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 1-3-5-7-9-11-13-15-17-19-21-23-25-27-29-31-33-35-37-39-41-43-45-47-49-51-53-55-57-59-61-63-65-67-69-71-73-75-77-79-81-83-85-87-89-91-93-95-97-99-101-103-105-107-109-111-113-115-117-119-121-123-125-127-129-131-133-135-137-139-141-143-145-147-149-151-153-155-157-159-161-163-165-167-169-171-173-175-177-179-181-183-185 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. Yes! And don't forget that the host of this program is named after a hot dog. That's not an improvement.

Mostly Voices [1:41]

Lighten up, Francis.

Mostly Uncle Frank [1:46]

But now onward to episode 164, of Risk Parity Radio. Today on Risk Parity Radio, it's time for our weekly and monthly portfolio reviews. Of the seven sample portfolios you can find at www.riskparityradio.com, but before we get to that... I'm intrigued by this.

Mostly Voices [2:05]

How you say, emails? And... First off.

Mostly Uncle Frank [2:11]

First off, we have an email from Michelle. Michelle, my belle.

Mostly Mary [2:17]

And Michelle writes, Dear Frank, I'm about 10 years away from retirement and want to eventually adopt a golden ratio portfolio. Would you recommend that I over index on stocks over bonds during the accumulation phase? Thanks, Michelle.

Mostly Uncle Frank [2:34]

And my last and final answer is, maybe. Let me tell you how you should be thinking about this and what the process is to go through. First of all, if you are just accumulating and you've just started or you're not very far along the path, yes, it would be best to have a 100% equity portfolio. And there are many ways to do that. If you want something simple, go half large cap growth and half small cap value. But just about any low-cost, well-diversified, 100% equity portfolio is going to perform 90% plus the same as any other well-diversified low-cost 100% equity portfolio. That is the macro allocation principle, which comes from chapters 18 and 19 of the Book of Jack, Jack Bogle's Common Sense Investing. Now, as you get closer to retirement, then you want to transition to your retirement portfolio. In this case, you're talking about the golden ratio. How do you know when you're getting close? It has nothing to do with your age or timelines. when you say you want to retire, it has everything to do with your expenses, your annual expenses, and how much you have accumulated. So in order to do this, to know what you're doing, you have to evaluate your annual expenses right now. And then for a ballpark estimate, multiply that times 25, and that will give you a decent approximation of what you're shooting for in terms of a accumulation number or F number. So the question then becomes how close are you to that? Because if you're not very close to that in your accumulation, you should stay more in the 100% equities as long as you can stand it and as long as you have a long period of time to go. If you are getting close and you can see yourself just kind of gliding in then it may be time to transition to that retirement style portfolio. So for example, if you knew that you could essentially glide in from now and have enough accumulated in ten years at say a 5% or 6% rate of accumulation for the next ten years, you could transition to that golden ratio portfolio right now. And if you had already accumulated enough money right now, then you could also transition to that golden ratio portfolio right now. This is how you know you've won the game. And this is the first problem that I think people have in retirement planning is they don't know what's enough. They don't know when they have won the game and you've won the game when you're going to get to this five number around the time you want to stop working. But once you have won the game, you can take some of those chips off the table, convert that portion of your assets to your retirement style portfolio. Know it's gonna be there, gonna work for you. And then if you accumulate more money and wanna do other things with it or just spend it, go right ahead. Now, there is another reason to hold a more conservative portfolio in accumulation and it's psychological. If you feel like you would bail or can't sleep because you have too much risk in your portfolio, then you should reduce the risk level by diversifying some. Because the worst thing you can be doing is jumping in and out of markets. You have to have a mindset that whatever portfolio you are going to hold, you are not going to sell it in a downturn. The time to make transitions in portfolios is typically when they are at or near all-time highs. If you do that, you are essentially selling high and buying low. If you panic and sell during your portfolio's downturn, you are selling low and will end up buying high. And that's what it means when we say adjust your portfolio to your risk tolerance. Because whatever you're holding, you have to hold it and be comfortable with it when it's not doing well. Hopefully that helps and thank you for that email.

