The Master Investor Podcast with Wilfred Frost

Is the AI boom approaching its peak, or are we simply witnessing a painful but temporary correction before the next leg goes higher?

In this episode of The Master Investor Podcast, Wilfred Frost sits down with Dan Niles of Niles Investment Management, one of the world's leading technology investors, to dissect the recent tech selloff and assess where we are in the AI investment cycle. Drawing parallels with the late 1990s dot-com boom, Dan explains why he believes today's market looks more like 1997–98 than 2000, while warning that the eventual AI bust could be every bit as brutal.

Dan examines the growing pressures on the AI trade, from rising financing costs and slowing revenue growth at leading AI companies to the challenges facing data centre infrastructure and the increasing scarcity of capital. He also explains why he believes Anthropic is better positioned than OpenAI, why Microsoft is in the “catbird seat” for enterprise AI, and why Google could emerge as a long-term winner despite the growing threat to its traditional search business.

The conversation also explores the outlook for Meta, Intel, Apple and Nvidia, including how the shift towards agentic AI could reshape the semiconductor industry. Dan discusses the potential implications of the US midterm elections for data centre investment, the risks posed by rising oil prices and interest rates, and why he believes investors need to be far more selective in the current environment.

Finally, Dan shares his approach to managing risk through market volatility, explaining why investors must remain nimble, avoid becoming emotionally attached to their investment views, and recognise that not every dip is a buying opportunity.

Recorded Monday 2nd November 2026

0:00 Intro

3:40 Where are we in the AI investment cycle?

6:50 The two biggest risks to the AI trade: financing costs and slowing growth

11:25 Anthropic's IPO: a critical test for the AI boom

14:30 Microsoft: the enterprise AI winner?

22:08 Meta vs Google – who is better positioned for agentic AI?

24:35 Google’s selloff: buying opportunity or further downside?

31:26 Why OpenAI could get squeezed

33:20 Intel, Nvidia and the changing semiconductor landscape

39:29 Apple: free cash flow, foldable iPhones and the AI opportunity

42:52 Nvidia, ASICs and the lessons of the dot-com bubble

46:33 US midterms and the growing risk to data centre investment

50:28 Why investors must stay nimble through market volatility

53:47 Dan Niles’ positioning in the AI trade

57:13 The Fed, interest rates and the cost of capital

1:00:25 Oil prices, Iran and recession risk

1:02:21 Dan Niles’ closing investment advice

Watch the full episode on The Master Investor Podcast YouTube channel

Follow @WilfredFrost on X and Linked In

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Sponsored by BNY Investments, Interactive Brokers - http://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.

Where will the next wave of AI investment opportunities emerge, and how can investors access them?

In this episode of The Master Investor Podcast, Wilfred Frost speaks to Maggie Fanari, CEO of J. Rothschild Capital Management, which manages RIT Capital Partners, the investment trust founded by Jacob Rothschild in 1988. Maggie shares the thinking behind investments in SpaceX, Anthropic, Stripe and Cognition, explaining why she believes the AI opportunity has a long runway, but why stock selection is key with huge risk posed by index concentration and the reality that not every AI bet will be a winner.

From making more than four times RIT’s money on SpaceX to identifying the potential of agentic AI, Maggie discusses what she looks for in exceptional businesses, founders and management teams. She also explores opportunities beyond the market’s most crowded trades, including US smaller companies, Japanese companies embracing corporate reform and European defence.

Wilf and Maggie examine RIT’s recent performance, and how it combines public equities, private investments and uncorrelated strategies to pursue long-term growth while seeking to protect capital in falling markets. They also discuss the reasons for the 22% discount to Net Asset Value that the fund trades at, which Maggie argues will close and provides an exceptional entry point to her fund.

Recorded 27th October 2026

0:00 Intro

2:30 History of RIT

4:30 Long term performance

5:54 Earnings resilience

7:05 Concentration risk

8:00 Rates not too high

10:22 Bullish Japan

14:47 Backing SpaceX early

20:10 Anthropic

23:55 AI Bubble?

28:00 Stripe

31:44 Cognition

34:14 Uncorrelated Assets

35:50 Credit holding in

38:35 Light on Gold

40:10 Discount to NAV

45:05 Closing advice

Watch the full episode on The Master Investor Podcast YouTube channel

Follow @WilfredFrost on X and Linked In

And NEW: Subscribe to The Master Investor Podcast Memos

Sponsored by BNY Investments, Interactive Brokers - http://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.

What evidence do you use when weighing up an investing decision? In this masterclass on capital cycle investing, Wilf sits down with Django Davidson, founding partner and portfolio manager at Hosking Partners – an $8 billion global investment firm focused on the capital cycle approach, an investing philosophy which has led their firm to significant outperformance in recent years.

Django breaks down their methodology; how high profits actually attract devastating competition, and in contrast why low returns on capital can provide fantastic entry points to stocks. The key is knowing how to spot the turning points before the crowd catches on.

