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 1-3-5-7-8. 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.

Mostly Voices [1:39]

That's not an improvement. Lighten up, Francis.

Mostly Uncle Frank [1:46]

But now onward to episode 200. Episode 200! And what a long strange trip it's been for a couple of years here. The beginning I didn't think I'd get past episode 20.

Mostly Voices [2:04]

Forget about it.

Mostly Uncle Frank [2:08]

But this continues to be an enjoyable pastime for me, especially now that I have a nice little audience of a thousand strong. The best Jerry, the best.

Mostly Voices [2:16]

And lots of good questions to answer. Wow, that was weird, wild stuff.

Mostly Uncle Frank [2:23]

Including some serendipitous emails today that are appropriate of a milestone. Yes! And we'll also have our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the Portfolios page. But before we get to any of that, it occurred to me that perhaps I need to re-record my second intro, the one that talks about background episodes, since I haven't added any new episodes to that since I recorded it over 50 episodes ago. So if you have a favorite episode and would like to tell me what it is, perhaps I can include it in that little New version of the intro. Of course, I will keep the ones that Karen has already identified. So I'm looking for anything new and important that you thought was especially useful. Inconceivable. And you can send that to me in a message or an email. Which episode and why you thought it was important. And now, without further ado, here I go once again with the email. And first off, First off, we have two emails from Justice. Let us realize that the arc of the moral universe is long, but it bends toward justice. And Justice writes in his first email.

Mostly Mary [3:51]

Frank, a couple of years ago, I had heard about Father Rohr's falling upwards, but your recommendation finally got me to listen to the audiobook. It was quite good. And yes, I agree with your assessment of David Brooks' Second Mountain as being slightly inferior. I think David was working through his new Christian faith while writing that book. I wonder if I'm staring down the road towards a midlife crisis. I'm re-listening to both Falling Upwards and Arthur Brooks' Strength to Strength. Even though I'm not religious, they provide deep insight into the next season of life as I slide into my mid-40s. Thanks again, Justice.

Mostly Uncle Frank [4:39]

All right, just to orient everyone here, Justice is referring to another episode where we talked about this just a few episodes ago, episode 196, and then episode 71, where it was first mentioned, and we did link to these books in episode 196, so I will not repeat what I just said there, because you can go back and listen to it. Don't be saucy with me, Bernaise.

Mostly Voices [5:08]

But I do think it is a pretty common experience in our modern world for us to look up sometime between ages 35 and 50 and make some kind of an assessment of what are we doing with ourselves and what should we be doing with ourselves? It's like I picked the wrong week to quit drinking. And if we're going to make some changes, when should we do that? It's like I picked the wrong week to quit amphetamines.

Mostly Uncle Frank [5:16]

And so these sorts of books that we're talking about here are often useful to frame those ideas and questions. They're completely useless if you're too young to read them, and probably not that helpful if you're near the end of your life, although they could be helpful then too, because I like to think that life is kind of like a book of chapters. Do you want a chocolate?

Mostly Voices [5:41]

And that you can write each chapter differently and be

Mostly Uncle Frank [5:45]

doing different things in different chapters. Very few people actually do only one big thing for their career, although oftentimes they're the ones that become the most famous because they're doing this one big thing for their entire career or life. But I think that's the exception rather than the rule, and that there is a kind of survivorship bias implicit in that, because often if you read biographies of famous people, they are famous for that one big thing they did for their entire life or most of their life. These books that Justice mentioned talk a bit about having two chapters, although that book Strength to Strength is a life of multiple chapters. In any event, these things can often help us become unstuck because too often people simply keep doing things because they've done them before and it's too uncomfortable to do something different. One of the foolish consistencies of life.

Mostly Voices [6:46]

He's a hobgoblin of little minds, adored by little statesmen and philosophers and divines.

Mostly Uncle Frank [6:55]

But I'm glad you're getting something out of those books, and thank you for that email. And in his second email, Justice writes, Uncle Frank and Aunt Mary, I just caught up to the present.

Mostly Mary [7:03]

I have one more question as you celebrate two years and hurdle towards 200 episodes. A really big one here, which is huge. What did you learn over the course of this podcast? Did you change your mind concerning anything? Cheers, Justice.

