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. Yeah, baby, yeah!

Mostly Voices [0:51]

And the basic foundational episodes are episodes 1, 3,

Mostly Uncle Frank [0:55]

5, 7, and 9. Some of our listeners, including Karen and Chris, have identified additional episodes that you may consider foundational. And those are episodes 12, 14, 16, 19, 21, 56, 82, and 184. And you probably should check those out too because we have the The finest podcast audience available. Top drawer, really top drawer. Along with a host named after a hot dog. Lighten up, Francis. But now onward to episode 245.

Mostly Voices [1:41]

Today on Risk Parity Radio, it's time for the grand unveiling of money.

Mostly Uncle Frank [1:50]

Which means that we'll be doing our weekly and monthly portfolio reviews of the seven sample portfolios you can find at www.riskparriarradio.com on the portfolios page. Boring.

Mostly Voices [2:01]

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

Mostly Uncle Frank [2:09]

And first off, we have an email from Anonymous.

Mostly Voices [2:16]

I have no name. Well, that right there may be the reason you've had difficulty finding gainful employment.

Mostly Mary [2:29]

And anonymous writes：hi Frank, thank you for the podcast and teaching risk parity portfolios. I have some questions about retirement strategy and the location of gold. I know you get this question a lot. Here it goes again, but with a different twist. Don't be saucy with me Bernice. Where to put your ETFs like gold when your locations are limited. We are working on increasing our savings in our taxable accounts. We are focusing on risk parity since we are interested in each account doing something different for our needs. Each account has a mix of stock, bond, gold, and REITs. One of these accounts is to fund our retirement while we do a drawdown strategy years from now from our retirement accounts. Our plans have changed and we are still in the accumulation phase while we are adjusting for retirement in the future. We know it will take time to adjust, and while we can, we are doing it slowly. Buy low and sell high. That's what I'm talking about. We also didn't contribute in our younger years to Roth like we should have. We did more contributions to 401k to get the match and max out those accounts. In hindsight, we should have contributed more to Roth before maxing our 401ks. We also like the decrease in taxes with those contributions. However, our accounts have grown well tax-free. You have mentioned before that gold can only be purchased in ETFs. I recently changed jobs and moved to a better company with a self-brokerage account attached to their 401k. But after reading the fine print, only mutual funds and index funds are allowed. This would have been an ideal place for gold. I do have the option to purchase just about any mutual fund or index fund like bond funds and REITs. There are higher fees if I go with a different strategy and invest in other mutual funds, which is always an option. Our portfolio is built mostly with 401 s, a traditional IRA from my previous working years, taxable account, and two small Roth accounts. Our 401 s are simple index funds, long-term treasury bonds, and REITs. My traditional IRA has a mix of index funds, long-term treasury bonds, and gold. Our Roth IRAs are mostly REITs and index funds. I'm leaning on moving it to mostly gold. Good news or bad news, we don't qualify for Roth contributions anymore. However, my spouse can do a backdoor Roth. I can't since I have a traditional IRA. What to do? I can transfer my traditional IRA to my employer 401 plan. Why do this? Pro, I can do the backdoor Roth contributions while I am still working. Get that account to grow. I can contribute that to gold. Continue to buy gold in our taxable account too, and it will be heavy in gold. Transferring the account is messy, but doable. It reduces our current gold a lot. Since this is a larger account in our portfolio, this would move that into index funds, bonds, and REIT funds in the 401k. Keep it the same. I won't have the option to do a backdoor Roth, and my Roth will stay small in my portfolio. I keep doing what I'm doing with the traditional IRA and keep investing in gold and rebalancing when dividends come in. My traditional IRA account and taxable account will be heavy on gold as time goes by. Is that okay? Thoughts? Thank you so much for your thoughts and suggestions.

Mostly Voices [6:01]

You seek a great fortune, you three who are now in chains. You will find a fortune. Do it would not be the fortune you seek.

