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 [0:36]

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 1-3-5-7-10. 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.

Mostly Voices [1:07]

And Karen's recommendations are episodes 12,

Mostly Uncle Frank [1:11]

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 [1:45]

But now onward to episode 182. Today on Risk Parity Radio, it's time for our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the portfolios page. Just to give you a preview of that. Joey, you like movies about gladiators.

Mostly Voices [2:07]

Joey, have you ever been in a Turkish prison? But before we get to that, I'm intrigued by this, how you say, emails.

Mostly Uncle Frank [2:22]

And first off, we have an email from Julie T. And Julie T gets to go to the front of the line because she is one of our patrons on Patreon. We few, we happy few. And if you'd like to join that august group, you can do it on the support page at www.riskparityradio.com where you'll find the link there. All the money raised goes to a charity, the Father McKenna Center, which is also linked to on the support page if you want to check that out. Yeah, baby, yeah! And if you are a patron and send me an email I try to make sure I flag them when I get them, but please identify yourself as a patron to make sure that I flag you and put you at the front of the line. Top drawer, really top drawer. And now Julie T writes.

Mostly Mary [3:26]

Hi Frank, now that I'm retired and need to liquidate investments on a regular basis, I'm struggling to find a way to combine portfolio rebalancing with portfolio withdrawals. Is there an easy way to figure out how to withdraw a chunk of cash each month and from which investments? Perhaps you're using a spreadsheet or other online tool that you could share. Thanks, Julie. Well, Julie, you have a few options here.

Mostly Voices [3:51]

Snooze and dream. Dream and snooze. The pleasures are unlimited.

Mostly Uncle Frank [3:59]

First, to the extent that you have investments in a taxable account that are throwing off Dividends and income, you should go ahead and use that first. It's already there in cash, you're already being taxed on it, so you might as well just use it. In that light, I would also turn off any dividend reinvesting you have going on in your taxable accounts. And I actually also have turned it off in all accounts simply because I do not want to inadvertently trigger some kind of wash sale by buying something in one account and selling it in a taxable account. And I think doing that just makes your life easier overall because you really want to be reducing the number of transactions that you're engaging in these accounts when it comes to tax time and for overall portfolio management. Less is more.

Mostly Voices [4:53]

That is the straight stuff, O Funk Master.

Mostly Uncle Frank [4:57]

