The Master Investor Podcast with Wilfred Frost

How to Build Wealth (And Survive Failure) with Anthony Scaramucci

Wall Street veteran, SkyBridge Capital founder, broadcaster, author and former White House Communications Director Anthony Scaramucci, aka “the Mooch” sits down with Wilf for a candid conversation about the painful market lessons that shaped his 38-year career, his bold transition into the digital frontier, and the importance of focusing on the long term. From the $14m he lost out on listening to Buffett over Bezos on Amazon, to how Trump took him to pieces on Brexit, and why he had to evolve from a crypto sceptic into a major institutional player, this is a grand lesson in learning from your mistakes, and coming out stronger for it.  Anthony has advice for younger investors – pay yourselves first,  put that into the markets each month, and don’t get distracted by short term fluctuations. He acknowledges that early in his career he was too impetuous, and how these learnings have influenced his approach to SpaceX, which he owns and is not selling. His view: don’t bet against Elon Musk . He also explains his position on blockchain technology and Bitcoin itself, and why, despite dismissing it initially, he now believes 90% of investors who actually "do the homework" will choose to own it.  The conversation then turns to career advice for young entrepreneurs and risk-takers, including the need for developing radical self-awareness, expecting to get your "ass kicked," and why you must never play the victim when things go colossally wrong.    Anthony’s new book All the Wrong Moves can be pre-ordered here: https://www.penguin.co.uk/books/476667/all-the-wrong-moves-by-scaramucci-anthony/9781847929235 [https://www.penguin.co.uk/books/476667/all-the-wrong-moves-by-scaramucci-anthony/9781847929235] Recorded Tuesday 23rd June 2026   0:00 Intro 3:35 Servant Leadership 6:30 Focus on very long term 12:37 Fear deflation more than inflation 15:57 SpaceX – long term holder 20:28 The case for blockchain & $BTC 28:12 $BTC still under-owned 31:46 Inflation vs innovation 37:31 Wall St vs Washington 40:31 Lessons from President Trump 45:26 UK too hard on itself 47:59 Take risk, expect failure   You can watch the full video on The Master Investor Podcast YouTube channel [https://www.youtube.com/@TheMasterInvestorPodcast]   And follow @WilfredFrost [https://x.com/wilfredfrost?lang=en] on X and Linked In [https://www.linkedin.com/in/wilfred-frost-279667374/]   Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor [http://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.

Being Short Your Government: The Real Case for Gold & Silver

Wilf is joined by Ned Naylor-Leyland, newly crowned Investment Week Precious Metals Fund Manager of the Year and manager of the nearly $3 billion Jupiter Gold & Silver Fund. Known for his characteristically contrarian, deeply analytical perspective, Ned breaks down why the true narrative surrounding gold and silver is heavily misunderstood by the investing public.  Instead of viewing gold and silver through the lens of traditional commodities, Ned explains why they are fundamentally foreign exchange instruments and why gold is the true risk-free asset of the global financial system.  “This is about being short the behaviour of your government.” Ned makes the case for physical gold as the ultimate safeguard against the long-term erosion of purchasing power caused by the inevitable debasement of paper currencies. But he disagrees with many fellow gold bulls when explaining the surge in price in 2025, and thinks that momentum and macro trend-following from leveraged investors, as well as changing real interest rate expectations, fueled the recent explosive rally, rather than central bank buying or a broader acceptance of the monetary debasement argument by most investors. He explains why silver operates as a "dual-nature" asset – acting as money while simultaneously being in critically short supply for the industries of the future from AI to  green-tech to military hardware. “Silver is like gold in that you are short politicians, but you're also long the future.” But Ned has exposure to just gold and silver, and explains why other precious or industrial metals have no place in his fund.  While he has personally owned Bitcoin himself historically, he doesn’t own it anymore as he likes to be a first mover and contrarian and sees no place for $BTC in light of that. He believes gold and silver producers are cheaper than they’ve ever been, with free cash flow margins that are double or triple that of the tech sector, while trading on a fraction of the multiple. The reason being the lack of long-only institutional capital in the space, which he thinks could flood in if tech stocks peak. Ned and Wilf also discuss a wildcard factor – ‘Where Is the Gold?’ – a fascinating deep dive into fractional reserve bullion banking, central bank balance sheet expansions, and the systemic risks surrounding where physical gold actually resides.   0:00 Intro  3:05 Long term case for gold  6:14 Long term case for silver  7:06 Why no other metals?  9:54 What drove 2025 surge in gold & silver  13:06 Did Gold peak in January?  15:20 Is debasement priced in?  17:15 Central banks are NOT independent  22:00 Gold not risk-on or risk-off – its risk-free  23:15 Gold vs Bitcoin  27:14 Physical commodity + producers + development assets  29:52 Miners cheaper than ever  33:10 Portfolio construction  34:56 Gold & Silver not normal commodities  37:25 Where Is The Gold?  42:26 Physical gold vs his fund?  43:40 Revaluation of US gold reserves?  50:13 Why buy gold & silver NOW?  51:47 Could governments behave?  54:37 Conclusion    You can watch the full video on The Master Investor Podcast YouTube channel [https://www.youtube.com/@TheMasterInvestorPodcast]   And follow @WilfredFrost [https://x.com/wilfredfrost?lang=en] on X and Linked In [https://www.linkedin.com/in/wilfred-frost-279667374/]   Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor [http://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.