Mostly Mary [6:43]

Second off, we have an email from Brian and Brian writes, This may be a market timing question, cue audio clip. My name is Sonia. I'm going to be showing you the crystal ball and how to use it or how I use it. But what do you think about TIPS as a safety haven for nominal bonds? I currently have a golden ratio style portfolio and I'm considering moving long-term bonds into TIPS. Thoughts? Thanks for all you do.

Mostly Uncle Frank [7:06]

Oh, Brian. You can't handle the crystal ball.

Mostly Voices [7:10]

Maybe you have not heard some of my episodes on tips.

Mostly Uncle Frank [7:15]

Forget about it. Go back to episode 151 for one of them where we thrashed them soundly again.

Mostly Voices [7:23]

Do you think anybody wants a roundhouse kick to the face while I'm wearing these bad boys?

Mostly Uncle Frank [7:30]

And I have many others if you search the catalog for them. But no, tips are not a substitute for nominal bonds. Forget about it. And you should not be fiddling around with your portfolio based on your ability to predict the future because you don't have one. You don't know. I don't know. Nobody knows. Here is the problem with what you're suggesting. Go back and think about why you have treasury bonds in your portfolio. Why are they there? What are they there for? You had only one job. Are they there for income? No, they're not there for income. Are they there to do well when the stocks are doing well? No, they're not there for that. They're there for one job, really one job. You had only one job.

Mostly Voices [8:11]

And what job is that?

Mostly Uncle Frank [8:16]

It is the job when the stock market actually crashes in a recessionary environment that these things go up. That is their job. That was their job in 2000 when that happened. That was their job in 2008 when that happened. That was their job in 2020 when that happened. You are correct, sir, yes.

Mostly Voices [8:31]

Now, can TIPS perform that job? No, they can't.

Mostly Uncle Frank [8:34]

How do you know that? Go to the Correlation Analyzer over at Portfolio Visualizer, put in TIP, put in TLT, put in BTSAIX or some other stock fund. You'll see that nominal bonds, treasury bonds are negatively correlated with the stock market. And when that negative correlation comes out, the most is in those recessionary stock market crashes. Tips are positively correlated with the stock market. You know what they do when the stock market crashes? Like in 2008? They go down too. They don't go down as much, but in 2008, your TIP fund went down 10%. Now, how would that be if your stock funds go down 40% and your bonds are sitting there and they're supposed to be helping you out and they're also down 10%? Your bonds don't need a safety haven. That's what your other things in your portfolio are for. So you have gold in your portfolio, maybe you have some commodities in your portfolio, maybe you have some small cap value in your portfolio, some rates in your portfolio. All those things are designed and do well in inflationary environments. TIPS don't even do that well. You had only one job.

Mostly Voices [9:39]

I think this past week is a pretty good illustration about how differently

Mostly Uncle Frank [9:43]

TIPS perform than nominal bonds. In the past week, nominal bonds represented by TLT were up 2.83% for the week. TIPS were actually down. TIP was down 1.16% for the week. Long-term TIPS, LTPZ, were essentially flat. They were up 0.38% for the week. But those funds are not a substitute and never will be a substitute for nominal bonds. If you try to use them that way, you are essentially destroying the diversity of your portfolio. You are destroying the diversity of your portfolio. That's not an improvement. Now, if you wanted to put tips somewhere in a golden butterfly portfolio, they would go as a substitute for the short term bonds because all tips do is preserve that portion that they occupy from inflation. They preserve that little piece of cash if you have 10% in tips. Yeah, it'll hedge that 10% of your portfolio against inflation. It's not going to hedge the rest of your portfolio. Don't get any ideas that way. That's not how it works. That's not how any of this works. It's just going to be a little better than cash in that kind of environment. But that is enough tip thrashing for today.

Mostly Mary [11:00]

Shut it up, you. Shut it up, me. And thank you for that email. Okay, everybody, everybody chill. Next off, we have an email from Alan, and Alan writes, Frank, regarding Monte Carlo analysis of retirement funds, how important do you think that consumption smoothing is? Maxify Planner is one tool that is based around this concept.