Mostly Uncle Frank [6:13]

Well, I suppose the short answer to your question is that I would not let this golden tail wag your investment dog. So I would prioritize the other actions that you were talking about in terms of what makes the most sense for organizing your accounts and transfers that you need to make to make that work. And the reasons this usually doesn't end up being too big a deal are twofold. First, I'm not sure how much gold you're going to have. I wouldn't recommend over allocating to gold because it is a defensive asset and its purpose is only to create a little bit more stability in your portfolio for your drawdown phase. So you didn't say where you were in that process, but if you're still in your accumulation phase, I really would not focus on accumulating gold and only start accumulating that or transferring into that when you get closer to your drawdown phase. And the second point is because it's a defensive asset, you shouldn't expect it to move a whole lot in terms of generating returns or having lots of taxes to pay on selling it. Particularly if you can choose your tax lots later, the chances are you'll be able to minimize taxes that you pay on this if it's in a taxable account. And it is sometimes nice to have an asset that essentially does nothing. Sometimes nothing can be a real cool hand. Because as we saw last year, gold went up earlier in the year, then it went down, and then it came back to flat. But it was a good year if you were living off a portfolio to be selling some gold at various points in the year, because it was doing a lot better than most other things.

Mostly Voices [7:56]

Looks like I picked the wrong week to quit amphetamines.

Mostly Uncle Frank [8:00]

So really the upshot is you can put this anywhere that it seems to fit, although using Roth space for it, it's probably not an optimal idea because you want the Roth space to be allocated to the assets that are likely to grow the most over time, which tend to be stock funds. So it usually ends up being in the traditional IRA or in the taxable account. depending on how much room you have in those and what else you have, because there needs to be room in your IRA for those things that are paying ordinary income kind of dividends. And there are a lot more of those things these days because interest rates are much higher. The other thing you should recognize is that it is relatively easy to swap assets between these accounts. You just need to be careful about wash sales. But our friend Justin over at Risk Parity Chronicles did put together a nice video about asset swaps in between retirement and taxable accounts. I will link to that on the show notes. I would check that out. Because what that tells you is just because you put an asset somewhere today doesn't mean it needs to stay there forever. There's a way of essentially moving it from one account to another through selling in one and buying in another. And as an aside, Justin has put together some nice videos explaining how to do some things and use some tools on his YouTube channel there, which I'll also link to in the show notes. There's a nice one that talks about this tool over at Portfolio Visualizer for looking up funds that have the largest factor exposures to one particular factor or another. And we had talked about this a lot with Alexei's obsession with momentum factors. But Justin did go and put together a video showing you how to use that tool, which I think is very instructive for those people who are interested in such things. Take it easy, dude. Oh, yeah. But getting back to your email, just one other point, which is, can Gold be purchased in things other than ETFs? The answer is yes, it can. Unfortunately, the mutual funds that own gold tend to be expensive and not very well constructed, so I would tend to avoid them. You could also buy physical gold, but to me, the whole physical gold thing is just another big racket.

Mostly Voices [10:34]

Always be closing. Always be closing.

Mostly Uncle Frank [10:39]

and the people that advocate for that are usually making money off of it, whether they are selling the physical metal itself, selling ways to store it, selling IRAs, special IRAs to put it in, or just writing books or newsletters to sell with apocalyptic stories in them. And all of those people work together kind of incestuously. You see them refer to each other all the time. and advertise in each other's stuff all the time and appear on each other's shows.

Mostly Voices [11:11]

Because only one thing counts in this life. Get them to sign on the line which is dotted. So I do view that as another personal finance racket to be avoided.

Mostly Uncle Frank [11:22]

You need somebody watching your back at all times. And what confirms that to me is that hedge funds and professionals investing in gold do not invest in physical gold for the most part, unless they're making money off of that activity. They're sitting out there waiting to give you their money, or you're going to take it. What they will invest in are the ETFs, futures contracts, and companies that mine gold. And so those are the best practices, and we ought to follow them now that we can as do-it-yourself investors in this golden age of investing, where you have nice ETFs with Expense fees of only 0.1 for a gold fund like GLDM. That is the straight stuff, O'Funkmaster. So hopefully some of that helps. And it does seem to me that it looks like you're more in your accumulation phase still, so maybe you don't even really need to be shifting into gold quite yet. That can be one of the last things that you do before you embark off on some kind of drawing down on your portfolio. And thank you for your email.