Moving beyond Wall Street's obsession with demand forecasts and growth narratives, Django shares why true contrarian outperformance relies on measuring supply, tracking replacement costs, and understanding industry consolidation. He explains why the era of zero interest rates was an aberration and how the return of a real cost of capital has revived two powerful forces: mean reversion and creative destruction.

Wilf and Django discuss Hosking’s early investment in memory chip stocks – Micron, Samsung, SK Hynix – and how the capital cycle investing framework drew them into the space a decade ago, but is also leading them to sell today as a key warning sign – enterprise value to replacement cost – flashes red.

They also cover why acute supply shortages in copper and platinum make both metals a core holding for Hosking; why his “Death Of The Brand” thesis a decade ago predicted Nike’s current fall from grace; and why the company’s biggest country bet is on Japan, which they feel is at the start of a long upswing.

Recorded 12th October 2026

0:00 Intro

3:25 Capital Cycle Investing

5:58 US capital returns declining

10:30 How to spot turn in cycle

14:05 Unconstrained globally

20:00 Focus on supply

24:30 Semis – time to sell

27:18 Buy Chemicals

29:30 Long time horizons

31:25 Buy Platinum

33:53 Buy Copper

36:20 Less constructive Gold

38:11 Buy Japan

41:00 What Nike got wrong

45:10 Rising yields

47:50 Contrarian…and right

Watch the full episode on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

Jim Bianco, President and Macro Strategist at Bianco Research, sits down with Wilf for an in-depth look at global bond markets, central bank policy, and what it means for equities and your portfolio construction.

After maintaining a bearish stance on bonds since 2020, Bianco reveals why he has finally stepped back from that call and now sees value in the bond market. With US yields crossing 5% and global rates surging, Bianco explains why bonds are offering fair value for the first time in years, and why strong nominal GDP growth justifies higher rates as opposed to sending warning signs.

Despite that major pivot, Jim explains why he prefers long-term TIPS over nominal Treasuries to hedge ongoing inflation risks, and explores the risks to his call that come from surging bond yields in Europe and Japan, which could mean there is more downside to come.

Wilf and Jim discuss the evolving nature of the Federal Reserve under Kevin Warsh including why the unanimous 12–0 September vote to hike rates makes it HARDER for the Fed to re-establish their credibility in the short term, with risks of higher yields as a result through the rest of 2026, and enormous competing pressures on the Fed around their next two meetings, which sit either side of the mid-term elections.

They also discuss why rising yields haven’t derailed stocks more; why he thinks Scott Bessent has been forced to make outlandish claims like “I am the house”; why the scale of the US debt problem is overstated; why he is constructive gold, but disappointed by its recent performance; why he loves crypto long term and thinks the failure of the Clarity Act is in fact a good thing.

Finally Jim outlines why a 60/40 portfolio is still sensible long term, but not for the reasons you might think, and why the key question for the next stock market crash is not the level prices fall to, but the time they remain there – “a bear market is time, not price.”

Follow Wilfred Frost on X: @WilfredFrost

Follow Jim Bianco on X: @biancoresearch

0:00 Intro

2:45 Bonds fair value 5:01 Why rates have surged 8:50 Fed still not credible 15:48 Warsh Fed unpacked 23:00 Bessent’s interventions 27:27 Risk of higher yields 29:40 Risk from foreign yields 32:24 High rates for stocks 36:37 Rise of retail traders 40:45 Debt problem overstated 44:40 Gold - constructive but disappointed 45:44 Bull on crypto 50:33 60/40 - still works but for new reasons 53:01 Start to BUY bonds 54:51 Bear Mkt is Time Not Price

Recorded 1st October 2026

Watch the full episode on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

In this rare extended interview, Wilf sits down with the famed market contrarian and man who coined the phrase "Magnificent Seven", Bank of America’s Chief Investment Strategist Michael Hartnett. Hartnett unpacks the structural forces reshaping markets this decade, from ballooning fiscal spending and nominal growth, to the massive rotation away from sovereign debt. He explains why the AI trade now faces a twin threat: bond market discipline on Wall Street and pushback from voters on Main Street.

From the Mag 7 shifting from cash-flow machines to spending $1.2 trillion on CapEx, to the historical warning signs from the 1880s railroad boom and the 1990s dot-com bubble, Hartnett provides an unvarnished playbook for navigating today's market regime.

Hartnett breaks down the reasons why the equity market has not yet collapsed in the face of spiking bond yields and the importance of the Fed reestablishing its credibility. “Central Banks never run out of ammunition, but they can run out of credibility. The Fed has now been forced to do things to restore its credibility. I think that they're panicking and I think that they'll win.”

He reflects on the lessons learned from past stock market bubbles – with particular focus on the Railroad and Nifty50 bubbles which he feels have similarities to today – and answers the question of what pops a bubble? Bonds and social upheaval – which is why he is so focused on the midterms which he feels could derail the AI trade.

