The Master Investor Podcast with Wilfred Frost Thomas Peterffy: Trump Is Smart & Rational, How I Built a $100bn Business, and Why the Bubble Is Still to Come
Aug 4, 2025
This week’s guest is Thomas Peterffy, a digital trading pioneer and founder of Interactive Brokers, who arrived in the U.S. from communist Hungary and built a $100bn business. He discusses his defense of capitalism and shares thoughts on Donald Trump. Peterffy reveals how technology revolutionized stock trading, enabling low-cost services that attract millions of customers. He also shares insights on the current economic landscape, including predictions on market trends, cryptocurrencies, and the importance of long-term investment strategies.
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Grit From Socialist Hungary
- Thomas Peterffy grew up in harsh socialist Hungary and saw firsthand the evils of socialism.
- This experience made him appreciate capitalism's virtues deeply and motivated him to succeed in America.
Simple Secret to Business Success
- The fundamental business secret is to offer your customers a better deal than anyone else.
- Success comes from delivering better, cheaper products that fulfill customer needs.
Capitalism Misunderstood by Youth
- Many young people and educators today lack ambition and practical business understanding.
- There is insufficient exchange between academia and business, which hampers appreciation of capitalism.
