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.
--------
42:33
--------
42:33
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.
--------
43:23
--------
43:23
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.
--------
14:30
--------
14:30
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.
--------
36:22
--------
36:22
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.
À propos de The Master Investor Podcast with Wilfred Frost
Hosted by Wilfred Frost, The Master Investor Podcast is for anyone passionate about business and investing. We are pro ambition, celebrate success and provide you the edge. Join us and learn from the most legendary investors and business leaders in the world.
France