cycles, the maturation of global capital markets, and practical leadership advice from one of the investment industry’s most experienced figures.

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.

Mike Wilson: The Fed is NOT Independent, and That's Good for Stocks

Wed, 12 Nov 2025 04:30:00 +0000

Mike Wilson, Chief U.S. Equity Strategist and Chief Investment Officer at Morgan Stanley, sits down with Wilf this week to outline his bullish view for US equities, and how inflation is the elixir for earnings growth, provided the Federal Reserve isn’t hiking rates. Both surprisingly and controversially he does NOT believe the Fed is independent, but thinks this is, in fact, GOOD for stocks.

Wilson, widely respected for his bold market calls and deep analytical acumen, opens up about the art and science behind his celebrated investment insights – and the costly lessons learned from getting it wrong. He reflects on the origins of his framework: a blend of hands-on bottom-up analysis (having started his career as a tech stock analyst), and a unique focus on the “rate of change” in earnings growth and policy. He shares rare wisdom on how policy shifts, passive flows, and liquidity are redefining what drives asset prices today, breaking down why traditional models often fail and what sets his approach apart.

Listeners will discover how Wilson correctly navigated the major market turning points during the pandemic and its aftermath, calling the lows in March 2020 and then the market top in late 2021 with uncanny accuracy. Perhaps more strikingly he opens up about what he missed in 2023, as the market rallied but he maintained a cautious outlook, and what he learned from that experience. Wilson’s candid account of missed signals, bear market calls, and the challenge of embracing new investment themes will resonate with anyone who knows the pain of holding conviction in turbulent times.

Wilson explains his latest bullish outlook for U.S. stocks, why he believes the rally is broadening, and what makes 2026 a year to watch for cyclical and overlooked sectors.

Frost and Wilson explore the risks and opportunities created by the Federal Reserve’s evolving stance, inflation regime shifts, and the ongoing transformation of market leadership from technology and mega-cap “moat” stocks to sectors long left behind. He shares actionable advice for individual investors – why time horizon is the ultimate edge – and offers critical insights for institutional allocators about managing risk in an era of policy volatility.

He also outlines why he is a believer in the Trump administration’s economic policies and why he thinks a US economic recession has already happened – and been missed by everyone including the Fed – and is now in the rear view mirror.

This episode promises not just expert commentary but a masterclass in risk-taking, strategy adjustment, and contrarian thinking from one of Wall Street’s most trusted and provocative minds.

The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions

You can watch the full video on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

Andrew Ross Sorkin: Echoes of 1929 and The Leverage Behind Every Crisis

Tue, 04 Nov 2025 04:30:00 +0000

Renowned financial journalist and author Andrew Ross Sorkin joins Wilf on this week's episode of The Master Investor Podcast to dissect the mechanics, characters, and lessons of history’s most infamous market crash - 1929. Sorkin, the acclaimed CNBC anchor, creator of DealBook, and author of Too Big to Fail, reveals the eight-year odyssey behind his latest book, 1929: Inside the Greatest Crash in History and How It Shattered a Nation.

Sorkin reveals his meticulous process of piecing together lost diaries, newly uncovered archives, and never-before-released Federal Reserve minutes to bring to life the drama, innovation, and excess of the Roaring Twenties. The conversation explores the evolution of Wall Street, the advent of leverage for everyday Americans, and the dizzying rise of stock speculation that led to disaster. Sorkin and Frost draw striking parallels between the optimism and innovations of the 1920s and today’s markets, asking: could it happen again? Sorkin reveals that his big fear today is not knowing how much leverage is in the system - due to the explosion of private credit - because ultimately "the match that lights the fire of every crisis is the leverage".

You’ll hear stories of larger-than-life figures such as Charles Mitchell, John Raskob, John Pierpont Morgan and Winston Churchill, explore why things spiralled out of control, and discover why the aftermath of 1929 still reverberates through financial markets and economic policy now. Sorkin also shares candid insights on his writing journey, career lessons, and the enduring value of patience.

