The Master Investor Podcast with Wilfred Frost

Tom Lee returns to The Master Investor Podcast to lay out his bullish – but bumpy – roadmap for markets in 2026. He is the co-founder and head of research at Fundstrat Global Advisors, chair of Ethereum treasury company Bitmine Immersion and CIO of Fundstrat Capital which runs the rapidly growing Granny Shots ETF suite (now $4.7bn AUM).

In this episode Tom explains why he still thinks we are early in a 10‑year bull market that began in 2022, even as he forecasts a sharp pullback this year that will feel like a bear market, before equities finish 2026 strongly. He breaks down the three big transitions investors must navigate this year – a new Fed, a more interventionist White House and an AI narrative that is still being repriced – and sets out why he still likes the Magnificent 7 but thinks cyclicals, energy, basic materials, financials and small caps could be the more interesting trade from here.

The conversation ranges across gold, crypto and demographics: Tom explains why he believes gold is under‑owned, why Tether may now be one of the metal’s biggest private buyers, and why millennials are rediscovering gold as a store of value even as younger generations adopt crypto. He outlines his thesis that Bitcoin is still “digital gold”, why Ethereum remains his favourite crypto currency, discusses the October deleveraging event that knocked crypto off its gold‑tracking path, and sets out bold upside targets for both Bitcoin and Ethereum as banks and asset managers increasingly adopt blockchain technology.

Tom explains Bitmine’s headline‑grabbing $200m investment into MrBeast’s Beast Industries, why he sees MrBeast as the defining media asset of this generation, and how financial education and Ethereum could sit at the heart of future products reaching a billion‑strong global audience.

This was Tom’s second appearance on The Master Investor Podcast – please check out his first in August 2025 - episode 12.

You can watch the full video on The Master Investor Podcast YouTube channel

 

And follow @WilfredFrost on X and Linked In

 

Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor 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.

As CEO of The World Gold Council, David Tait oversees the physical gold that backs one of the biggest gold ETFs in the world (GLD) – some $180bn of gold – and he brought along one 13kg bar to show Wilf during his appearance on this week’s episode of The Master Investor Podcast – worth a $1.8m. Sadly he asked for it back at the end.

David outlines the six main drivers for gold’s recent surge – from a new wave of Japanese buyers to Chinese deregulation – but why the one that matters the most is the fear of a debt spiral, particularly in the US, which in particular is driving the enormous surge in buying from central banks around the world, who he has particularly close ties to.

He also outlines the one thing he is watching that could lead to a top in the gold price – albeit he assigns a low probability to it – and that is if the US can successfully inflate and grow its way out of its debt problem in the next few years.

He also talks about the future of gold – from digitalisation of gold for use as collateral for institutions, why bitcoin is NOT digital gold, and why increasingly he thinks gold won’t be seen just as a ‘disaster asset’ but as a positive part of all portfolios regardless of what events are coming.

In the final part of the episode, Tait shares the extraordinary story of how childhood abuse, a near breaking point at 30, and five ascents of Mount Everest led him to raise more than £8 million for children’s charity NSPCC – and the life and career lessons he now passes on to the next generation about risk, courage and using trauma as a weapon rather than a shield.

 

You can watch the full video on The Master Investor Podcast YouTube channel

 

And follow @WilfredFrost on X and Linked In

 

Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor 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.

To kick off 2026, Wilfred Frost is joined by billionaire investor and Chairman of The Burnbrae Group, Jim Mellon who shares his big investment calls for 2026.

Jim reveals he is loading up on energy stocks; that he has reduced his gold and silver exposure by 80% following a phenomenal year in 2025; remains bearish the Magnificent 7 and AI stocks, but thinks Robotics is the way to play AI; and why he loves the Japanese Yen.

“We’ve been loading up [on energy stocks], I mean literally loading up on oil and gas in November and December.” This is as clear and bullish a call from legendary investor Jim Mellon as you will hear – and Jim explains why – the sector is currently unloved by investors, yet critical to the AI and data centre build out. He discusses the US move to remove President Maduro from power in Venezuela and why the market reaction to it validates his bullish stance on the sector. Jim also shares the stocks he likes the most – including BP, Shell, Equinor, ADNOC and Santos.

On gold and sliver, where he enjoyed great gains, and the Magnificent 7 where he has been on the sidelines, he reflects on a mantra that has served him well – “my view in life is that you don't need to be in the game that everyone else is playing. There's plenty of other things to do and that's what I try and do. Leave the party before the last of the punch is drunk and the hangover sets in.”

Following his new book on Robotics, Jim discusses why it’s the best way to play AI, expecting the robotics market to be larger than food or transport by 2040 and why China currently holds the manufacturing edge. That said, the Japanese Yen remains his top pick as a proxy for undervalued Asian currencies.

