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 [0:37]

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 foundational episodes for this program. And those are episodes 1, 3, 5, 7, and nine. One of our listeners, Karen, has also reviewed the entire catalog and has additional recommendations as foundational episodes. Ain't nothing wrong with that. And Karen's recommendations are episodes 12, 14, 16, 19, 21, 56, and 82, in addition to the first five that I mentioned. Now, I realize women named Karen get a bad rap these days, but I assure you that all of our listeners are intelligent, thoughtful, and savvy.

Mostly Voices [1:32]

Yes!

Mostly Uncle Frank [1:35]

And don't forget that the host of this program is named after a hot dog. That's not an improvement.

Mostly Voices [1:43]

Lighten up, Francis.

Mostly Uncle Frank [1:46]

But now onward to episode 163 of Risk Parity Radio. Today on Risk Parity Radio we have a treat for you. Don't be saucy with me Bernaise. One of our listeners, Karen, has written a small novella about her situation. Surely you can't be serious. I am serious. And don't call me Shirley. And I thought that we could invite her to take an easy chair so we could go over what she's got there in more detail.

Mostly Voices [2:18]

Groovy, baby!

Mostly Uncle Frank [2:22]

But first, I guess we need to kick Alexei out of the easy chair he's been sitting around in since about episode 141.

Mostly Voices [2:30]

So that's what you call me, you know? That or his dudeness or duder or, you know, Bruce Dickinson, if you're not into the whole brevity thing.

Mostly Uncle Frank [2:41]

So Alexei, you're just gonna have to abide somewhere else for a while. Take it easy, dude. Oh, yeah. I know that you will.

Mostly Voices [2:49]

Yeah, well, the dude abides.

Mostly Uncle Frank [2:53]

The dude abides.

Mostly Voices [3:04]

And now if we could bring Karen in, give you a chair here, some mint tea, top drawer, really top drawer.

Mostly Uncle Frank [3:08]

And we'll take a look at your draft. And as always, Mary will do the reading.

Mostly Mary [3:18]

Hi Frank, thanks for responding to my question about whether to treat my pre-59 1/2 and post-59 1/2 portfolios as two portfolios or one portfolio and for your offer to discuss it further if I provide more detail. I have a novella for you. I imagine this is too detailed and non-universally applicable to discuss on air, but you are welcome to discuss as much as much of it as feels reasonable for the podcast audience. If it's sufficiently interesting, I don't want to bore you in your retirement, I'd be happy to pay for a coaching call. You mentioned expenses being the most important number. Agreed. You can't know whether you have enough if you don't know what you'll be spending. Before deciding I could step away from work, I spent months tweaking a budget for the rest of my life. It feels a bit ridiculous and futile trying to forecast one's spending 50 years in the future, but I feel good about the next decade or two. I have been tracking every penny and Quicken since 2017, so I have a clear picture of what I spend and how it varies from year to year. To create my retirement budget, I added new and infrequent costs to make sure I'm getting the whole picture. Paying for my own health insurance with annual increases based on entering future ages on my state's exchange website, then looking at estimates of what people spend on Medicare and in addition to their Medicare premiums. Having to spend the full out-of-pocket max on my health insurance every other year. Lumpy expenses that happen every five to 20 years like computer, phone, car, windows, roof, HVAC. More hobby and vacation spending. I created three levels of budget：ultra-frugal, batten down the hatches, the world is ending, content, and fat cat in case I find myself drowning in money. My content budget puts me at a 5% withdrawal rate from my pre-59.5 portfolio including taxes. I expect to draw my pre-59. 5 portfolio down to something resembling zero, then switch over to spending my 401k Roth when I turn 59.5. Roth contributions give me some buffer in case the market is terrible and I need to nip into the post-59.5 portfolio early. My strategy to draw down the pre-59 1/2 accounts while minimizing taxes is：each year withdraw 1/10 of the 10-year IRAs so the IRA doesn't penalize me in 10 years for still having them. The required minimum distribution on the stretch IRA and use the brokerage account to cover the gap between IRA withdrawals and spending needs, plus the taxes on the IRA withdrawals. To estimate taxes, I use SmartAsset.com to calculate the effective federal state local tax rate on the portion that will be taxed as ordinary income and on the portion that will be taxed as capital gains. Withdrawals from my brokerage account using the average unrealized gain percentage for estimation purposes. I'll choose assets in tax lots strategically as I draw down the brokerage account to minimize capital gains. Now, For the portfolio construction, my pre-59 1/2 portfolio is in three chunks. Taxable brokerage, 52%. Inherited traditional stretch IRA only required minimum distributions required 14%. Inherited traditional 10-year IRA must empty within 10 years. No required minimum distributions required 34%. When I stopped working, I had not yet fully immersed myself in the risk parity model and was more on the big or mental mode, but I knew I needed to lurch in the general direction of wealth preservation. So I moved 25% into long-term treasuries, 25% into intermediate term bonds, and 5% into gold. The remaining 45% is in a total U.S. stock market fund. I now know that the intermediate term bonds were not a great idea, but knowing that I had a forced 10-year drawdown ahead and was retiring at an all-time market high, I felt maybe they'd be relatively stable. Since then, I've been trying to puzzle out where each asset class of a risk parity portfolio goes given the dollars I have available for investing in each of the tax timeline chunks within my pre-59.5 portfolio. After a lot of tinkering, I found that I couldn't really improve on the golden ratio, so I decided to move toward that as it makes sense. At present, the asset class I want to shed, intermediate term bonds, is down, and the ones I want to buy, gold and small cap value, are at historic highs, so I'm trying to avoid egregious buy high sell low moves. I have shifted 10% of the pre-59.5 portfolio out of the intermediate bonds and into 10 REITs. Some of them are similarly depressed, and since we're only talking about 1% of the portfolio per REIT, Buying a few of them at the current high didn't seem as potentially detrimental. Here are the rules that I've come up with for asset placement. 1. Gold. Other than the 5% existing gold which I placed in the Stretch IRA, the best spot for gold is in my Roth IRA, so I'm not forced to sell it on the IRS's schedule in case it's depressed for a long time, and so that's not taxed as a collectible when I sell it. In exchange, since money is fungible across account boundaries, I'll hold an equal amount of total stock market, what I normally be holding in my Roth, in my inherited IRAs. If I need to sell some of the pre-59 and a half gold sheltering in the Roth, I'd sell the same amount of TSM in pre-59 and a half account and buy it in the Roth. Two, REITs. REITs go in an IRA because they emit non-qualified dividends.