Whether you’re a seasoned investor, student of history, or just fascinated by great storytelling, this episode offers timely lessons and edge-of-your-seat reflections on risk, resilience, and the markets that shape our world.

You can watch the full video on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

Sara Eisen: The Surprising Truth About Trump's Tariffs, & The One Skill All Great Leaders Have in Common

Mon, 27 Oct 2025 04:30:00 +0000

CNBC star and Wilf’s former co-anchor, Sara Eisen, joins the Master Investor Podcast to reflect on the state of the US economy and stock market, as well as her career and the incredible people she has met and interviewed, from Secretary Bessent to Fed Chair Jay Powell.

From her front-row seat at CNBC, where she anchors “Squawk on the Street” and “Money Movers,” Sara offers an insider’s view on how America’s economy continues to defy expectations – and why business investment, AI innovation, and the Trump administration’s policies have combined to fuel a surprisingly strong economy. She also discusses the evolving role of tariffs and why they’re here to stay; the balancing act that Federal Reserve Chair Jerome Powell faces, and how and why Secretary Bessent has been able to reassure stock market investors in the face of huge volatility.

Beyond the headlines, Sara shares personal insights into her evolution as one of the world’s premier business journalists — from covering currencies at Bloomberg to interviewing central bankers, presidents, and CEOs. She reflects on her interviewing philosophy, what it takes to thrive under pressure, and why preparation and curiosity remain her superpowers.

In a lively and warm exchange, Wilf and Sara reminisce about their years on air together, swap stories about anchoring at dawn, and close with her take on the best leadership traits she's observed from the world’s top decision-makers – plus who’s still on her interview bucket list (hint: Taylor Swift and Sam Altman).

A must-listen for anyone interested in markets, media, and the art of asking better questions – featuring two of financial journalism’s finest in conversation.

You can watch the full video on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

Howard Marks: How I Mastered the Markets - My Advice From 50 Years of Investing

Mon, 20 Oct 2025 00:01:00 +0100

Legendary investor Howard Marks, co-founder and co-chairman of Oaktree Capital Management, sits down with Wilf to discuss 35 years of his celebrated investment memos and the timeless lessons they contain from his 50+ year career. Marks reflects on his most influential writings - from “Bubble.com” (in January 2000) on the eve of the DotCom bust to “You Can’t Predict, You Can Prepare” (in November 2001) - exploring how cycles, risk, and human behavior continue to shape markets today.

He shares his views on today’s era of optimism, and why he's relaxed about the valuation of the Magnificent 7 but concerned about the rest of the SP500. He also discusses the lessons of prudence in a long bull run, his scepticism towards gold, why he’s NOT concerned about recent bankruptcies of Tricolor and First Brands, and why successful investing is less about prediction and more about preparation. Marks and Frost also revisit “Sea Change” (Marks' December 2022 memo) unpacking the shift in interest rate regimes and how investors should recalibrate in a world no longer defined by falling rates.

A conversation rich with history, humility, and hard-earned perspective, this episode distills decades of market wisdom from one of the financial world’s clearest thinkers.

You can watch the full video on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Dan Morehead: Crypto - The Most Asymmetric Trade in History

Tue, 14 Oct 2025 04:30:00 +0100

Dan Morehead pivoted his hedge fund - Pantera Capital - to a pure play crypto hedge fund before the rest in 2013 and has reaped the rewards since. He first bought Bitcoin when it was priced at $65 compared to the $115,000 price today. Dan talks in detail to Wilf about the extraordinary conviction he has in blockchain - "the most asymmetric trade of all time" - which has allowed him to maintain his positions in the face of massive gains and massive drawdowns. He outlines why he thinks blockchain will play a central role in the next decade and century of the financial industry, the attractions of Solana and why he has launched a Solana digital asset treasury company. He also explains why Bitcoin has won the use case of "digital gold" and won't be surpassed in that. Dan reflects on the important change in approach from President Trump towards crypto; why he is a believer in digital asset treasury companies (like Tom Lee's BitMine Immersion Technologies and Michael Saylor's Microstrategy) over crypto ETFs; and one of the key bull arguments for the space - that 'smart money' institutions don't own crypto...yet.

