The Master Investor Podcast with Wilfred Frost

Scott Bessent, US Treasury Secretary and one of the most successful global macro investors of his generation, joins Wilfred Frost in the Cash Room at the Treasury for a rare, wide-ranging conversation that bridges markets, geopolitics and public service.​ In a gripping real-time interruption, Secretary Bessent is called to the Situation Room by President Trump in the middle of the interview, then returns to detail the administration’s response to the Iran war and the market turmoil it is creating.

They start with the mindset that powered Bessent’s decades of outperformance at Soros Fund Management and his own firm Key Square: a healthy scepticism of elite opinion, the discipline to wait years for the right catalyst, and the ability to “imagine a different state of the world” – from betting against the ERM to riding the yen from sub-80 to 150 after spotting the policy and current-account shifts behind Abenomics. He explains how that same framework now shapes his decisions as Treasury Secretary, what it means to be “guardian of the bond market,” and why the true risk is not volatility but markets closing altogether.​

On the Iranian conflict he covers the goals of degrading Iran’s military capacity, the record 400-million-barrel strategic reserve release, contingency plans for escorting tankers through the Strait of Hormuz, and how he thinks about oil price spikes in terms of duration rather than level. He also sets out America’s approach to tariffs, sanctions and the “shadow banking” system, including how Section 301 is being used post–Supreme Court ruling and why private credit stresses matter only when they infect the regulated core banking system.

Along the way, Bessent reflects on the previously-special relationship with the UK, the G7’s behind-the-scenes response to the war, and whether “America first” risks becoming “America alone” in the eyes of allies. He compares the Fed and Bank of England models, discusses gold, QE and balance-sheet policy, and explains why he turned down the Fed chair job to stay at Treasury during what he calls an extraordinary moment for US dollar dominance and energy, military and technology leadership.​

The episode closes with personal lessons: what lifeguarding taught him about crises and crowds, how a failed dream to edit the Yale Daily News nudged him into finance, and his core advice for investors – know your risk tolerance, stay in the game, avoid being forced to sell at the bottom, and remember that in both careers and markets “you never know what’s going to happen.”

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.

Ruchir Sharma, Chair of Rockefeller International and Founder and CIO of Breakout Capital, joins The Master Investor Podcast for a sweeping tour of today’s markets, the fading of “American exceptionalism” and what he thinks investors are getting wrong about risk. After 25 years at Morgan Stanley, where he ran emerging markets and served as Chief Global Strategist, Sharma now splits his time between managing money and writing bestselling books including Breakout Nations, The Rise and Fall of Nations, Democracy on the Road and What Went Wrong With Capitalism.​

In this episode, Ruchir lays out his case that the long dominance of US equities is giving way to a multi‑year period of international outperformance, driven by better earnings growth, higher shareholder payouts and a turning dollar cycle – and why he sees the US share of global indices falling back toward 50% over time from the current 65% level. The bull case for US markets are “a good story that has gone too far.”

Ruchir also digs into the Fed’s next move, arguing there is “no justification” for rate cuts with core inflation still closer to 3% and financial conditions loose, and why politically driven cuts would be structurally negative for the dollar. We discuss his evolving view on gold – from early bull to current agnostic as price action turns “parabolic” – and why he now prefers a broader toolkit of inflation hedges, from other commodities to inflation‑linked bonds.​

On countries, Ruchir contrasts India’s steady 6% growth with its volatile market cycles, China’s demographic and debt squeeze despite a softer tone from Beijing toward the private sector, and why he’s far more excited by under‑owned markets from Brazil to Eastern Europe and Southeast Asia. He also unpacks the political consequences of inflation in developed markets, the rise of an anti‑incumbency bias for developed market voters, and his core thesis that capitalism has been “ruined by government” through ever‑expanding spending, regulation and bailouts.​

We finish with Ruchir’s overriding pieces of advice: in investing, temperament beats spreadsheet skill, and in life, “live in parallel” – cultivating a second vocation or passion, as he has with writing, to stay grounded when markets and careers become all‑consuming.

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.

In this special bonus episode, author, journalist and Founder and CIO of Breakout Capital, Ruchir Sharma, explores and interprets the market reaction to the US-Israel war with Iran so far. Ruchir, who is also Chairman of Rockefeller International, and former Chief Investment Strategist at Morgan Stanley Investment Management, argues the market reaction is relatively calm and that most of the negative reaction has been de-grossing of markets that had recently outperformed. He explains what he is looking out for that would suggest things are spinning out of control and warrant a deeper, longer lasting sell off. Wilf’s full conversation with Ruchir drops on Monday 9 March - make sure you  hit follow or subscribe so you don’t miss it!

 

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.

Greg Peters oversees $1.2 trillion of fixed income investment as the co-CIO of Fixed Income at PGIM, and in this episode of The Master Investor Podcast offers a bond investing masterclass from the basics to the factors driving his current positioning.

Greg breaks down how he analyses long-term government debt – including debt sustainability, growth outlook, central bank independence and the rule of law – and why US Treasuries still enjoy a unique safe-haven status versus markets like the UK, France and Japan, even if he increasingly thinks the direction of travel is higher for long term US bond yields. 

Despite challenges for sovereign bonds, he sees more value there than in credit with spreads at historical lows. He outlines the key factors he looks for when assessing corporate bonds and how company analysis differs for an equity investor compared to a debt investor. He also explores the way in which an equity investor plays for the upside and bond investors limit the downside, and the key factor for a debt investor:free cash flow.

As  Greg explains, this is why he worries about the market happily lending money to the hyperscalers for their AI build out, which is driving many of the biggest companies in the world to flip suddenly from being incredibly safe to free cash flow negative. He also discusses the head scratching and concerning decision for them to fund so much of this investment via debt, often held off balance sheets via SPV’s, rather than by equity. 

Greg shares his framework for thinking about inflation in the AI era, why he prefers taking duration risk closer to the front end of yield curves, and his overarching advice to investors: stay humble, abandon point forecasts, and build scenario-based models that recognise just how wide the cone of outcomes really is.

 

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.

Aswath Damodaran, Professor of Finance at NYU Stern School of Business, joins Wilf to reveal that he is more cautious of the equity market today than at any point in his career.

Because of this he has “more cash in my portfolio now than at any time in history”, and says this is a time to harvest profits gained in recent years as opposed to sowing more crops. He has recently sold his position in Nvidia accordingly. 

Aswath shares his core reason for market concern, including the erosion of trust in economic institutions, and the move from a post WWII economic world order to an as yet unknown future, which he argues the market is too relaxed about.

He is sceptical of both the companies making AI who have overspent on CapEx, AND the companies due to use AI, arguing that rather than deliver greater efficiencies they will erode profitability – “if everybody has it, nobody has it”.

However – he does not believe in trying to time the market, and he reveals his cash balance is 15% not 50%, and that he still holds 5 of the Magnificent 7, his favourites being Apple, Amazon and Alphabet. 

Aswath shares many of his core investing principles including how you know when to sell a stock as well as when to buy it; why buybacks have done more good than bad; why we should listen to what the gold surge is telling us even if gold cannot be valued, only priced; and why you must view investing as a way to preserve and growth wealth not to get rich.

There is also some life advice too - the importance of idling, and finding space to dream. 

 

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.