Mostly Uncle Frank [11:27]

Well, I took a look at Maxi Planner, and the first thing I saw that it is a creation of Lawrence Kotlikoff. who we talked about in episode 153, who is an excellent academic economist, but terrible when it comes to personal finance in terms of the kinds of recommendations he makes.

Mostly Voices [11:45]

I did not know that. I did not know that.

Mostly Uncle Frank [11:48]

He has been coming out with these sorts of planners for at least 15 years now. He had one called ESP Planner back in around 2006. I'm not sure what happened to that one, but this is probably just the latest iteration of that. The problem with these sorts of planners is they're almost too clever by half. He has this idea that if you just have enough data, you're going to be able to model the future with pinpoint accuracy. And that's just not true because the future is uncertain. It's the difference between risk and uncertainty. And if you want to hear more about that from a philosophical point of view, go back to episode 153. As for the use of consumption and smoothing as a methodology for dealing with personal finance. I tend to agree with Jim Dali over at the White Coated Investor who also agrees with Jonathan Clement and Bill Bernstein. This is encapsulated in an article from the White Coated Investor I'll link to in the show notes from December of 2016. The article is entitled Consumption Smoothing is Stupid. Surely you can't be serious. I am serious. And don't call me Shirley. Consumption smoothing is stupid. Stupid is as stupid does, sir. And he gives three reasons for why it's stupid. He says it messes with your mindset. It encourages spending and it's like narcotics. And the third one is consumption smoothing encourages you to borrow too much. Fat, drunk, and stupid is no way to go through life, sir. And here he quotes Bill Bernstein about this. which I think applies very well to Laurence Kotlikoff. And what Bernstein said about it is, academics tout the tide of so-called consumption smoothing, borrowing heavily when you're young, then paying off those debts when you're old, so as to maintain a constant standard of living throughout your life. This is a really, really dumb idea since it ignores habituation. Get used to the Beemer in business class when you're young, and by the time you're middle-aged, you'll need a Bentley in a private jet. My medical colleague and fellow financial author Jim Doly advises newly established doctors to continue to live like a resident for several more years after starting practice. That's good advice for just about everyone else too. Get used to a Motel 6 when you're young, and when you're older and richer, you'll pinch yourself every time you check into a Radisson.

Mostly Voices [14:11]

Yes.

Mostly Uncle Frank [14:15]

Then he quotes Clement, and that is this quote. At issue here is the so-called hedonic treadmill or hedonic adaptation. The notion we aspire to get that next promotion and initially we are thrilled when the promotion comes through, but all too quickly we adapt to our improved circumstances, we take a new job for granted, and soon we're hankering after something else. The process of striving for material improvements and then quickly adapting to those improvements makes it difficult to achieve permanent increases in our level of happiness. and so I agree with that article and those quotes, but I have a more meta reason for disagreeing with the approach because I do not believe that you can plan out your consumption decades in advance. You can estimate it, you're not going to know exactly what it is, you're not going to know exactly what it's on, but to hold the idea in your head that you can come up with a Precise, accurate forecast of something like that many, many years in the future is not realistic and should be left as an academic exercise, not a personal finance planning tool. And there you have it. Last off. Last off we have an email from my contact info.

Mostly Mary [15:39]

And my contact info writes：Frank, your comments in the most recent podcast concerning the insidious aspects of forecasts are, in my humble opinion, outstanding. Attempting to untangle the true motivation of any forecast is essential. And, as you point out, the forecasts are likely disingenuous forms of marketing. Reminds me of the allegory of the cave. Thank you.

Mostly Uncle Frank [16:02]

Well, now, maybe it's time for me to Introduce some of my favorite historical figures.

Mostly Voices [16:06]

We'd like you to meet some of our friends. Yeah, this is Dave Beethoven and Maxine of Arc, Herman the Kid, Bob Genghis Khan, so crates Johnson, Dennis Frued and Abraham Lincoln.

Mostly Uncle Frank [16:31]

But getting to your email, I think a lot of listeners here are probably familiar with the allegory of the cave as told by the philosopher Plato, but I will link to that in the show notes.

Mostly Voices [16:41]

Have you ever heard of Plato, Aristotle, Socrates? Yes. Morons.