Mostly Voices [9:18]

Three, small cap value stocks. I'm telling you, you're gonna want that cowbell.

Mostly Mary [9:22]

With 100% of dividends, which are only 1.5% currently, so not a huge deal, taxed as ordinary income, this would be better in an IRA. On the other hand, it might suffer decades of depression, and I don't want to have to sell it when it's depressed, which I might be forced to do if it's in a 10-year IRA, so I could hold some in a 10-year IRA and some in my taxable account. 4. Cash Keep 4% of the overall cash in the 10-year IRAs, since I will be drawing them down. In the remaining 10-year IRA space, hold two-thirds stock, including REITs, then divide it into equal parts small-cap value and either total stock market or large-cap growth, and one-third Treasuries to reflect roughly the portfolio proportions of 52% stock to 26% Treasuries. Brokerage holds the odds and ends：2% of the portfolio cash, leftover portions of Treasuries and stocks. Here's my solution to the puzzle. While balancing the above rules, I also tried to get some of each of the two big asset classes, stocks and treasuries, into each of the time buckets, accounts I have to liquidate within 10 years, and accounts I can primarily empty on my own timeline, in roughly the proportions of those big asset classes within the portfolio, thus making it more likely that I will have a non-depressed asset class to sell in the 10-year IRAs every year. You mentioned holding all cash in the brokerage account. Now that I've revealed that I must empty the 10-year IRAs within 10 years and thus expect them to represent approximately 80% of my income during that 10 years, is that still your recommendation? Summary. Account. 10-year IRAs. Contents. All REITs plus an equal mix of total stock market/large cap growth, small cap value, and Treasuries. Stretch IRA, Gold, Equal mix of total stock market, large cap growth, small cap value, and treasuries. Roth, Gold, sheltered in exchange for extra total stock market in the inherited IRAs, brokerage, everything else. My Roth IRA and rollover IRA hold total stock market funds aside from the planned gold swap since I don't intend to use them in the next 18 years. Although I intend to do some Roth laddering as tax brackets allow. You mentioned that treating these accounts as still in their accumulation phase might not be the best treatment. I am all ears about your take on my bull in a china shop approach to portfolio construction and drawdown. Karen. Karen, Mary, I need your hug.

