The Master Investor Podcast with Wilfred Frost

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

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 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: How To Pick Generational Tech Winners

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 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: Inside the Mind of America’s Banker

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 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

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

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 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 Fleming: How Great Wealth Managers Win in Any Cycle

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 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

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

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 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

Harnessing Insecurity: Harvey Schwartz on Leadership & Markets

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

Mike Wilson, Chief U.S. Equity Strategist and Chief Investment Officer at Morgan Stanley, sits down with Wilf this week to outline his bullish view for US equities, and how inflation is the elixir for earnings growth, provided the Federal Reserve isn’t hiking rates. Both surprisingly and controversially he does NOT believe the Fed is independent, but thinks this is, in fact, GOOD for stocks.
Wilson, widely respected for his bold market calls and deep analytical acumen, opens up about the art and science behind his celebrated investment insights – and the costly lessons learned from getting it wrong. He reflects on the origins of his framework: a blend of hands-on bottom-up analysis (having started his career as a tech stock analyst), and a unique focus on the “rate of change” in earnings growth and policy. He shares rare wisdom on how policy shifts, passive flows, and liquidity are redefining what drives asset prices today, breaking down why traditional models often fail and what sets his approach apart.
Listeners will discover how Wilson correctly navigated the major market turning points during the pandemic and its aftermath, calling the lows in March 2020 and then the market top in late 2021 with uncanny accuracy. Perhaps more strikingly he opens up about what he missed in 2023, as the market rallied but he maintained a cautious outlook, and what he learned from that experience. Wilson’s candid account of missed signals, bear market calls, and the challenge of embracing new investment themes will resonate with anyone who knows the pain of holding conviction in turbulent times.
Wilson explains his latest bullish outlook for U.S. stocks, why he believes the rally is broadening, and what makes 2026 a year to watch for cyclical and overlooked sectors.
Frost and Wilson explore the risks and opportunities created by the Federal Reserve’s evolving stance, inflation regime shifts, and the ongoing transformation of market leadership from technology and mega-cap “moat” stocks to sectors long left behind. He shares actionable advice for individual investors – why time horizon is the ultimate edge – and offers critical insights for institutional allocators about managing risk in an era of policy volatility.
He also outlines why he is a believer in the Trump administration’s economic policies and why he thinks a US economic recession has already happened – and been missed by everyone including the Fed – and is now in the rear view mirror.
This episode promises not just expert commentary but a masterclass in risk-taking, strategy adjustment, and contrarian thinking from one of Wall Street’s most trusted and provocative minds.
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor Podcast YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

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

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.

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

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.