You actually see an example of this going on in one of our sample portfolios, the All Seasons Portfolio. It had a very large distribution out of the commodities fund last December, and we've been able to just simply use that cash to pay the distributions as we go along, not having to sell anything else. Now, while we could have reinvested that large dividend when we received it, it then would have caused these problems of buying something and then selling it shortly thereafter. And so it's really not worth it in most cases where you're going to be rebalancing the portfolio once a year or in a similar time frame anyway. All right, the next approach is what I call the Merriman approach, named after Paul Merriman because this is what he does with their personal portfolio. And what they do is when they get to rebalancing time for their portfolio, They just chop off a chunk that they are going to be spending in the next year, put it in short-term bonds or a savings account, and then just use that for the next year. So I think they're selling 5% of their portfolio every year for this purpose at Rebalancing Time, although he said recently they're going to move it to 6% because they are getting up there in age and they have a lot of money that needs to be spent. Now this is also the approach we are using with the sample portfolio, the golden ratio. So that portfolio gets rebalanced with 6% cash or cash equivalents in it every year. And then all of the distributions are just taken out of that portion, which is then replenished at the next rebalancing the next year. Now if you want to do this on a monthly basis and you're looking at what should I sell in any given month. The easiest way to do that is to simply do a calculation as if you were going to rebalance at that particular time, figure out what you would be selling if you were going to be rebalancing at that particular time, and then sell that thing and use it for your distribution. This is the way we are managing the sample portfolio, the golden butterfly. and so looking at that this week and what is in it it has 22.3% in Gold GLDM 21.93% in short-term bonds SHY 17.18% in long-term bonds TLT 19.93% in VIOV which is a small cap value fund and 18.52% in VTI the total market Index Fund. Now if we were to rebalance this we would put all of those back to 20% which tells us that if we were just going to take a distribution out of it today we would take it out of the Gold Fund because it's the highest one. Essentially what we are looking for in this mechanism is what is the best performer today since the last rebalancing has occurred. Now this is not an exact science and it really doesn't need to be when you think about how big this monthly distribution is likely to be in relation to your overall portfolio. And since you are rebalancing it periodically, it kind of wipes clean whatever you were doing and you get to start over whenever you get to rebalancing time. And as far as I know, there is no optimal way of doing this, at least one that I've seen tested that also involves periodically rebalancing something, so I wouldn't get too hung up about it and just use whatever seems most convenient for you. Part of it is psychological or personal preference. If you are a person that simply does not want to look at their investments very often, the idea of carving off a chunk each year and using that is going to be much more attractive than having to look at your portfolio every month. and figure out which is the best performer recently. But if you are a person that looks at their portfolio a lot anyway, you just may prefer to do this monthly calculation for your distribution that month. Now all of this tends to get a little bit more complicated when you start talking about, well, which accounts should this come out of? If you've got IRAs and taxable accounts and trying to figure out what the tax consequences of those things are going to be. But that's going to be a completely separate calculation based on your tax status and other income. And there isn't going to be any one best way of handling that because it's so individualized. And lastly, I suppose I should mention there is another kind of simplified way of doing this if you are just using, say, savings accounts on the one side and a taxable account on the other side for distributions. And that is simply to look at that taxable account every month. If it's gone up in the past month, then you look at it and sell something out of it. If the total of the taxable account has gone down in the past month, then you take from your other savings, so on and so forth. So that ends up being kind of a hybrid approach between the two basic ones that I mentioned before. I did not know that. I did not know that. And in a year like this one, you'd probably be drawing down a lot on those savings. Especially if you didn't have any gold. I love gold. Or commodities. So hopefully that helps. It's a very good practical question. The best Jerry, the best. Second off. Second off, we have an email from Geordie.

Mostly Mary [10:50]

And Geordie writes：hi, Frank. I'm a follower of the Simple Path outlined by JL Collins. I'm 70% VTI and 30% IUSB at the moment. However, I'm now exploring the new-to-me concepts of risk parity investing. In practical terms, how would you shift from the Simple Path into a more risk parity style portfolio? Would you add small cap value and some gold and perhaps move from IUSB into TLT? I'm struggling to find a suitable approach without selling since this is mostly in my brokerage account. If it helps, I'm 40 years old and I'm planning to keep adding to the portfolio for about five more years when I should be at FI. Thanks, Geordie.

Mostly Uncle Frank [11:40]

And this is another good portfolio management question. It's talking about transitioning from one portfolio to another.

Mostly Voices [11:47]

You are talking about the nonsensical ravings of a lunatic mind.

Mostly Uncle Frank [11:56]

