Mostly Voices [0:00]

A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines. If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. A different drummer.

Mostly Mary [0:19]

And now, coming to you from dead center on your dial, welcome to Risk Parity Radio, where we explore alternatives and asset allocations for the do-it-yourself investor. Broadcasting to you now from the comfort of his easy chair, here is your host, Frank Vasquez.

Mostly Uncle Frank [0:39]

Thank you, Mary, and welcome to Risk Parity Radio. If you are new here and wonder what we are talking about, you may wish to go back and listen to some of the first episodes where we did our introductions of the various topics. And those episodes are Episode 1：3, 5, 7 and 9. And so if you go back and listen to those, it will get you up to speed. But now on to episode 138 of Risk Parity Radio. Today on Risk Parity Radio we are going to do our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the Portfolio's page.

Mostly Voices [1:24]

But before we get to that, I'm intrigued by this, how you say, emails.

Mostly Uncle Frank [1:33]

And first off, first off, we have an email from Alexei, and Alexei has gone to the front of the email queue because Alexei has become one of our Patreon patrons, which you could do at the support page at www.riskparityradio.

Mostly Voices [1:53]

com We few, we happy few, we band of brothers.

Mostly Uncle Frank [1:56]

And the patrons get to go to the front of the email list. All the money raised there goes to a charity, the Father McKenna Center, which is also linked to on the support page. But now Alexei writes, I recently discovered your show and I love it.

Mostly Mary [2:16]

Your analytical process is easy to follow but insightful and your delivery is very low-key and entertaining. My favorite bits are your fund breakdowns, and I would love your take on the concept and practice of convexity, as in the fund SPYC. If I could change one thing, there would be more spinal tap clips, because spinal tap. There's a thin line between stupid and clever.

Mostly Voices [2:35]

I'll be honest, fellas, it was sounding great, but I could have used a little more cowbell.

Mostly Mary [2:44]

I have many questions for you, like why do you choose O and R-E-E-T for your REIT allocations, as opposed to lower stock correlation REITs like DLR and PSF? But for now, I'd love your feedback on my attempt at a 1.5 leveraged golden butterfly：SHY 26%, NTSX 22%, VIoV or RZV 20%, UGL 16%, TMF 8%, SPXL 4%, URTY 4%. I get the following notional exposure：S&P 32%, TLT 31.5% with a little 7-10 year duration notes mixed in, SHY 31%, GLD 32%, SCV 32% more small than value. Cheers, Alexei. All right, I'm glad you're enjoying what you find here. Let's get to your questions.

Mostly Uncle Frank [3:45]

First off, it's such a fine line between stupid and clever. About the REITs. Why we're using our REET for most of our REIT allocations and O for another one. Well, this goes back to our REIT episodes 19 and 21, where we go back and discuss this. For the purpose of these sample portfolios, I didn't want to clutter them up with all kinds of different REITs. Forget about it. And so for the most part, I've used REET because it covers both US and international REITs and has a wide variety of them in there. We've used O for one portfolio, the leveraged golden ratio, and that one we use because it is very well internally diversified. It holds some 6,000 to 9,000 leases on things like convenience stores and pharmacies. So it is a traditional real estate play and if you were going to choose one REIT out of all of them, that would be a decent one to choose. As I did discuss in those REIT episodes, again that's 19 and 21, what I actually do in my personal portfolios hold a variety of different kinds of REITs because a lot of them are in businesses that are not traditional real estate and you've identified two of them, DLR and PSA, which are Storage units and data storage, but I did provide a correlation matrix of about a dozen or more different REITs that you might consider in your portfolio. And that was also back in episodes 19 and 21. I'll link to that in the show notes again so you can have a look at it. But you can feel free to make your own selections there, as some of the REITs are more bond-like and some of them are more stock-like. All right, let's talk about these convexity funds. What these are, and these are in the same family as a fund we talked about in last episode called TYA, which is a risk parity treasury bond fund. But the ones that Alexei is talking about are S P 500 funds that also have options in them. And I think they spend about two percent of the fund on the options, and there are three of them. One of them is called SPYC, which has both options that make the performance of the portfolio better, whether it's on the high side or the low side. There's one that's SPD, which basically has options that make up for downturns in the portfolio, and SPUC, which are betting on upturns in the portfolio to increase the returns. The numbers all go to 11.