Finally – the ultimate contrarian – he explains why he lives by the mantra "Buy Humiliation, Sell Hubris" – revealing and explaining the contrarian trades you should have exposure to – certain bonds, China, small caps and real estate.

Recorded 23rd September 2026

Watch the full episode on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

What happens if the invisible system feeding and fuelling our planet suddenly breaks down?

In this episode of The Master Investor Podcast, Wilfred Frost sits down with Ed Conway, Economics & Data Editor at Sky News and bestselling author of Material World and Trade World.

Drawing on Ed’s latest book, Trade World, they explore the enormous importance - and growing fragility - of global trade, and why the hyper-efficient, just-in-time supply chains that have delivered decades of cheap goods are increasingly vulnerable to tariffs, geopolitical friction and war.

Ed offers some stark warnings about what could happen if the global trading system begins to break down:

“So if we were to have a kind of breakdown in global trading system, God forbid, it would make the Global Financial Crisis look like a walk in the park because this is everything.”

And, looking at the growing tensions between major powers:

“It's not implausible that if things go south from here, people will look back and say this was the foothills for another world war.”

At the same time, the fact that the stakes are so high and the world is so integrated encourages him that the cost of escalating conflicts and diminishing trade would far outweigh the upside for world leaders. He also unpacks the ingenuity of trade middlemen who have ensured a resilience to world trade such that while oil prices have risen this year, they haven’t risen as much as worst estimates.

“Trade doesn't just stop when a trade barrier is put in place. It adapts and it evolves - it’s like water - it’s very difficult to stop it from finding a level.”

They also explore why established industries so often push back against new technologies and innovation; the extraordinary moment in history when technological progress delivered an even greater economic transformation than AI; and why global yields have reached multi-decade highs, how hedge funds are driving the gilt market, and the mechanics behind ending QT.

#EdConway ’s new book, Trade World, is available now in the UK and will be released in the US next May.

0:00 Intro

3:21 Why high bond yields?

8:08 QT arrives in UK

13:55 TRADE WORLD

20:03 Wool & Cotton – AI of their day

24:25 Opposition to innovation

30:56 Cotton – greater exponential growth than AI

37:10 Russia biggest exporter of grains

40:00 Protectionism not new

46:39 Fragile or Resilient global economy?

51:48 Recession chances

54:06 Foothills of WW3?

59:30 Wonders of world trade

Check out our podcast channel The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

Thomas Peterffy is worth well over $100bn, making him one of the 20 wealthiest people in the world. He is a markets titan and the founder of Interactive Brokers, and joins Wilf on this week’s episode of The Master Investor Podcast.

He breaks down how Interactive Brokers has grown both earnings and its share price by around 40% per year over the past five years, driven by its focus on building the products its customers want. He explains why he remains calm about the rise in bond yields, believes the Fed will hike rates, and disagrees with that decision.

Peterffy is optimistic about AI, arguing that fears of a Hindenburg moment are overstated and that AI will overwhelmingly boost the economy and stock market. He points to companies such as Nvidia, which he believes are “cheap” when their earnings growth is taken into account.

Wilf and Thomas also discuss prediction markets at length. Peterffy boldly predicts that they will eventually account for the majority of Interactive Brokers’ earnings, explaining the decade-long thinking behind his forecast, including his attempt to buy Kalshi five years ago.

Most strikingly, Peterffy reveals the deeply personal rationale behind his massive land holdings across the United States. Drawing on his childhood in communist Hungary, he puts the probability of capitalism faltering in America at 20% and explains why he sees physical land - rather than gold - as the ultimate generational hedge.

Check out our podcast channel The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

This week on The Master Investor Podcast, Wilfred Frost sits down with one of the world’s foremost commodities experts, Jeff Currie. After nearly three decades building and leading commodities research at Goldman Sachs, Currie shares an unvarnished masterclass on why we are only in the "second or third inning of nine" of a generational commodity supercycle that will see hard assets crush tech and the dollar this decade.

At the heart of Currie’s thesis is a simple but radical shift: mounting sovereign debt, financial repression and the debasement of currencies will drive investors away from traditional financial assets and towards gold, energy, agriculture and other hard assets.

Currie explains his bold $10,000 gold forecast, why he would rather own gold than the dollar or pound sterling, and why central banks - particularly in emerging markets - are continuing to de-dollarize and accumulate gold. He reveals why he favours his “Munificent Seven” energy giants over tech’s Magnificent Seven - Exxon Mobil, Chevron, ConocoPhillips, BP, Shell, Total and Saudi Aramco - and explains why agriculture, uranium, critical minerals and other physical assets could all benefit from the same structural forces.

He also offers a sharp critique of Bitcoin and crypto, and explains why he believes digital ledger technology is better suited to AI agents than humans.

From the Iran War and extreme weather to droughts, El Niño and intervention in the bond market, Currie explains why the events of 2026 have only strengthened his conviction - and why he believes the great rotation into hard assets is still in its early stages.

