The Master Investor Podcast with Wilfred Frost

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 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 Promoti

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.

Mason Morfit is the co-CEO and CIO of ValueAct Capital and in this incredibly rare extended interview he outlines the unique investment approach that defines ValueAct - “quiet” but highly engaged activism, using long-term partnerships with management teams to transform great but drifting companies like Microsoft in 2013 and Salesforce in 2022. Mason contrasts the short-term, transactional culture he saw as a young banker during the dot-com boom with ValueAct’s model of deep, long-term relationships focused on understanding management’s psychology and context rather than attacking them. According to Mason, ValueAct aims to provide a safe space for CEOs to pivot, avoiding berating or public confrontation, because that typically makes management defensive and less open to needed change. Mason talks Wilf through some of ValueAct’s key positions including their 2013 investment in an out-of-favour Microsoft, then trading on a low multiple and seen as having missed search, phone and tablet. From his board seat, Mason helped highlight the billions in annual losses tied to devices and the Windows Phone, clarifying the opportunity to reallocate capital toward Office and Azure and supporting Satya Nadella’s strategic pivot. He uses this as a textbook example of what an engaged, analytical shareholder can add inside a boardroom that otherwise lacks a large, financially sophisticated owner at the table. Mason also outlines ValueAct’s current core theme: “everything digitizes, everything organizes, everything automates,” arguing that the real bottleneck for AI isn’t flashy models but the messy middle step of organizing data and rights. Using Spotify as an illustration, he describes how the hard work was not digitizing music but building the global rights, standards, and audit infrastructure that then allowed automated recommendations and playlists to flourish. He then links those lessons and the Microsoft experience to Salesforce, where ValueAct pushed on unit economics, a clearer product matrix, and bundled pricing, helping drive a sharp margin and share-price recovery before the recent AI-driven SaaS sell-off. On the current fear that AI tools will “eat SaaS’s lunch,” he argues incumbents like Salesforce retain huge advantages in identity, permissions, compliance and long-term contracts, much as Microsoft Office ultimately outcompeted early cloud-native rivals. Mason reflects on his most significant new position – BlackRock – as it transitions from a traditional asset manager into one of the industry's premier data and software companies. He views BlackRock as a dominant player in the "digitize, organize, and automate" megatrend and perfect example of a company whose opportunity set will expand further as it grows. He also discusses Disney and closes on his key investment advice - stay young in your thinking. 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

Sonali Basak joins the Master Investor Podcast to discuss her transition from Bloomberg anchor to Chief Investment Strategist at iCapital, a key player in democratising access to private markets. The former lead Wall Street correspondent at Bloomberg Television and host of "Bullish," shares insights on iCapital's role in this new age of retail investing, explaining how technology is lowering minimum investment levels without removing rigorous due diligence. Basak cautions on bond market risks, predicting fewer Fed cuts in early 2026 and potential upticks in long-end yields due to US fiscal pressures and global spillovers from Japan and Europe. In private credit, she highlights floating-rate benefits in a higher-rate environment but warns of vintage risks from low-rate deals and urges focus on proven managers. On equities, she welcomes market broadening beyond the Magnificent 7, favouring infrastructure software over vulnerable SaaS amid AI shifts. The episode traces Basak's path from broadcasting to investing - the reverse of Wilf’s - reflecting on what she has learnt from some of her most high profile guests while at Bloomberg, including Stan Druckenmiller and Ken Griffin. She advises young professionals to embrace inexperience as an edge and embrace being new to a situation. 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.