Mostly Voices [6:28]

I think these are interesting, but it's kind of hard to figure out how exactly

Mostly Uncle Frank [6:32]

you would incorporate this into a portfolio with a bunch of other things. And that's because they're sort of fixed. You only have the S&P 500 here. You don't have other things, other kinds of stock funds in there that you might want to have in your portfolio. And then the ratio between the value of the options and the S&P 500 is fixed. what would be a lot more useful is if they just had portfolios, I'm sorry, funds that were just the options components of these things, because then you could size them in a way that would make sense for your overall portfolio. So while I think these are interesting conceptually, I think they're going to be kind of hard to actually incorporate into a risk parity style portfolio. And the other thing about them is they're relatively new. They've only been around about a year or less, I think. So it will be interesting to see how they perform as well to see whether they are able to implement the strategy that they are talking about in each of those funds. But I will link to that page in the show notes so you can take a look at those if you are interested in that. These go to 11. And now as to your sample portfolio or the levered golden butterfly you've constructed. Well, that was weird, wild stuff.

Mostly Voices [7:47]

Yeah, I mean it looks like a pretty decent portfolio.

Mostly Uncle Frank [7:51]

I put it into Portfolio Visualizer and you can take a look at that in the show notes. Also, I did a correlation analysis to have a look at that. It seems to check all the boxes as far as a risk parity style portfolio is concerned. Yes!

Mostly Voices [8:04]

There's a lot of good diversification in there.

Mostly Uncle Frank [8:08]

It's simple enough that it's easy to manage. And the proportions, the macro proportions of it seem to be pretty accurate. And it did, if you added up all the components, added up to 159 is what I got, which is about a 1.6 to 1 then levered ratio there. I think it's slightly more conservative than the levered golden ratio. I would compare it to that portfolio in terms of performance going forward. You would expect your portfolio on that one to perform similarly given the amount of leverage that you're talking about in there and the relative proportions of the other things. But I'm very happy you were able to do that for yourself because it shows that people are taking the information we have here and applying it for their own purposes in their own ways, which is always a great thing to see for do-it-yourself investors.

Mostly Voices [9:02]

What we do is if we need that extra push over the cliff, you know what we do? Put it up to 11. Exactly.

Mostly Uncle Frank [9:06]

And so thank you for that email. And being a Patreon. Second off. Our next email is from Ron, and we've also moved Ron up to the front of the list. He did not become a patron on Patreon, but did it one better, and is donating to the Father McKenna Center directly through his donor-advised fund. I think I've improved on your methods a bit too. Which is really awesome. Yeah, baby, yeah! and really generous of you, and I'm very thankful for you for doing that. But let's get to your email. Ron writes.

Mostly Mary [9:43]

Hi Frank, I recently opened a donor advised fund and the Father McKenna Center is my first grant. The best Jerry, the best. I set it up to donate annually for the next five years, so hopefully the fund will grow faster than that. I grew up and live in the Maryland, DC metro area as well, so it's close to home for me. So glad to support. I tried to figure out how to grant it to your Patreon, but I couldn't figure that out, so made the grant directly, but an appreciation of you and Risk Parity Radio. I emailed you earlier in the year about adding Bitcoin crypto to the aggressive 50/50. I've been managing a fund account at M1 apart from my main investments, which are managed by my advisor. I use an independent local firm, and the best part about them is the access they provide to unique opportunities that I cannot otherwise access. such as institutional fund classes with lower fees, custom tax-advantaged separately managed accounts, private equity, QOZ for capital gains deferrals, and a very low rate margin account. Although I originally hired them for the investment recommendations, since I learned so much from you, I'm staying with them because of the access they provide. Anyway, for my fund account, which is mostly at M1, I have three parts. First is the original Risk Parity Ultimate with about 40%, another 40% in an aggressive leverage portfolio, UPRO, TMF, TNA, and BTAL, based on your episode on BTAL, and about 10% in crypto. Since I started it around April, it's up about 14% so far and all three are up. For the crypto, I have about 50% ETH 40% BTC, and the rest in ADA, BNB, SOL, and ALGO. I was able to sell and rebuy the crypto several times whenever it dipped, since the wash rule doesn't apply, so I've got a nice capital loss out of that. I haven't rebalanced any of the equity portions yet, as it's in a taxable account, but I probably will after I get past the first 12 months. I don't have a question, I just wanted to thank you and share the donation info and let you know that your podcast is the first one I look for each week. As far as the sound bites, it's my opinion that it's your show, so you should do whatever you want. Talk Amada, do not implore him for compassion.

