The Master Investor Podcast with Wilfred Frost

Are we in an AI bubble, or are capital markets correctly funding the largest infrastructure build-out in human history?

In this episode of The Master Investor Podcast, Wilfred Frost sits down with Jan van Eck, CEO and owner of global asset management giant VanEck. Managing over $225 billion in assets, Jan has spent his career looking past daily market noise to focus on what he calls "10-year macro" trends. Today, he pulls back the curtain on the massive structural shifts that will define the global economy through 2036. 

Wilfred and Jan dive deep into the staggering performance of VanEck’s flagship Semiconductor ETF (SMH) – which has surged to $65 billion in AUM on a jaw-dropping 29% annualized return since inception in 2011. Jan explains why the construction of the ETF is different from some rivals, allowing the likes of Nvidia to rise to up to 20% of the fund, and why he thinks Nvidia holds a generational moat protecting it, but issues a stark, timely warning for investors chasing the recent "bubblicious" frenzy in memory stocks.

Beyond technology, Jan sounds the alarm on massive government deficit spending in the US, UK, and Japan, detailing why a breakdown in bond market confidence could leave investors with nowhere to hide. He lays out the high-conviction case for why gold is re-emerging as the world's number one global currency; why India is his number one long term country pick; explains the explosive, bipartisan policy shift that sent VanEck’s nuclear and uranium fund from $20 million to $4.7 billion AUM; and breaks down the upcoming multi-billion dollar SpaceX IPO. 

Recorded on 26th May 2026.

 

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, 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.

Lori Calvasina – Head of US Equity Strategy at RBC Capital Markets – has one of the highest SP500 forecasts on Wall St at 7900. In this episode of The Master Investor Podcast we explore why that is, and do a deep dive into the five key factors she considers when weighing up what her price target for the market should be. This is a rare window into the modelling strategy of one of Wall Street's most respected and closely followed US equity strategists, and a must-listen for anyone looking to understand what data points matter when analysing US equities. 

Lori’s Five-Model Approach includes investor sentiment, cross-asset tests (stocks vs. bonds), valuation/earnings, GDP, and the Federal Reserve. At 23.6x PE she thinks the market is “not cheap” but “has room to run”, and is much more attractive that the 28x multiple reached last Summer/Fall. In particular, despite very strong performance in recent weeks she assesses investor sentiment to still be neutral. She discusses the irony that one of the most bullish SP500 targets on the Street only presents single-digit upside from here.

Wilf presses Lori as to whether the recent 9% peak to trough Iran War pullback was underdone. According to Lori, this was a rational move, because  neither her nor the market is expecting a recession, justifying the relatively small pullback. She believes the covid pandemic and more recent tariffs have already taught many US companies an important lesson in establishing resilient supply chains, leaving them less vulnerable to more recent geopolitical developments. Lori also outlines why she likes Growth over Value, US over International, and Small Caps, but loves ‘AI Fast Lane’ Growth. Her and Wilf also cover the  likely market impact from the Mid-Terms; of the new Fed Chair; and the upcoming slate of mega cap IPOs.

Recorded 14th May 2026

“0:00” Intro

“2:39” How to form an SP500 target

“5:09” New SP500 target of 7900

“7:24” Range of bull and bear case

“8:24” Where is sentiment?

“10:44” Energy, Materials and Tech growth rates stand out

“12:14” AI Fast Lane not impacted by Iran War

“15:29” Sector valuation multiples

“17:42” SP500 23.6x PE, and where that sits in recent range

“22:17” Stressing the target with big Iran War impact

“26:45” Lessons from Covid & Tariffs mean resilience for 2026 at least

“29:36” US/China and tariffs

“32:31” What will US Mid Terms mean for markets

“35:37” Fed outlook under Warsh

“37:19” Like small caps, love large cap growth

“39:52” US over International, despite valuation gap

“42:10” Growth over Value

“43:32” Pressure from summer IPOs?

“44:45” Conclusion – Not cheap, but room to run

 

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, 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.

Legendary tech investor Dan Niles cautions investors to consider raising their cash ratings in this week’s episode of The Master Investor Podcast, just six weeks after he correctly called for a more aggressive risk-on approach at the end of March

While he still thinks today is more like 1997/98 than 2000 and that the shift from chat-based AI to Agentic AI will sustain major earnings upgrades for the rest of this year, he warns that tech stocks are overbought, Iran War risks persist, and the challenges that will hit the AI trade either way by year end.

SEMIS: “So in the short term, are semis at the most overbought they've been since 2000 or 1995 before they had horrific corrections? Absolutely.”

IRAN WAR: “If this is going to take a lot longer for this situation at the Strait of Hormuz to get sorted out, then you're going to see stock prices collapse to catch up with where bond yields and oil prices are. I don't think that's the case. But, I'm viewing things as you should be sitting with a lot of cash.”

MEGA CAP WINNER: “It's obviously Google. They have the full stack and they're the ones you should bet on. And unless something drastically changes, they will continue to be the winner going forward because they've got everything and they've got the massive cashflow to fund it.”

He also discusses what the shift to Agentic AI means for $NVDA (not ideal), Intel $INTC (great) and $AMD (good); why concerns over $META are NOT overdone; why $AAPL fortunes should improve; why $AMZN and $MSFT are struggling a bit short term, and why $GOOGL shines bright.

