The New American Dream: Democratising Investing

Jamie Dimon: Why I Won't Buy Bonds, AI's Future & Leadership Lessons

In this episode of The Master Investor Podcast, Wilfred Frost sits down with the undisputed heavyweight champion of global finance: Jamie Dimon, Chairman and CEO of JPMorgan Chase. Leading the world’s largest bank through 20 years of global economic crises, Dimon brings unprecedented, unfiltered insights into the true state of the macroeconomy. From inflation and government debt to AI, geopolitics and market valuations, this is a masterclass in risk management, leadership and long-term thinking. Dimon's clearest market call is on long-dated government bonds: "I would not be a buyer." Drawing parallels with the inflationary spiral of the 1970s, he warns that investors may be underestimating the risks posed by record government deficits, rising interest rates and an increasingly unstable geopolitical backdrop. That said – he does think the world economy is more resilient in the face of oil price increases, and believes President Trump should pursue his goals in the Middle East regardless of its effects on the US economy, which he said can handle it. On AI, Dimon is optimistic about its long-term impact but sceptical that today's expectations will be met on the timeline investors anticipate. "Will it pay off? Probably. Will it pay off the way you expect, and in the timetable you expect? Definitely not." In light of that, he would not be buying the broad equity market at this level either. The conversation then shifts from markets to leadership. Reflecting on two decades at the helm of JPMorgan Chase, during which the bank has increased in value eightfold, Dimon discusses the hidden dangers of bureaucracy, why insecure CEOs make poor leaders, the importance of character over credentials, and how to build organisations that can thrive long after their leader has gone. Finally, Dimon opens up about the lonely reality of making billion-dollar decisions, the moment he signed the Bear Stearns acquisition during the financial crisis, surviving two life-threatening health crises, living with no regrets, and the family values that have kept him grounded throughout one of the most successful careers in modern business. Conversation took place on Thursday 16 July 2026 in Washington DC.   0:00 Intro 2:14 As good as it gets environment 3:08 Risks bigger than people expect 4:28 Resilience despite Iran 9:21 Would not buy bonds here 12:50 AI risk & opportunity 15:16 Not buyer of SP500 here 16:02 SpaceX valuation 17:45 Lessons from Financial Crisis 19:09 Don’t expect success 21:00 Loneliness of leadership 23:25 Commitment to NYC @NYCMayor 25:03 I want @AndyBurnham to succeed 26:40 UK Banks Levy is wrong 29:14 Fighting bureaucracy 33:20 Character most important trait 35:26 Insecurity ruins leaders 39:46 Success is not just your own 43:15 Politics is a very tough game 47:55 Dimon’s founder-like impact & succession 51:30 Near death experience 53:05 Family 56:34 Learn, learn, learn – from history & people 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.

The Key CEO Traits Investors Are Missing | Kara Swisher

How do you separate genuine innovation from pure hype? That is perhaps THE question of the moment for investors when it comes to AI, and it is also the question Kara Swisher has thought about for her entire career as the premier tech journalist of our time. She is co-founder of Recode and the host of powerhouse podcasts like Pivot and On with Kara Swisher, and she brings her trademark candor – and the occasional swear word – to the latest episode of The Master Investor Podcast to break down the realities behind tech’s biggest narratives.  Kara has interviewed every major tech CEO of the modern era, and reflects on the traits that lead to trillion dollar companies and those that destroy shareholder value. Ultimately she thinks society overestimates the intelligence of many tech innovators, reflecting on the failure of the Metaverse and Cyber Truck, and identifies the character traits to watch out for – losing your passion and focus for the original job; talking too much to the media; and spending money on vanity projects. She reflects fondly on the lessons she has learned from Steve Jobs and Satya Nadella – and the extent to which they simply focused on running a business instead of talking to the press.  Wilf and Kara discuss why OpenAI will likely struggle to IPO this year even if Anthropic succeeds, and the ways in which the current AI frenzy mirrors the dot-com bubble. In particular the fact that not all frontier models will stay the course. In fact, the name she backs is Google’s Gemini much more than the much hyped new names like OpenAI, Anthropic and SpaceX. Kara also reflects on social media and AI regulation and how it might impact share prices; the secret to building successful podcasts and her number one piece of career advice – “step out of line”. Recorded Thursday 9th July 2026 Listen to Kara’s podcast Pivot here - https://podfollow.com/1073226719 [https://podfollow.com/1073226719] And On with Kara Swisher here -  https://podfollow.com/1643307527 [https://podfollow.com/1643307527]   0:00 Intro 3:00 AI alarm bells 4:38 Only one AI winner 6:18 “Absolutely” bubble territory  9:37 Valuing tech companies 14:27 Valuing tech CEOs 16:37 Capital mkts generous to tech 18:22 Operators vs Innovators 22:35 CEO warning signs  27:36 Tech regulation  30:13 Under 16s social media ban 34:28 What makes a great podcast? 42:13 Wealth isn’t happiness  44:03 “Step out of line”   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.

The New American Dream: Democratising Investing

Robinhood didn't just survive one of the sharpest reversals in fintech, it emerged bigger, stronger and more ambitious than ever. After its market value collapsed by 80% to around $6 billion in 2022, the fintech pioneer has rebounded to nearly $100 billion, cementing its place at the centre of the next generation of finance. In this episode of The Master Investor Podcast, host Wilfred Frost sits down with Robinhood co-founder, chairman and CEO Vlad Tenev to dissect the evolution of retail trading and look ahead to the next frontiers of finance.    Vlad pulls back the curtain on the mechanics of the pandemic-era meme stock craze, debunks the myth of institutional "smart money", and shares his perspective on whether we are currently living through an artificial intelligence bubble.  But this isn't just a look back at market history. Vlad lays out his blueprint for Robinhood’s next decade of growth, covering the ongoing path for more stock ownership in the US as penetration crosses 65% and heads for 90%, and for industry growth from a lower base in new markets like the UK. Vlad also explains his ambition to democratise access to private markets in the same way Robinhood transformed public investing, arguing that tokenisation and the company's in-house blockchain are the key to making it possible. He also reveals how Robinhood is harnessing AI to give investors more powerful tools and help them make smarter investment decisions.   0:00 Intro 3:20 Bubble Behaviour in 2020/21 8:56 Retail traders buy the dips 11:31 Robinhood IPO July 2021 12:30 Déjà vu 2026 vs 2021? 16:05 Stocks leading today are LT winners 19:33 The 3 factors that drove Robinhood success 24:45 Penetration of stock ownership 27:35 UK opportunity 31:18 Robinhood in-house blockchain 35:07 Tokenisation of private assets 41:20 AI impact on trading 43:53 Humans will always drive markets 45:17 Scale vs innovation 47:25 $100bn mkt cap aged 39 50:15 The New American Dream 53:16 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.

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.