Mostly Uncle Frank [12:16]

Alright, just for our listeners reference, Karen is 41 years old and she is just retired and we first answered questions from her back in episode 160 if you wanted to go back and listen to that one first. And we'll go through your novella more or less in order. First off, first the introductory paragraph. Well, I don't think this is too detailed or non-universally applicable to discuss on air. In fact, I think it's exactly the sorts of things that are nice to discuss on this program because they are applicable to lots of different people and show how someone can take the information they might find here and modify it for their situation to make it work, which you have done. So we're going to talk about the whole thing.

Mostly Voices [13:04]

Ed McMahon's party machine. Yes. As for a coaching call, yeah, you're still free to do that.

Mostly Uncle Frank [13:13]

I don't advertise that here, but every once in a while when somebody brings it up, I'll tell you about it again. I do do private consultations by demand from this audience. It's a $300 an hour or a two hour minimum. It is designed to minimize the number of people that I actually have. And so it ends up being for me about two people a month, which is more than enough for me as a retired person. But if you're interested in that, just email me separately at frank@riskparadioradio.com But now getting back to you, expenses. It sounds like you've done a really good job at coming up with a budget that you've been tracking it for quite a while. For anyone listening, this is exactly what you want to be doing as you approach retirement. This is really the most important thing. It's more important even than your Portfolio construction is to have an idea of what you will spend in the future. And the first way to figure that out is what are you actually spending right now? Because once you know that is relatively easy to add or subtract other things that you might not have to spend on anymore or plan on spending in the future. And it looks like, Karen, you've done a really nice job tracking every penny since 2017. And coming up with some categories where you would allocate your expenses going forward. Yes. And while it might be nice to know our expenses for the next 50 years, even knowing them for a few years is generally sufficient because they tend not to change that much and don't change that fast. And you have control over them. So we don't really need to know what we're going to be eating for dinner five years hence. Do you want a chocolate? Or even exactly what it costs? We do know that we can figure it out as we get closer. And that's what you really want and need to do. And this is also one of those things that can be tailored to various people as to how you want to keep your budget and projections, how much detail you want, what kind of programs you like to use. I'll just tell you what we do for another reference. Now, we did not do that much budgeting while I was still working because the budgeting was more like we got the money, we saved all the money up front that we felt we needed to save, and then we could spend the rest. And usually there was some left over and we saved and invested that too. And that's kind of the way things worked. As we've gotten closer and going into retirement, we have tracked our actual spending on a more granular basis. which Mary and I just do on spreadsheets. And then for each month after we've put in what our spending is on, that information gets transferred over to another spreadsheet that goes through each month by category. And so we have one category that is the basic base expenses that includes food and entertainment and everything else we do every month. That was weird, wild stuff. We have another category that's taxes, which are income and property taxes typically. We have another one in our case that includes tuition because we are still paying tuition bills for at least our youngest son. And then we have another category that includes extraordinary expenses that you wouldn't expect to incur every month or necessarily even every year. And then on our monthly sheet, we break down those basic expenses even more. for things that relate to the house, things that relate to our relatives, things that relate to healthcare, things that relate to transportation, and a couple other categories. Some of them with children's names on them.

Mostly Voices [17:02]

Young America, yes, sir.

Mostly Uncle Frank [17:06]

It sounds like you've done something similar or maybe even something more detailed and come up with those three budgets. You've got ultra frugal, content, and fat cat. and that makes a lot of sense to me too, because you want that ultra frugal one to be around your burn rate plus taxes, basically. And you have also determined that your budget is in that four to five percent withdrawal rate area. Now, you didn't say how exactly you're doing the withdrawals, whether you're doing variable like we do in our sample portfolios, or whether you are planning on doing a fixed and then increasing it, like you might find in some of these 4% rule simulations. Typically though, you do manage your budget to your actual expenses and you do not just look at your portfolio, take out some amount and spend it because that's not realistic. Forget about it. But it sounds to me like you've done your homework and that you are set up to go forward with this. If you listen to all my episodes and go back to episode 66, you'll know that I like to liken this situation to being like the end of that movie the Road Warrior. Where you had all those people who had been living in that compound by that oil refinery thing. and they were about to leave the compound, burn it down, and never see it again and hit the road.

Mostly Voices [18:40]

It was all the same to you.

Mostly Uncle Frank [18:43]

I'll drive that tanker. And what they had to do was marshal all their resources, put them all into their vehicles and things, and then figure out how they were going to proceed along the way, knowing that they will encounter uncertain things that happen along the way. But the idea is that you have a decent plan and a decent idea of what you need to do, and then the rest of it comes up to steering as you go.