Mostly Voices [12:32]

I cannot tell you how long this road shall be, but fear not the obstacles in your path for feet has vouchsafe your reward. Do the rude me wine. Ye, you hush, grow weary. Still shall ye follow the wind. Even unto your salvation.

Mostly Uncle Frank [13:12]

Second off, we have an email from Jeffrey.

Mostly Mary [13:17]

And Jeffrey writes, Frank, two questions for your illuminating podcast.

Mostly Voices [13:21]

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

Mostly Mary [13:28]

You have always seemed to be against holding cash or a short-term Treasury ETF in a risk parity portfolio because it drags on performance. However, that is coming off of 10 years of 0% returns on cash. Does your opinion change if we are facing multiple years of 5% plus interest rates? In the early episodes of your podcast, you said that studies show that the majority of your return is based on your asset allocation and not on the specific funds you choose. I noticed that most risk parity portfolios tend to stick with allocations that are pretty similar. Most have 30 to 40% in stocks, 5 to 15% in gold, etc. How did those allocations come to be the standard for most risk parity portfolios? Thanks, Jeffrey. Interesting questions. Alright, the first one, actually I'm not against holding short-term bonds in these kind of portfolios.

Mostly Uncle Frank [14:20]

And in fact, if you look at the sample portfolios, you'll see, for example, the most conservative one that we would recommend, the Golden Butterfly, is 20% of its funds allocated to a short-term bond fund. I think that's the max that you would probably want because your performance over long periods of time does seem to deteriorate when that number is over 10%, but it does feel a lot better in times like these, I suppose. Now, as to whether my opinion changes if we were facing multiple years of 5% plus interest rates, and the answer is no, it doesn't, because these portfolios are designed to perform well in those kinds of environments too. If you look at the period between 1970 and 1990, pretty much interest rates were over 5% for almost all of that time. But the performance does look and feel different. And that's because if you are managing your portfolio properly, you are actually buying more long-term bonds as interest rates rise, taking advantage of the higher interest rate there. And then eventually it's going to fall because it doesn't stay up forever. And that was the experience people had in the early 1980s when interest rates peaked then. And what was funny about that is everybody was putting all their money into short-term bonds and money markets then because those rates were nearly 20%, whereas the long-term bonds were only paying about 14% at the peak there. And nobody really wanted to buy them. But then 10 or 20 years later, people looked back and said, Oh, wow, if we would have just bought these long-term bonds when they were at their peak interest rate, we'd be cruising on Easy Street. Because the thing about long-term bonds is the interest rates change slowly as they roll over, but once they peak up, they don't come down that fast either. So you basically get the tailwind all the way down after suffering the headwind all the way up. So the best advice is to stay the course and not get too wound up about what short term rates are this year or next year because that can change drastically in a very short period of time. Now on the other end, what's nice about having a short term bond fund in this kind of environment is it does tend to keep up with inflation because it rolls over very quickly as interest rates rise and takes advantage of the higher interest rate as it goes. The only problem with that is it doesn't last when the interest rates eventually come down. Now, your second question gets to both theory and practice. All right, let's talk about theoretical risk parity portfolios. These are what we talked about way back in episodes three and five and seven, really. And I will link to an article from the CFA Institute, a chapter in their manual about risk parity style portfolios. So the theory there was to balance out your different assets by the amount of intrinsic risk they had into them. What that does is it creates a portfolio that has lots and lots of bonds in it, basically. And then the idea there, the original idea was then to put leverage into it to get a better return profile. And so we have a portfolio, a reference portfolio like that, the All Seasons one we talk about, that is a traditional by the book theoretical risk parity style portfolio. based on Tony Robbins interview of Ray Dalio. So that's the theory. Now, in practice, people are not going to be putting leverage in their portfolios for the most part. So in order to get a portfolio that has a higher overall rate of return, you do need to add more stocks in there. And what you end up with is something that looks more like traditional retirement portfolios, but with more assets in them and more diversified assets in them. Because what we are really trying to do is maximize a projected safe withdrawal rate. Now going back to Bengen, he did determine that the kind of sweet spot for equity allocations for that kind of portfolio is somewhere between 40 and 70% in equities and other people like Wade Pfau have confirmed that over the past 30 years. So if you're just looking for a basic rule of thumb to construct a retirement portfolio, that's what you ought to be thinking about, 40 to 70% in equities. The sweet spot for the allocation to gold is something that comes from both theory and what we talked about in episodes 12 and 40 in particular. Episode 40 talks about a 100-year study that Carsten Jeschke did as part of his safe withdrawal rate series. It's number 34 in that series where he basically determined that adding 10 to 15% in gold in a kind of standard stock bond portfolio did tend to improve its safe withdrawal rate characteristics. And so that's also kind of a basic rule of thumb if you're looking for one. I would say though that beyond rules of thumb, you do need to look at what's in the portfolio overall. Because rules of thumb are starting points, not ending points. Okay, okay, okay, everybody, everybody chill.