Mostly Uncle Frank [16:49]

Really? The very short version of it is Plato said that lots of people were like prisoners trapped in a cave looking at shadows on a wall produced by somebody else and thinking that was reality and that they really didn't understand what reality was until they were able to leave the cave. But the irony of it was that many people just preferred to stay in the cave and never wanted to leave and see the light, if you will.

Mostly Voices [17:20]

The first rule of Fight Club is, you, do not talk about Fight Club. The second rule of Fight Club is, you, do not talk about Fight Club.

Mostly Uncle Frank [17:32]

It's interesting, this is actually one of Jacob Lund Fisker's favorite stories or allegories. And if you don't know who that is, he's the author of a book called Early Retirement Extreme, which is really a philosophy book written by a physicist about consumption. And I do recommend that book because it talks about a different mindset. You do not talk about Fight Club. And even if you are not going to reduce consumption to the level that Jacob has reduced his consumption to, it shows you what is possible when you get outside of the cave, which is how he explains his transition from a working academic to a financially independent individual who pretty much does whatever he wants to. Welcome to Fight Night. As to how this applies again to financial services and personal finance, if you are stuck in the cave, then you are absorbing as gospel what you hear in financial media and marketing promotions and other things put out by the financial services industry. Am I right or am I right or am I right? Right, right, right. and you have to step back and ask yourself why they are saying the things they are saying and whether they are actually true for you or for anyone else. There's a nice quote from Upton Sinclair that applies here. And this quote is, It is difficult to get a man to understand something when his salary depends on his not understanding it. It is difficult to get a man to understand something when his salary depends on his not understanding it. And how that applies is that once somebody is a member of the financial services industry or part of the media, it's very difficult to get them to acknowledge the things that are wrong or bad because those same ideas support their sales and their income. Always be closing. And I saw another example of this just last week. I see these all the time from the financial services industry. This one comes from Think Advisor, my favorite place to find out the nefarious deeds of what's going on there.

Mostly Voices [19:46]

I want you to be nice until it's time to not be nice.

Mostly Uncle Frank [19:51]

Okay, so they interviewed Wade Pfau about what to do about inflation and Wade's a well-known guy who's written a lot of useful things about retirement planning. But Wade also now works for a firm That promotes the sales of annuities.

Mostly Voices [20:07]

Get them to sign on the line which is dotted. And so, what did he say in this interview? I'll link to this in the show notes.

Mostly Uncle Frank [20:14]

He says, Higher inflation requires being more efficient with positioning of assets for retirement expenses. And then he says, Annuities with lifetime income can provide an extra kicker beyond the bond interest alone from your bond portfolio. Now, anyone with an ounce of common sense or a basic understanding of economics knows that an income stream that you are going to receive into the future that is not adjusted for inflation is going to do badly in inflation. It's exactly where you do not want to be. You do not want to be the holder of that pension or annuity if there's a lot of inflation going on and it is not adjusted for inflation. your pension or annuity stream of payments is being inflated away. Companies that sell annuities know this and you won't find a annuity index for inflation. You just won't find one, at least not something that's commonly available. But unfortunately, I see this a lot. You see well-meaning people, very intelligent people who make recommendations that are more based on how they get paid then what makes sense? You need somebody watching your back at all times. And the real kicker is this. I mean, think about it. An annuity is a contract. And so the people that really benefit from inflation are the people that sell annuities because they're getting the money up front. They get the money today when it's worth more and then they pay out dollars tomorrow that are worth less. So their liability gets inflated away. And I've observed that is one of the reasons that insurance companies in particular perform well in inflationary environments. Think about it. They're getting the money today through premiums and other payments. They get it up front. It's worth more today. Their liabilities are tomorrow off in the future sometime. If there's inflation, their liabilities are being inflated away while they still have the money. Yeah, baby, yeah! That's why Berkshire Hathaway is Berkshire Hathaway and does so well, because it's essentially a large insurance company that uses its float in the insurance aspects of it to invest in other businesses and things. So it's no accident that Berkshire Hathaway is at an all-time high right around now, and that many insurance companies, property and casualty insurance companies and life insurance companies are also doing extremely well year to date. The best, Jerry, the best. So the advice should have been not go buy annuities, but go buy insurance companies, because that's how you protect yourself against inflation.