Mostly Voices [12:06]

Talk Amada, do not beg him for forgiveness. Talk Amada, do not ask him for mercy. Let's face it, you can't talk Amada anything.

Mostly Mary [12:16]

Merry Christmas and Happy New Year to you, your family and the entire Risk Parity Radio audience. Thanks, Ron.

Mostly Voices [12:30]

So shines a good deed in a weary world.

Mostly Uncle Frank [12:37]

Well, thank you so much again for your generous donation and this email. I'm glad to see also that you are able to take the principles that we talk about here and implement them in a way that makes sense to you. and that you're having some fun with it. Groovy, baby. As for your adventures in crypto, I don't have too much of an opinion there. Man's got to know his limitations. Because I'm certainly not an expert and only have a little bit of Ethereum and Bitcoin.

Mostly Voices [13:11]

You have a gambling problem.

Mostly Uncle Frank [13:15]

And at a very much smaller proportion than you hold in your M1 account. Man's got to know his limitations. But I'm glad it's working out for you, and so Merry Christmas and Happy New Year to you too, and the entire Risk Parity Radio audience. Bow to your sensei.

Mostly Voices [13:33]

Bow to your sensei.

Mostly Uncle Frank [13:38]

And now we must spin the globe because our next email is from Nicholas in Sweden. and Nicholas writes.

Mostly Mary [13:49]

Hi, Frank. Nicholas in Sweden here. I'm currently at the accumulation phase at 43 years, but I still have some of my finances in a golden butterfly portfolio. Since I'm in Sweden, there is a currency opportunity risk due to the Swedish krona being a smaller currency than both the US dollar and Euro. I get my salary in Swedish Krona. We own our house in Sweden, so there is already a tilt in my personal finance towards our local currency. In my investing process, I have tried to diversify my allocation towards all types of currencies with low-cost mutual funds focusing on the entire world. In my Golden Butterfly portfolio, I have tried to diversify the currency as well. 20% Total World Index, 20% Swedish Total Index, Sweden is tilted at finance and industry and a lot smaller companies than the Total World Index. The 20% Cash portion is placed in a short-term municipal and state treasury, Sweden only, just to keep it simple. The Long-Term Treasury portion is currently placed in a 7.5% TLT via the iShares ETF IS04 5% European 15-20 years Treasury IBCL and DBXG and 7.5% Swedish 7-10 year long ETF. The 20% gold portion is actually 15% physical gold ETF, 4% commodities ETF, and 1% Bitcoin.

Mostly Uncle Frank [15:30]

My actual question is, how would you handle the currency risk if you weren't located in the US? Well now, this is another email that's stretching my meager abilities here.

Mostly Voices [15:33]

You can't handle the dogs and cats living together!

Mostly Uncle Frank [15:38]

I am no expert in terms of currency risk, but if I were outside the US, I probably would do something similar to what you're doing. Now you are in a country with a stable currency, the Swedish krona does not move around all that much in relation to the Euro and the dollar. But those would be the other currencies I would be most focused on since they're the most popular reserve currencies in the world. That and gold. I love gold! And then having a decent proportion denominated in your local currency, because that's the money you're spending, does make sense as well to me. this would be different if you were living in a country like Turkey, which is going through a horrific currency crisis.

Mostly Voices [16:29]

We can put that check in a money market mutual fund, then we'll reinvest the earnings into foreign currency accounts with compounding interest and it's gone.

Mostly Uncle Frank [16:37]

In a circumstance like that, you'd want to get as much money out of the local currency as possible and into just about any other form that you could put it in. When you are looking through your stock holdings, make sure you do have enough of what we would call large cap growth, which is mostly these large American companies like Amazon and Microsoft and Google. Because if you look inside most of the large cap international funds from developed countries, it looks a lot like large cap value and not too much large cap growth in there. The other thing that I would do is make sure you're doing some correlation analyses of whatever you're holding here. Now, this is difficult to do because Portfolio Visualizer does not have a good selection in terms of things outside the US and Canada. But there is a site called Unicorn Bay that I found, and I will link to it again in the show notes. And it's a little clunky that you have to put in only two things at a time as opposed to putting all your things in and looking at them in a matrix. But it does work and it does cover things like IBCL and DBXG and all of the other European ETFs. And so you just want to make sure that the bonds you were holding are negatively correlated with the stocks that you were holding. I think the gold is going to take care of itself pretty much. But thank you for this email. I'm always so surprised and pleased that there are so many people outside the US who are trying to implement these things and you don't have as good of resources, but they're getting a lot better and they're getting a lot better more quickly in terms of access to brokerages and different kinds of funds to be able to do something like this. In addition to being more sensitive to currency issues, I find that our international investors are less likely to have the kinds of aversions to gold that US investors have. Ah, it's gold, Jerry, gold! And I think that's part cultural and part of the fact that you couldn't own gold in the US from about 1933 until the early 1970s. But for most people in the world, it was a traditional thing to hold going back centuries and even thousands of years. And so I can see why international investors would be also attracted to these kinds of risk parity portfolios that are very well diversified. But thank you again for that email.