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

BONUS: Sir Niall Ferguson on Trump vs Nixon

Wed, 08 Oct 2025 04:30:00 +0100

Renowned historian Sir Niall Ferguson discusses the comparisons between two of America’s most controversial leaders - Richard Nixon and Donald Trump - with the help of Wilf's Dad's legendary Frost–Nixon interviews. They cover the boundaries of executive power, use of tariffs and other shock economic strategies, and the high-wire act of geopolitical brinkmanship with China and Russia. Ferguson reveals Nixon and Trump’s surprising parallels and unlikely connections, from early political prophecies to tariffs, anti-globalist instincts, and the shadow of constitutional crisis. Essential listening for anyone obsessed with the past and future of the American presidency, global power shifts, and what happens when history repeats itself—live on the world stage.

If you missed Wilf’s previous conversation with Sir Niall you can listen here: https://podcasts.apple.com/gb/podcast/niall-ferguson-navigating-the-new-gilded-age-debt/id1817702206?i=1000730342514

Or watch it here: https://www.youtube.com/watch?v=SURCZW_2Pzk

You can find Wilf’s documentary series on his father’s interviews, including an episode on Nixon - David Frost Vs Richard Nixon - on Sky and Now.

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Niall Ferguson: Navigating The New Gilded Age - Debt, Gold, AI & China

Mon, 06 Oct 2025 04:30:00 +0100

Legendary financial historian Sir Niall Ferguson joins Wilfred Frost on The Master Investor Podcast for a wide-ranging discussion that uncovers the seismic shifts shaping today’s global economy. Ferguson explains why U.S. debt, surging interest payments, and new tariffs spell both warning and opportunity, and dissects the interplay between gold, Bitcoin, and the weakening dollar in a world primed for volatility. The conversation probes China's explosive yet fragile ascent, Europe’s Ukraine dilemma amid shifting American priorities, and Britain’s recurrent struggle with stagnation—drawing bold historical parallels from the Gilded Age in 1890s America to the 1970s. Candid, brilliant, and often contrarian, Ferguson offers unflinching investment lessons from his own mistakes, and shares sharp insights on how the West must adapt as leadership and power move East.

Make sure you subscribe so you don’t miss the upcoming bonus episode diving deep into the Trump vs Nixon comparison, with the help of some clips from Wilf's Dad's famous 1977 interviews with Richard Nixon. This is financial and geopolitical storytelling at its most incisive.

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Freddie Lait: Patience Pays - Lessons From Building a £1bn Business

Wed, 01 Oct 2025 04:30:00 +0100

What is the most undervalued virtue when it comes to investing? In this episode of The Master Investor Podcast, Wilfred Frost sits down with Freddie Lait, founder of Latitude Investment Management, who reflects on his path to £1.2bn AUM, and explains why patience is the investor’s most undervalued asset. He also reflects on how investing is as much emotional as it is logical and financial. Freddie explains why growth—not glamour—creates real long-term value, and reveals the thinking behind big bets on companies like Tesco, AutoZone, and Sony. Hit play for sharp takes on AI hype, US market risks, the misunderstood value of inflation-linked bonds, and the single best piece of advice Freddie would give any investor: know yourself and build a repeatable process around your strengths.

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

CRYPTO BONUS: Cathie Wood pt 2 - Why Bitcoin Will Always Be #1 Cryptocurrency

Sat, 27 Sep 2025 04:30:00 +0100

Cathie Wood, Founder and CEO of Ark Invest, makes the case for why she believes Bitcoin will be the biggest cryptocurrency by far and explains the role of Stablecoins. She also shares her friendly disagreement with Fundstrat’s Tom Lee, explaining why she doesn’t think Ethereum will surpass Bitcoin, though she’s warming up to Ether and has recently been buying BitMine.