Mostly Voices [19:10]

We had the tools, we had the talent.

Mostly Uncle Frank [19:14]

Because obviously you're going to have stretches of good driving on nice roads and then stretches of poor driving on bad roads or ones that contain obstacles, and you are going to steer around them when you see them. and perhaps slow down and reduce your withdrawals if necessary.

Mostly Voices [19:33]

Okay, everybody, everybody chill.

Mostly Uncle Frank [19:36]

I also likened that episode to the idea that if you are on a variable withdrawal rate plan, then you can speed up and slow down as you go forward with your life, whereas the kind of assumption that was used in that original 4% rule was completely unrealistic. It was like having an accelerator that was stuck in one position, and then it kept going down further and further and further, and you never could make any adjustments with it.

Mostly Voices [20:06]

As they shake hands with the devil, when they scream to the burning gates of hell, we'll sell you the whole seat, but you'll only need the edge. Me there. That's not how anybody would drive, and that's not how anybody should be managing their portfolio in retirement.

Mostly Uncle Frank [20:20]

or their withdrawals, I should say. Forget about it. But now let's get to that portfolio construction and portfolio management. First, just a few notes on the portfolio construction. You've chosen to use a version of our sample portfolio called the Golden Ratio, just for listener reference. That one is 42% in stocks, broad stock funds generally, with some small cap value in there. I gotta have more cowbell.

Mostly Voices [20:50]

26% in long-term treasury bonds,

Mostly Uncle Frank [20:54]

16% in gold, and then that remaining 10 and 6% can be varied depending on what you wanna do with your portfolio. In our sample portfolio, we have that set up as 10% in REITs and 6% in cash or short-term bonds. and it looks like you have chosen to do something similar, maybe with a little less cash, and that's just fine. Ain't nothing wrong with that. Another option you may consider along the way, depending on how your withdrawals come out and whether you need to make some adjustments, is you may substitute a utility fund for some of the REITs if you end up having to hold have that kind of holding in your taxable account because that would reduce your overall taxes because the utilities typically pay qualified dividends, which are taxed at long-term capital gains rates, whereas the REITs pay ordinary dividends, which are taxed at ordinary income rates. But then again, you knew that.

Mostly Voices [21:54]

Well, Laddie, frickin' die!

Mostly Uncle Frank [21:58]

What you've got here in terms of what needs to be managed certainly is a horse of a different color. I don't see one of those very often. What kind of a horse is that?

Mostly Voices [22:09]

I've never seen a horse like that before. No, it never will again, I fancy. There's only one of him in Eastit. He's the horse of a different color you've heard tell about.

Mostly Uncle Frank [22:20]