Mostly Voices [19:45]

And I suppose one other point or note on this.

Mostly Uncle Frank [19:49]

Two or three months ago, Justin of Risk Parity Chronicles and I were able to have a nice Zoom call with Alex Shahidi, who had contacted me. And he is the person that wrote a recent book about risk parity and also runs two funds, RPAR and UPAR, which are more of the traditional theoretical risk parity portfolios where you have a high allocation to bonds and then some leverage in the portfolio to improve its return profile. And so those look like more complex versions of that all seasons portfolio with some leverage in it. But we did talk about RPAR back in episode 31 and periodically if you are interested in checking those sorts of things out. I think what we do here is probably a better approach for do-it-yourself investors trying to construct retirement portfolios. Hopefully that helps and thank you for that email. Last off, we have an email from Anderson.

Mostly Mary [21:04]

Ann Anderson writes, Uncle Frank, long-term treasuries have been a real disappointment in the last year. At least I'm learning and coming to a better understanding of how different environments affect different asset classes. It has been talked about here that long-term treasuries are not always dependent on interest rates, but not the case this past year. Is there a possibility that long-term treasuries can return to pre-2022 highs Even if the interest rates do not go back down. Is there any past evidence of this? P.S. A much more important question. Where does Sonja's crystal ball sound bite come from? That is the only one I can't place out of all of your sound bites. Thanks.

Mostly Voices [21:45]

My name's Sonja. I'm gonna be showing you the crystal ball and how to use it or how I use it.

Mostly Uncle Frank [21:53]

Well, we'll start with your less important question and then move to the real important one. that everybody, I'm sure, has been waiting to know the answer to. Yes! So, let's talk about those treasury bonds first. As I've said in some past episodes, last year was a very unusual event that occurs about once every 40 years, where the Federal Reserve is aggressively raising interest rates. And history shows it does end at some point, usually because it causes a recession at some point. Problem is you can't really predict when that's going to occur. And because you can't really predict when it's going to occur, your best practice is to simply use your rebalancing rules and be buying more of the thing on the way up, or I should say, when the nominal value of the bonds is low and the interest rates are high, because you're just buying low and selling high. And once you do that, you do lock in that higher interest rate for a very long period of time, whether it's 10 or 30 years. So while it's painful when it's going on long term, it does behoove you to stay the course with your long term treasury bonds. But you can also see how long and short term treasury bonds perform differently over the past year because short term treasury bonds went from essentially zero to now over 5% in interest rates, whereas the long term ones went from about two to about four, or not quite four right now. And that's why you have this severely inverted yield curve because the overall market still believes that long-term interest rates are going to be lower than they are today. Now, if long-term interest rates were dependent primarily on the Fed, what you would have seen is that the entire curve would have moved up and the interest rate for long-term bonds would be right now about seven or 8% instead of three or 4%. But that's not how it works. That's not how it works.

Mostly Voices [23:54]

That's not how any of this works.