Cathie also discusses what the strong recent performance of Gold may signal for the crypto market and broader financial markets, offering insights for investors navigating this rapidly evolving landscape.

If you missed our full conversation with Cathie Wood, where she shares her views on Tesla, Apple, Alphabet, Robotaxis, AI, and Robotics, you can listen here: https://podcasts.apple.com/gb/podcast/cathie-wood-turning-failure-into-innovation/id1817702206?i=1000728155212

Or watch it here: https://www.youtube.com/watch?v=xH4fh1_EXX0&t=2s

To find the relevant ticker for Ark Invest's Funds in the region you are in:

If you are in the US visit: https://www.ark-funds.com/our-etfs

If you are in the UK or EU visit: https://europe.ark-funds.com/funds/

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Cathie Wood: Turning Failure Into Innovation

Wed, 24 Sep 2025 04:30:00 +0100

Cathie Wood, Founder and CEO of Ark Invest, which manages $35bn in disruptive, technology-enabled innovation, joins Wilf to share her market views - why she’s hugely bullish on Tesla, bearish on Apple, warming up to Alphabet, and convinced that both Robotaxis and AI will be “winner-takes-most” markets. She also explains why she’s so optimistic on Robotics as a theme.

Cathie reflects on the highs and lows of her own career, including the 80% drawdown her funds suffered in 2021/22, and why she believes failure is essential to great innovation. She argues that Elon Musk is the greatest innovator alive, and that founder-led companies are more important than ever in times of rapid disruption - enabling bold decisions and risk-taking that consensus-driven management can’t match.

Don’t miss our crypto-focused bonus episode, where Cathie Wood explains why she believes Bitcoin will be the biggest cryptocurrency, her take on Ethereum and Stablecoins, and what recent Gold trends mean for markets. Subscribe so you don’t miss it when it drops!

To find the relevant ticker for Ark Invest's Funds in the region you are in:

If you are in the US visit: https://www.ark-funds.com/our-etfs

If you are in the UK or EU visit: https://europe.ark-funds.com/funds/

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Baroness Morrissey: Seize The Moment - My Tips For Investing & Life

Mon, 15 Sep 2025 00:01:00 +0100

Baroness Morrissey is one of Britain’s most successful investors, becoming CEO of Newton Investment Management at the age of 35, and more than doubling its size over 15 years. She was also Wilf’s first CEO – he started his career at Newton.

In this episode, Helena outlines how she’s managed to be so successful, reflecting on why the trade that made her career – buying UK Gilts in the late 90s before Bank Of England independence led to a massive rally - taught her to seize the moment.

As a founder of The 30% Club and Chair of The Diversity Project, she also discusses where the DEI movement lost its way, including its failure to highlight the improved outcomes of diversity of thought. Plus, her career advice, particularly for women: “leap before you look.”

Helena also suggests what the UK government needs to do to bring London back as a leading financial centre, and expresses caution over the current US market, which is in bubble territory.

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Nick Clegg: Why UK Free Speech is Under Threat; Silicon Valley Needs to Man Up; China Leading the AI Race

Wed, 10 Sep 2025 04:00:00 +0100

Nick Clegg, former UK Deputy Prime Minister and President of Global Affairs at Meta, joins Wilfred Frost on The Master Investor Podcast to discuss politics, leadership, and the future of technology. In this wide-ranging conversation, Clegg explains why he believes Britain has 'fallen out of love with the future', the differences between US and UK attitudes to growth, why China might beat America in the AI race, and why he is skeptical about the AI hype in general.

Clegg expresses his discomfort at how close tech leaders have gotten to the Trump administration and tells Silicon Valley to “man up and grow some”. He believes free speech IS under threat in the UK, and that politics is much harder than business.