Mostly Uncle Frank [7:21]

And yes, here we are having hurtled all the way to 200 episodes. Make this place a geographical oddity. Two weeks from everywhere. One thing I learned over the course of this podcast is to be flexible. Now, I don't want this pomade. I want Dapper Dan.

Mostly Voices [7:37]

I don't care Dapper Dan, I care Fop. Well, I don't want Fop.

Mostly Uncle Frank [7:42]

I'm a Dapper Dan man. At the beginning, I didn't have any listeners or emails to read, so I had to choose the topics that I thought were most appropriate for the podcast and go with that. Now, I have the luxury of having topics being chose for me by you listeners.

Mostly Voices [8:01]

Top drawer, really top drawer.

Mostly Uncle Frank [8:05]

And so that makes things a bit easier, but hopefully I try to stay on message most of the time here.

Mostly Voices [8:13]

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

Mostly Uncle Frank [8:17]

And my antics aren't too distracting.

Mostly Voices [8:21]

All that noise, noise, noise, noise. But I will reserve the rest of the answer for the next email. You can't handle the dogs and cats living together.

Mostly Uncle Frank [8:34]

Second off. Second off, we have an email from Anderson, and Anderson writes.

Mostly Mary [8:42]

Uncle Frank, what is something in the finance world you have changed your mind about in the past three years, 10 years, 20 plus years?

Mostly Uncle Frank [8:50]

Well, now this is a broad question that we could spend hours on. But I think I can just give you a few nuggets and tidbits. That'll be sufficient. Oh, sure.

Mostly Voices [9:17]

I think I've improved on your methods a bit, too.

Mostly Uncle Frank [9:20]

But the big picture is this：that personal finance and do-it-yourself investing is something that is evolving and changing. And that's true going all the way back to the 1950s and 1960s. And that's why I like to say we had the Stone Age, and then we had the Bronze Age, where we learned about 60-40 portfolios and portfolio construction on a basic level back in the 70s, 80s, and 90s. And then we moved into what I call the Iron Age, which is the age of indexing or index funds to invest with, which took us all the way past 2010 into 2015. And I believe we are into a new age with many more options for do-it-yourself investors through ETFs and no fee trading and fractional shares and those methods. And the theme of this program is that Just because something was best practice 10 years ago or 20 years ago or sometime in the past does not mean that it's necessarily the best practice today. Now that doesn't mean we need to be making all kinds of modifications to what we're doing because this is a slow evolving process. And most of the stuff that comes up new is frankly just noise and not very useful.

Mostly Voices [10:49]

Do you have life insurance, Phil? Because if you do, you could always use a little more, right? I mean, who couldn't?

Mostly Uncle Frank [10:55]

A lot of it is marketing from the financial services industry.

Mostly Voices [10:59]

Always be closing.

Mostly Uncle Frank [11:03]