0:00 Intro

2:23 Yields rising

4:00 Bessent intervention is financial repression

7:36 OWN GOLD

13:08 Not worried about gold pullback

18:36 Energy over Tech

23:30 Watch Diesel

27:02 China buying crude again

29:23 Crude reserves low

30:19 Recession risk underpriced

34:53 “Munificent 7”

36:53 Ag commods exploding

41:22 Buy any commod pullback

44:20 Recession risk to commods?

47:00 History suggests still early for commods

49:10 Iran hugely boosts commods bull case

52:43 Bearish Bitcoin

55:28 Post Goldman - Real Macro

56:50 Conclusion - Own all commodities

Check out our podcast channel The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

This week on The Master Investor Podcast, Wilfred Frost sits down with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, which oversees $13.4 trillion in client assets.

Liz Ann begins with the surge in global bond yields and the growing tension between Treasury Secretary Scott Bessent and the Federal Reserve. She argues that rising yields don't necessarily spell trouble for equities - provided the move remains orderly - and highlights 5% on the US 10-year Treasury as an important level to watch.

She believes that Kevin Warsh and the Fed will have more impact than Scott Bessent and the Treasury, and ultimately believes Warsh, who she knows personally, is still a hawk at heart wanting to limit inflation, and expects a rate hike soon. She also examines what history tells us about equity-market performance during Fed hiking cycles, arguing that the key question is whether the Fed takes the "escalator or the elevator" approach to raising rates.

The conversation then turns to the AI trade and the growing concentration of earnings growth among a small group of mega-cap companies. Liz Ann warns of a coming inflection point, which still accounts for a disproportionately large share of overall SP500 earnings growth, and thus carry significant risk, but points to the significant opportunities in the market broadening out, which has already begun to happen.

Ultimately, Liz Ann believes there is plenty of opportunity still in US equities and warns against trying to time the market in the short term.

0:00 Intro 3:20 Rising yields on stocks 5:45 Speed of rise key 7:32 Stock v Bond correlations 11:40 Fed beats Treasury 17:20 Warsh will hike 22:05 Growth is key & at risk 26:58 AI earnings growth peaking? 31:32 Mag7 earnings concentration 35:15 SP500 valuations 37:50 Mag7 already underperforming 41:20 More rotation to come 44:00 Mid terms 46:30 Wealth effect impact 50:01 Still constructive equities LT

Check out our podcast channel The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

Wilfred Frost sits down with macro strategist Luke Gromen, founder of independent macro research firm Forest For The Trees (FFTT), for a wide-ranging conversation on the growing fragility of Western sovereign bond markets, the economic fallout from the Iran war, and why he believes gold is quietly replacing US Treasuries as the world's reserve asset.

Luke argues that markets continue to underestimate the implications of the Iran war, while acknowledging he underestimated China's ability to reduce its short-term oil import needs. The conversation turns to why rising western bond yields – not oil prices – are the bigger threat, with Luke laying out his "variant perception" that future risk-off events will trigger only brief yield declines before yields spike even higher as equities fall, a pattern he says has repeated since 2020. He details Treasury Secretary Scott Bessent's roughly 4.4%-4.9% "pain threshold" on 10-year yields and warns that repeated policy retreats are steadily eroding US credibility as the backstop of the Treasury market.

He is deeply bearish on long bonds and believes equity markets are exceptionally complacent in the short term. However, he argues that any major sell-off is ultimately likely to become a buying opportunity, as the Fed and US Treasury will prioritise Treasury market functioning over fighting inflation. His advice: de-lever, be prepared to buy the (significant) market dip and importantly, own gold.

A central theme is Luke’s thesis that China isn't pushing the RMB as a dollar replacement – but rather promoting gold as the new global reserve asset in place of US Treasuries, using offshore yuan-clearing hubs in London, Switzerland, Dubai, and elsewhere to let trading partners convert RMB into gold. He cites China's accelerating gold import volumes and argues this dynamic points to a much higher long-term gold price, alongside a weaker dollar over time.

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

0:00 Intro

3:00 Iran War impact underpriced

5:45 China has more leverage than realised

6:54 Rates will move higher until something breaks

10:55 Yield tipping points

15:18 LT supply-demand dynamic for USTs

22:08 The Fed will step in

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

26:57 Equities extremely complacent

28:20 Equities rational in dollar terms

32:53 Dollar weakness vs gold not other currencies

36:06 Own gold

40:48 China’s surprising aim with gold

45:50 If gold beats USTs….buy stocks

47:48 Buy electrical infrastructure & Japan

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

Sign up to Luke Gromen’s newsletter here: https://fftt-treerings.com/

Check out our podcast channel The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

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

Jim discusses investor fatigue with US mega-cap technology companies, noting the Magnificent 7’s 30% average drop since their June highs. He also highlights the recent struggles of SpaceX, characterising it as the "biggest short of all time", and a sign of a major tipping point for markets.