Becky Quick: Warren Buffett's Biggest Lessons, CNBC, and Finding Purpose Through Adversity

Powerhouse of business journalism and co-anchor of CNBC’s Squawk Box, Becky Quick, joins Wilf straight from live morning TV to break down a massive, fast-moving moment in the markets and share rare, deeply personal insights into both her career and family life. Over 20+ years Becky, who is Wilf’s former colleague and great friend, has become well known for her access to, and interviews with, legendary investor Warren Buffett. She shares what she has learned from her two-decade relationship interviewing and building trust with him, including the true source of his investing genius - unwavering patience, an extraordinary mathematical mind, and the complete absence of FOMO (fear of missing out).  The discussion begins on current market movements, including Becky’s latest headline takes on the factors affecting markets, and why she is optimistic that the newly announced 60-day US-Iran peace framework can hold. She cautions that President Trump is less concerned about the upcoming mid-term elections in November than markets think and will prioritise his legacy in the Middle East if he has to end the ceasefire. Wilf and Becky also unpack the frenetic retail demand behind the historic SpaceX IPO, drawing parallels to the dot-com boom of the late 1990s while examining the timeless advice of Warren Buffett and Charlie Munger: never bet against Elon Musk.  Finally, the conversation turns to a deeply moving discussion about CNBC Cures, a powerful initiative Becky launched following her daughter Kaylee’s diagnosis with Syngap1, an incredibly rare genetic disease. Becky opens up about the isolation of navigating a rare diagnosis and how she is using CNBC's global platform to connect families, mobilize investors, and bridge the gap between laboratory science and life-altering treatments.  You can watch Becky’s documentary here - https://www.youtube.com/watch?v=-SD8-YcQdb4&feature=youtu.be [https://www.youtube.com/watch?v=-SD8-YcQdb4&feature=youtu.be] And read more about the CBNC Cures initiative here - https://www.cnbc.com/cures/ [https://www.cnbc.com/cures/]   Recorded Monday 15th June 2026   0:00 Intro 3:00 US-Iran peace deal 5:57 Iran over Mid-Terms for Trump 8:09 Buffett - don’t bet against Elon Musk 9:45 Déjà vu of late 1990s? 12:40 CNBC’s role – financial education 16:50 21 Years of Squawk Box 20:07 Purity of the markets 22:16 Lessons from Warren Buffett 26:05 Buffett’s secret – patience 30:07 CNBC Cures 40:20 Loneliness of rare disease 44:48 Investing, career and life advice   You can watch the full video on The Master Investor Podcast YouTube channel [https://www.youtube.com/@TheMasterInvestorPodcast]   And follow @WilfredFrost [https://x.com/wilfredfrost?lang=en] on X and Linked In [https://www.linkedin.com/in/wilfred-frost-279667374/]   Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor [http://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.