Or hysteria from the financial media. Rivers and seas boiling. 40 years of darkness, earthquakes, volcanoes, the dead rising from the grave. But we shouldn't just be doing the same thing over and over again. For the purpose of consistency, because that is not a valid reason to do or not to do something, at least not in personal finance. We're not talking about long-term relationships. And so what have I learned along the way? Well, if we go back about 30 years or not quite 30 years, I tried my hand at short-term trading of options and futures contracts in the early 1990s. And what I learned from that is that you can be successful at that if you're very careful, but that it's a lot of work to do properly. I don't think I'd like another job. So once Mary and I's careers got going and we started having children, dogs and cats living together, mass hysteria. It didn't seem to be a very good use of time. because while I was successful at it, I wasn't that successful or any much more successful than people who were just passive investing in mutual funds at the time. And then if we fast forward to around the turn of the century, what I learned then is what many of us learned around that time or shortly after that time, which was that index funds were a superior way to investing compared to managed funds. That was really a huge debate at that time. And especially in the late 1990s, I had these Janus funds, like the Janus 20 fund. And so managed mutual funds were all the rage in the late 1990s when we were having the first tech bubble. And so it was out of that and with the help of the internet that there was a shift to low-cost index investing. And so one of the books that came out of that was Jack Bogle's Common Sense Investing. That book's from 2007, believe it or not. But it's basically a summary of ideas that have been bubbling up for the past decade there. And that's also when the idea of having simple do-it-yourself portfolios really originated or became popular. And so if you go to the portfolios page at portfolio charts that I'll link to in the show notes, it's got all those portfolios listed there. And so you see things like the Coffee House Portfolio, Bernstein's no Brainer Portfolio, the original Merriman Ultimate Bogleheads 3 Fund, all of those sorts of things came out of that era. And those were the first uses of index funds to create various portfolios for do-it-yourself investors. Now about 10 years ago is when I started going down this risk parity Journey into improved methods of diversification of portfolios. Now, hedge fund operators have been using some of those methods since the 1990s, but there was a large body of literature that started to be written about this in white papers and other papers from about 2005 to 2012. A lot of that, if you want to look at it, is stored by our friend Justin over at Risk Parity Chronicles on the resources page. which I'll link to in the show notes. But a lot of that stuff was pretty hard to find back in those days. The internet isn't what it is today in terms of that kind of information. But I did begin to find it back in 2012 or 2011, because it was around that time I realized that we were going to be financially independent sometime in the 20-teens, and I was sort of like, well, What should our portfolio look like going forward? Which led me to start studying this for several years. I am a scientist, not a philosopher. What was also interesting in the time between, say, around 2005 and 2015 was the advent of specialized ETFs. And typically those were used by these large hedge funds and institutional operators. And so, TLT, the long-term treasury bond ETF, was one of the first ones back in, I think, around 2002. The original gold ETF, GLD, came out in 2004. But those were not things that do-it-yourself investors typically got involved with. They really were used by the big hedge funds to manage large diversified portfolios and to be able to get in and out of various asset classes. easily. Then there was kind of a technological breakthrough around 2015 or 2016 when we started seeing free resources capable of doing sophisticated portfolio analysis become available, including portfolio charts and portfolio visualizer. Before that, it was a lot of guesswork as to what was diversified and how well it would work and what proportions you might put it in. And so people started taking old ideas like the permanent portfolio from the 1980s, which was a primitive stab at something like this. It was 25% stocks, 25% long-term treasuries, 25% short-term treasuries, and 25% gold. That, for example, was used to create the Golden Butterfly portfolio by Tyler by massaging that and looking at more data to see what would be better. So over the course of that period, I changed my mind from the 1990s thinking, well, managed mutual funds are the way to go to thinking, well, index funds are the way to go in the 2010s. And then we get into the 2010s and late 2010s and realized, well, we can actually use these exchange traded funds, which have more kind of specialized raw ingredients, if you will, than say a total market index fund and create even better portfolios. Now in the past three years what we've really seen is a paradigm shift in the way we as do-it-yourself investors can operate because we now have no fee trading and fractional shares. So for instance, the whole premise of these sample portfolios that I'm running, that wouldn't make any sense at all before that because they're small amounts of money put into a individual account and then dispersed over a number of funds, oftentimes just a few hundred dollars for each allocation in some of those portfolios. And there's also been this explosion of even more specialty ETFs at even lower cost for the do-it-yourself investor. So that is one of the reasons, for example, that Vanguard got into the ETF business and now has, for instance, a short-term treasury bond ETF, a long-term treasury bond ETF, and an intermediate treasury bond ETF. Those are all recent creations in addition to things like VIoV, which is their version of a smaller and more value-y small cap value fund than the traditional one they had used. And another trend you've seen in ETF world is that funds that used to be only available through financial advisors like the DFA funds are now available to anybody in ETF form. either through DFA or Avantis, which uses the same kinds of methodologies. The other thing that I'm seeing right now is that certain alternative asset classes that were not really viable for do-it-yourself investors are becoming viable through these ETFs. And the prime example of that is some of these newer managed futures ETFs like DBMF that we've discussed many times in the past. And if you want to read more about those concepts or hear more about that, go back to episodes 53 and 55 and 57. But in episodes 53 and 55, we were talking about some literature about what is called the dragon portfolio, which gives you the theory about how we can use even more asset classes to create even more diversified portfolios than the stock and treasury bond and gold portfolios that are kind of the bread and butter of risk parity style portfolios. Now, that being said, there's always a lot of junk out there as well. High priced junk is what I call it. Funds that are kind of filled with either trendy shiny objects or expensive management fees or some unholy combination of things. involving options and futures and things like that. We can put that check in a money market mutual fund, then we'll reinvest the earnings into foreign currency accounts with compounding interest and it's gone. So you do need to separate the wheat from the chaff, but that being said, there are a lot more useful options today. So yes, in the past three years, I've changed my mind about the idea that you could use some of these alternative strategies like managed futures in a do-it-yourself portfolio. I still think things like private equity or long short strategies are not in any form that is useful for a do-it-yourself investor. But maybe they will be in the future. If you want to hear more on these sorts of topics, go back and listen to episodes three and five where we do go through the History of do-it-yourself investing. And thank you for that email. A great email for episode 200, I think. You are correct, sir, yes. Last off, we have an email from Blake. And Blake writes.

