The Master Investor Podcast with Wilfred Frost

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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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
 
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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.