While many investors fear a renewed Iran conflict could send energy markets soaring, Jim argues the world is adapting to the risk of disruption in the Strait of Hormuz. He outlines his active trading strategy for oil and his continued bullishness on North Sea oil and gas stocks, such as Ithaca Energy, but why he has faded many of his other long positions in the oil and gas space.

He acknowledges that he has been wrong about his bullish position in the Japanese Yen, but doubles down on his call, recapping why he remains a believer that the Yen is incredibly cheap, and revealing that he has the bulk of his cash stored in the currency.

Jim also reveals that he has faded his commodity exposure to gold and silver, albeit remains constructive on gold miners; that his favourite equity market at the moment is small-cap UK stocks; and why he thinks psychedelics and food security are powerful long term themes to explore.

Jim closes by reminding listeners that "a foolish consistency is the hobgoblin of a small mind" and advises them to remain nimble and be prepared to change their minds in volatile markets, predicting cheaper buying opportunities ahead.

0:00 Intro

2:25 US tech at tipping point

7:10 Strait of Hormuz less important than feared

9:27 Long UK North Sea plays

11:38 Fading most oil & gas longs

12:39 Debt LT problem not ST

15:28 US not the only risky bond mkt

17:41 Bullish on Yen still

23:22 Gold miners over gold/silver metal

26:07 Bullish UK small caps

29:46 The case for psychedelics

32:23 Novel proteins

39:12 Broad mkts trading heavy

41:49 Cheaper entry point ahead

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

In this episode of The Master Investor Podcast, Wilfred Frost sits down with the undisputed heavyweight champion of global finance: Jamie Dimon, Chairman and CEO of JPMorgan Chase.

Leading the world’s largest bank through 20 years of global economic crises, Dimon brings unprecedented, unfiltered insights into the true state of the macroeconomy. From inflation and government debt to AI, geopolitics and market valuations, this is a masterclass in risk management, leadership and long-term thinking.

Dimon's clearest market call is on long-dated government bonds: "I would not be a buyer." Drawing parallels with the inflationary spiral of the 1970s, he warns that investors may be underestimating the risks posed by record government deficits, rising interest rates and an increasingly unstable geopolitical backdrop. That said – he does think the world economy is more resilient in the face of oil price increases, and believes President Trump should pursue his goals in the Middle East regardless of its effects on the US economy, which he said can handle it.

On AI, Dimon is optimistic about its long-term impact but sceptical that today's expectations will be met on the timeline investors anticipate. "Will it pay off? Probably. Will it pay off the way you expect, and in the timetable you expect? Definitely not." In light of that, he would not be buying the broad equity market at this level either.

The conversation then shifts from markets to leadership. Reflecting on two decades at the helm of JPMorgan Chase, during which the bank has increased in value eightfold, Dimon discusses the hidden dangers of bureaucracy, why insecure CEOs make poor leaders, the importance of character over credentials, and how to build organisations that can thrive long after their leader has gone.

Finally, Dimon opens up about the lonely reality of making billion-dollar decisions, the moment he signed the Bear Stearns acquisition during the financial crisis, surviving two life-threatening health crises, living with no regrets, and the family values that have kept him grounded throughout one of the most successful careers in modern business.

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

0:00 Intro

2:14 As good as it gets environment

3:08 Risks bigger than people expect

4:28 Resilience despite Iran

9:21 Would not buy bonds here

12:50 AI risk & opportunity

15:16 Not buyer of SP500 here

16:02 SpaceX valuation

17:45 Lessons from Financial Crisis

19:09 Don’t expect success

21:00 Loneliness of leadership

23:25 Commitment to NYC @NYCMayor

25:03 I want @AndyBurnham to succeed

26:40 UK Banks Levy is wrong

29:14 Fighting bureaucracy

33:20 Character most important trait

35:26 Insecurity ruins leaders

39:46 Success is not just your own

43:15 Politics is a very tough game

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

51:30 Near death experience

53:05 Family

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

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

How do you separate genuine innovation from pure hype? That is perhaps THE question of the moment for investors when it comes to AI, and it is also the question Kara Swisher has thought about for her entire career as the premier tech journalist of our time. She is co-founder of Recode and the host of powerhouse podcasts like Pivot and On with Kara Swisher, and she brings her trademark candor – and the occasional swear word – to the latest episode of The Master Investor Podcast to break down the realities behind tech’s biggest narratives.

Kara has interviewed every major tech CEO of the modern era, and reflects on the traits that lead to trillion dollar companies and those that destroy shareholder value. Ultimately she thinks society overestimates the intelligence of many tech innovators, reflecting on the failure of the Metaverse and Cyber Truck, and identifies the character traits to watch out for – losing your passion and focus for the original job; talking too much to the media; and spending money on vanity projects. She reflects fondly on the lessons she has learned from Steve Jobs and Satya Nadella – and the extent to which they simply focused on running a business instead of talking to the press.

Wilf and Kara discuss why OpenAI will likely struggle to IPO this year even if Anthropic succeeds, and the ways in which the current AI frenzy mirrors the dot-com bubble. In particular the fact that not all frontier models will stay the course. In fact, the name she backs is Google’s Gemini much more than the much hyped new names like OpenAI, Anthropic and SpaceX.