During the interview Wilf and Nick discussed the ongoing case in the US relating to the suicide of Adam Raine on 11 April 2025 having interacted with ChatGPT. Here is a statement provided to CNBC by an OpenAI spokesperson:

“We are deeply saddened by Mr. Raine’s passing, and our thoughts are with his family. ChatGPT includes safeguards such as directing people to crisis helplines and referring them to real-world resources. While these safeguards work best in common, short exchanges, we’ve learned over time that they can sometimes become less reliable in long interactions where parts of the model’s safety training may degrade. Safeguards are strongest when every element works as intended, and we will continually improve on them. Guided by experts and grounded in responsibility to the people who use our tools, we’re working to make ChatGPT more supportive in moments of crisis by making it easier to reach emergency services, helping people connect with trusted contacts, and strengthening protections for teens.”

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Liz Truss: UK Is Heading for Calamity, & Inside the Mini-Budget

Wed, 03 Sep 2025 04:00:00 +0100

Former UK Prime Minister Liz Truss warns that Britain is heading for calamity, with government too big and unaccountable. In this in-depth conversation, she defends the tax-cutting agenda she championed in 2022, backs the Labour government’s trade deal with President Trump, and explains why she has no sympathy for Chancellor Rachel Reeves. Truss also shares why she doesn’t think Kemi Badenoch will ever become Prime Minister.

Reflecting on the fallout from the September 2022 mini-budget, she debates with Wilf who was ultimately responsible for the market turmoil that defined her short time in office.

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Jim Mellon: Bearish US, big opportunities UK, China & Robotics

Mon, 01 Sep 2025 17:43:36 +0100

Billionaire investor Jim Mellon, and co-founder of The Master Investor Podcast chats with Wilf about why he is surprised the US market has been so resilient in the face of multiple challenges, and why he continues to see much greater opportunity elsewhere. They discuss the risks of the US debt crisis, why Jim is cautious on the Mag7 tech giants, and where real opportunities lie in China, UK, silver, lithium, robotics, and quantum computing. Jim also shares lessons from his early investments, his approach to diversification and risk, and the importance of reading and research.

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

BONUS: Tom Lee pt 2 - How Ethereum Could Overtake Bitcoin

Fri, 29 Aug 2025 03:45:00 +0100

Tom Lee remains a Bitcoin bull, confident it could one day hit $1M—but he’s even more bullish on Ethereum. In this episode, he explains why Bitcoin’s main appeal is as a store of value, while Ethereum is set to become the backbone of real-world applications. From tokenization outside the US to Wall Street building the infrastructure of the future on Ethereum, Tom breaks down why ETH could surpass Bitcoin’s total network value.

Follow Tom on X: @Fundstrat

And his colleague Mark on X: @MarkNewtonCMT

To subscribe to Tom’s research, visit: https://fsinsight.com/our-services/

And learn more about his ETF here: https://grannyshots.com/

And his Ethereum treasury company here: https://www.bitminetech.io/

Please note that Tom has personal positions in these companies, and the content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions

You can watch the full video on The Master Investor YouTube channel

And follow @WilfredFrost on X and Linked In

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Tom Lee: A New 10 Year Bull Market Has Begun

Thu, 28 Aug 2025 06:03:29 +0100

Tom Lee, founder of Fundstrat Global Advisors, tells Wilf why he thinks the stock market is entering the start of a new 10-year bull run. Tom explains how demographics drive that conviction, while he thinks people are overly concerned about inflation, but that maintaining Federal Reserve independence is critical. He outlines why understanding the companies you invest in is more important than ever and shares his views on top picks like Palantir and JPMorgan Chase. Wilf and Tom also cover the warning signs he watches for when calling a market top, which aren’t flashing yet. Crypto fans, don’t miss tomorrow's bonus episode, where Tom joins Wilf again to dive into his bullish case for Ethereum and Bitcoin.

