The Master Investor Podcast with Wilfred Frost

Howard Marks: How I Mastered the Markets - My Advice From 50 Years of Investing

Legendary investor Howard Marks, co-founder and co-chairman of Oaktree Capital Management, sits down with Wilf to discuss 35 years of his celebrated investment memos and the timeless lessons they contain from his 50+ year career. Marks reflects on his most influential writings - from “Bubble.com” (in January 2000) on the eve of the DotCom bust to “You Can’t Predict, You Can Prepare” (in November 2001) - exploring how cycles, risk, and human behavior continue to shape markets today.
He shares his views on today’s era of optimism, and why he's relaxed about the valuation of the Magnificent 7 but concerned about the rest of the SP500. He also discusses the lessons of prudence in a long bull run, his scepticism towards gold, why he’s NOT concerned about recent bankruptcies of Tricolor and First Brands, and why successful investing is less about prediction and more about preparation. Marks and Frost also revisit “Sea Change” (Marks' December 2022 memo) unpacking the shift in interest rate regimes and how investors should recalibrate in a world no longer defined by falling rates.
A conversation rich with history, humility, and hard-earned perspective, this episode distills decades of market wisdom from one of the financial world’s clearest thinkers.
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor Podcast YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Dan Morehead: Crypto - The Most Asymmetric Trade in History

Dan Morehead pivoted his hedge fund - Pantera Capital - to a pure play crypto hedge fund before the rest in 2013 and has reaped the rewards since. He first bought Bitcoin when it was priced at $65 compared to the $115,000 price today. Dan talks in detail to Wilf about the extraordinary conviction he has in blockchain - "the most asymmetric trade of all time" - which has allowed him to maintain his positions in the face of massive gains and massive drawdowns. He outlines why he thinks blockchain will play a central role in the next decade and century of the financial industry, the attractions of Solana and why he has launched a Solana digital asset treasury company. He also explains why Bitcoin has won the use case of "digital gold" and won't be surpassed in that. Dan reflects on the important change in approach from President Trump towards crypto; why he is a believer in digital asset treasury companies (like Tom Lee's BitMine Immersion Technologies and Michael Saylor's Microstrategy) over crypto ETFs; and one of the key bull arguments for the space - that 'smart money' institutions don't own crypto...yet.
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

BONUS: Sir Niall Ferguson on Trump vs Nixon

Renowned historian Sir Niall Ferguson discusses the comparisons between two of America’s most controversial leaders - Richard Nixon and Donald Trump - with the help of Wilf's Dad's legendary Frost–Nixon interviews. They cover the boundaries of executive power, use of tariffs and other shock economic strategies, and the high-wire act of geopolitical brinkmanship with China and Russia. Ferguson reveals Nixon and Trump’s surprising parallels and unlikely connections, from early political prophecies to tariffs, anti-globalist instincts, and the shadow of constitutional crisis. Essential listening for anyone obsessed with the past and future of the American presidency, global power shifts, and what happens when history repeats itself—live on the world stage.
 
If you missed Wilf’s previous conversation with Sir Niall you can listen here: https://podcasts.apple.com/gb/podcast/niall-ferguson-navigating-the-new-gilded-age-debt/id1817702206?i=1000730342514
Or watch it here: https://www.youtube.com/watch?v=SURCZW_2Pzk
 
You can find Wilf’s documentary series on his father’s interviews, including an episode on Nixon - David Frost Vs Richard Nixon - on Sky and Now.
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Niall Ferguson: Navigating The New Gilded Age - Debt, Gold, AI & China

Legendary financial historian Sir Niall Ferguson joins Wilfred Frost on The Master Investor Podcast for a wide-ranging discussion that uncovers the seismic shifts shaping today’s global economy. Ferguson explains why U.S. debt, surging interest payments, and new tariffs spell both warning and opportunity, and dissects the interplay between gold, Bitcoin, and the weakening dollar in a world primed for volatility. The conversation probes China's explosive yet fragile ascent, Europe’s Ukraine dilemma amid shifting American priorities, and Britain’s recurrent struggle with stagnation—drawing bold historical parallels from the Gilded Age in 1890s America to the 1970s. Candid, brilliant, and often contrarian, Ferguson offers unflinching investment lessons from his own mistakes, and shares sharp insights on how the West must adapt as leadership and power move East. 
 
Make sure you subscribe so you don’t miss the upcoming bonus episode diving deep into the Trump vs Nixon comparison, with the help of some clips from Wilf's Dad's famous 1977 interviews with Richard Nixon. This is financial and geopolitical storytelling at its most incisive.
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Freddie Lait: Patience Pays - Lessons From Building a £1bn Business

What is the most undervalued virtue when it comes to investing? In this episode of The Master Investor Podcast, Wilfred Frost sits down with Freddie Lait, founder of Latitude Investment Management, who reflects on his path to £1.2bn AUM, and explains why patience is the investor’s most undervalued asset. He also reflects on how investing is as much emotional as it is logical and financial. Freddie explains why growth—not glamour—creates real long-term value, and reveals the thinking behind big bets on companies like Tesco, AutoZone, and Sony. Hit play for sharp takes on AI hype, US market risks, the misunderstood value of inflation-linked bonds, and the single best piece of advice Freddie would give any investor: know yourself and build a repeatable process around your strengths.
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