Mostly Mary [21:08]

Hi Frank, thanks for introducing me to Risk Parity and to the Portfolio Chart and Portfolio Visualizer tools. I recently retired from an engineering career at the age of 38 in order to pursue a great life with my young family and to write about financial independence, which has been my hobby and obsession throughout my adult life. I have spent countless hours analyzing data on these tools and designed my own model portfolios for various stages on the path to financial independence and retirement. I would love to hear what you think of them. They utilize risk parity principles of asset correlation and the balancing of risk and return. I also put together a white paper describing their performance as compared to several more common portfolios：Total Stock Market, 80/20, 60/40, and Golden Butterfly. I am providing this information to subscribers on my website, but will give you the direct links to the PDFs instead. What do you think about this approach? I'm excited for your feedback.

Mostly Uncle Frank [22:06]

Well Blake, I did take a look at your website and these papers. You've done a lot of good work there and I will link to this in the show notes so other people can check them out. Blake has gone with a mountain theme for the phases of investing for retirement. He starts with Trailhead and Ascent, which is essentially your accumulation phase summit when you've actually become financially independent but perhaps are not ready to give up your day job and then dissent when you're in retirement. This is reminiscent of one of my favorite articles about these concepts or phases, which is an article from Michael Kitces from 2016. It's called the Four Phases of Saving and Investing for Retirement. I'll link to it in the show notes as well. And he divides his four phases into earn, save, grow, and preserve, which are similar but not exactly the same as the four you've come up with. They do overlap. But reading through your materials, what I really liked was your process that you had a process that you were using the tools at Portfolio Charts and Portfolio Visualizer and not just guessing about what would be diversified from something else. Because that's what we had to do prior to like 2015. We don't have to do that anymore. So we should use the best available resources and those are two of them when you're talking about portfolio construction. But let me give you some specific feedback on what you call the descent portfolio. And just so everybody knows what we're talking about, this is a retirement portfolio and he's got 20% large cap blend, 20% small cap value, 16% international, 10% real estate, 10% utilities, 12% long-term bonds and 12% in gold. Now, I would say that's a little bit heavy on the equity side. You've got 76% in stock funds, essentially. Usually a retirement portfolio is somewhere between 40% and 70% in equities. And as part of that equity holding, you've got 36% in international real estate and utilities. I think that's a little bit on the high side for that. And you may also want to have a little bit more differentiation within that. Let me just talk a little bit more about the process I'm thinking here. I think the best process for choosing an equity portfolio, I'm just talking about the equity portion of it, is to use the Fama-French factors. And the two most important there are value versus growth and small versus large. And after that, you get to things like quality and low volatility. I think those have been shown by academics to be the most useful differentiators when you're talking about picking differentiated stock funds. And so for any other thing that you choose, you should also be aware or mindful of where it fits within the Fama French framework. Now one easy way to do that is to use the Morningstar tool. And if you put any fund over there and then look at the portfolio construction, it'll give this little box and show you where it falls on the graph of small versus large and growth versus value. And so for instance, if you take a total international stock index like VXUS and throw it in there, you'll see that that is a essentially large cap value leaning fund. And that's its most important characteristic, not the fact that it has companies that are headquartered in other countries. Utilities are going to be mid to large cap value. REITs are going to be right in the middle of the box there, mid cap right between growth and value, which actually makes sense because REITs are a weird category in that they are not actually a sector, they are a form of company. And so some REITs are real estate and some of them are other things like timber or financial companies or cell towers and data storage. I think our most recent lengthy discussion of REITs was back in episode 173 and you might want to Take a listen to that. So in terms of process, I would take all of your funds or things you might think you want to invest in and consider them in the rubric of small and large value and growth. Figure out what mix of that you want to have and then make sure your funds, regardless of what they're called, match up to that overall allocation.