Follow Tom on X: @Fundstrat

And his colleague Mark on X: @MarkNewtonCMT

To subscribe to Tom’s research, visit: https://fsinsight.com/our-services/

And learn more about his ETF here: https://grannyshots.com/

And his Ethereum treasury company here: https://www.bitminetech.io/

You can watch the full video on The Master Investor Podcast YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Liz Ann Sonders: Retail Investors Are Winning - Don’t Miss the Rotation Beneath the S&P

Wed, 20 Aug 2025 20:59:14 +0100

Liz Ann Sonders is Chief Market Strategist at Charles Schwab, which manages $11 trillion in client assets. On this week's show she breaks down the current market complacency to Wilf, and explains why investors should pay attention to what small stocks and under-the-surface factors are signaling beneath the S&P 500 and away from mega cap stocks like Nvidia. She also discusses why valuations aren’t a reliable market timing tool, the latest inflation and labor market data - with recent revisions reminding her of 2007/08. She also discusses how her job has changed with shorter investor time horizons and how retail traders are gaining influence. Finally, she shares her top investment advice and insights for navigating today’s markets.

Read Schwab’s report on US inflation here:

https://www.schwab.com/learn/story/inflation-heat-is-on

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Larry McDonald: Inflation’s Not Dead, Commodities Are Just Starting, and Why Passive Investing Could Break the Market

Wed, 13 Aug 2025 08:40:13 +0100

Larry McDonald, author of The Bear Traps Report newsletter, former Lehman trader, and NYT bestselling author of A Colossal Failure of Common Sense is one of the best connected men in markets globally. Drawing on lessons from legends like Charlie Munger, David Tepper, and David Einhorn — all featured in his new book How To Listen When Markets Speak — Larry explains his view that the 'serpent of inflation is nowhere near dead', what that means for your portfolio construction, why passive investing could break the market and his fears for Meta’s share price. He also shares his top investing principles: avoid over-trading and wait patiently for moments of true capitulation.

To sign up to Larry's daily newsletter - The Bear Traps Report - please email info@thebeartrapsreport.com

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Thomas Peterffy: Trump Is Smart & Rational, How I Built a $100bn Business, and Why the Bubble Is Still to Come

Mon, 04 Aug 2025 07:44:53 +0100

This week, Wilf talks to Thomas Peterffy, the digital trading pioneer and founder of Interactive Brokers. With a personal fortune of over $75bn, Peterffy is one of the most successful entrepreneurs of all time. Arriving in the US from communist Hungary at 22 with no English, he embodies the American Dream. In this conversation, he defends capitalism and Donald Trump, reflects on building a $100bn business, and reveals his simple secret to success: using technology to deliver better, cheaper products for customers.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Ray Dalio: The Risks Are NOT Priced In – Here's What Happens Next

Mon, 28 Jul 2025 02:00:00 +0100

This week, Wilf sits down with legendary investor and Bridgewater founder Ray Dalio to discuss the growing risks in global debt markets, the complacency he sees in bond pricing, and the warning signals beginning to flash. Dalio shares how he's positioning his own portfolio with gold and a small amount of Bitcoin, and why he believes the Magnificent 7 stocks are looking expensive. He also reflects on historical patterns of collapse, currency devaluation, and what it will take for the UK and US to navigate what's coming.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Goldman Sachs CEO David Solomon on Leading Through The Noise; fragility of UK; Constructive US outlook

Wed, 23 Jul 2025 05:00:00 +0100

This week Wilf sits down for a rare, extended conversation with Goldman Sachs Chairman and CEO David Solomon in London, who shares his leadership advice while reflecting on the strategy that has seen his bank outperform his rivals in the last few years. He shares stark warnings about London's fragile position in the global financial system, the importance of getting policy right on both sides of the Atlantic, but ignoring the noise from the Trump administration and his constructive view on the US economy and Goldman's business over the next 18 months.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Stephanie Link: Brave, Bullish, and Beating the Noise

Tue, 15 Jul 2025 16:59:09 +0100

Hightower Advisors' Chief Investment Strategist, Head of Investment Solutions and Equity Portfolio Manager Stephanie Link outlines why she has been constructive on the US market in recent years despite the considerable noise. She also discusses being brave and buying during the April pullback, her top stock picks (Uber, Palo Alto Networks, Vertiv, Boeing, Amazon, D.R. Horton and multiple banks), and her advice on investing and smashing it in a male dominated industry.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

