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 have just stumbled in here, you will find that this podcast is kind of like a dive bar of personal finance and do-it-yourself investing.

Mostly Voices [0:53]

Expect the unexpected. It's a relatively small place.

Mostly Uncle Frank [0:57]

It's just me and Mary in here. And we only have a few mismatched bar stools and some easy chairs. We have no sponsors, we have no guests, and we have no expansion plans.

Mostly Voices [1:12]

Well, that right there may be the reason you've had difficulty finding gainful employment.

Mostly Uncle Frank [1:17]

So please enjoy our mostly cold beer served in cans and our coffee served in old Chippendale cracked mugs. along with what our little free library has to offer. But now onward, episode 246. I had a little break from my travels to Ohio.

Mostly Voices [1:51]

Last weekend was Cleveland. But my city was gone.

Mostly Uncle Frank [1:59]

This weekend will be Cincinnati.

Mostly Voices [2:03]

Hey, oh, where to go, Ohio.

Mostly Uncle Frank [2:16]

So I thought I'd be able to slip in an episode here, at least get to some of these emails since I'm about two months behind now.

Mostly Voices [2:24]

And so without further ado, here I go once again with the email.

Mostly Uncle Frank [2:31]

And first off, first off, we have an email from Kevin.

Mostly Voices [2:35]

Feeling seven up, I'm feeling seven up, feeling seven up, I'm feeling seven up. Kevin, stop singing.

Mostly Mary [2:46]

I was a singing guy. And Kevin writes, Frank, awesome show. Really top shelf. It's top drawer.

Mostly Voices [2:54]

Really top drawer. Anyone who quotes Tom Waits and Jerry Seinfeld is all right in my book. That's gold, Jerry, gold.

Mostly Mary [3:05]

I have listened to all of your episodes, and I've read several books on risk parity. Concerning your episode on our PAR. Can you speak more on that? I am seriously considering just putting all of my liquid net worth, several million dollars, into RPAR in part to free myself up to do and learn about other stuff. I worry about what I may not understand.

Mostly Voices [3:25]

You need somebody watching your back at all times. What are the risks of an ETF?

Mostly Mary [3:28]

Can it be delisted and I lose all my money? Uh, what? It's gone. It's all gone. Is that a greater risk with UPAR? I'm thinking maybe I put 80% of my net worth in RPAR and 20% in UPAR. How do I better understand the risks of leverage and specifically the leverage in RPAR, e.g. reading recommendations? I am in my 50s. I like to work and I could probably retire, but I don't intend to draw down my liquid net worth anytime soon as I plan to keep working. Thanks. I think what you're doing is really awesome and fun and fundamentally a social good.

Mostly Uncle Frank [4:07]

A social good, you say? I'm not sure about that.

Mostly Voices [4:11]

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

Mostly Uncle Frank [4:18]

But we do try to have a lot of fun here. What do you mean funny? Funny how? How am I funny?

Mostly Voices [4:21]

Even in spite of the fact that it is detrimental to our overall

Mostly Uncle Frank [4:25]

listenership, I think.

Mostly Voices [4:29]

But you're not going to amount to Jack squat.

Mostly Uncle Frank [4:33]

But we specialize in different strokes for different folks.

Mostly Voices [4:37]

Does anyone ever say to you, Sounds like someone has a case of the Mondays? No. No, man. I believe you get your ass kicked saying something like that, man.

Mostly Uncle Frank [4:50]