Kara also reflects on social media and AI regulation and how it might impact share prices; the secret to building successful podcasts and her number one piece of career advice – “step out of line”.

Recorded Thursday 9th July 2026

Listen to Kara’s podcast Pivot here - https://podfollow.com/1073226719

And On with Kara Swisher here - https://podfollow.com/1643307527

0:00 Intro

3:00 AI alarm bells

4:38 Only one AI winner

6:18 “Absolutely” bubble territory

9:37 Valuing tech companies

14:27 Valuing tech CEOs

16:37 Capital mkts generous to tech

18:22 Operators vs Innovators

22:35 CEO warning signs

27:36 Tech regulation

30:13 Under 16s social media ban

34:28 What makes a great podcast?

42:13 Wealth isn’t happiness

44:03 “Step out of line”

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

Robinhood didn't just survive one of the sharpest reversals in fintech, it emerged bigger, stronger and more ambitious than ever. After its market value collapsed by 80% to around $6 billion in 2022, the fintech pioneer has rebounded to nearly $100 billion, cementing its place at the centre of the next generation of finance. In this episode of The Master Investor Podcast, host Wilfred Frost sits down with Robinhood co-founder, chairman and CEO Vlad Tenev to dissect the evolution of retail trading and look ahead to the next frontiers of finance.

Vlad pulls back the curtain on the mechanics of the pandemic-era meme stock craze, debunks the myth of institutional "smart money", and shares his perspective on whether we are currently living through an artificial intelligence bubble.

But this isn't just a look back at market history. Vlad lays out his blueprint for Robinhood’s next decade of growth, covering the ongoing path for more stock ownership in the US as penetration crosses 65% and heads for 90%, and for industry growth from a lower base in new markets like the UK.

Vlad also explains his ambition to democratise access to private markets in the same way Robinhood transformed public investing, arguing that tokenisation and the company's in-house blockchain are the key to making it possible. He also reveals how Robinhood is harnessing AI to give investors more powerful tools and help them make smarter investment decisions.

0:00 Intro

3:20 Bubble Behaviour in 2020/21

8:56 Retail traders buy the dips

11:31 Robinhood IPO July 2021

12:30 Déjà vu 2026 vs 2021?

16:05 Stocks leading today are LT winners

19:33 The 3 factors that drove Robinhood success

24:45 Penetration of stock ownership

27:35 UK opportunity

31:18 Robinhood in-house blockchain

35:07 Tokenisation of private assets

41:20 AI impact on trading

43:53 Humans will always drive markets

45:17 Scale vs innovation

47:25 $100bn mkt cap aged 39

50:15 The New American Dream

53:16 Conclusion

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

Wall Street veteran, SkyBridge Capital founder, broadcaster, author and former White House Communications Director Anthony Scaramucci, aka “the Mooch” sits down with Wilf for a candid conversation about the painful market lessons that shaped his 38-year career, his bold transition into the digital frontier, and the importance of focusing on the long term.

From the $14m he lost out on listening to Buffett over Bezos on Amazon, to how Trump took him to pieces on Brexit, and why he had to evolve from a crypto sceptic into a major institutional player, this is a grand lesson in learning from your mistakes, and coming out stronger for it.

Anthony has advice for younger investors – pay yourselves first, put that into the markets each month, and don’t get distracted by short term fluctuations. He acknowledges that early in his career he was too impetuous, and how these learnings have influenced his approach to SpaceX, which he owns and is not selling. His view: don’t bet against Elon Musk .

He also explains his position on blockchain technology and Bitcoin itself, and why, despite dismissing it initially, he now believes 90% of investors who actually "do the homework" will choose to own it.

The conversation then turns to career advice for young entrepreneurs and risk-takers, including the need for developing radical self-awareness, expecting to get your "ass kicked," and why you must never play the victim when things go colossally wrong.

Anthony’s new book All the Wrong Moves can be pre-ordered here: https://www.penguin.co.uk/books/476667/all-the-wrong-moves-by-scaramucci-anthony/9781847929235

Recorded Tuesday 23rd June 2026

0:00 Intro

3:35 Servant Leadership

6:30 Focus on very long term

12:37 Fear deflation more than inflation

15:57 SpaceX – long term holder

20:28 The case for blockchain & $BTC

28:12 $BTC still under-owned

31:46 Inflation vs innovation

37:31 Wall St vs Washington

40:31 Lessons from President Trump

45:26 UK too hard on itself

47:59 Take risk, expect failure

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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 is joined by Ned Naylor-Leyland, newly crowned Investment Week Precious Metals Fund Manager of the Year and manager of the nearly $3 billion Jupiter Gold & Silver Fund. Known for his characteristically contrarian, deeply analytical perspective, Ned breaks down why the true narrative surrounding gold and silver is heavily misunderstood by the investing public.

