The Master Investor Podcast with Wilfred Frost

Wilfred Frost welcomes back Larry McDonald, founder of The Bear Traps Report and bestselling author of “A Colossal Failure of Common Sense” (2009) and “How to Listen When Markets Speak” (2024), for a timely, in-person conversation in London. 

Larry thinks the SP500 is “a screaming sell” and would use the post Iran War ceasefire announcement as an opportunity to sell the index, especially Mag7 tech names, which he continues to view as wildly overpriced.

But he would use the dip in energy stocks post-ceasefire as a buying opportunity. Larry explains why he believes we are still only in the “second or third inning” of the hard-asset super-cycle that has already seen outsized gains in precious metals, energy and other real-asset plays like copper since his latest book was published in March 2024, which called for buying hard assets over financial assets.

 

If you’d like to attend the upcoming Master Investor Show in London on Saturday 25 April, where I’ll be interviewing Jim Mellon amongst others, with over 5000 like minded investors in attendance, then click the link below and use code “MIPOD” for a free ticket: 

https://forms.reg.buzz/masterinvestorshow-2026/mipod

 

Bottom line with the Iran war, Larry argues the latter order effects of the war - particularly the six-week surge in energy prices - are being underestimated, and are likely to drive a major inflation spike later this year. He thinks Wall Street’s muscle memory and recency bias – which led to a major rally when President Trump unwound his April 2025 Liberation Day tariffs – are fuelling a wave of excess optimism around the Middle East, when in reality, the situation is far more complex and unlikely to unwind so neatly.

He and Wilf also dig into why - for the first time ever - he is a buyer of Bitcoin (albeit as a short term trade rather than long term strategy); why the rebuilds in Ukraine, Gaza and Iran are still underappreciated and will drive metals like copper higher; why Microsoft has further to fall before it is attractive; why certain emerging market bonds are vulnerable here; and the “evils” of passive investing.

 

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.

 

Wilf has positions in the OIH and FCG ETFs mentioned in this episode.

 

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 Peter Boockvar, CIO of OnePoint BFG Wealth Partners and editor of The Boock Report, to dissect what the Iran War means for markets - highlighting the stocks and commodities poised to benefit, and the rallies investors should be cautious of.

Peter shares his view thesis on why inflation was proving far more persistent than markets and central banks were willing to admit even before the war, and explains why this Iran War energy shock and renewed supply disruptions threaten to push PPI and CPI higher and global growth lower, with shortages in everything from jet fuel to fertilizers which threaten to trigger COVID-style hits to GDP in multiple regions. 

He then lays out where he sees the most compelling opportunities and risks across asset classes. He sees gold as a “source of funds” in the short term, but still very attractive longer term; oil he doesn’t see settling back down to $65 regardless of when the war ends, and sees $80-85 long term which means oil companies should be bought on any pullback; and he sees agriculture as the commodity bull market for next year. 

He makes the case for international equities - especially in the UK - which he views as chronically undervalued, while expressing caution of all developed markets long-duration bonds, while loving some EM debt, like that of Brazil. 

 

Whether you are worried about the next inflation spike or looking for ways to position a portfolio for a world of higher prices, tighter supply and shifting market leadership, this conversation offers a clear, actionable framework for the months and years ahead.

If you would like to subscribe to The Boock Report, please visit  peterboockvar.substack.com

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.

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.