Stephen Diggle – Master Class, Part Two

Published on
March 20th, 2015
67 minutes

Stephen Diggle – Master Class, Part Two

Master Class ·
Featuring Stephen Diggle

Published on: March 20th, 2015 • Duration: 67 minutes

In the second of this month's two-part Master Class, Stephen Diggle, founder of Vulpes Investment Management, discusses managing the credit default swaps of 2008, the political treadmill's effect on a nation's economy, and the rigged markets revealed in post-2008 austerity.


  • JH
    Joseph H.
    19 May 2020 @ 16:24
    Rewatched again. This round of bailout inflation is just mocking the earlier rounds. The system was rigged then, not sure what the proper term is today. Income generation was tough enough from 08-20, it's basically impossible today unless you're willing to walk the risk plank. I know we've heard from Mr. Diggle since this interview, but not often enough.
  • OD
    Oleg D.
    23 January 2019 @ 07:23
    Rewatched it just now. It is time to bring Steven back for a chat.
  • SU
    Shakeel U.
    19 October 2018 @ 22:47
    There's so much to learn from this, just brilliant!
  • JW
    James W.
    6 August 2017 @ 06:51
    Found this only because Grant mentioned it on the Adventures in Finance podcast. This is just an amazing interview . Mr. Diggle's incredibly forthright and understated manner or communicating is exceedingly commendable, especially as he conveys insights that go well beyond the markets. Thank you, Grant and thank you, Stephen.
    • JL
      J L.
      6 August 2017 @ 18:35
      same here absolutely great take on the world
  • DS
    David S.
    22 May 2016 @ 06:02
    Solid wisdom. Practical experience. Energizing mind. Thank you. Capital gains are income if harvested. Taxes and reinvestment the variables. Strategy must defeat greed. A better man than I ...
  • MH
    Michael H.
    21 January 2016 @ 05:25
    Awesome quote from this interview: “The great trick of keeping confidence in the system is that people have been satisfied that a lack of income is compensated by capital gain."
  • RM
    Richard M.
    28 June 2015 @ 22:09
    Fantastic discussion! Fascinating behind the scenes look at the GFC by a player that lived thru that turmoil. Excellent job Grant, and thanks for the insight Steve!
  • DP
    Daniel P.
    13 April 2015 @ 10:13
    Excellent interview, thanks again realtv! Stephen has me sold on agriculture and German property now!
  • SD
    Stephen D. | Contributor
    9 April 2015 @ 05:05
    Steve Diggle here. I'd like to thank everyone who perservered witrh this marathon interview. If you had any questions or comments plse direct them to Thanks Simon for the idea.
  • JS
    James S.
    7 April 2015 @ 06:23
    Absolutely riveting intetview. Mr. Digge manages to express what so many investors instinctively feel but can't quite articulate. The concept of starting over from "first principles" is brilliant
  • WM
    Will M.
    5 April 2015 @ 21:17
    Part 1 a little slow, riveted by part 2. "Having a great deal of fiat currency in a bank account is not money"; has me thinking hard about my 401k & personal cash in money market funds! Great stuff.
  • KS
    Kashyap S.
    28 March 2015 @ 06:52
    I sat through this spell-bound, something I fail to do even while watching an entertaining (so-called) movie.
  • JR
    Jon R.
    27 March 2015 @ 22:45
    Great interview. Elle Hawkins made the same recommendation that investing in private business might be some of the best opportunities right now for protecting wealth.
  • LM
    Leland M.
    25 March 2015 @ 00:49
    "The graveyards are full of indispensable men" . The ending to an enlightening interview that reminds us that as important as our search is to protect wealth it should not consume all of our time.
  • TJ
    Terry J.
    24 March 2015 @ 10:43
    Fascinating interview, and very thought-provoking.
  • JA
    John A.
    23 March 2015 @ 08:10
    So, money does grow on trees. All time classic interview.
  • JW
    Jim W.
    22 March 2015 @ 00:48
    These interviews were amazing-while having a similar view on real estate for income reasons, I have never heard a more cogent explanation of why income is more important than absolute return...
  • BL
    Bruce L.
    21 March 2015 @ 18:06
    need a Vulpes for the smaller investor. Going to be bloody when the momentum mkts flip.
  • GC
    Gary C.
    21 March 2015 @ 17:02
    The Dibble tour thru recent WFC from inside sweating counterparty risk.truely spellbinding esp with a sequel shortly,I see myself resembling negative bias with daily ZH,KWN,Sprott,PCRoberts < good
  • BD
    Bruce D.
    21 March 2015 @ 14:08
    A refreshing global outlook out what is truly important in life....Income to survive! The Capital gain trap was also right on task, and a reminder to all that liquidity is fleeting, and not permanent!
  • JS
    John S.
    21 March 2015 @ 09:29
    The great interviews come faster than the Fed can print money!
  • FS
    Fred S.
    21 March 2015 @ 06:03
    "Capital Gain is not the same as Income." No truer words were ever spoken. I would work for free along side the likes of Grant and Stephen just to learn how to do the things they do.
  • AA
    ALI A.
    20 March 2015 @ 16:30
    Touches upon a great failure of democracy, the short-sighted behaviour of politicians held to ransom by election cycles and their fickle voters
  • AA
    ALI A.
    20 March 2015 @ 16:20
    Artradis (Like Paulson et al) did great job being positioned for 2008, biggest failing (if any) was not cutting exposure fast enough in 2009, hence losses and closure in this case