The Master Investor Podcast with Wilfred Frost

Nick Train, a veteran UK fund manager and founder of Lindsell Train, passionately discusses his belief in the untapped potential of UK equities. He shares his low-turnover investment strategy, revealing that he often holds stocks for a decade or more, influenced by legends like Buffett. Train highlights under-owned companies like London Stock Exchange and RELX, leveraging AI to enhance growth despite UK’s relative underperformance. He defends Diageo as a long-term investment, advocating for patience and optimism in the face of market pressures.

Dan Ives, Managing Director at Wedbush Securities and founder of the Ives ETF, discusses how to identify tech winners in the AI era. He shares insights on the early phases of the AI boom, emphasizing that only 3% of adoption has occurred so far. Ives highlights key players like Nvidia and Apple, and outlines promising investments in hyperscalers and second-derivative companies. He addresses common bear case arguments regarding valuations and cloud risks while promoting a visionary approach to investing, focusing on innovators over numbers.

Brian Moynihan, Chairman and CEO of Bank of America, shares insights on leading one of the world's major financial institutions. He emphasizes a customer-first approach, explaining how it shapes their services and attracts clients. Moynihan discusses overcoming post-crisis challenges, his legal background's influence on decision-making, and the economic outlook for 2026, highlighting a 2.4% growth projection. He also addresses the risks of fiscal deficits and the future role of AI in banking, urging leaders to maintain curiosity and focus on customer needs.

Brian Moynihan, Chairman and CEO of Bank of America, shares insights on the bank's commitment to the UK, announcing 1,000 new roles in Belfast. He praises London for its talent pool and lifestyle, making it a prime international hub. Moynihan addresses concerns over rising taxes, emphasizing the need for UK leaders to prioritize financial services for economic growth. He reflects on a recent meeting with King Charles, underscoring initiatives aimed at sustainability in finance. Stay tuned for a deeper dive into the US economy and AI.

Greg Fleming, President and CEO of Rockefeller Capital Management, shares insights from his extensive Wall Street career. He discusses building a successful wealth management firm, emphasizing client relationships over mere investment performance. Fleming highlights the essential role of strong brands in finance and reflects on major crises, including Merrill's sale to Bank of America. He also predicts AI as a game changer for productivity and discusses the implications of inflation on asset allocation, advocating for alternatives in high-net-worth portfolios.

Jason Pidcock, a seasoned fund manager with over 35 years in Asian markets, shares his unique insights on building a high-conviction, dividend-focused portfolio. He explains his zero exposure to China due to governance concerns and highlights Taiwan's tech prowess despite geopolitical tensions. Pidcock views India as the most promising developing market and advocates for Asian tech names over US giants in the AI sector. Additionally, he discusses his bullish outlook on gold and Australian miners amid loose monetary policy, emphasizing a rational approach to investing.

Harvey Schwartz, CEO of Carlyle, shares his unconventional rise in finance, influenced by personal adversity and a challenging upbringing. He discusses the evolving private markets and their growth drivers while contrasting the depth of US capital markets with others globally. Schwartz emphasizes the importance of mental health and humility in leadership, offering practical advice for navigating economic uncertainties and market dynamics. His insights highlight how insecurity can become a powerful asset in both life and investment.

Mike Wilson, Chief U.S. Equity Strategist at Morgan Stanley, shares his insights on the relationship between inflation and stock performance. He controversially claims the Federal Reserve isn’t independent and sees this as beneficial for equities. Wilson discusses his successful market predictions during the pandemic and what he learned from missing the 2023 rally. He emphasizes the rising role of passive flows in market pricing and outlines how investors can thrive amid changing economic conditions, especially in an inflationary environment.

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.

Sara Eisen, a seasoned business journalist and anchor at CNBC, joins Wilfred Frost for an insightful conversation about the US economy and tariffs. She shares why the economy continues to outperform expectations, highlighting factors like AI-driven growth and business investment. Sara discusses the surprising support for tariffs among businesses and their role in rebalancing trade with China. She reflects on her interviewing techniques, emphasizing the importance of preparation and curiosity, and identifies a key leadership trait: the ability to think big while knowing the details.