Instead of viewing gold and silver through the lens of traditional commodities, Ned explains why they are fundamentally foreign exchange instruments and why gold is the true risk-free asset of the global financial system.

“This is about being short the behaviour of your government.” Ned makes the case for physical gold as the ultimate safeguard against the long-term erosion of purchasing power caused by the inevitable debasement of paper currencies. But he disagrees with many fellow gold bulls when explaining the surge in price in 2025, and thinks that momentum and macro trend-following from leveraged investors, as well as changing real interest rate expectations, fueled the recent explosive rally, rather than central bank buying or a broader acceptance of the monetary debasement argument by most investors.

He explains why silver operates as a "dual-nature" asset – acting as money while simultaneously being in critically short supply for the industries of the future from AI to green-tech to military hardware. “Silver is like gold in that you are short politicians, but you're also long the future.” But Ned has exposure to just gold and silver, and explains why other precious or industrial metals have no place in his fund.

While he has personally owned Bitcoin himself historically, he doesn’t own it anymore as he likes to be a first mover and contrarian and sees no place for $BTC in light of that.

He believes gold and silver producers are cheaper than they’ve ever been, with free cash flow margins that are double or triple that of the tech sector, while trading on a fraction of the multiple. The reason being the lack of long-only institutional capital in the space, which he thinks could flood in if tech stocks peak.

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

0:00 Intro

3:05 Long term case for gold

6:14 Long term case for silver

7:06 Why no other metals?

9:54 What drove 2025 surge in gold & silver

13:06 Did Gold peak in January?

15:20 Is debasement priced in?

17:15 Central banks are NOT independent

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

23:15 Gold vs Bitcoin

27:14 Physical commodity + producers + development assets

29:52 Miners cheaper than ever

33:10 Portfolio construction

34:56 Gold & Silver not normal commodities

37:25 Where Is The Gold?

42:26 Physical gold vs his fund?

43:40 Revaluation of US gold reserves?

50:13 Why buy gold & silver NOW?

51:47 Could governments behave?

54:37 Conclusion

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

Powerhouse of business journalism and co-anchor of CNBC’s Squawk Box, Becky Quick, joins Wilf straight from live morning TV to break down a massive, fast-moving moment in the markets and share rare, deeply personal insights into both her career and family life.

Over 20+ years Becky, who is Wilf’s former colleague and great friend, has become well known for her access to, and interviews with, legendary investor Warren Buffett. She shares what she has learned from her two-decade relationship interviewing and building trust with him, including the true source of his investing genius - unwavering patience, an extraordinary mathematical mind, and the complete absence of FOMO (fear of missing out).

The discussion begins on current market movements, including Becky’s latest headline takes on the factors affecting markets, and why she is optimistic that the newly announced 60-day US-Iran peace framework can hold. She cautions that President Trump is less concerned about the upcoming mid-term elections in November than markets think and will prioritise his legacy in the Middle East if he has to end the ceasefire.

Wilf and Becky also unpack the frenetic retail demand behind the historic SpaceX IPO, drawing parallels to the dot-com boom of the late 1990s while examining the timeless advice of Warren Buffett and Charlie Munger: never bet against Elon Musk.

Finally, the conversation turns to a deeply moving discussion about CNBC Cures, a powerful initiative Becky launched following her daughter Kaylee’s diagnosis with Syngap1, an incredibly rare genetic disease. Becky opens up about the isolation of navigating a rare diagnosis and how she is using CNBC's global platform to connect families, mobilize investors, and bridge the gap between laboratory science and life-altering treatments.

You can watch Becky’s documentary here - https://www.youtube.com/watch?v=-SD8-YcQdb4&feature=youtu.be

And read more about the CBNC Cures initiative here - https://www.cnbc.com/cures/

Recorded Monday 15th June 2026

0:00 Intro

3:00 US-Iran peace deal

5:57 Iran over Mid-Terms for Trump

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

9:45 Déjà vu of late 1990s?

12:40 CNBC’s role – financial education

16:50 21 Years of Squawk Box

20:07 Purity of the markets

22:16 Lessons from Warren Buffett

26:05 Buffett’s secret – patience

30:07 CNBC Cures

40:20 Loneliness of rare disease

44:48 Investing, career and life advice

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

In this special episode of The Master Investor Podcast we explore the upcoming IPO of SpaceX - the largest IPO of all time, set to begin trading on Friday 12 June, raising $75bn in fresh capital, valuing the firm at close to $1.8trn.

Wilf is joined by CNBC’s Morgan Brennan to set up the details with a breakdown of SpaceX’s business model, all of the key numbers, and how we got to this point.

Wedbush Securities’ Senior Research Analyst Dan Ives then gives the bullish take on the IPO.

Followed by Nicolas Owens from Morningstar - a rare Bear on Wall St on this deal - who thinks the company is worth half the mooted listing price. Read Nicolas' Note here - https://www.morningstar.com/stocks/spacex-what-investors-need-know-about-its-enormous-upcoming-ipo

Rounding things off, Wilf discusses the likely impact of the IPO on the broader markets with founder of The Bear Traps Report - Larry McDonald.