So anyway, just to simplify this for the listeners, what she's got here is essentially two-thirds of her portfolio is either in brokerage or a long-term IRA that can only be accessed at 59 and a half without doing some gymnastics. More interestingly, about a third of her portfolio is in inherited IRAs that must be dispersed within 10 years. And so that becomes the real management issue as to how to manage those. Because that is essentially going to be what you're living on for the next 10 years. and then you will transition to the other parts of your portfolio. And I think before we get to the individual location issues for these assets, which we will get to, the first thing I think we need to think about is what is your mechanism of withdrawal going to be? And this is more about personal preference than it is about some kind of optimization or maximization but how you choose to do this does impact how you will manage your portfolio overall. And there are essentially two options and anything in between. One of the options is what we're doing in the sample golden ratio portfolio that is in with the sample portfolios. If you look at the way that portfolio is being managed, there's essentially money that is rebalanced into the cash portion of that Every year, and then we simply keep withdrawing from that throughout the year. And we don't need to worry about any real portfolio management of anything else until it becomes rebalancing time. And then we look at everything else, rebalance everything that's in there, replenish the cash, and then go forward for the next year. That's sort of the annual distribution strategy. And what's advantageous about that is It's nice for people who really don't want to be looking or playing around with their portfolio during the year because you don't have to do anything with it. You don't have to look at it. You already have your pile of cash that you're living on. All you need to do is look at your budget, look at your pile of cash and make sure that you don't run out of cash. And that will also be supplemented, obviously, by any dividends that are coming through there. So chances are at the end of the year, you're going to have cash left over. this is the way that Paul Merriman actually manages his personal portfolio. He and his wife have a portfolio that is 50% in stocks and 50% in treasury bonds. The 50% in stocks is organized into his Merriman Ultimate Style portfolio and the 50% treasury bonds is mostly intermediates, I believe. Anyway, what he and his wife do at the beginning of the year is take 5% of the total portfolio put it in short-term bonds, and then that's what they live on and use for the year. And they don't look at the rest of the portfolio. And then they come back and they readjust it and deal with it next year. It's interesting, one of his last podcasts, he says that they've really been taking out too little. They've been taking out 5% a year, and he's 78 years old, and he kind of laments not taking a little bit more out. And he says they're going to move it up to 6% per year. and he doesn't have any issues or qualms with doing that in his case. So what is the other alternative for portfolio management of distributions? It's what we are doing, say, in the Golden Butterfly or the Risk Parity Ultimate Portfolio or any of the other sample portfolios we have, and that is actually looking each month to see which asset has been doing the best and then carving off a little piece of that to cover the distributions for that month. That is a more active style that some people may find annoying. Other people may like it because they feel like they have their hands on their portfolio situation. You need somebody watching your back at all times! And they can see that they are always selling something that's high and knowing that what that will mean will be less rebalancing when it comes to rebalancing time. Now those are set up to do monthly, obviously you could do it every two months or every quarter or every six months if you wanted to do it that way as well. One thing I probably would not do would be rebalancing more than once a year if you're going to be on a calendar schedule. The research out there seems to suggest that most normal portfolios do not benefit more by more frequent rebalancing and it just tends to generate taxes, at least in taxable accounts. So why does this matter in your case? It is more about the technical mechanics of doing this than anything else. First of all, I think the structure that you've come up with, which is to have in the 10-year IRAs all the REITs, an equal mix of total stock market, long-term capital gains, small cap value and Treasuries in that bucket. In your stretch IRA, you have gold, equal mix of stocks and Treasuries, in your Roth, you have gold sheltered in exchange for extra total stock market and inherited IRAs, and then you put everything else into brokerage. That's going to work and it's going to be easier in the circumstance where you've already taken out the money for the year. Because ultimately all of these things are all working together as one big portfolio. You'll come to the end of the year and it will be relatively easy to make transactions, particularly inside of those IRAs where you want to do most of your Big rebalancing and then a little tweaking on the outside with the brokerage account and the cash you hold there, mostly to deal with tax issues. So you could do it that way. If you are going to do it in a more hands-on fashion where you're selling an asset every month, it may be advantageous to take all that money that needs to be pulled out of the IRAs within 10 years. Set those up as one mini portfolio, that's a golden ratio portfolio by itself that has all the stuff in it. And feel free to overweight that with the REITs if you need to, because I do agree that you've got to have those REITs inside IRAs wherever they're going to reside. You don't want those in your taxable account. So if that means less cash or no cash into those IRAs that are being withdrawn in 10 years, that's what I would do for that. The reason this would make it easier for you is that, for instance, if you were managing this, like for the past three months, the best performer has been gold. And so you would want to be selling gold to generate your income. Now, you also have the constraint is you want to be selling the stuff that is in those 10-year drawdowns, IRAs for the most part. So if you have some of all of the asset classes in those 10-year drawdown IRAs, it's going to be much easier to manage on an ongoing basis to just go look at one of those and say, all right, it's time to sell REITs this month. There's some REITs, I'll sell those. There's some gold, I'll sell those. There's some treasuries, I'll sell those. There's a stock fund, I'll sell that. And then after you've sold it, you would distribute it out of one of those inherited IRAs into your main accounts and use it for your expenses. obviously your taxable account is going to be generating some dividends too. So maybe you don't need to sell as much in one month. And that's one thing that's also different about what we're doing in the sample portfolios. For that, if there's enough cash in an account to pay a distribution for a month, I just pay it out of the cash. But if there is $1 less, I take an entire distribution from an asset class in there. That's just to make the sample portfolios easier to manage and to see the distributions over time. If you have excess cash, there is no reason for you to be selling things just to generate more cash to conform to some artificial construct like that. So after all that, where we come out is pretty close to where you are right now. That what you are planning to do right now should work just fine. I think it may be a little bit easier to manage if you have inside of all of those 10-year IRAs, all of the asset classes, and so they're always available to be sold since we know we're going to be selling that whole thing off over the next 10 years. And as you say, 80% of your income during that 10 years is going to come out of those things as another convenience or management factor. I would also always have in your brokerage side of the account enough money to pay the taxes that are going to be generated by the money coming out of the IRAs. And that's just to make it so you're not sitting there looking at a tax bill and having to take more money out of an IRA, which would generate more taxes.