Mostly Uncle Frank [23:57]

And if you're looking for the past evidence of how this does work, what happens is the Fed will raise rates until something breaks, which generally means an actual recession and a downturn in at least part of the stock market. And then following that, the Fed starts reducing interest rates and all the bonds increase in nominal value, particularly on the long end. So the primary kind of movement or action you see in bonds generally is not either up or down, but up and down as the economic cycles work through the economy. So the answer is no, I do not know how high interest rates will go this round, but history suggests that they will not stay there forever and they will decline at some point again. And so this should really only be a concern if you're a very short-term investor. who is trying to speculate on bonds and jump up and down the yield curve to make money. I would suggest that you not try to do that. Forget about it.

Mostly Voices [24:59]

Because it is just a form of market timing.

Mostly Uncle Frank [25:02]

Forget about it. Now moving to your important question about Sonya's crystal ball. A crystal ball can help you. It can guide you. This actually just comes from a YouTube video that Sonya put out about crystal balls and how to use them. Now the crystal ball has been used since ancient times. It's used for scrying, healing and meditation. It's about a 10 minute video. I will link to it in the show notes so you can check it out to your heart's content and maybe you too will want to acquire a set.

Mostly Voices [25:42]

As you can see, I've got several here, a really big one here, which is huge. This is the one that I tend to use more often. I have a calcite ball and I have a black obsidian one here.

Mostly Uncle Frank [25:59]

And thank you for that email. Now we're going to do something extremely fun. And the extremely fun thing we get to do is our weekly and monthly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the portfolios page. And having survived February, it looks like March is already becoming a better month. Just looking at the markets last week, the S&P 500 was up 1.9%. The NASDAQ was up 2.58%. Small cap value represented by the fund VIOV was up 2.27%. Gold was up too. I love gold. Gold was one of the big winners. It was up 2.37% for the week. Long-term treasury bonds represented by the fund VGIT didn't do very much. They were up 0.61% for the week. REITs represented by the fund R E E T were up 1.01% for the week. Commodities were the big winner last week. Our representative fund, PDBC was up 3.67% for the week. Preferred shares were one of the only things that were down. Our representative fund PFF was down slightly, down 0.18% for the week. And finally, our managed futures fund, Exemplar DVMF was up 0.21% for the week. Now going through these sample portfolios, First one is this All Seasons, which I said is a reference portfolio that represents a traditional risk parity portfolio on a theoretical basis. And this one has 30% in stocks in a total stock market fund, 55% in treasury bonds and intermediate and long term, and then the remaining 15% divided into gold and commodities. It was up 1.28% for the week. It was up 2.87% year to date and down 5.42% since inception in July 2020. So for March we are distributing out of this at a 4% annualized rate. So we'll be taking $29 out of it. It'll come from the cash that has been accumulating from dividends and other things. That will be $87 year to date and $1061 since inception in July 2020. Now, moving to these three bread and butter kind of portfolios, first one is this golden butterfly. This one's 40% in stocks divided into a total stock market fund and a small cap value fund, 40% in bonds divided into long and short, and 20% in gold. It was up 1.46% for the week. It is up 4.55% year to date and up 12.1% since inception in July 2020. We are withdrawing from this one at a 5% annualized rate, which means we'll be taking $41 out of it for March. That will come from the small cap value fund, VIOV, which has been the best performer recently. We will have taken $123 year to date and $1,421 since inception in July 2020. And all these portfolios started with about $10,000 in them. Next one is the Golden Ratio. This one's 42% in stocks and three funds, 26% in long-term treasury bonds, 16% in gold, 10% in a rate fund, R-E-E-T, and 6% in a money market fund, which is actually generating some interest these days, over 4% I believe. It was up 1.54% for the week. It was up 4.62% year to date and up 7.25% since inception in July 2020. We're distributing out of this one also at a 5% annualized rate, so that'll be $39. And this one comes out of the Money Market Fund or Cash every month because that's how it's set up. And we just refill that at annual rebalancing time. That will be $117 year to date and $1,402 since inception in July 2020. Next one is this Risk Parity Ultimate. It's got 15 funds in it. I won't go through all of them. It was up 1.7% last week. It was up 5.17% year to date and down 0.6% since inception in July 2020. We are withdrawing out of this one at a 6% annualized rate just to put it through its paces. So that'll be $42 for March and it will come out of accumulated cash from dividends and other payments. That will be $127 year to date and $1,623 since inception in July 2020. Now moving to these experimental portfolios with the leveraged funds in them, which are always a bit scary to look at.