Mostly Voices [26:59]

Before we're done here, Y'all be wearing gold-plated diapers.

Mostly Uncle Frank [27:07]

And so for instance, on the international side, you're better off not using some total international stock fund. You're better off going and finding an emerging market fund, a small cap value international fund, or something that's very specialized like Chinese A-shares that is extremely well diversified from your US funds. For REITs or real estate, you're better off not using a cap-weighted REIT fund, but choosing individual REITs that complement the rest of what's in your portfolio. Utilities, you probably can just use a basic utility fund, but count it as part of your value allocation. That's how you should be looking at that. So what I tend to start with, and what seems to work very well, is start with a large cap growth fund. and a small cap value fund. You're going to want that cowbell. And then decide what else you want to add based on how well it works in particular with those as your base. And finally, the other comment or observation I have is that with these tools, it is often easy to over optimize portfolios and there is a danger with them. And because the data set is often limited to say the last 25 years, or even less in many circumstances, you may be optimizing a portfolio for only a couple of decades. One of the ways to get around that is to try and remodel it or re-imagine it in broader asset classes that you have data for back in the 1970s, which is a critical period to test for any portfolio. And the way you do that is by looking at, well, what is this the most like? from the other era for which you have data. Is this like a mid-cap growth fund? Is this like a small cap blend fund? And then also run those tests for those other kinds of periods as best you can. Because I think in particular the period from the end of the great financial crisis to around 2020 is very unrepresentative of what usually goes on in financial markets, which is a lot more volatility and equities usually just don't perform as well as they did in that particular period. And that is also why certain alternatives like gold or managed futures or commodities don't look very good if you do recent back tests of them, because they had a terrible decade. But in other decades and other circumstances, some of which are occurring right now, they do perform the job they are designed to perform. You had only one job. Which is to be a neutral or positive anchor when both stocks and bonds are performing poorly. As you saw in the 1970s and as you're seeing in 2022. I just stare at my desk, but it looks like I'm working. The kind of data that we're actually generating right now is going to make these sorts of portfolio construction analyses Even more robust in the future because you do have that substantial differentiation which you didn't have from, say, 2010 to 2020. But hopefully all of that helps a little bit. And thank you for your email and showing us your website and work. Class is dismissed. And now for something completely different.

Mostly Voices [30:45]

What is that? What is that? What is that?

Mostly Uncle Frank [30:48]

Well, it won't be the bees, but it'll be close to it. It's our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the portfolios page. And it was pretty ugly last week. But before we even get to that, our promotional announcement. As you know, we do not have sponsors here, but we do have a charity. It's called the Father McKenna Center. It serves homeless and hungry people in Washington, D.C. And we are having an event on September 10th called Walk for McKenna to raise money for the center. And I will link to it in the show notes. But if you'd like to come out and walk, donate a little money, meet me in the flesh, you'd be very welcome to do so. And I hope if you're in this area, Washington DC that you will take advantage of that opportunity. Party machine! Yes! But now getting to these awful markets that really just kind of reverse themselves for one week after having about a month of good performances. But anyway, looking at the markets themselves, the S&P 500 was down 1.21% last week. The NASDAQ was down 2.62% for the week. We were not loving gold last week.

Mostly Voices [32:03]

I think you've made your point, Goldfinger. Thank you for the demonstration. It was down 3.

Mostly Uncle Frank [32:08]

19% for the week. Long-term treasury bonds represented by the fund TLT were down 2.17% for the week. REITs represented by the fund R-EET were down 2.87% for the week. Commodities represented by the fund PBDC were down only 0.51% for the week. And preferred shares represented by the fund PFF were down at 2.08% for the week. We're adding in a new tracking fund for episode 200 going forward. Managed futures represented by the fund DBMF were up last week. They were the only thing that was up in this list. They were up 2.68% for the week, largely on the strength, I believe, of the dollar. Because I believe that fund right now is some combination of long dollar and short other currencies, which is also usually the case when you see everything doing poorly. Go look and see what the dollar is doing that week. The dollar is actually getting back to 20-year highs again. What does that mean for the future? We don't know.