All right, our PAR and ETFs generally. Well, let's talk about ETFs generally. ETFs are exchange traded funds and they are well regulated entities by the SEC in the United States. They have become the go-to format for professional investors and getting there with do-it-yourself investors because they are the most efficient form of fund that has been devised to date. And because of that, I do not consider investing in ETFs any more risky than investing in any other kind of fund or any stock in the stock market really. If an ETF is dissolved, the money goes back to the shareholders. ETFs are also set up as separate entities from the operator that runs them. So a Vanguard ETF is separate from Vanguard. that is the way the fund world works with all of the regulations. So I think the dangers of ETF investing are similar to the dangers of investing in any kind of fund. One of those is liquidity. If there is very little liquidity in an ETF, it may trade at large price ranges, bid ask spreads, and it may be more difficult to balance the ETF so that it accurately reflects the prices of the assets that it holds. That was the big improvement that ETFs had over closed-end funds, because the way closed-end funds are constructed, they can trade at very big discounts or premiums to what is actually in the fund. ETFs were designed to get around that problem and so are supposed to trade at close to the value of the assets that they hold. If you have a small or illiquid ETF, it may have trouble doing that. And then the other danger with ETFs, at least ones that are not tied to any particular index, is just the management risk because a managed ETF, like say an ARK fund or one of these ones we're talking about, RPAR, could have anomalies or could have changes in strategies that you can't control. so to the extent an ETF is being managed and not indexed, you would want to have some confidence in the managers of the ETF that they are actually doing what they say they are doing in the prospectus and so on and so forth. All right, now let's talk about RPAR, that Risk Parity ETF and its sister ETF, UPAR, which is similar but has more leverage in it. Now we've talked about this ETF or these ETFs going all the way back to episode 31 where we first talked about RPAR and I've talked about it since then. I was able to have a nice video conference call with Alex Shahidi who runs RPAR early last December and we were joined by Justin of Risk Parity Chronicles. and so got to talk about what's going on over there and what they do. They run a very classic risk parity style portfolio there. And so it's very similar to what was described in theory in the CFA Institute manual that I've linked to before in the show notes that I'll link to again. This is also similar to the sample portfolio, the all seasons portfolio, with leverage added into it and some more sophistication than a simple portfolio like that. And so as such, it is a bond heavy portfolio, and their version of this does include a heavy allocation to TIPS. And so as you can imagine, I had a spirited conversation with Alex Shahidi as to whether TIPS actually made that portfolio any better or not, because I honestly don't think that they do. But he did agree with me that TIPS do not necessarily perform well in inflationary environments such as we saw in 2022, but he thought it was still valuable to have something that responded to inflation expectations, i.e. if inflation turns out to be greater than what is expected in a particular time period than the TIPS will outperform the nominal bonds. And we also agreed that the comparison there is between TIPS and nominal bonds. It's not like TIPS are going to hedge or do anything for the rest of the portfolio in terms of hedging inflation. You had only one job. But if you wanted a risk parity style portfolio with TIPS included into it, RPAR would be where you would go for something like that. I do have a lot of confidence in that group. At least one of them, I don't think it was Alex, is a former Bridgewater employee where all of these risk parity ideas first took root. So I am fairly confident that they will be able to put forth a classic risk parity style portfolio that will perform in classic ways. Now the leverage in RPAR is approximately 1.2 to 1. The leverage in UPAR is approximately 1.7 to 1. They have a great deal of information and literature on their website about these portfolios and their constructions. And so I will link to that in the show notes. I think that's the best place to research them more in detail. and I'd also go back and look at that CFA Institute article that we posted before and I'll post it again so that you understand the classic underpinnings of how these portfolios were constructed or are constructed. Now you mentioned putting all of your liquid net worth into a fund like this. I suppose you could do that. I'm not sure I would do that simply because I'm a do-it-yourself investor. And the problem with a fund that is pre-constructed is simply that you are beholden to the managers of the fund and how they do what they do. You're not going to be able to easily take it apart and rebalance it or reallocate it in other ways if you wanted to. And to me, that's the real disadvantage as a do-it-yourself investor to funds like this is that because they are pre-packaged, you cannot take the raw ingredients without some algebraic manipulations and combine it easily with other things to create another portfolio. And as for the leverage, I mean, it's just a double-edged sword. The reason that you had to put leverage in a classic risk parity style portfolio was simply because otherwise the returns would be very low overall. So the idea was to lever it up so it had similar Risk characteristics to say a 60/40 portfolio or a total stock market portfolio depending on how much you wanted to do. So taking a look at last year was a difficult year for a fund like RPAR as it was for all classic risk parity style portfolios. That fund was down about 22.8% or something like that. Conversely though it's up about 3% this year so far. Upar was not in existence the whole of last year, I don't think. So I'm not sure what its final results were, but they were proportional to its leverage, I can tell you that. And this year it's up between 3% and 4%, I think, so far. So hopefully all that helps. And just one more reference. You've probably read it already, but Alex Shahidi wrote a book about risk parity portfolios. which I believe is called risk parity. And I'll see if I can link to the review of that from Risk Parity Chronicles in the show notes. And thank you for your email.

