The Master Investor Podcast with Wilfred Frost Andrew Ross Sorkin: Echoes of 1929 and The Leverage Behind Every Crisis
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Nov 4, 2025 
In this insightful discussion, Andrew Ross Sorkin, a financial journalist and author of 'Too Big to Fail,' delves into the catastrophic 1929 market crash. He uncovers his eight-year journey of research using lost diaries and archival finds. The conversation highlights the rampant leverage and retail speculation of the era, connecting lessons from the past to today's markets. Sorkin emphasizes the dangers of unknown leverage in the current financial system, warning that it could ignite a new crisis akin to 1929.
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Leverage Is The Match
- Leverage is the match that lights every financial crisis and determines its severity.
- Andrew Ross Sorkin warns private credit hides leverage today, raising systemic risk.
Favor Long-Term Investing Over Timing
- Stay invested over long periods rather than trying to time crises, historically that paid off.
- Sorkin notes long-term market exposure beat hiding cash even across major crises.
Trading Happened On The Floor (And Curb)
- The NYSE once centralized all trades and employed specialists to match buy and sell orders on the floor.
- Sorkin recalls the curb market and that the Exchange even traded on Saturday mornings in the 1920s.