Mostly Voices [33:12]

What do we know? You don't know. I don't know. Nobody knows.

Mostly Uncle Frank [33:17]

But anyway, getting to these sample portfolios, first one's the all seasons, this one's 30% in a total stock market fund, VTI, 55% in intermediate and long-term treasury bonds, and then the remaining 15% divided into gold and commodities. It was down 1.66% for the week. It is down 12.74% year to date and is down 0.73% since inception in July 2014. 2020 and that is just a reference portfolio. Now going to our three bread and butter portfolios. The first one is the Golden Butterfly. This one is 40% in stocks divided into total stock market fund and small cap value. 40% in treasury bonds divided into long and short and 20% in gold. It was down 1.62% for the week. It is down 9.25% year to date and is up 12.71% since inception in July 2020. Still cruising along. Next one is the Golden Ratio. This one is 42% in stock funds, 26% in long-term treasuries, 16% in gold, 10% in REITs, and 6% in cash. It was down 1.84% for the week. It is down 12.54% year to date. It is up 10.90% since inception in July 2020. Moving to the next one, the Risk Parity Ultimate. This one has 15 funds in it that I will not go through. It did have some DBMF in it. Still didn't help it enough. It was down 2.31% for the week. It was down 15.99% year to date and is up 6.16% since inception in July 2020. This one does have a couple of leveraged funds in it. So ends up performing as if it was 120% or 1.2 to 1 compared to other portfolios. And now going to our hideous experimental portfolios which involve levered funds. Well, I say he does have to shoot me now. So shoot me now. And so they have the alternating joys and horrors of excessive volatility. Shoot them now, shoot them now. The first one is the Accelerated Permanent Portfolio. This one is 27.5% in a leveraged bond fund, TMF, 25% in a leveraged stock fund, UPRO, 25% in a preferred shares fund, PFF, and 22.5% in gold, GLDM. It was down 3.76% for the week. It's down 29.17% year to date and is down 3.97% since inception in July 2020. The next one is our least diversified and most levered portfolio, the aggressive 5050. It is one third in a leveraged stock fund, UPRO, one third in a leveraged bond fund, TMF, and the remaining third divided into a preferred shares fund and an intermediate treasury bond fund as ballast. It was down 3.63% for the week. It's down 35.76% year to date. Yuck. Shoot him now, shoot him now.

Mostly Voices [36:35]

And is down 6.42% since inception in July 2020.

Mostly Uncle Frank [36:41]

Prior to 2022, it was easily the best performer of all of these, and now is the worst performer. That's what leverage will do to you. And now going to our seventh portfolio, a more moderately leveraged thing, the Levered Golden Ratio. This one 35% in a composite stock and treasury bond fund called NTSX, 25% in gold, GLDM, 15% in a REIT O, Realty Income Corp, 10% each in a levered stock fund, small cap fund, TNA, and a levered Long-term Treasury Bond Fund, TMF, and then the remaining 5% is divided into a volatility fund, VIXM, and a Bitcoin fund, GBTC. It was down 3.27% for the week. It is down 16.47% year to date and is down 11.85% since inception in July 2021. It's a year younger than the other ones. And so just when you think it's all sunshine and roses out there, we have a bad week for just about everything. I beg your pardon. I never promised you a rose garden along with the sunshine. There's gotta be a little rain sometime. I heard the media blame options expiration for what happened on Friday. Forget about it. I think it was aliens. Yes, definitely aliens. You can't handle the truth. 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. www.riskparityradio.com that email is frank@riskparityradio.com or you can go to the website www.riskparityradio. com and fill out the contact form and I'll get your message that way if you haven't had a chance to do it please go to your favorite podcast provider and like subscribe give me some stars a review that would be great okay Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio. Signing off. I don't want to shout it out. I don't want my hair to fall out. I don't want to be filled with doubt.

Mostly Voices [39:09]

I don't want to be a good boy scout. I don't want to have to learn to count. I don't want to have the biggest mouth. I don't want to grow up.

Mostly Mary [40:10]

When I see the five o'clock news, I don't wanna go up, they call their hand and shine their shoes, I don't wanna go up, stay around my old hometown, I don't wanna put no money down, I don't wanna get me a big old loan, work them fingers to the bone, I don't wanna work 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.