Mostly Voices [13:20]

Second off, we have an email from Graham

Mostly Mary [13:26]

and Graham writes. Dear Uncle Frank, I've been hooked on your podcast and have been thoroughly enjoying binging on the episodes. One thing I'd like to explore further is the use of leverage to smooth the ride of a retirement portfolio. In many examples that I've seen, such as your sample portfolios, Hedge Fundies Excellent Adventures and the ones on Risk Parity Chronicles, leverage is used to boost returns. However, I'm thinking to use leverage to reduce volatility. For example, I constructed a sample portfolio of 10% UPRO, 10% TMF, 25% AVUV, 20% GLDM, 10% PBDC, and 25% VGSH, which is a slightly modified Golden Butterfly, where leveraging the large cap growth and long-term treasuries makes room for adding 10% commodities and an extra 5% to small cap value. Need more cowbell. I got a fever and the only prescription is more cowbell. And an extra 5% to short-term treasuries. In portfolio charts, I get a 7.5% SWR with an Ulcer Index of just 4.6. I'm wondering why leverage isn't used more commonly if this kind of portfolio is realistic, and I'd appreciate your thoughts on it. Please send my best to Mary, your loyal listener, Graham.

Mostly Voices [14:58]

Mary, Mary, I need your hug.

Mostly Uncle Frank [15:07]

Leverage, leverage, leverage. Seems like we have a theme going on here today. Marsha, Marsha, Marsha.

Mostly Voices [15:14]

But in answer to your questions, can leverage be used to reduce

Mostly Uncle Frank [15:18]

volatility? The answer is probably not. And the reason is this. It's because although you have asset classes that show low or negative correlations over long periods of time, as we've learned last year, if we didn't know it already, over short periods of time, they can show positive correlation as stocks and bonds did last year. And so that will not reduce your volatility, but will increase your volatility. And it's because correlations are not stable over short periods of time, you would not think that or expect that leverage in a portfolio will reduce its volatility, even with your best selected asset classes. Now, it is working pretty well on a day like today, which is March 15th, the Ides of March, and I think the stock market is down one and a half to 2%, meanwhile, gold and treasury bonds are up 1 to 2%. And that's a classic kind of performance, but you shouldn't expect to see that all the time. I think the more interesting question is why isn't leverage more popular? And the first answer is because it has a habit of making people blow up. Stand, it's gone. Because a little leverage can be a dangerous thing. You have a gambling problem. And a lot of leverage can be really dangerous. Well, you have a gambling problem. That being said, it has been recognized by academics and others, and I'll link to a rational reminder podcast about leverage. that it is one of the acceptable ways to improve the performance of a portfolio. It's just getting the right amount of leverage has been a very difficult task and to do it in a way that is accessible to do it yourself investors also really has not been something that has existed, but in the past few years. It's only been in the past decade really that we have funds that are specifically designed to incorporate leverage. Now, most of those funds are actually designed for short term trading. But over the past few years, we are getting to some funds that are actually designed to be held long term. A good example of one of those is NTSX, which we first talked about in episodes 59 and 61. And that is a combination of the S&P 500 and treasury bonds levered up 1.5 to 1, which is actually designed for long term holding. But as you've also observed, some of these funds that were designed for short-term trading, like UPRO and TMF that are well-constructed, can also be used and people are using them as more longer-term holdings with other things. All of this is relatively new, but it is a good feature, I think, for do-it-yourself investors if it's not misused.

Mostly Voices [18:26]

You can't handle the gambling problem.

Mostly Uncle Frank [18:29]

I think one of the more interesting things I'm seeing out of both the do-it-yourself investor side and in the fund construction side that I see many people using is that the amount of leverage, the optimal amount of leverage seems to be somewhere about 1.6 or 1.7 to 1, which is about the golden ratio, by the way. I don't know why that is, but I've seen multiple people converge on that from different directions. Now the little portfolio you are talking about experimenting with has a leverage ratio of about 1.4 to 1. And it's funny, I've actually been looking at things like this with slightly more leverage in them that you might want to take a look at. So one theoretical construction like this might be 15% UPRO, 15% TMF, 15% in a managed futures fund like DBMF or KMLM. KMLM would probably give you a little more pop, and then you'd have 25% in a small cap value fund, 25% in a gold fund like GLDM, and then you have 5% remaining, which you could put into a short-term bond fund or could distribute amongst any other number of things. But a portfolio like that would have a leverage ratio of about 1.6 to 1. And the managed futures are probably going to work a little bit better in there than the straight PDVC commodities fund. So just in case you wanted something else to play around with, I offer you that to think about. If I was going to construct yet another sample portfolio, I might do something like that. But I think we have enough of those. Great.