Now if you have IRAs or 401Ks, obviously the easiest way to manage this and you can manage your entire holdings as one big portfolio is simply to make most or all of your transactions in those tax protected accounts because there are no tax consequences to those transactions. But you have mentioned this is a taxable account we're talking about. So then you do need to think about some of these tax considerations. The easiest and most efficient way to transition from one portfolio to another, particularly if they're going to have some common components, is simply to start buying the things that you don't have yet. That way you're not selling anything. and you can build out another position in your portfolio. And then to the extent that you will need to do some actual transactions where you're replacing one thing for another, the best way to approach that is to replace like with like. So if you're going from a stock fund to another stock fund, that's not a big deal. If you're going from a composite bond fund to another treasury bond fund or something like that, that's not a big deal. With the recent drops in all of these markets, you may actually have an opportunity to do that sooner rather than later simply because if your assets are down and you can tax loss harvest, that's a good time to make these kinds of shifts. And along those lines, you should be able to sell specific lots in your portfolio. If you don't say anything, generally it's going to sell the oldest group of shares that you have, but if you go into your brokerage, you should be able to sell specific lots. So you should be able to sell, for instance, a lot of VTI or IUSB that you bought, say, late last year and is down, and so can be tax laws harvested. So in your case, I would sit down and try to do a little calculation. First of all, figure out what you want your portfolio to look like when you get to retirement. Then figure out what your future contributions are likely to be. So how much of that portfolio can you build through making future contributions to the asset classes you don't have yet. And then that will lead you to what needs to be shifted or changed. And if you don't have any particular tax or other considerations, you may just do that over a period of years, do, it like a form of dollar cost averaging, where instead of averaging into something in particular, you are dollar cost exchanging, if you will, say from VTI to a small cap value fund for part of your portfolio. You're gonna want that cowbell. And from IUSB into TLT for part of your portfolio. And that way you avoid the kind of pain or potential regret you might have if you try to market time these transactions all at once. Although it may be the case depending on your other income that you do want to do some of that all at once, say right after you stop working in the next year and your other income is exceptionally low, then you could potentially be in the 0% long term capital gains bracket and take advantage of that. For most people, most of the time they're going to be in that 15% long-term capital gains tax bracket anyway, whether they are working or not. So that timing of that is not going to matter as much. But as they say, your mileage may vary.

Mostly Voices [15:31]

Down the quarter mile of death in their 7,000 horsepower nitro burning suicide machines. And thank you for that email. Last off.

Mostly Uncle Frank [15:40]

Last off, we have an email from Justin.

Mostly Mary [15:44]

Inconceivable! And Justin writes, Hey Frank, how would you think about adding an asset class to a given portfolio? Whether it is managed futures, farmland, crypto, whatever, what would your evaluative process be? What features would you be looking for? What time frame to backtest would you need to feel confident in including something? Would you dabble in, say, 1% to start? Or would you jump in feet first with a larger allocation? I know you've touched on these topics in earlier episodes, but I think your listeners would benefit, along with me, in hearing your full thoughts on this. Thanks, Justin. All right, a very interesting and broad question. It's actually two questions.

Mostly Voices [16:32]

Since before your son burned hot in space and before your race was born, I have awaited a question.

Mostly Uncle Frank [16:44]

The first question is whether you want to add a particular asset class to your portfolio, and then the second question is how do I go about doing that? So as to the first question, I think you need to go through some form of analysis that basically covers all the parameters of an investment. What I like to use is David Stein's 10 Questions to Master Successful Investing because I think it pretty much covers the entire landscape.

Mostly Voices [17:09]

We use the buddy system. No more flying solo. You need somebody watching your back at all times.

Mostly Uncle Frank [17:20]