Mostly Voices [19:11]

And our next email comes from Jody.

Mostly Uncle Frank [19:15]

And Jody writes, Frank, I continue to love your podcast and have built

Mostly Mary [19:19]

several of your portfolios within M1. Looking at the summary of performance on the portfolio page, it may be helpful to see a couple additional numbers：all-time return, year-to-date return, and maybe some key metrics：Sharpe, Sortino, standard deviation, or others. Last, maybe you could add a link to Portfolio on Portfolio Visualizer right at the bottom of each portfolio. Love what you do. Thanks, Jody.

Mostly Uncle Frank [19:44]

Well, Jody, as I say to many people, you realize that I am retired and I don't want to really do anything that seems like too much work. Let's face it, you can't talk them out of anything. But what I've done is a compromise. I have gone and put in a link to a portfolio visualizer analysis of each of those portfolios now. in its description. And it is an analysis that accounts for distributing out of it at the rates that we are distributing out of our sample portfolios in there. So if you go there, it's going to have the sortino and sharp ratios, standard deviations and all that information on there. So I didn't see any reason to reprint that stuff on the site itself. Forget about it. The thing you also have to realize is that you have different time frames involved for a lot of these things depending on how much data is available to analyze for each of these portfolios. And so the Sharpe ratios and Sortino ratios and standard deviations are going to be different just based on the different time series of the data. As I've said in prior episodes, there is no one Sharpe ratio that applies to a particular portfolio. because it has to be within the context of a particular time period. So those Sharpe and Sortino ratios and other metrics like that are best used for comparison purposes between two portfolios over a same time period. I do also think it's important if you're going to compare portfolios that you are drawing down from to look at what happens when you start taking money out of them periodically. because that's where you can get really big differences that things in accumulation style don't look that much different, say a 60/40 portfolio from a golden ratio or golden butterfly portfolio. But when you start subjecting them to drawdowns over a number of years and raising that amount, you'll see a traditional portfolio collapse essentially and not be able to keep up with the other ones. And that ends up being a product of having this lower overall volatility and Lower max drawdowns or higher max drawdowns. Better max drawdowns is what I should say. You keep using the word. I don't think it means what you think it means. But now you have something else to play with there. And thank you for that email. Last off. Last off we have an email from Brian and Brian writes.

Mostly Mary [22:22]

Hi Frank, I'm a big fan of the podcast even as someone still in my 20s and very much in my accumulation phase. It's taught me a lot more about investing, which I find interesting. I do have two questions for you. One, do you see any downside of converting some of my stock funds, i.e. VOO, in my Roth IRA to a leveraged fund, i.e. UPRO, knowing that I'll be continually buying and that I won't be using the funds for at least 30 years? If volatility is a benefit of someone with a long time horizon, Wouldn't adding leverage to the volatility increase the returns? Two, do you think it makes sense to invest my HSA in a more risk parity style portfolio and then have all of my other accounts in more accumulation style? Thanks so much, big fan, Brian.

Mostly Uncle Frank [23:14]

All right, looking at your two questions, the downside of converting some of your stock funds in your Roth IRA to a leveraged fund like UPRO. Well, there are some dangers here. Danger, Will Robinson, danger! I mean, people have been successful with this since it's been around since 2009, but it is potentially dangerous. It has not been around for a 2008 style crash. And so we wonder whether there'd be something potentially unusual that would happen were the stock market to drop, say, 50 to 60%. That being said, it did pretty much perform kind of as advertised in March of 2020. It went down, I don't know, 70% or something like that.

Mostly Voices [24:00]

Simon says give me all your money. And then recovered.