 

If you would like to sign up for Jim's upcoming in person investing event that he discussed with Wilf, then visit masterinvestorshow.com 

 

You can watch the full video on The Master Investor Podcast YouTube channel

 

And follow @WilfredFrost on X and Linked In

 

Sponsored by Interactive Brokers - ibkr.com/masterinvestor, BNY Investments 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.

Please note - Wilf holds the following ETF’s that Jim mentions during the episode - iShares MSCI Europe Energy Sector ETF, VanEck Oil Services ETF, First Trust National Gas ETF

Legendary UK fund manager Nick Train joins Wilfred Frost on The Master Investor Podcast to discuss why, despite recent underperformance, he remains relentlessly optimistic on equities, on the opportunities the UK market presents, and on his own highly concentrated portfolio.​

Nick lays out his philosophy of patient, conviction-led investing, highlighting that his portfolios typically turn over less than 5% a year and many of his top holdings have been owned for a decade or more, with his top 10 holdings accounting for more than 80% of his fund. Influenced by Warren Buffett and Charlie Munger, he argues that owning a small number of world-class businesses for very long periods is the most powerful route to wealth creation, and explains why every sale is, in his mind, “a confession of error.”​

Despite acknowledging decades of relative underperformance for the UK versus the US, Train makes a full-throated case that select London-listed companies are under-owned, undervalued and well placed to benefit from global themes like artificial intelligence. He uses London Stock Exchange Group and RELX as case studies in how proprietary data, capital-light digital models and AI-driven analytics can support compounding growth, even if headline UK indices remain out of favour. He also defends Diageo despite a difficult couple of years, arguing that ultra-premium spirits brands like Guinness and Don Julio should benefit over decades from rising global wealth, much as luxury brands have for LVMH.​ All 3 stocks represent over 10% positions in his portfolio.

Train is candid about recent underperformance, and talks openly about why his fund has underperformed in recent years and the discomfort he has experienced because of it. He also reflects on how he has confronted it - by buying more of his own trust and being relentlessly optimistic, and leaves tips for listeners with his distilled mantra: be bold, be disciplined, be optimistic.​

You can watch the full video on The Master Investor Podcast YouTube channel

 

And follow @WilfredFrost on X and Linked In

 

Sponsored by Interactive Brokers - ibkr.com/masterinvestor 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.

 

Please note Wilf is a holder of The Finsbury Growth and Income Trust

Dan Ives joins The Master Investor Podcast with Wilfred Frost for a high‑energy deep dive into the AI revolution, Big Tech’s next decade, and how to navigate the most powerful tech bull market of our lifetimes.

From backing visionaries like Elon Musk, Satya Nadella and Jensen Huang early, to calling generational winners such as Apple, Tesla, Nvidia, Microsoft and Palantir, Ives explains why he believes we are still only in the “10:30pm” phase of a tech party that could run until 4am – and why fears of an AI bubble, overbuilt data centres, or cloud reversal are overdone.

In this episode, Dan breaks down why only a small fraction of companies have truly embraced AI so far, why US tech is now ahead of China, and how hyperscalers and second‑ and third‑derivative names – from chips to cybersecurity and infrastructure – could drive years of earnings growth (including CoreWeave, Pegasystems and Iren Ltd). He digs into Nvidia’s dominance, the competitive landscape around Google’s Gemini and OpenAI, the future of Apple’s AI strategy and ecosystem, the political and geopolitical risks around TSMC, and why he still sees at least two more years left in this tech bull market.

Wilfred also presses Dan on the bear cases: stretched valuations, AI capex amortisation, the risk of data moving off the cloud, and whether retail investors can maintain their edge in an AI‑driven research world. Dan responds with his framework for looking 3–5 years out, betting on innovators over spreadsheets, and the importance of “feet on the street” research – including three and a half million air miles across Asia and beyond.

Beyond his day job at Wedbush, Dan opens up about launching the IVES ETF, a concentrated basket of 30 high‑conviction AI names across chips, software, infrastructure, power and more, now managing over a billion dollars in assets. He also discusses his role as chairman of ORBS, a listed play on human‑proof authentication and Worldcoin’s iris‑scanning technology, and why he sees crypto and AI converging rather than competing.

The conversation finishes on a personal note, with Dan reflecting on building a distinctive personal brand – bold calls and bold clothes – and his single biggest piece of advice for aspiring master investors: know your risk profile, build a process, and don’t let macro noise or social media shake you out of well‑researched convictions.

You can watch the full video on The Master Investor Podcast YouTube channel

 

And follow @WilfredFrost on X and Linked In

 

Sponsored by Interactive Brokers - ibkr.com/masterinvestor

 

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.