Mostly Voices [20:16]

We can just put that into your retirement account and make it go to work for you and it's gone.

Mostly Uncle Frank [20:24]

But anyway, I'm glad you're very curious about this and are willing to experiment with it because I see this as developing or a developing area for do-it-yourself investors that will only get better over the next decade.

Mostly Voices [20:39]

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

Mostly Uncle Frank [20:43]

Consider yourself on the forefront, sir. Yes. and thank you for your email.

Mostly Voices [20:55]

Last off. Last off.

Mostly Uncle Frank [20:58]

We have an email from Boone.

Mostly Voices [21:02]

Boone, you had a face like a pepperoni pizza, right? And stork here. Everybody thought the stork was brain damaged. And Boone writes.

Mostly Mary [21:14]

Frank and Mary, thanks again for everything you do. I feel like this podcast has advanced my practical education tremendously over the last couple of years. I have three very different and random questions. One, what financial podcasts are you listening to these days? I listen to the Rational Reminder podcast due to your recommendation. Any new podcasts in your repertoire? My current regular rotation has Barron's Streetwise podcast, Animal Spirits and the Compound and Friends from Ritholtz Wealth Management, and On the Tape. The Barron's podcast is a 20-minute single topic every Friday. The other three are done by CFA/wealth managers. They are much more into trading as opposed to investing, but I find it's a pretty entertaining way to get my business news of the week. The All In podcast touches on politics, business, technology, and is pretty unique in that all the four moderators are good friends with very opposing views that can discuss without devolving into name calling and yelling.

Mostly Voices [22:30]

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

Mostly Mary [22:34]

What does it cost a brokerage firm slash investment bank to open a new ETF? Once you have the business up and running and you opened your thousandth ETF, what's the cost of 1001? It can't be much since so many new ones come out. It makes me wonder if the silver age of investing might include something like a private ETF that an individual could start on their own. I guess you can kind of do this with companies like M1 Finance, so the line between public and private portfolios might start to blur. Three, alternative investing is all the rage after 2022. Commodities, preferred shares, managed futures, crypto, real estate. The list keeps growing. Do you consider gold or REITs alternatives, or do you lump these into your equities when discussing these things? How many is too many alternatives in one retirement style portfolio? Is there any point of diminishing return when adding alternatives? Or, should alternatives be a percentage of your overall portfolio, and you can put two or ten different alternative strategies into that part of your portfolio depending on your preference? And what should that percentage allocated to alternatives be? 20%? More? Thanks for your time and consideration, Boone. We just got here.

Mostly Voices [23:51]

No, Boone, you just got here.

Mostly Uncle Frank [23:54]

Well, now that's quite an eclectic set of questions. But they are very interesting. Let's take them in reverse order. First, alternative investing or investing in alternatives. I love gold.

Mostly Voices [24:10]

And going through your individual questions.

Mostly Uncle Frank [24:15]