Mostly Uncle Frank [24:04]

So I know of at least one listener who said they were in UPRO since 2011 and have achieved financial independence because of it. Yes, cat, now I should be ruler of the world. I'm not sure I would want to ride that pony. at least not with all of my money like that listener did.

Mostly Voices [24:26]

You can't handle the gambling problem.

Mostly Uncle Frank [24:29]

So, I would be judicious as to how much of your portfolio you stick in a leveraged funds like that. Now, the way people mitigate this obviously is to pair it with something like TMF, which has a severe negative correlation. And so, in the time period, say of March 2020, While UPRO was down 75% or something like that, TMF was up like 65%. And so those tend to balance out. Now, I would not say that volatility is necessarily a benefit for somebody with a long time horizon, although it is slightly to the extent that you're doing a lot of dollar cost averaging. It's more of just not a concern when you're comparing an accumulation portfolio to a distribution or decumulation portfolio because the latter, volatility matters a lot. Volatility doesn't matter that much when you're talking about accumulation. Where you could take advantage, though, volatility is with one of these experimental portfolios that does involve things like UPRO and TMF because the idea there is then you rebalance them when they go far out of line and they are having volatile swings in the opposite direction, like a seesaw. So you could, and it seems that people that hold those kind of portfolios do get a benefit out of the volatility, but it's because they have something to rebalance it against.

Mostly Voices [25:59]

No one can stop me.

Mostly Uncle Frank [26:02]

Now, adding leverage to volatility, does that increase the returns? No, not by itself. Adding leverage to returns increases returns. adding leverage to volatility just increases the volatility. All right, and finally about your HSA. It sort of depends on what you're doing with your HSA. If you are using that as another retirement account and you're not planning on spending money out of it on your current medical expenses, but have the idea that you'll just keep investing in it and not spend that money until you get to your 50s or 60s, yeah, then you would want it to be in accumulation style. If you were going to use it, then having a risk parity style portfolio in there makes sense because in effect you're saying this is like a mini retirement portfolio that I'm actually drawing down on in the near future. And so having a more conservative portfolio, like a risk parity style portfolio, could make sense. in an HSA like that. I don't know if you're going to find the available ETFs, but I guess you probably could now depending on where you're opening it. If you had one at Fidelity, it would probably work. But this is also a general principle. The kind of portfolio you have is largely dictated by when you plan on needing or using the money in the portfolio. And that's the major difference between the accumulation portfolio and the decumulation portfolio. And thank you for that email. Now we're going to do something extremely fun. And the extremely fun thing we'll be doing is our weekly portfolio reviews of the seven sample portfolios at www.riskparityradio.com on the portfolios page. But as always, what we do before that is we just go through the markets to review what was going on there. The S&P 500 was up 2.71% last week, NASDAQ was up 3.19%, Gold was up 0.33% for the week. Long-term treasury bonds represented by the fund TLT were down 1.51%. REITs represented by the fund R-ET were up 1.05%. Commodities represented by the fund PDBC were up 2.81% when you account for the dividend that's being paid. And PFF, the preferred shares fund, was up 0.59% for the week. One thing about this time of year, there are a lot of dividends declared and then paid in a following week. So there are some discrepancies over whether something is going up or down and how far it's going up or down, depending on the distributions that are being made. Some of these end of year distributions end up being fairly significant. And I'm afraid we're going to be dealing with that for the next several weeks because There are many more distributions to be made by funds that may not actually record or get the money in the accounts for another week or two in the new year. But now going to these portfolios, our most conservative one, it's this all seasons portfolio. It's only 30% in stocks and a total stock market fund, VTI. Then it's got 55% in the treasury bonds divided into long and intermediate term. and then the remaining 15% is in gold, GLDM, and the commodities fund, PBDC. This one was up 0.18% for the week. It is up 12.59% since inception. And you'll see that these risk parity portfolios didn't move around too much. And this has been kind of the pattern throughout December that every week in December seems like you either have the stocks going down and bonds going up or the stocks going up and bonds going down. and gold just kind of meandering about along with some of these other things. And so we end up with very muted performances overall. Now moving to our bread and butter kind of portfolios. These are designed to compete with, if you will, a 60/40 portfolio. And the first one of these is the Golden Butterfly. This one's 40% in stocks divided into a total stock market fund and a small cap value fund. 40% in bonds divided into long-term treasuries and short-term treasuries and 20% in gold, GLDM. It was up 0.72% for the week and is up 22.75% since inception in July 2020. And going to the golden ratio, this one is 42% in stock funds divided into three different funds. We've got USMV, VIOLV, and VUG in there. 14% each, and it's got 26% in treasury bonds, long-term treasury bonds, TLT, 16% in gold, GLDM, 10% in REITs, R- E-E-T, and 6% in cash from which we've been taking the distributions. It was up 0.81% for the week, is up 24.65% since inception in July 2020. And we get to our risk parity ultimate portfolio, which we went through in detail last week, we won't go through it in that kind of detail this week, but it's got 14 different funds in there and it's got stocks and some leverage stocks and it's got long-term treasury bonds and then it's got gold and preferred shares and REITs and commodities and a little bit of Bitcoin and a volatility fund, the kitchen sink. So this one was up 0.91% for the week. It is up 24. 13% since inception in July 2020. And it had a large distribution from the commodities fund, C.O.M. That is not accounted for in the cash portion yet, because it's gonna get paid out next week. And now we're going to our experimental portfolios.