Should You Buy Space X? | IPO Special

In this special episode of The Master Investor Podcast we explore the upcoming IPO of SpaceX - the largest IPO of all time, set to begin trading on Friday 12 June, raising $75bn in fresh capital, valuing the firm at close to $1.8trn.   Wilf is joined by CNBC’s Morgan Brennan to set up the details with a breakdown of SpaceX’s business model, all of the key numbers, and how we got to this point.    Wedbush Securities’ Senior Research Analyst Dan Ives then gives the bullish take on the IPO.   Followed by Nicolas Owens from Morningstar - a rare Bear on Wall St on this deal - who thinks the company is worth half the mooted listing price. Read Nicolas' Note here - https://www.morningstar.com/stocks/spacex-what-investors-need-know-about-its-enormous-upcoming-ipo   Rounding things off, Wilf discusses the likely impact of the IPO on the broader markets with founder of The Bear Traps Report - Larry McDonald.   If you are debating buying shares in the SpaceX IPO then this is a critical listen for you.   Recorded 7th and 8th June 2026.   0:00 Intro 2:14 Morgan Brennan sets it up 17:00 Dan Ives - BULL case 28:43 Nicolas Owens - BEAR case 42:39 Larry McDonald - impact on wider market       You can watch the full video on The Master Investor Podcast YouTube channel [https://www.youtube.com/@TheMasterInvestorPodcast]   And follow @WilfredFrost [https://x.com/wilfredfrost?lang=en] on X and Linked In [https://www.linkedin.com/in/wilfred-frost-279667374/]   Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor [http://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.

AI Could Turn Software Into “Dumb Data Pipes” | Dom Rizzo

What happens the day after ChatGPT launches? If you’re Dominic Rizzo, you take over the helm of the $8.7bn T. Rowe Price Global Technology Fund and embark on an incredible run, delivering an outstanding 43.6% per annum return.  In this episode of The Master Investor Podcast, host Wilfred Frost sits down with Dom Rizzo to dissect the massive shifts reshaping the technology sector. Dom explains why he believes that the key question the market is grappling with is how much more AI CaPex spend there is to come, and why he believes we are only half way through a massive AI CapEx cycle, with Google’s recent $85bn capital raise is a proof point of that. Central to all of Dom’s thinking is that “compute equals revenue” and how that empowers the best AI companies (Anthropic and OpenAI) to deliver not just the highest raw intelligence but increasingly task completion too. The main reason we have seen such a strong market year to date is that the revenue is now following. “People didn't see Agentic taking off, but Claude Code and OpenAI Codex have opened everyone's eyes the huge enterprise opportunity here.” Dominic thinks Software companies got fat and happy and explains why AI is the worst possible threat for them as a horizontal technology that can attack every software use case. He predicts that ChatGPT and Claude will end up sitting on top of basically the entire enterprise software stack and almost everything else will end up being a “dumb data pipe” feeding into those two.  He also explains why Nvidia remains King, why AMD and Intel are incredibly well placed, and why he laughs when people say Memory is commoditised with only three real players left globally in Micron, Samsung and Hynix.  Wilf and Dom also debate the upcoming mega IPOs of SpaceX, Anthropic and OpenAI and how the latter two’s roughly 10/1 Price/Sales multiple compares to the 100/1 multiple for SpaceX. He ends by sharing his key investment advice for listeners: find a framework that matches your personality; work relentlessly hard; and get lucky. Recorded 4th June 2026 0:00 Intro 3:00 Great performance & good timing  6:29 AI - we haven’t overspent yet 09:28 Impact of Agentic computing  11:47 Four part framework for picking stocks  14:34 Software companies got fat & happy 17:01 Can $MSFT $CRM adapt? No. 22:05 Why $NVDA is still the King - $AMD $INTC too. 27:59 $ARM figured out low power CPU processing 30:56 Memory is the hardest “commodity” in world to make 35:00 Technical market factors – ETFs & IPOs 36:30 $GOOGL capital raise signals CapEx boom continues 38:40 Compute equals revenue 41:43 Why leading intelligence beats cheap 45:13 Is $AAPL vulnerable? 47:22 Upcoming mega IPOs 52:11 Pressure on broader markets from insanely large IPOs 54:12 Valuations overall 56:00 Concluding investment advice   You can watch the full video on The Master Investor Podcast YouTube channel [https://www.youtube.com/@TheMasterInvestorPodcast]   And follow @WilfredFrost [https://x.com/wilfredfrost?lang=en] on X and Linked In [https://www.linkedin.com/in/wilfred-frost-279667374/]   Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor [http://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.