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 [0:18]

And now, coming to you from dead center on your dial, welcome to Risk Parity Radio, where we explore alternatives and asset allocations for the do-it-yourself investor. Broadcasting to you now from the comfort of his easy chair, here is your host, Frank Vasquez.

Mostly Uncle Frank [0:37]

Thank you, Mary, and welcome to Risk Parity Radio. If you are new here and wonder what we are talking about, you may wish to go back and listen to some of the foundational episodes for this program. Yeah, baby, yeah! And the basic foundational episodes are episodes 1, 3, 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 finest podcast audience available. Top drawer, really top drawer. Along with a host named after a hot dog. Lighten up, Francis. But now onward, episode 305. And guess what? I am back. I know some of you were inquiring as to what happened to me, but rest assured, Rumors of my death have been greatly exaggerated.

Mostly Voices [1:56]

Forget about it. I was back playing lawyer again.

Mostly Uncle Frank [2:00]

He used to be a caveman, but now he's a lawyer. Unfrozen caveman lawyer. It was kind of funny though, we had a remote court reporter for this hearing. who was having trouble keeping track of the various speakers. But she had no trouble with mine. She said, oh, you're the one with the radio voice.

Mostly Voices [2:29]

Ladies and gentlemen of the jury, I'm just a caveman. I fell in some ice and later got thawed out by some of your scientists. Your world frightens and confuses me. Sometimes the honking horns of your traffic make me want to get out of my BMW and run off into the hills or whatever.

Mostly Uncle Frank [2:58]

Yes, I'm too sexy for this voice. So sexy it hurts. Don't tell Mary. Anyway, it is time for our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparriware.com on the portfolios page. Looks like Santa may have come early this year. Probably because I sent Yukon CorneliOn after him.

Mostly Voices [3:35]

Ho ho ho! Dollar and Blitzen just hijacked a shipment of pure snow. We'll make two million easy. There you go boys. Who the are you? Who the f*** am I? I'm Yukon Cornelio, the greatest hitman of all. And I've got a special present for you, compliments of one disgruntled elf and Red Nose Reindeer.

Mostly Uncle Frank [3:56]

But that's another story.

Mostly Voices [4:01]

Were you talking to me? You talking to me? But before we get to that, I'm intrigued by this, how you say, emails.

Mostly Uncle Frank [4:14]

First off. First off, we have an email from Popeye.

Mostly Voices [4:24]

And Popeye writes.

Mostly Mary [4:28]

Thought you might find this interesting. Pretty comprehensive in one document. I assume this page is the one that updates quarterly. Regarding the charity, is there a fee-free way to donate? Usually places offer a freeway via a debit from checking. I didn't see that option short of mailing a check. Popeye.

Mostly Uncle Frank [4:50]

And Popeye is linking to a JP Morgan Markets Report, which yes, it's a very interesting thing to look at if you're interested in the markets, as we tend to be here occasionally. And it's got categories of equities, economy, fixed income, international, and alternatives. Yes! The one thing I dislike about these kind of reports from the JPMorgans of the world is that they fixate a lot on private equity when they start talking about alternatives, private equity and private debt and hedge funds. But that's because their institutional clients are looking into those sorts of things. I really don't view private equity and private debt as all that uncorrelated from public equity and public debt. It looks like it's uncorrelated because it's not marked to market. They don't price it every day. So it's kind of misleading. But people do focus on what they sell.

Mostly Voices [5:45]

Always be closing. Always be closing.

Mostly Uncle Frank [5:55]

It would be more interesting to have reports on managed futures and things like that. But it is what it is. What can I say? And beggars can't be choosers.

Mostly Voices [6:02]

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

Mostly Uncle Frank [6:06]

Now speaking of the charity, as most of you know, this podcast has no sponsors, but it has a charity, the Father McKenna Center, which is a small charity in Washington, D.C. that serves hungry and homeless people. And I am on the board of the charity and am the current treasurer.

Mostly Voices [6:26]

Well, Laddie, frickin' da. We have a number of things going on down there these days.

Mostly Uncle Frank [6:34]

We are going to have a new director, executive director, starting at the beginning of the year. I don't think the announcement is official, but it is an interesting person whom I actually went to Georgetown Law School with back in around 1990, who had a career with law firms and investment banks, and then he had some struggles in life, and ended up as a client, as a homeless person, at the Father McKenna Center. But he turned his life around and refocused on social work. He's been working in Chicago for the past seven or eight years and is coming back to DC to join us again. The best Jerry, the best. I won't mention his name until the announcement is official, but we're very enthused. Now there are many ways to donate directly and I will link to the donation page. We take checks, credit cards, qualified charitable distributions, stock transfers from donor advised funds or otherwise and I know many listeners have given in various ways. I know if you give by credit card it gives you the option of adding a little bit to pay for the credit card fee or not. I honestly don't know what happens if you put your debit card info in there, but I think it should work just as well. But we will take it any way you can give it. You can also give through our Patreon page, but I do recommend you go to the donation page if you're making a significant gift that you want to take as a tax deduction, because you'll get the proper acknowledgments there to make sure that you get that. And it is that season, so if you are Thinking of making a charitable deduction this year and you haven't decided who to donate it to, I would ask that you consider the Father McKenna Center. Didn't you get that memo? And I'm very grateful to all those who have donated in the past and will donate in the future. Thank you for all of your support and I will link to your link in the show notes so others can check it out.