Mostly Voices [31:59]

Tony Stark was able to build this in a cave with a box of scraps.

Mostly Uncle Frank [32:08]

And our first one is the Accelerated Permanent Portfolio. This one is 27.5% in a leveraged bond fund, TMF. 25% in a leveraged stock fund, UPRO. 25% in PFF, that's preferred shares, and 22.5% in gold, GLDM. It was up 1.05% for the week. It was up 29.35% since inception in July 2020. And now we go to our most volatile fund or what's usually the most volatile portfolio, the aggressive 5050 because it has the most leverage in it. This one's 33% in the leveraged stock fund, UPRO, 33% in the leveraged bond fund, TMF. It's got 17% in PFF, the preferred shares fund, and 17% in VGIT, a intermediate treasury bond fund. And it was up 1.01% for the week, actually not that volatile. It is up 37.76% since inception in July 2020, and so is our big leader of the pack. But that's what leverage will do for you. It's interesting to me that none of these experimental portfolios have had any rebalancing activity since, I think, last March. But they are designed to rebalance whenever there's significant volatility in these portfolios such that the stock bond mix gets out of whack, but we haven't had any of that, at least not enough of it to cause a rebalancing. It was convenient though for the aggressive 50 to rebalance into more bonds last March because that was the low for treasury bonds for the year and they are up substantially in capital appreciation since then as interest rates have fallen Long-term interest rates have been falling since last March. A fact that most people do not appreciate. And now going to our last portfolio that's only been around since July 1st. This is our lever to golden ratio portfolio. It is 35% in a mixed stock and treasury bond fund called NTSX that is leveraged 1.5. It has 25% in gold, GLDM, 15% in a REIT, O. and a spinoff from that ONL that's sitting around there. And then it's got 10% each in leveraged funds, TMF, that's Treasury Bonds, and TNA, which is a small cap fund. And then the remaining 5% is divided into a volatility fund, VIXM, and two Bitcoin funds at 1% each. It was up 1.34% for the week. It was a big winner. it is up 4.2% since inception. You'll note that most of these portfolios are pretty flat since, I would say, August. But we've seen a lot more volatility in markets generally, and a lot of times when you have that, you'll see your risk parity style portfolios just kind of sit there and not do a whole lot, which is very nice, actually, not having to deal with some of that volatility you see in other kinds of portfolios. But they have no trouble supporting the drawdowns that we are applying to them. And so they are meeting their goal metrics, if you will. And that's what we like about them. But now I see our signal is beginning to fade. If you have comments or questions for me, please send them to frank@riskparityradio.com That email is frank@riskparriyradio.com or you can go to the website www.riskparriyradio.com and put in the message in the contact form there and I'll get it that way. If you haven't had a chance to do it, please go to your podcast provider and like, subscribe, give me some stars and a review. That would be great.

Mostly Voices [36:03]

Thank you once again for tuning in.

Mostly Uncle Frank [36:08]

This is Frank Vasquez with Risk Parity Radio. Signing off.

Mostly Voices [36:11]

Well, you haven't got the knack of being idly rich. You say you should do like me, just snooze and dream, dream and snooze. The pleasures are unlimited.

Mostly Mary [36:22]

The Risk Parity Radio Show is hosted by Frank Vasquez. The content provided is for entertainment and informational purposes only and does not constitute financial investment, tax, or legal advice. Please consult with your own advisors before taking any actions based on any information you have heard here, making sure to take into account your own personal circumstances.