13 August 2025
Larry McDonald: inflation’s not dead, commodities are just starting, and why passive investing could break the market
Larry McDonald, author of The Bear Traps Report newsletter (download the latest issue from 10 August 2025), former Lehman trader, and NYT bestselling author of A Colossal Failure of Common Sense is one of the best connected men in markets globally.
Larry McDonald: inflation's not dead, commodities are just starting, and why passive investing could break the market
Drawing on lessons from legends like Charlie Munger, David Tepper, and David Einhorn — all featured in his new book How To Listen When Markets Speak — Larry explains his view that the ‘serpent of inflation is nowhere near dead’, what that means for your portfolio construction, why passive investing could break the market and his fears for Meta’s share price. He also shares his top investing principles: avoid over-trading and wait patiently for moments of true capitulation.
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Nothing in the Master Investor podcast constitutes financial advice. We're here to share ideas and opinions, but you should always seek external independent financial advice before making your own investment decisions.
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Watch the video on The Master Investor Podcast with Wilfred Frost YouTube channel.