Do you consider gold or REITs alternatives? The answer to that is I would consider gold an alternative yes, because it tends to have a low correlation or zero correlation with stocks and bonds overall. I would not consider REITs a true alternative because they are highly correlated or more correlated with the rest of the stock market. What they really are is a method of diversifying the stock portion of your portfolio, but I would treat them as part of that overall. Now, some of these other things, it's difficult to know exactly what they are. Crypto is one of those things because it hasn't been around that long. And in recent years, it seems to have developed a high correlation with other small cap tech funds, or like a leveraged small cap tech fund, which has been kind of disappointing, actually. But maybe it will evolve into something else over time. I think we're going to have to wait for the fallout from all of these bankruptcies and other scandals to get worked through, including the failure of some of these banks connected with crypto before that will shake out. All right, your next two sub-questions I'll take together. How many is too many alternatives in one retirement style portfolio? And is there any point of diminishing return when adding alternatives? The answer to the first question, I think it's somewhere between 10 and 25%, roughly. I can't see putting any more than about 15% into one kind of alternative in a portfolio, which would probably be gold or managed futures. And then you could have another one, I suppose. Those two together seem to me to be a good combination because managed futures can also take the place of commodities in a portfolio. But I wouldn't go with more than about a quarter in an unlevered portfolio. And the reason for that is because, yes, there are diminishing returns with these sorts of things that you would not expect alternatives to perform overall as well as, say, the stock market, and that's not why you're putting them in there. The reason you're putting them in there is because you are hoping that they will give you better diversification overall, shallower and shorter drawdowns overall, which thereby would give you a higher projected safe withdrawal rate in the end, which is really the goal when you're trying to construct a retirement style portfolio. So you would hope your alternative would perform at least as well as bonds, but you would not expect it to perform as well as equities over long periods of time. So don't overdo it. Consider these things to be seasoning on your portfolio. and not the meat of it. You can't handle the pot roast! Moving to your next question, what does it cost a brokerage firm investment bank to open a new ETF? And the answer is, well, a substantial amount of money. I do not know exactly, but I do know from my legal experience that there are lawyers that spend all of their time and their focus in constructing funds and fund management. and fund compliance with regulations. And so it's not something an individual can do easily, although it's much easier today than it was in the past. And I know the regulations changed in about sometime between 2017 and 2019, making it easier to use ETFs for more things like alternative investments, which has made it easier for more people to create more ETFs. If you were going to do something private, I would not set it up as an ETF. I would set it up as some kind of a partnership, which is the way hedge funds are often set up with a general partner and limited partners. But that too requires the right legal advice, because there is another whole set of regulations that go along with that. I know at some point, if you have few enough investors, you can basically set this up like an ordinary partnership or an LLC, but I haven't looked into that and don't plan on doing that either. Not going to do that wouldn't be prudent at this juncture.

Mostly Voices [28:37]

But that's basically the way people would run small investment clubs

Mostly Uncle Frank [28:41]

or family investment type of things. Very wealthy families do create these sort of things either in corporate forms or trust forms. But for that you need to get something called a family office, which Involves a lot of lawyers, accountants and tax people to keep track of all that stuff. Guns and money.

Mostly Voices [29:04]

Dead get me out of this.

Mostly Uncle Frank [29:08]

And it's generally not that useful for somebody who has say under about $20 million.

Mostly Voices [29:16]

Forget about it.

Mostly Uncle Frank [29:20]

But those are some general outlines and considerations I do not have enough specific knowledge to tell you that much about the details of how those things work. I just know what I don't know and would know who to ask if I had to.

Mostly Voices [29:35]

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

Mostly Uncle Frank [29:38]

All right, podcast, podcast, podcast. Yes, I'm constantly listening to new and more podcasts and have so many of them on my list that I can't listen to them all and so have to go through The notes to each one to see whether it's something I want to listen to on a particular day. I kind of keep them on like a radio in the background.

Mostly Voices [29:57]

Shirley, you can't be serious. I am serious. And don't call me Shirley.

Mostly Uncle Frank [30:06]

I went through a giant list of them back in episode 124, mostly personal finance related. I won't go through that again. I'll just give you some newer ones or ones that I may not have mentioned there. On sort of the general interest area, the Motley Fool has a daily one and a couple of weekly ones that are short and relatively entertaining and can summarize the whole day's financial news if you're looking for something quick like that. I would stay away from their recommendations because they make far too many of them. Morningstar now has a couple of different podcasts, one that comes out at least weekly that kind of summarizes some newsy types of stuff. And then they also have the long view where they interview various people, and that's usually pretty interesting. Moving more towards the personal finance side, there is Sound Investing with Paul Merriman, which has a variety of topics and things, but as you can imagine, there's lots and lots about small cap value on that podcast.

Mostly Voices [31:07]

I'm telling you, fellas, you're gonna want that cowbell.

Mostly Uncle Frank [31:10]

An interesting one where I keep track of what the millennials are up to. Is Money With Katie?

Mostly Voices [31:15]

Young America, yes sir.

Mostly Uncle Frank [31:19]

That's Katie Gotti Toussaint, I believe is how you pronounce her last, last name. What I like about her is that she's a forward thinker that is trying to use the best new tools and new information in personal finance and is not just repeating stuff that other people have said. I'll give you an example of that. She had a nice blog post last November where she talked about using portfolio visualizer to analyze different kinds of portfolios and observed that a portfolio that was half large cap growth and half small cap value was a much better portfolio than say a total market portfolio. That is the straight stuff, O Funkmaster. Which interestingly enough is also what Paul Merriman says. And so you have the 78 year old agreeing with the 28 year old. And here I am in the middle as a 58 year old. It's a pretty good spread and a pretty good consensus, I think.