If you are debating buying shares in the SpaceX IPO then this is a critical listen for you.

Recorded 7th and 8th June 2026.

0:00 Intro

2:14 Morgan Brennan sets it up

17:00 Dan Ives - BULL case

28:43 Nicolas Owens - BEAR case

42:39 Larry McDonald - impact on wider market

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

What happens the day after ChatGPT launches? If you’re Dominic Rizzo, you take over the helm of the $8.7bn T. Rowe Price Global Technology Fund and embark on an incredible run, delivering an outstanding 43.6% per annum return.

In this episode of The Master Investor Podcast, host Wilfred Frost sits down with Dom Rizzo to dissect the massive shifts reshaping the technology sector. Dom explains why he believes that the key question the market is grappling with is how much more AI CaPex spend there is to come, and why he believes we are only half way through a massive AI CapEx cycle, with Google’s recent $85bn capital raise is a proof point of that.

Central to all of Dom’s thinking is that “compute equals revenue” and how that empowers the best AI companies (Anthropic and OpenAI) to deliver not just the highest raw intelligence but increasingly task completion too. The main reason we have seen such a strong market year to date is that the revenue is now following. “People didn't see Agentic taking off, but Claude Code and OpenAI Codex have opened everyone's eyes the huge enterprise opportunity here.”

Dominic thinks Software companies got fat and happy and explains why AI is the worst possible threat for them as a horizontal technology that can attack every software use case. He predicts that ChatGPT and Claude will end up sitting on top of basically the entire enterprise software stack and almost everything else will end up being a “dumb data pipe” feeding into those two.

He also explains why Nvidia remains King, why AMD and Intel are incredibly well placed, and why he laughs when people say Memory is commoditised with only three real players left globally in Micron, Samsung and Hynix.

Wilf and Dom also debate the upcoming mega IPOs of SpaceX, Anthropic and OpenAI and how the latter two’s roughly 10/1 Price/Sales multiple compares to the 100/1 multiple for SpaceX.

He ends by sharing his key investment advice for listeners: find a framework that matches your personality; work relentlessly hard; and get lucky.

Recorded 4th June 2026

0:00 Intro

3:00 Great performance & good timing

6:29 AI - we haven’t overspent yet

09:28 Impact of Agentic computing

11:47 Four part framework for picking stocks

14:34 Software companies got fat & happy

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

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

27:59 $ARM figured out low power CPU processing

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

35:00 Technical market factors – ETFs & IPOs

36:30 $GOOGL capital raise signals CapEx boom continues

38:40 Compute equals revenue

41:43 Why leading intelligence beats cheap

45:13 Is $AAPL vulnerable?

47:22 Upcoming mega IPOs

52:11 Pressure on broader markets from insanely large IPOs

54:12 Valuations overall

56:00 Concluding investment advice

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.

What separates a temporary market pullback from a systemic, catastrophic collapse? And how do the world’s greatest financial institutions build the resilience required to survive the absolute "end of times"?

In this episode of The Master Investor Podcast, Wilfred Frost sits down with Tom Michaud, the CEO of banking and finance specialists Keefe, Bruyette & Woods (KBW). Tom has spent over 40 years at KBW studying the banking sector, leading KBW through its 2006 IPO and subsequent 2013 acquisition by Stifel Financial. As the head of the industry's premier financial services investment bank, Tom brings unique insight into what’s happening under the surface of markets today and where the next major "torpedo in the ocean" is hiding.

Wilfred and Tom map out the critical warning signs of a banking crisis, tracing the common threads between the Global Financial Crisis of 2008 and the sudden collapses of Silicon Valley Bank and First Republic in 2023. Tom explains the danger of unbridled growth for a bank especially when driven by uninsured deposits and fuelled by leverage. The biggest indicator to watch is credit turning south and “we should all know a credit normalisation is coming because it's just been too exceptional” - but he doesn’t expect it to derail the sector. He also reflects on the scale of the problems lying in the private credit sector.

Tom outlines the bull case for banks from the ongoing "regulatory reset"; why scale matters more than eve; why he expects more bank M&A; and why he thinks the best investment strategy is to buy best-in-class trophy companies. While the upcoming suite of mega-cap tech IPOs is good news for banks, he warns investors to be cautious – “there is risk in these offerings” – and outlines why he thinks individual stock selection is more important than ever and explains the reason why his firm is doubling down on expert research.

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

Recorded 2nd June 2026

0:00 – Intro

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

5:30 – Scale of leverage in banking is unique

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

9:00 – Regulatory rationalisation tail wind

11:38 – Private credit not a threat to economy

14:20 – Banks ultimately in great shape

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

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

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

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

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

34:00 – Stock selection is key

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

37:20 – Crypto vs Banks

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

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

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

52:46 – Liquidity matters

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

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - http://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.