The Master Investor Podcast with Wilfred Frost

Rick Wurster, CEO of Charles Schwab – who have $12 TRILLION of client assets across 38 million accounts – joins Wilf to explain how the world’s biggest retail investment platform is trying to “democratise” every corner of finance, what has powered its long-term growth since Chuck Schwab founded the firm in 1971 and more importantly, what’s driving it today and shaping its future.

 

Rick reflects on the many factors driving their growth, but in particular growing engagement in investment from younger generations, which has driven their average client age from 50s to 40s, leading to changing habits. However, he notes that when adjusted for AUM, the average age remains significantly older, predicting a major shift in wealth across generations to come, that could drive increased appetite for risk assets.

 

He talks about new avenues like offering spot crypto trading and access to equity stakes in private giants like SpaceX and OpenAI, as well as how AI will let the firm deliver private-bank-style personalisation to every client, not just the wealthy.

 

Wilf and Rick dig into how retail investors have behaved through the Iran war shock, the boom in prediction markets and sports betting, and why he worries most of all about government debt and inflation. 

 

Wurster closes with his core lessons on “grind to shine” career success and why time in the market, not timing the market, remains the most powerful driver of long-term wealth.

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.

Dan Morehead returns to The Master Investor Podcast for a timely update on why he still believes Bitcoin – and the broader digital asset space – remains “the most asymmetric trade” of his career, even after a 50% drawdown from the cycle peak in October 2025.

The Pantera Capital founder and former Tiger Management and Goldman Sachs macro trader unpacks the current crypto cycle, and why this correction has been milder than past 75–85% busts. He also tells Wilf why he thinks we may already be close to the bottom in terms of level, though maybe not  timing, admitting that it may be another 6-8 months before crypto rallies significantly again.

The discussion ranges from the “debasement trade”; why central banks may have been drawn to buy gold of late but might pick bitcoin in future; the case for stablecoins and why crypto investors should celebrate the regulatory shift in the US even if there is currently a standoff around stablecoin legislation. Dan also explains why he thinks equities and AI in particular is overvalued, especially relative to crypto.

Wilf and Dan discuss what the Iran war means for crypto, including how, in his eyes, it’s yet another factor that will drive the separation of money and state. Dan argues that geopolitical fragmentation, sanctions risk and war are all accelerating the demand for neutral, non-sovereign money that sits outside the traditional banking and Treasury-controlled system.​

This episode is a must-listen for anyone who owns crypto or is considering it for their portfolio.

 

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.

Former Goldman Sachs chairman and CEO Lloyd Blankfein joins Wilfred Frost in London for a candid conversation about risk, resilience and what it really takes to survive multiple crises at the very top of global finance. In this episode of The Master Investor Podcast, Lloyd reflects on his journey from the Brooklyn projects to running Wall Street’s most famous firm, why he was initially rejected by Goldman, and how a scrappy commodity trading outfit called J. Aron reshaped the culture of an Ivy League-dominated investment bank – and how Lloyd embodied that transformation.

Drawing on stories from his new memoir, Streetwise: Getting To and Through Goldman Sachs, Lloyd explains the trading lessons that truly matter: why the best traders are more like great poker players than economic forecasters (he can “barely predict the present, let alone the future”), know how to play the cards they’re dealt, and are the quickest to adapt to changing situations. He also dives into the long-running tension between traders and investment bankers, why brilliant traders are often underestimated and investment bankers overestimated, and what the financial crisis looked like from the hot seat of one of only two major bank CEOs who led their institutions into 2008 and out the other side stronger.

Lloyd reflects on the echoes of 2008 today, and why it will pay to be wary of the built up risks in the system after 15 years of no reckoning. In particular he highlights the inability of Private Equity to exit their positions despite the most attractive financial markets in history as a warning sign. “At some point there will be a forced reckoning.”

He also shares key lessons in navigating corporate politics to rise up through a competitive firm from outsider to CEO, and how once at the top you need to ensure you do not become deluded by your own self importance ( something he also reflects on with President Trump in mind).

Along the way, Lloyd and Wilf discuss social mobility, imposter syndrome on Wall Street, the value and limits of stock picking,  the responsibilities that come with influence in markets and politics, and why despite starting as a gold trader he is not a gold bug (“gold might go to $100k but it will go there without me”).

 

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 sits down with Tony Yoseloff, executive managing member and CIO of Davidson Kempner, to explore how one of the world’s most enduring alternative asset managers navigates today’s markets. Tony, who manages around 40 billion dollars across opportunistic credit and event-driven strategies, shares his macro framework for the current environment, comparing it to both the 1970s and the early 2000s, and discusses how market concentration, rate shocks and a potential Iran-driven oil spike could shape inflation, interest rates, recession risk and the opportunity set in credit. 

Tony also gives his take on the much-debated private credit boom and emerging unwind, and why he sees direct corporate lending as a only mid single-digit return asset class that has been oversold to investors. He thinks default rates have already risen to 5 or 6%, and reflects on which parts of private credit are most exposed, most notably software companies, which often lack hard assets to sell for recovery when things go south.

Tony  reflects on the balance needed between  art and science for event-driven investing, and uses the recent takeover battle surrounding Warner Brothers Discovery as a case study for how to arbitrage specific market events, and why it is attractive to investors to have exposure to investments with zero beta, and unrelated to the rest of their portfolio.

Tony also argues that US investors have become too inward looking, and shares why he thinks India is particularly attractive, especially  for credit where it has been overlooked.

Tony closes with a piece of investing advice he uses internally: always know in advance how and why you might lose money, and size and select positions with that probabilistic reality in mind. 

 

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 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.

Scott Bessent, US Treasury Secretary and one of the most successful global macro investors of his generation, joins Wilfred Frost in the Cash Room at the Treasury for a rare, wide-ranging conversation that bridges markets, geopolitics and public service.​ In a gripping real-time interruption, Secretary Bessent is called to the Situation Room by President Trump in the middle of the interview, then returns to detail the administration’s response to the Iran war and the market turmoil it is creating.

They start with the mindset that powered Bessent’s decades of outperformance at Soros Fund Management and his own firm Key Square: a healthy scepticism of elite opinion, the discipline to wait years for the right catalyst, and the ability to “imagine a different state of the world” – from betting against the ERM to riding the yen from sub-80 to 150 after spotting the policy and current-account shifts behind Abenomics. He explains how that same framework now shapes his decisions as Treasury Secretary, what it means to be “guardian of the bond market,” and why the true risk is not volatility but markets closing altogether.​

On the Iranian conflict he covers the goals of degrading Iran’s military capacity, the record 400-million-barrel strategic reserve release, contingency plans for escorting tankers through the Strait of Hormuz, and how he thinks about oil price spikes in terms of duration rather than level. He also sets out America’s approach to tariffs, sanctions and the “shadow banking” system, including how Section 301 is being used post–Supreme Court ruling and why private credit stresses matter only when they infect the regulated core banking system.

Along the way, Bessent reflects on the previously-special relationship with the UK, the G7’s behind-the-scenes response to the war, and whether “America first” risks becoming “America alone” in the eyes of allies. He compares the Fed and Bank of England models, discusses gold, QE and balance-sheet policy, and explains why he turned down the Fed chair job to stay at Treasury during what he calls an extraordinary moment for US dollar dominance and energy, military and technology leadership.​

The episode closes with personal lessons: what lifeguarding taught him about crises and crowds, how a failed dream to edit the Yale Daily News nudged him into finance, and his core advice for investors – know your risk tolerance, stay in the game, avoid being forced to sell at the bottom, and remember that in both careers and markets “you never know what’s going to happen.”

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 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.