Mostly Voices [32:15]

Okay, okay, okay, everybody, everybody chill.

Mostly Uncle Frank [32:19]

And so I will link to her little blog post in the show notes about what I just talked about. And the last one I'll give you on the personal finance side is Ramit Sethi's new I Will Teach youh To Be Rich podcast. which is interviewing various couples about their money problems and talking about potential solutions and ways to resolve their conflicts.

Mostly Voices [32:54]

It's something that I can get Mary to listen to, believe it Because it has a very human interest side, in addition to him

Mostly Uncle Frank [32:59]

ranting about people buying things that target in pickup trucks and other various and sundry things.

Mostly Voices [33:07]

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

Mostly Uncle Frank [33:16]

What I really like about his approach is that he encourages people to actually spend their money, which I know is difficult for many savers who have saved and accumulated for a very long period of time. But to me, that's the ultimate purpose of why we're constructing these portfolios with higher safe withdrawal rates so that we can spend more of our money confidently.

Mostly Voices [33:38]

No more flying solo.

Mostly Uncle Frank [33:43]

All right, what else do I have here? A couple of macro economic type podcasts that talk about interest rates and what the banks are doing in the Fed and all that sort of stuff. One of them is called Euro Dollar University that comes out just about every day with Jeff Snider and various other people. And then one of my new favorites is called the Macro Trading Floor with a Danish and an Italian gentleman who have fine accents and many intelligent things to say since they've worked for banks and in that area of finance for quite some time. Now some more hardcore investing kind of things that talk to people that operate hedge funds and other things. You can look at Top Traders Unplugged for all about managed futures and that sort of area. Listen to Resolve Asset Management's Gestalt University, which is risk parity and advanced topics in diversification, I would say. That one's really good if you're interested in the sort of latest theories and applications and thoughts that people have in the professional world about how to improve portfolio diversification through risk parity and other methods. And then there's one called the Alpha Exchange, which interviews a lot of people that run a lot of funds and things like that. And then finally I found a new YouTube channel called Excess Returns, where they interview various people about what's in their portfolios, including people like Rick Ferri and others. And then last but not least, I would recommend the Retirement Planning Education podcast and YouTube channel, and that's with Andy Panko, who also runs a Facebook group. And that has a lot of great sort of nuts and bolts for retirement. information by topic, including things like annuities and how to do conversions, things like IRMAA, all of those things that people will need to deal with as they get into their 60s and 70s and have to deal with the classic retirement problems and regulations that go along with it. Andy also represents the new breed of Financial advisors who are charging by the job or charging by the hour and work in a completely unconflicted manner. And I think that that is the way and those are the kinds of people that we want to encourage in the world of financial advising because that's going to be the best for us as consumers going forward. Am I right or am I right or am I right? Right, right, right. And the way they tend to build their practices is really nice because what they do is produce a lot of really good educational content for do-it-yourself investors, which then attracts them to come to get this kind of advice if they need something more or they don't want to manage their own stuff. In any event, that's something I'd like to encourage more of. Let's do it. Let's do it. But that's probably enough of those things to chew on. I will link to at least some of them in the show notes, the ones I can find easily.

Mostly Voices [37:07]

The thing is Bob, it's not that I'm lazy, it's that I

Mostly Uncle Frank [37:11]

just don't care. And thank you for your email. But now I see our signal is beginning to fade. And as I've been mentioning on this podcast, this weekend is the Economy Conference in Cincinnati, Ohio. I will be running my little breakout session on Saturday at 1：00 p.m. in the Tangeman Center at the University of Cincinnati. And so if you are planning on coming, I will see you there. It should be an entertaining weekend. So there won't be a podcast this weekend, but hopefully I will be able to update the website anyway. 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 put your message in the contact form and I'll get it that way and maybe you'll hear an answer in about two months. I make no promises.

Mostly Voices [38:16]

Forget about it.

Mostly Uncle Frank [38:20]

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.

Mostly Mary [39:15]

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.