Mostly Voices [22:56]

That is the straight stuff, O'Funkmaster.

Mostly Uncle Frank [23:00]

And don't take any advice you hear from the financial services industry or financial media at face value.

Mostly Voices [23:08]

You know, I got friends of mine who live and die by the actuarial tables and I say, hey, it's all one big crapshoot anywho. Tell me, have you ever heard of single premium life? Because I think that really could be the ticket for you.

Mostly Uncle Frank [23:18]

Because, as Upton Sinclair reminds us, even well-meaning people that are conflicted will say things that are not true or are bad advice because their salary depends on it.

Mostly Voices [23:34]

They're sitting out there waiting to give you their money or you're gonna take it. But thank you for that email. Always gives me another chance for a mini rant. Secondary latent personality displacement. Oh great one, yes sir. And now for something completely different.

Mostly Uncle Frank [23:53]

And the something completely different is our weekly portfolio reviews and monthly distributions for our seven sample portfolios. You can find it at www.riskparityradio.com on the portfolio's page. Ed McMahon, party machine!

Mostly Voices [24:06]

Yes!

Mostly Uncle Frank [24:09]

Just going through the markets for comparison purposes last week, the S&P 500 was up 0.06%, so just about flat. The Nasdaq was up 0.65%. Gold was a loser last week. It was down 1.49%. it is still up year to date. Treasury bonds are one of the big winners, I think the biggest winner. Long-term treasury bonds TLT were up 2.83% on the week. What's interesting about that situation now is the yield curve has inverted, which means that long-term treasury bonds last week went down as far as their interest rate was concerned, so they went up in value. Meanwhile, at the short end of the curve, The interest rates are still rising there. So this was a week where short term bonds and things like TIPS went down in value, whereas long term treasury bonds went up in value. That was weird, wild stuff. Reminding us that all bonds are not the same. So pick the right ones. You had only one job. Moving along, REITs represented by the fund REET were a big winner last week. They were up 2.67%. Commodities represented by PDBC are cooling off. They were down 4.4%. after going up over 5% the week before and preferred shares represented by the fund PFF were up 1.63% for the week. Going to our sample portfolios you'll see they were pretty quiet to happy this week. So the All Seasons are most conservative one, this one's only 30% in stocks, 55% in treasury bonds and the remaining 15% divided into Gold and Commodities, it was up 0.79% for the week. It is down 4.73%, year to date is up 7.89% since inception in July 2020. We are distributing out of this at a rate of 4% annualized, which translates into a distribution to be paid out of $34 for the month of April. We've distributed $702 out of it since inception in July 2020. It started with $10,200, I believe. And this money is coming out of the cash portion that had accumulated from dividends and distributions earlier. Moving along to our three bread and butter portfolios that are similar to a 60/40. Our first one is the Golden Butterfly. This one is 40% in stocks divided into a total market fund and a small cap value fund. 40% in treasury bonds divided into long and short and 20% in gold. It was up a whopping 0.24% for the week. It is down 2.74% year to date. So it's very easy to hold this portfolio. It is up 20.24% since inception in July 2020. We are distributing out of this one at a rate of 5%. which translates into $46 for the month of April. And it can also come out of accumulated cash because there is $46.48 in accumulated cash right now. And so we will have distributed $968 out of this since inception in July 2020 when it started with 10,000. It is now at 11,102. Next one is our golden ratio portfolio. This one's 42% in stock funds. 26% in long-term treasuries, 16% in gold, GLDM, 10% in REITs, that's R-E-E-T, and 6% in cash. It's one of our bigger winners last week, I think due to the REITs. It was up 1.24% for the week. It is down 4.17% year to date. It is up 20.77% since inception in July 2020. We are also distributing out of this at a 5% annualized rate. out of the cash portion of it. And so we're taking $46 from the cash. We have distributed $969 since inception in July 2020 when it started at $10,000. And the balance now sits at $11,154. Our next one is the Risk Parity Ultimate, which is our most diversified portfolio with 14 different funds in it. I will not go through, but it was up 1.06% for the week. It is down 5.59% year to date. It is up 18. 17% since inception in July 2020. We are distributing out of this at a rate of 6% annualized. So we will be taking $54 out of it for April. It will come out of the cash portion that had accumulated. And we have taken out $1140 from this from its inception in July 2020 when it started with 10,000. the balance right now is $10,731. And now we get to our experimental portfolios, the ones with leverage in them that tend to jump around a lot. First one is the Accelerated Permanent Portfolio. This one is 27.5% in a leveraged bond fund, TMF, 25% in UPRO, It's a leveraged stock fund and then 25% in PFF, preferred shares, and 22.5% in gold, GLDM. It was up 1.69% for the week. It is still down 12.81% year to date. It is up 15.32% since inception in July 2020. We will be taking $67 out of it for April. My fat finger distributed it from UPRO when I should have distributed it from gold. But what's done is done, and we will just make up for that by distributing something out of gold the next time UPRO comes up as the one to distribute out of. Gold is actually the best performer in this portfolio this year, not surprisingly.