Mostly Voices [31:30]

That's not an improvement.

Mostly Uncle Frank [31:34]

Some of that could also go in that 10-year Roth, but I see the 10-year Roth is only 2% of your holdings. So that is really going to be kind of a afterthought compared to what is going on with this 10-year traditional IRA that is 31.6% of your holdings. And I should note I did not have Mary read the detail that you provided in your chart, just the summary.

Mostly Voices [31:57]

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

Mostly Uncle Frank [32:01]

But that detail is what I've been looking at. as I discuss these things. In some respects, a lot of this is kind of academic. And the reason I say that is this, because a lot of your assets are inside IRAs, either the 10-year variety or the stretch IRA. Those are pretty much fungible in terms of transactions. You can always sell one on one side and buy something else on the other side without having any tax or transaction fee consequences. And that makes in a sense, this very easy to make adjustments along the way if you want to change your method of management perhaps. Maybe you want to go hands on now and do it every month, and then you do that for a year, you're kind of sick of it, and you want to go to more of a do it once a year and not worry about it, or you want to go the other way. This structure you have is going to allow you a lot of flexibility there to do those sorts of things. and I guess there's just one more thing that I hadn't talked about. You said that you were transitioning some of these intermediate treasury bonds over into REITs and you were going to go with individual REITs and choose 10 of them. That sounds like a good idea to me that when I first read this I was kind of scratching my head trying to figure out well should she sell the intermediate treasury bonds now? Should she live off those? You can think of a a variety of different ways of handling those, but transitioning them now, I think, probably makes just as much sense as anything else. But if you did have some left over, you might consider just using those as the first thing you draw down on until they're right sized, if you will, and then going from there. For people who wonder what she's doing with these 10 wreaths, you might want to go back and listen to episodes 19 and 21 where we discussed REITs in particular. And my recommendation is for those that you're probably better off using individual REITs if you don't mind doing the picking than a REIT fund simply because the REIT funds that are available are cap weighted and so they're kind of just skewed in a weird way and don't necessarily include the mixture of REITs that you would get if you were just to self select them. REITs are an odd category in that it's not really an industry. It's supposed to be real estate, but it's not really just an industry. It's more of a form of a security. And so what's in those REITs can be very varied from timber properties like Warehouser to traditional real estate to commercial real estate. And then you have REITs that are data centers or warehouses or self-storage. and so it's nice to have some of all of that stuff, but you're not going to get that balance if you just buy the reft fund, which is heavily skewed now. But if you're looking for examples or ideas on those, go back to episodes 19 and 21 and look at what's in the show notes, where we do a correlation analysis, going through a whole bunch of different REITs and things, and you can think about that for yourselves. So, Karen, that handling of the intermediate treasury bonds and the REITs, I think, is going to Work out well, as you say, just don't do any egregious buy high, sell low moves or egregious tax moves that would impact your portfolio unnecessarily.

Mostly Voices [35:23]

Think big, think positive, never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear, that's the other guy's problem. But now I see our signal is beginning to fade.

Mostly Uncle Frank [35:35]

Thank you for coming and sitting in the easy chair, Karen. I hope we've been able to help you and that this has been informative for the rest of our listeners. We'll be picking up this weekend again with our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the portfolios page. And we'll also be doing our monthly distributions and reviews of that. If you have comments or questions for me, please send them to frank@riskparityradio.com That email is frank@riskparityradio.com or you can go to the website www.riskparityradio.com and put in your message into the contact form there and I'll get it that way. If you are interested in more materials, Risk Parity in a blog or website format, please go check out Risk Parity Chronicles www.riskparitychronicles.com which is a website created by One of our listeners, Justin. The best, Jerry, the best. And has a lot of good stuff there that people wanted me to collect, but I was too lazy to do. Forget about it.

Mostly Voices [36:48]

If you haven't had a chance to do it, please go to your podcast

Mostly Uncle Frank [36:51]

provider and like, subscribe, give me some stars. That would be great. Mmkay? Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio. Signing off.

Mostly Voices [37:06]

Nothing you have ever experienced can prepare you for the unbridled carnage you're about to witness. Super Bowl, the World Series, they don't know what pressure is. In this building, it's either kill or be killed. You make no friends in the pits and you take no prisoners.

Mostly Mary [37:26]

One minute you're up half a million in soybeans and the next, boom, your kids don't go to college and they've repossessed your Bentley. Are you with me? Yeah, well, you gotta kill them. 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.