And so that's what we've done for a number of investments over the course of this podcast. And if you go and look at the podcast page, there's actually a list of investments we've discussed and go to those episodes and you can hear how we walk through these 10 questions to evaluate these investments. Now, one of those questions, question nine in our analysis is how does this potential new asset fit into our portfolio? And this is often where many assets fail the test. So if, for instance, you were looking at another potential stock fund to add to your portfolio, you would realize, well, I need to make room for that. If I'm going to make room for that, I'm going to have to probably cut back on some other stock fund that's in my portfolio. And would I be better off if I did that? Or is what I have just as good or better than the new thing? And a lot of times you'll just find that the new thing is only slightly different from what you already have and is not really going to improve anything. It's just going to make your portfolio more complicated. In which case you say, well, it's a nice thing, but I don't really need it. And so I'm not going to do that. Forget about it. Now, as you've alluded to, this question becomes much more interesting if you actually don't have something like that in your portfolio, either because you haven't considered it before or it's just something that's relatively new. Now, a few good episodes for examples of this that we've gone through. We talked about Bitcoin back in episode 29. and did this kind of analysis. We talked about a commodities fund called C-O-M in episode 99. And then we talked about a managed futures fund called DBMF in episodes 55 and 57. Now, the broad question you should be asking about all of these new investments or new to you investments is how do I think this is going to perform in all kinds of different economic environments? how is it going to perform in an inflationary environment? How is it going to perform in a deflationary environment comparing, say, like the 1970s to the first decade of this century? And how is it likely to perform in moderate growth or inflation eras like the 80s, 90s and the 20-teens when it was a good market for stock funds generally? And sometimes you can find information to suggest potential performance and sometimes you can't. So just thinking about these three investments we were talking about, with a commodities fund like C.O.M. you know historically that commodities have done well in inflationary environments and when you don't have an inflationary environment they don't do very well and often are flat or lose money. If you've done research into something like a managed futures fund, those have been around for a while. They haven't been investable for mere mortals, but there are new funds now like this DBMF fund. Now, when do those perform well? They also tend to perform well in inflationary environments, but also in deflationary environments or when the US dollar is particularly trending in one direction or another because that tends to affect all kinds of other things that could trend, including foreign currencies and interest rates, as well as commodities and other things like that. And then you look at something like Bitcoin that is brand new and there's little or no way to have determined in the past 10 years how exactly that's going to perform in all kinds of environments because it didn't exist in other kinds of environments. And from that you can determine, do you have confidence as to way this thing is likely to perform? or do you not have confidence as the way it's likely to perform? And that may be a reason you just don't invest in it, at least not right away. That you determine, I really don't know how this is going to perform and I'm just going to sit and watch it for a while, or I'm going to buy a trivial amount of it and see what it does. Because ideally you would see an investment go through all kinds of different economic cycles, which is going to take some years, unfortunately. But we can talk about these three sample investments and what have we learned recently about this? Because we've gone from a kind of Goldilocks nice environment for stock funds into an ugly 70s style inflationary environment recently. And you can see how these various assets have performed and you learn something from that. So for the commodities fund COM, which is kind of a muted form of a regular commodities fund. It has gone up as commodities have gone up. It has performed pretty close to what you would have expected. The same is true with the fund DBMF, that Managed Futures Fund, that particularly with the strong move in the dollar and the sort of things that it's invested in, which are currencies, interest rates, and a few other things, it has done well in a trending environment like we've had recently. And so you would say to yourself, okay, this is the kind of environment I expected this thing to do well in. It is actually doing well in this kind of environment. Therefore, I'm very happy about that and it makes it something that I'm more likely to consider as an addition to my portfolio. And if it didn't perform that well or it didn't perform as you expected, that would be a strike against it. I think Bitcoin has had a problem with that recently because people were saying, well, it's the next gold, or it's like a commodity, or it's just totally different from anything else. But as it's turned out in the past year or so, as it's become more popular and more institutions have been trading it, It tends to trade like a speculative tech stock, which makes it much less useful in a diversified portfolio because you already have things that are doing stuff like that. It just behaves like it's got a lot of leverage. Now, it still is new enough that maybe if you watch it for another few years, it will settle into some other standard behavior in various economic environments. But right now, it's not looking very helpful for a risk parity style portfolio. You can't handle the truth. All right, let's move to the second part of this question, which is, suppose you have decided you do want to add a particular fund or investment to your portfolio. How do you go about doing that? Now, if it is similar to something else in your portfolio, you might just go in there and do the swap and be done with it. And when I say that, I'm not taking into account any tax consequences. So if you were moving from one small cap value fund to a different small cap value fund. I could have used a little more cowbell. You could just go ahead and do that. Now if you're adding something completely new, then there is a question as to how fast you get into it and when you do that. The most natural time to make these sorts of adjustments is during rebalancing because you're buying and selling things anyway. and psychologically, if you limit yourself to only adding a new investment during a rebalancing, you'll reduce your tendency to start monkeying around your portfolio and jumping in and out of things. Because adding a new investment is a big commitment and you want to do it in a measured way because you know you're going to be holding it for a period of years. So there's nothing wrong with just saying, well, I'll just wait and watch that thing. and then think about it again when I get to rebalancing time. Or maybe you just buy a trivial piece of it, which you can do now with no fee trading, and buy $100 worth of something and just watch it. Alright, then the next question becomes, do I go all in on this thing at rebalancing time or whenever I'm adding it to my portfolio? And that may have a lot to do with what percentage of your portfolio you're going to allocate to this. because if it's only one or two or three percent, you might as well just do it all at once. You don't have to do it all at once, but it probably isn't going to make a difference whether you do it all at once or not. If you are segueing to a larger percentage, you might want to follow that idea of dollar cost averaging into something and building it out. So you could set that up as to, you know, adding a percentage every month or quarter, if you wanted to, and or using, say, dividends or excess cash whenever you get that to average into this new investment you're adding. But just be careful with it, because there is a bad behavior that amateur investors use that you really want to avoid when making these kinds of transitions. Danger, Will Robinson, danger. And what that behavior is, is to look at the recent performance of something saying, oh, this looks great. I'm just gonna jump right into that. And they end up essentially buying high. It's a trap. I always say that the best time to make portfolio transitions is actually when your portfolio is at or near an all-time high. Because that way you know what you're selling. You are selling at a high, at least for you, and hopefully perhaps what you're buying has only had a recent average performance and is not at some short-term high. But just be mindful of that, particularly in times like this where a lot of the portfolios are way down. It would be a mistake to just kind of wholesale dump things that haven't been performing well and run off and buy a bunch of commodities funds because they've been performing well. if you engage in that kind of behavior, you're actually going to end up underperforming your investments overall. The ones that you're actually holding, you'll underperform them because you are essentially buying high and selling low.

