Tom Lee returns to The Master Investor Podcast to lay out his bullish – but bumpy – roadmap for markets in 2026. He is the co-founder and head of research at Fundstrat Global Advisors, chair of Ethereum treasury company Bitmine Immersion and CIO of Fundstrat Capital which runs the rapidly growing Granny Shots ETF suite (now $4.7bn AUM). In this episode Tom explains why he still thinks we are early in a 10‑year bull market that began in 2022, even as he forecasts a sharp pullback this year that will feel like a bear market, before equities finish 2026 strongly. He breaks down the three big transitions investors must navigate this year – a new Fed, a more interventionist White House and an AI narrative that is still being repriced – and sets out why he still likes the Magnificent 7 but thinks cyclicals, energy, basic materials, financials and small caps could be the more interesting trade from here. The conversation ranges across gold, crypto and demographics: Tom explains why he believes gold is under‑owned, why Tether may now be one of the metal’s biggest private buyers, and why millennials are rediscovering gold as a store of value even as younger generations adopt crypto. He outlines his thesis that Bitcoin is still “digital gold”, why Ethereum remains his favourite crypto currency, discusses the October deleveraging event that knocked crypto off its gold‑tracking path, and sets out bold upside targets for both Bitcoin and Ethereum as banks and asset managers increasingly adopt blockchain technology. Tom explains Bitmine’s headline‑grabbing $200m investment into MrBeast’s Beast Industries, why he sees MrBeast as the defining media asset of this generation, and how financial education and Ethereum could sit at the heart of future products reaching a billion‑strong global audience. This was Tom’s second appearance on The Master Investor Podcast – please check out his first in August 2025 - https://www.youtube.com/watch?v=3HbKr4A3IX8&t=139s For more content like this, subscribe to The Master Investor Podcast Youtube Channel - https://www.youtube.com/@TheMasterInvestorPodcast And follow @WilfredFrost on X - https://x.com/wilfredfrost?lang=en And Linked In - https://www.linkedin.com/in/wilfred-frost-279667374/ Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG). The Master Investor Podcast is produced by Paradine Productions and 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