Recorded 11th May 2026

00.00 Intro

02.39 Why today feels like 1997/98, NOT 1999/2000

05.25 Agentic AI suggests more upside to bull market

07.52 But Iran War could derail things

11.18 Agentic AI means CPU’s over GPU’s

13.35 Semis are overbought

17.51 Is shift to CPUs bad for Nvidia?

19.13 Google the standout performer

21.15 Apple leadership transition

23.45 Meta concerns not overdone

25.37 Google best placed

27.36 30-50% AI crash by early 2027

30.01 Concerns about OpenAI

34.27 Upcoming IPOs, oil, bonds signal problems

36.16 Hold more cash

37.48 Kevin Warsh a positive, but watch bonds

43.34 Quantum computing

45.44 Conclusion:1998 or 1999?

 

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, 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.

Wilfred Frost is joined by Louis Gave, the founding partner and CEO of Gavekal, one of the world’s leading independent research firms. With a focus on the shifting geopolitical landscape, Gave outlines why traditional investment assumptions – from the safety of US Treasuries to the dominance of US tech & defence stocks – are being fundamentally upended, and why China is screamingly cheap.

The Middle East & The Inflationary "Air Pocket": Louis analyzes the ongoing conflict in the Middle East, noting that even a diplomatic resolution will leave a two-month "air pocket" in global supply chains. He argues that the resulting inflationary shock is definitely coming, and while it might be priced into commodities it isn’t priced into equities and bonds.

The US-China Reset: Amidst these dark clouds, Gave identifies a potential silver lining: the economic pressure of inflation may force a "positive reset" in US-China relations. He suggests that both nations are now "condemned to get along" to avoid simultaneous inflationary shocks. He also wonders whether it might force Europe to finally adopt sensible energy policies.

The Death of the "Capital-Light" Model: Louis offers a provocative take on the US market and the AI boom. He explains how the world’s most successful "platform companies" (like Microsoft and Amazon) are shifting from capital-light models to massive capital intensity, questioning if their 35x earnings valuations remain justified. 

The Bull Case for China: Contrary to popular sentiment, Gave argues that China is structurally undervalued. “China has the lowest cost of capital, the lowest cost labour, the lowest cost of electricity, and has the world's cheapest currency and it's not even close. And that makes for a very powerful combination.” He also thinks they are the economy best prepared for the Iran War.

The Changing Face of Warfare: Louis explains his bearish stance on traditional defense stocks, arguing that the age of the "$275 million fighter jet" is being replaced by the age of the "$50,000 drone". He compares the current defense industry giants to IBM in the era of the personal computer. 

Sovereign Vulnerabilities: A look at why the bond markets in the UK, France, and the US are uniquely vulnerable due to their reliance on "the kindness of strangers" (foreign investors) rather than domestic savings. 

Finally he reflects on his overriding investment advice for listeners. "The first thing you have to know as an investor is to know yourself... making sure to not put yourself in the situation where you're going to make the wrong decisions."

Recorded 29th April 2026

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, 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.

Stephanie Link, Chief Investment Officer and Portfolio Manager at Hightower Advisors, returns to The Master Investor Podcast to offer a constructive, theme-driven, bullish case for US equities. She explains why she has repeatedly “bought the dip” at moments of crisis – from the Silicon Valley Bank collapse and April 2025 ‘Liberation Day’ lows through to the recent March 2026 Iran war sell-off – arguing that investors who sell at such points historically miss out on very large subsequent gains. Her conviction rests on a still-resilient US consumer, a solid labour market, healthy bank balance sheets, and AI-driven capex – albeit with the clear caveat that a war lasting months rather than weeks could see higher energy and input costs eventually squeeze spending.

The core of Link’s optimism is what she calls the AI “food chain”: a massive, multi-year capital-expenditure boom driven by the big tech platforms that ripples out through data centres, grid upgrades and power generation. She notes that the world will likely need to drastically increase the number of data centres in the coming years, requiring huge investment in infrastructure and specialised engineering talent, and she believes this AI build-out alone could add around 2 percentage points to economic growth. This leads her to favour semiconductors (with long-term positions like Broadcom and a current preference for Marvell), industrials and infrastructure names such as Vertiv, as well as mission-critical software and cybersecurity providers that stand to benefit from AI-driven complexity and rising security needs.

Frost also revisits a scorecard of Link’s prior stock picks from July 2025 – including big wins like Vertiv, and more mixed outcomes like Palo Alto Networks and Uber – giving her the chance to reaffirm and refine her views. She remains positive on Palo Alto after a burst of dealmaking and insider buying, has added to ServiceNow after a sharp pullback, and continues to like D.R. Horton as a cheap way to play pent-up US housing demand once mortgage rates move sustainably into the low-5% range. At the index level, she acknowledges that S&P 500 valuations are not cheap but points out that earnings estimates are rising, particularly in her favoured AI-linked sectors, and argues that investors should stay focused on decade-long themes, using volatility to add selectively rather than retreating in the face of short-term macro and geopolitical shocks.

 

Recorded 27th April 2026

 

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, 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.