The Master Investor Podcast with Wilfred Frost

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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.

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. 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. 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

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

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. 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.

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. 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

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. 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

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. 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

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

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. 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

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.

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. Photo © Mike Cohen 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.

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. 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.

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. 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, The Master Investor Podcast Ltd in association with Bird Lime Media.

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. 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.

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. 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.

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. 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.

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. 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.

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/ 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.

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/ 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.

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. 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.

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.” 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.

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. 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.

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

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

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