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 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.

Cameron Dawson, Chief Investment Officer at NewEdge Wealth, joins Wilf to explore whether recent market rotation away from mega-cap growth marks the start of a new “tectonic shift” or just a counter-trend rally.

She compares today’s market to the Nifty 50 era and the dot‑com bubble, and the warning signs those moments provide today, plus what it means for growth versus value over the next several years.

Cameron digs into the wealth effect and the “K‑shaped” US economy, laying out how elevated equity exposure among the top 10% of households is propping up consumption, and what could flip that positive feedback loop into a negative one. She also tackles liquidity, the prospect of a Treasury–Fed accord, and what the global liquidity cycle means for risk assets, gold and Bitcoin. Specifically on gold she warns of tougher times ahead given the extraordinary run last year, and how higher inflation might in fact hurt gold going forward because it is a “psychological commodity”.

In equities, Cameron shares how she’s positioning into 2026: balancing growth and value, thinking about energy as an inflation and geopolitical hedge, and weighing richly valued industrials where fundamentals are strong but flows look crowded. She outlines why she expects more volatility from here, and how midterm election years often disappoint on price returns despite solid earnings.

Away from the markets, Cameron reflects on her unconventional journey from professional ballet dancer to Wall Street. She closes with her core piece of advice to investors: stay curious to avoid hubris, resist falling in love with your narratives, and keep enough imagination for reality to be prepared for genuine surprises.

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.

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.