CRYPTO BONUS: Cathie Wood pt 2 - Why Bitcoin Will Always Be #1 Cryptocurrency

Cathie Wood, Founder and CEO of Ark Invest, makes the case for why she believes Bitcoin will be the biggest cryptocurrency by far and explains the role of Stablecoins. She also shares her friendly disagreement with Fundstrat’s Tom Lee, explaining why she doesn’t think Ethereum will surpass Bitcoin, though she’s warming up to Ether and has recently been buying BitMine.
Cathie also discusses what the strong recent performance of Gold may signal for the crypto market and broader financial markets, offering insights for investors navigating this rapidly evolving landscape.
If you missed our full conversation with Cathie Wood, where she shares her views on Tesla, Apple, Alphabet, Robotaxis, AI, and Robotics, you can listen here: https://podcasts.apple.com/gb/podcast/cathie-wood-turning-failure-into-innovation/id1817702206?i=1000728155212
Or watch it here:  https://www.youtube.com/watch?v=xH4fh1_EXX0&t=2s
To find the relevant ticker for Ark Invest's Funds in the region you are in:
 
If you are in the US visit: https://www.ark-funds.com/our-etfs
 
If you are in the UK or EU visit: https://europe.ark-funds.com/funds/
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.
 

Cathie Wood: Turning Failure Into Innovation

Cathie Wood, Founder and CEO of Ark Invest, which manages $35bn in disruptive, technology-enabled innovation, joins Wilf to share her market views - why she’s hugely bullish on Tesla, bearish on Apple, warming up to Alphabet, and convinced that both Robotaxis and AI will be “winner-takes-most” markets. She also explains why she’s so optimistic on Robotics as a theme.
Cathie reflects on the highs and lows of her own career, including the 80% drawdown her funds suffered in 2021/22, and why she believes failure is essential to great innovation. She argues that Elon Musk is the greatest innovator alive, and that founder-led companies are more important than ever in times of rapid disruption - enabling bold decisions and risk-taking that consensus-driven management can’t match.
Don’t miss our crypto-focused bonus episode, where Cathie Wood explains why she believes Bitcoin will be the biggest cryptocurrency, her take on Ethereum and Stablecoins, and what recent Gold trends mean for markets. Subscribe so you don’t miss it when it drops!
To find the relevant ticker for Ark Invest's Funds in the region you are in:
 
If you are in the US visit: https://www.ark-funds.com/our-etfs
 
If you are in the UK or EU visit: https://europe.ark-funds.com/funds/
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Baroness Morrissey: Seize The Moment - My Tips For Investing & Life

Baroness Morrissey is one of Britain’s most successful investors, becoming CEO of Newton Investment Management at the age of 35, and more than doubling its size over 15 years. She was also Wilf’s first CEO – he started his career at Newton. 
In this episode, Helena outlines how she’s managed to be so successful, reflecting on why the trade that made her career – buying UK Gilts in the late 90s before Bank Of England independence led to a massive rally - taught her to seize the moment.
As a founder of The 30% Club and Chair of The Diversity Project, she also discusses where the DEI movement lost its way, including its failure to highlight the improved outcomes of diversity of thought. Plus, her career advice, particularly for women: “leap before you look.”
Helena also suggests what the UK government needs to do to bring London back as a leading financial centre, and expresses caution over the current US market, which is in bubble territory.
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.

Nick Clegg: Why UK Free Speech is Under Threat; Silicon Valley Needs to Man Up; China Leading the AI Race

Nick Clegg, former UK Deputy Prime Minister and President of Global Affairs at Meta, joins Wilfred Frost on The Master Investor Podcast to discuss politics, leadership, and the future of technology. In this wide-ranging conversation, Clegg explains why he believes Britain has 'fallen out of love with the future', the differences between US and UK attitudes to growth, why China might beat America in the AI race, and why he is skeptical about the AI hype in general.
Clegg expresses his discomfort at how close tech leaders have gotten to the Trump administration and tells Silicon Valley to “man up and grow some”. He believes free speech IS under threat in the UK, and that politics is much harder than business.
 
During the interview Wilf and Nick discussed the ongoing case in the US relating to the suicide of Adam Raine on 11 April 2025 having interacted with ChatGPT. Here is a statement provided to CNBC by an OpenAI spokesperson: 
“We are deeply saddened by Mr. Raine’s passing, and our thoughts are with his family. ChatGPT includes safeguards such as directing people to crisis helplines and referring them to real-world resources. While these safeguards work best in common, short exchanges, we’ve learned over time that they can sometimes become less reliable in long interactions where parts of the model’s safety training may degrade. Safeguards are strongest when every element works as intended, and we will continually improve on them. Guided by experts and grounded in responsibility to the people who use our tools, we’re working to make ChatGPT more supportive in moments of crisis by making it easier to reach emergency services, helping people connect with trusted contacts, and strengthening protections for teens.” 
 
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.
 

Liz Truss: UK Is Heading for Calamity, & Inside the Mini-Budget

Former UK Prime Minister Liz Truss warns that Britain is heading for calamity, with government too big and unaccountable. In this in-depth conversation, she defends the tax-cutting agenda she championed in 2022, backs the Labour government’s trade deal with President Trump, and explains why she has no sympathy for Chancellor Rachel Reeves. Truss also shares why she doesn’t think Kemi Badenoch will ever become Prime Minister.
Reflecting on the fallout from the September 2022 mini-budget, she debates with Wilf who was ultimately responsible for the market turmoil that defined her short time in office.
The content of The Master Investor Podcast is for informational purposes only and does not constitute financial, investment, or other professional advice. Always seek independent financial advice before making investment decisions
 
You can watch the full video on The Master Investor YouTube channel
 
And follow @WilfredFrost on X and Linked In
 
This podcast is produced by Paradine Productions, The Master Investor Podcast Ltd in association with Bird Lime Media.