The Master Investor Podcast with Wilfred Frost

In this episode of The Master Investor Podcast, Wilfred Frost sits down with the undisputed heavyweight champion of global finance: Jamie Dimon, Chairman and CEO of JPMorgan Chase.
Leading the world’s largest bank through 20 years of global economic crises, Dimon brings unprecedented, unfiltered insights into the true state of the macroeconomy. From inflation and government debt to AI, geopolitics and market valuations, this is a masterclass in risk management, leadership and long-term thinking.
Dimon's clearest market call is on long-dated government bonds: "I would not be a buyer." Drawing parallels with the inflationary spiral of the 1970s, he warns that investors may be underestimating the risks posed by record government deficits, rising interest rates and an increasingly unstable geopolitical backdrop. That said – he does think the world economy is more resilient in the face of oil price increases, and believes President Trump should pursue his goals in the Middle East regardless of its effects on the US economy, which he said can handle it.
On AI, Dimon is optimistic about its long-term impact but sceptical that today's expectations will be met on the timeline investors anticipate. "Will it pay off? Probably. Will it pay off the way you expect, and in the timetable you expect? Definitely not." In light of that, he would not be buying the broad equity market at this level either.
The conversation then shifts from markets to leadership. Reflecting on two decades at the helm of JPMorgan Chase, during which the bank has increased in value eightfold, Dimon discusses the hidden dangers of bureaucracy, why insecure CEOs make poor leaders, the importance of character over credentials, and how to build organisations that can thrive long after their leader has gone.
Finally, Dimon opens up about the lonely reality of making billion-dollar decisions, the moment he signed the Bear Stearns acquisition during the financial crisis, surviving two life-threatening health crises, living with no regrets, and the family values that have kept him grounded throughout one of the most successful careers in modern business.
Conversation took place on Thursday 16 July 2026 in Washington DC.
 
0:00 Intro
2:14 As good as it gets environment
3:08 Risks bigger than people expect
4:28 Resilience despite Iran
9:21 Would not buy bonds here
12:50 AI risk & opportunity
15:16 Not buyer of SP500 here
16:02 SpaceX valuation
17:45 Lessons from Financial Crisis
19:09 Don’t expect success
21:00 Loneliness of leadership
23:25 Commitment to NYC @NYCMayor
25:03 I want @AndyBurnham to succeed
26:40 UK Banks Levy is wrong
29:14 Fighting bureaucracy
33:20 Character most important trait
35:26 Insecurity ruins leaders
39:46 Success is not just your own
43:15 Politics is a very tough game
47:55 Dimon’s founder-like impact & succession
51:30 Near death experience
53:05 Family
56:34 Learn, learn, learn – from history & people
You can watch the full video on The Master Investor Podcast YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG). 
 
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
 
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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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.

Are we in an AI bubble, or are capital markets correctly funding the largest infrastructure build-out in human history?
In this episode of The Master Investor Podcast, Wilfred Frost sits down with Jan van Eck, CEO and owner of global asset management giant VanEck. Managing over $225 billion in assets, Jan has spent his career looking past daily market noise to focus on what he calls "10-year macro" trends. Today, he pulls back the curtain on the massive structural shifts that will define the global economy through 2036. 
Wilfred and Jan dive deep into the staggering performance of VanEck’s flagship Semiconductor ETF (SMH) – which has surged to $65 billion in AUM on a jaw-dropping 29% annualized return since inception in 2011. Jan explains why the construction of the ETF is different from some rivals, allowing the likes of Nvidia to rise to up to 20% of the fund, and why he thinks Nvidia holds a generational moat protecting it, but issues a stark, timely warning for investors chasing the recent "bubblicious" frenzy in memory stocks.
Beyond technology, Jan sounds the alarm on massive government deficit spending in the US, UK, and Japan, detailing why a breakdown in bond market confidence could leave investors with nowhere to hide. He lays out the high-conviction case for why gold is re-emerging as the world's number one global currency; why India is his number one long term country pick; explains the explosive, bipartisan policy shift that sent VanEck’s nuclear and uranium fund from $20 million to $4.7 billion AUM; and breaks down the upcoming multi-billion dollar SpaceX IPO. 
Recorded on 26th May 2026.
 
You can watch the full video on The Master Investor Podcast YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG). 
 
The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.
 
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.