Mostly Voices [30:51]

We got a scary 140 this week.

Mostly Uncle Frank [30:57]

First one is the accelerated permanent portfolio. This one is 27.5% in a leveraged bond fund, TMF, 25% in a leveraged stock fund, UPRO, 25% in PFF, that's a preferred shares fund, and 22.5% in Gold GLDM. It was up 2.6% for the week. It was up 6.9% year to date, but down 18.52% since inception in July 2020. It moves very quickly when it moves. We will be distributing $33 out of it for March. That's at a 6% annualized rate. It'll come from PFF, the preferred shares fund. That'll be $101 year to date and $1926 since inception in July 2020. Next one is the most levered and least diversified of these portfolios, the aggressive 5050. It's one third in a levered stock fund, UPRO, one third in a levered bond fund, TMF, and the remaining third divided into a preferred shares fund and an intermediate treasury bond fund. It was up 2.65% for the week. It is up 7. 13% year to date, but it's still down 25.78% since inception in July 2020. We are also distributing out of this at a 6% annualized rate, so $30 for March, and it'll come out of cash, which has accumulated. That will be $92 a year to date and $1,925 since inception in July 2020. Now moving to our last portfolio, which has only been around since 2021. This one's the levered golden ratio. It has 35% in a composite fund, NTSX, that's the S&P 500 in treasury bonds levered up 1.5 to 1. It's got 25% in gold, GLDM, 15% in a REIT, O, Realty Income Corp, 10% each in a levered Bond fund TMF and a leveraged small cap fund TNA the remaining five percent divided into a volatility fund and a Bitcoin fund it was up 1.74 for the week it is up 5.12 year to date but down 19. 52 since Inception in July 2021 it had an unfortunate start date which has weighed upon it considerably so we'll be Withdrawing from this one at a 5% annualized rate, that'll mean $30 for March. It will come out of GLDM, the gold fund, which has been the best performer recently. That will be $91 year to date and $901 since inception in July 2021. And all of this is recorded and reflected over at the website if you wanted to check it out in more detail.

Mostly Voices [33:45]

Shirley, you can't be serious. I am serious. And don't call me Shirley. I realize presentation of this in a podcast is not that scintillating. You can't handle the crystal ball.

Mostly Uncle Frank [33:56]

But now I see our signal is beginning to fade. Just a couple of announcements. I'm going to be doing some traveling here over the next two or three weeks, and so release of this podcast may be a little bit sporadic. As I go on hiatus.

Mostly Voices [34:13]

It's not that I'm lazy. It's that I just don't care.

Mostly Uncle Frank [34:17]

I will keep the website updated as best I can. There's usually not too much trouble in between what I spend most of my time doing in retirement. Snooze and dream.

Mostly Voices [34:28]

Dream and snooze. The pleasures are unlimited.

Mostly Uncle Frank [34:35]

One of the places I will be traveling to is Cincinnati, Ohio in a couple of weeks.

Mostly Voices [34:39]

I'm living on the air in Cincinnati.

Mostly Uncle Frank [34:43]

This is for the Economy Conference run by my friend Diana Merriam. There'll be a lot of speakers there and events, and I will be running a breakout session about withdrawal strategies with whiteboards and markers and everything. Look, it's MacGyver. Do you know how to pick locks? And so if you're looking for something to do, St. Patrick's Day weekend, please come out to Cincinnati.

Mostly Voices [35:17]

And have a party about money with us.

Mostly Uncle Frank [35:20]

It should be a lot of fun. You on the motorcycle. You two girls, now your friends. Free parking. Free parking. In the meantime, 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 favorite podcast provider and like, subscribe, follow, 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. Once you're happy, ask Spirit to step back. Ask them to step back out of your aura, away from the crystal. Thank them for joining you. Thank you.

Mostly Voices [36:25]

Thank them for coming. Good luck. I hope that you all have fun scrying. I hope that you get some lovely results. I do do crystal ball readings, so again contact me via my website if you would like one. Thank you.

Mostly Mary [36:45]

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.