Mostly Voices [30:15]

I love gold!

Mostly Uncle Frank [30:18]

We have distributed $1,503 out of this since inception in July 2020. We're doing it at a rate of 8%. annualized. You will note that all of these portfolios are being subjected to pretty much abusive kinds of distributions. And the point of that is to show that they are resilient enough to take that kind of abuse. Because you'll never know how tough something is until you test it and see if you can break it. At least that's what I learned in materials science when I was getting my undergraduate degree. Groovy, baby. And our next portfolio is the aggressive 5050. This is the most leveraged and volatile of these portfolios and least diversified. It is 33% in UPRO that leveraged stock fund, 33% in TMF, the leveraged bond fund with the remaining third divided into PFF and VGIT. That's a preferred shares fund and a intermediate treasury bond fund. It was up 2. 62% for the week. It is down 22.6% year to date. It is up 16.27% since inception in July 2020. And you can see how volatile it is at one point late last year it was up almost 40%. We are also distributing out of this one at a rate of 8%. We'll be taking $68. It will come from UPRO for the month of April and we will have distributed $1,543 out of this since inception in July 2020, and it still has a balance of $10,152 having started at $10,000 and gone up as high as about $12,600 near the end of last year. And our last portfolio is the Lever to Golden Ratio. This one is 35% in NTSX. It's a composite leveraged S&P 500 and Treasury Bond Fund, it has 25% in gold, GLDM, 15% in a REIT O, that's Realty Income Corp, 10% each in a leveraged bond fund, TMF, and a leveraged small cap fund, TNA, and then the remaining 5% is divided into a volatility fund, VIXM, and two small cryptocurrency holdings. It was up 1.07% for the week. It is down 7% year to date and is down 3.06% since inception last year in July 2021. It's a year younger than the other portfolios. So we'll be taking our distribution for April, $55, and we'll take it out of GLDM because gold has been the best performer this year. And we will have taken $422 out of this Since July 2021, we are withdrawing from it at a 7% annualized rate. And that concludes our review for the week and the month, and you can see all of that material on the website on the portfolios page at www.riskparityradio.com. 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@riskparityradio.com or you can go to the website www.riskparityradio.com and put your comment into the contact form there and I'll get it that way. If you are interested in additional risk parity materials in a blog or website form, I invite you to go to Risk Parity Chronicles, that's www.riskparitychronicles.com or one of our listeners, Justin, has created a site to assemble such material for your perusal.

Mostly Voices [34:10]

That it is sir, yes.

Mostly Uncle Frank [34:14]

If you haven't had a chance to do it, please go to your favorite podcast provider and like, subscribe, give me some stars or review. That would be great. Okay. Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio, signing off. Rule number one, you do not talk about King of the Mountain.

Mostly Voices [34:38]

First rule of witch club, don't talk about witch club. Welcome to Book Club, Shitara. The first rule of book club is, you do not talk about book club. First rule of dodgeball club, no one talks about dodgeball club. If you can dodge a wrench, you can dodge a ball.

Mostly Mary [34:57]

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.