BONUS: Jeremy Grantham pt 2 - On Long Term Risks to the Market, and Humanity

Sun, 13 Jul 2025 08:05:10 +0100

Some bonus content from Wilf's conversation earlier this week with the Founder, Chairman, and Long Term Investment Strategist at GMO, Jeremy Grantham. This time Jeremy focuses on the biggest long term risks he sees for the market, and humanity, including toxicity, declining fertility and climate change.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Jeremy Grantham: How to Predict a Stock Market Bubble — and Why Nvidia May Lead the Mag 7 Crash

Thu, 10 Jul 2025 11:05:31 +0100

This week Wilf speaks to the man who has predicted some of the biggest stock market bubbles of the last 5 decades - Jeremy Grantham - who, on the day that Nvidia hits $4trn market cap, predicts we're nearing the top of another major bubble, likening Nvidia's success to the "guy selling the shovels at the peak of the gold rush". Striking a very bearish note on the US Magnificent 7, he discusses the pain that predicting crashes too early causes finance professionals, but how private individuals have advantages as long as they step back and look at the data, as he shares his advice for investors following a legendary career.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Former Treasury Secretary Jack Lew on Trump, Deficits and the Dollar

Wed, 02 Jul 2025 08:50:25 +0100

This week Wilf speaks to Former US Treasury Secretary Jack Lew about President Trump's economic agenda, and reflects on how he helped President Clinton balance the budget in the 90s, in light of Trump's "One Big Beautiful Bill" making its way through Congress. Lew reflects on the growing size of the US deficit, the weakening US dollar, and gives his advice for leaders on how to build bridges with those on the opposing team.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Dan Niles: Apple Is Losing the AI War — Here’s Why I’m Bearish

Wed, 25 Jun 2025 11:36:21 +0100

This week Wilf talks to Founder and Portfolio Manager of Niles Investment Management, Dan Niles, about his latest views on the market, and the career path that’s led to his position as the most respected tech investor in the world. Dan reveals that he is terrified by the US debt position and bearish on the market on any medium term outlook, albeit believing it will make new all time highs in the short term. He reveals his top 5 picks, and explains why he is incredibly bearish on Apple. He also gives listeners a rare insight into his core investing principles while reflecting on the best and worst investments he has ever made.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

The Master Investor Podcast with Wilfred Frost and Jim Mellon

Fri, 30 May 2025 20:38:19 +0100

Wilfred Frost sits down for a teaser episode with his co-creator of The Master Investor Podcast, Jim Mellon, one of Britain's greatest investors, to outline why they have launched the podcast, and preview what they have to come in the weeks ahead.

Jim Mellon is a British entrepreneur, investor and philanthropist with a wide range of interests. Through his private investment company, Burnbrae Group, he has substantial real estate holdings in Germany and the Isle of Man, as well as holdings in private and public companies. Jim’s investment philosophy is underpinned by careful analysis of new industries or major shifts in markets.

Wilfred Frost is the presenter of the breakfast show on Sky News (7-10am Monday-Thursday), and a contributor for NBC News, CNBC and MSNBC. Until 2022 he was the anchor of CNBC’s flagship show, Closing Bell, which airs daily from the floor of the New York Stock Exchange. He began his career in finance, working for five years as a fund manager at Newton Investment Management, before switching to broadcast journalism in 2014. Behind the camera, he is CEO of Paradine Productions, one of the oldest independent production companies in the UK.

The Master Investor Podcast is for anyone passionate about business and investing. We are pro ambition, celebrate success and provide you the edge. Join us and learn from the most legendary investors and business leaders in the world.

You can watch the full video on The Master Investor YouTube channel.

And follow @WilfredFrost on X.

Nothing in the Master Investor podcast constitutes financial advice. We're here to share ideas and opinions, but you should always seek external independent financial advice before making your own investment decisions.

This podcast is produced by Paradine Productions, The Master Investor Ltd in association with Bird Lime Media.