Mostly Voices [27:43]

Never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear, that's the other guy's problem.

Mostly Uncle Frank [27:50]

So be careful out there with this and do not jump to conclusions. Too quickly or too lightly.

Mostly Voices [28:00]

You see, it would be this mat that you would put on the floor and would have different conclusions written on it that you could jump to. That is the worst idea I've ever heard in my life, Tom. Yes, yes, it's horrible, this idea.

Mostly Uncle Frank [28:21]

And thank you for that email. And now for something completely different. What is that? What is that? What is that? Well, the something completely different is a very unpleasant process of our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com Have you ever seen a grown man naked? It was another horrible week out there in the markets. I guess they say it's the worst week since March 2020, and most of the big stock indexes are actually down over 10% in the past two weeks. And as we know, it's darkest before things go completely black.

Mostly Voices [29:14]

Mass hysteria. A little gallows humor there for you.

Mostly Uncle Frank [29:18]

So looking at the markets last week, the S&P 500 was down 5.79%, the Nasdaq was down 4.78%, gold was only down 1.68%, long-term treasury bonds represented by the fund TLT were actually the big winner or not the big loser last week, they were down 1.49%. although they had some very volatile action around the announcement of the raising of the Fed funds rate. And then we have REITs represented by the fund R-E-E-T. Those were down 4.46%. Commodities represented by the fund PDBC were also down this week. They were down 5.08%, which I think is their worst week for the year, I believe, or close to it. A lot of that was because the price of oil actually dropped about 9% last week mostly on Friday. Just illustrating how unpredictable those markets can be. Preferred shares represented by the fund PFF were down 3.75%. Going to our sample portfolios, the first one is this All Seasons Portfolio, a reference portfolio that only has 30% in stocks in a total stock market fund. 55% in Treasury bonds divided into intermediate and long-term bonds, and then the remaining 15% is in gold and commodities, GLDM and PBDC. It was down a mere 3.02% for the week. It is down 15.87% year to date and is down 4.09% since inception in July 2020. And now moving to our more bread and butter risk parity style portfolios that you might actually hold in retirement or something like them. The first one is the Golden Butterfly. This one's 40% in stocks divided into total stock market fund and a small cap value fund, 40% in bonds divided into short term and long term, and then 20% in gold. It was down 3.52% for the week. It is down a mere 13.27% year to date and is up 8. 07% since inception in July 2020. So all things considered, this one's holding up pretty darn well.

Mostly Voices [31:44]

You are correct, sir, yes!

Mostly Uncle Frank [31:47]

Our next portfolio is the Golden Ratio. This one is 42% in stocks, 26% in long-term treasury bonds, 16% in gold, 10% in REITs and 6% in cash from which we take our distributions. It was down 3.67% for the week. It is down 17.87% year to date and is up 4.62% since inception in July 2020. And the main difference between this one and the last one is that it's got a lot more exposure to the stock market. and a lot less exposure to cash and short-term bonds. And our next portfolio is the Risk Parity Ultimate. It's got 14 funds in it, including some of those commodities funds we talked about. It was down 3.77% for the week. It is down 20.07% year to date and is up 1.46% since inception in July 2020. It's interesting to compare this one to a professionally run risk parity portfolio called RPAR, which is an ETF you can buy. And they have very similar performances this year. RPAR is actually down just a little bit more, 20.3%. We will be tweaking this one a little bit when we rebalance it in July, as it is a proxy for all of these kinds of more complicated or kitchen sink type portfolios that you might construct. Now moving to our experimental portfolios where we run hideous experiments so you don't have to. Look at your face! It looks like an old catcher's mitt! Look away, I'm... I'm hideous. These portfolios all have leverage in them which makes them extremely volatile compared to the other ones. Our first one is the Accelerated Permanence Portfolio, and this one is 27.5% in a leveraged bond fund, TMF, 25% in UPRO, a leveraged stock fund, and it's got 25% in PFF, a preferred shares fund, and 22.5% in gold, GLDM. This one was down 6.23% for the week. It is down 35. 22% year to date and is down 11. 2.19% since inception in July 2020. And so you can see why leverage can become very painful in a market like we have today. Which doesn't happen very often, but it does happen. Last time we've seen things like this are times like a short period in 1994, then you'd have to go back to the late 70s and early 80s, and perhaps 1973 and 1974. But moving on to our most leveraged portfolio and the ugliest performance year to date is the aggressive 5050. This one is 33% in UPRO, a leveraged S&P 500 fund, 33% in TMF, a leveraged bond fund, and the remaining third is divided into PFF Preferred Shares and VGIT, which is just intermediate treasury bonds. This one was down 7.1% for the week and is down 43.39% year to date. Gone from the best performer at the end of last year to the worst performer this year. And it is down 15. 98% since inception in July 2020. This one also has the distinction of being the least diversified portfolio in that it just has stock and bond funds and nothing else. to diversify it, but that is by design to see what it would do. And our last one is the levered golden ratio. This one is 35% in a composite S&P 500 and treasury bond fund called NTSX that is leveraged. It's got 25% in gold, GLDM, 15% in a REIT fund, O, Realty Income Corp, 10% each in a leveraged bond fund, TMF, and a leveraged small cap fund, TNA, and the remaining 5% is divided into a Volatility Fund and a Crypto Fund, GBTC. It is down 5.71% for the week, and is down 23.9% year to date, and is down 20.48% since inception in July 2021. This one is only about a year old, but it's performing remarkably similar to the SP 500 these days. But I think that is enough discussion of the pain for the week.

Mostly Voices [36:39]

I love my My eyes. We'll just check our crystal ball here to see what next week might bring.

Mostly Uncle Frank [36:50]

It's kind of looking at the aura around the ball. See the movement of energy around the outside of the ball. And the crystal ball says, We don't know. What do we know? You don't know. I don't know. Nobody knows. If you want to see a funny picture of me with a crystal ball that I found at the museum at the Oak Ridge Laboratories in Tennessee, you can check that out on the about page of the website.

Mostly Voices [37:18]

That was weird, wild stuff.

Mostly Uncle Frank [37:23]

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 message into the contact form 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, a review. That would be great.

Mostly Voices [37:52]

Mmmkay? Thank you once again for tuning in.

Mostly Uncle Frank [37:55]

This is Frank Vasquez with Risk Parity Radio. Signing off. Stay in formation. Targets just ahead. Targets should be clear if you go in low enough. You will have to decide. You will have to decide. You will have to decide. Stay in formation. Targets just ahead. Targets should be clear if you go in low enough. You will have to decide. You will have to decide.

Mostly Mary [38:24]

You will have to decide. 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.