Mostly Voices [8:55]

Second off. Second off, we have an email from Clint.

Mostly Uncle Frank [9:00]

You're the Gray Rider. And Clint writes.

Mostly Mary [9:05]

Hi, Frank and Mary. Thank you so much for providing such high quality information, wisdom and financial insight to those of us in need. I found your podcast after listening to your Chooseify talk regarding the role of bonds in a portfolio. I like the fact that many of your recommendations are backed up with reference articles, math, and/or historical data. I have two questions for you. In episode 294, at approximately 16 minutes and 12 seconds in, you mentioned a safe withdrawal rate of 5% could be achieved using this mix of asset classes. 55% stocks, 27.5% S&P 500, 27.5% small cap value, 30% bonds, intermediate and long-term treasury bonds, and 15% gold. Let's assume I want to pursue this asset mix. My current diversified portfolio, which was recommended by a financial planner at Vanguard, is approximately 80% stocks and 20% bonds. VFIAX 26. 04%, VXUS 15.53%, VSEQX 1.04%, VTrix 2.75%, VITSX 2.16%, VWILX 2.04%, VXF 5.67%, VEXRX 0.87% DIS 0.93% VSMAX 0.43% BND 3.13% BNDX 2.79% VFSUX 1.42% VFIDX 1.9% VFORX 33.3% I fired my Vanguard planner after listening to your podcast, Always Be Closing.

Mostly Voices [11:15]

Because only one thing counts in this life. Get them to sign on the line which is dotted. My question is about timing.

Mostly Mary [11:22]

Let's assume I intend to retire in 2037. One, when and how do you recommend we make the trades to right size the portfolio? We will likely face timing issues as we move from an accumulation portfolio to a decumulation portfolio. I am curious if you and Mary made the move to your current portfolio slowly over years using dollar cost averaging or more quickly over months. I know you have said it may not be the best time to buy gold as it is doing well right now. Buy low. Warren Buffett has said the number one rule of investing is never lose money. sell high. It appears I should wait to buy GLDM until the price is significantly lower. Unfortunately, the bond funds are performing terribly. Are we better off to just take a loss on the bonds and move from BND and BNDX to intermediate and long-term treasury bonds? Or should I wait until they return to the pre-pandemic purchase price? How would you calculate the opportunity cost of holding and selling versus selling bonds now at a loss? Using portfolio charts, it appears the current value of my portfolio would be worth 10% more if I had left 100% in VFIAx as it was prior to implementing Vanguard's Diversified Portfolio. I do have one-third of my portfolio invested in VFoRx. The current price, $36.87, is actually close to the historic high. 52-week high is $38.85. Would you advise I trade VFORX for equities, VITAX and VSMAX now? Another option to consider is to change my future contributions to invest in intermediate and long-term treasury bonds. Unfortunately, my 401 options are limited to a set list of mutual funds which does not include gold. Given that my retirement is still 10 to 14 years away, I am thinking I need to sell the bonds and move back to a 100% equities accumulation portfolio. But for how long? Two, on a previous Risk Parity Radio podcast, you mentioned the option to meet with you to discuss a portfolio. Are you still open to meeting one-on-one? Thanks again for all you and Mary are doing to help others, Clint.

Mostly Voices [13:50]

It is good that warriors such as we meet in the struggle of life or death.

Mostly Uncle Frank [13:59]

Well, you've got lots of interesting thoughts and questions here. First looking at that Frankenstein's monster of a portfolio they had you in.

Mostly Voices [14:08]

That's Frankenstein. I beg your pardon? My name, it's pronounced Frankenstein. But aren't you the grandson of the famous Dr. Victor Frankenstein who went into graveyards, dug up freshly buried corpses, and transformed dead components into-- Yes, yes. Yes, we all know what he did.

Mostly Uncle Frank [14:31]

There's a big clue that these advisors don't really know what they're doing when you look at something like this. If you have a whole bunch of funds with these allocations that are under 5%, that is just somebody making something look more complicated so it looks like they're doing something. In reality, these kind of 2% 3% allocations to all this different stuff doesn't really make a whid of difference and it just makes the thing way more complicated than it needs to be. Dead is dead.

Mostly Voices [15:05]

This use of the target date fund for a third of

Mostly Uncle Frank [15:09]

the portfolio, target date 2040, is really odd and perplexing. Target date funds, if you are going to use them and I don't recommend anybody use them, They're the prison jumpsuits of personal finance, supposedly designed to fit everybody, but they don't fit anybody. But anyway, if you were going to use one, you were supposed to put all of your assets into that. That's the way it's supposed to work. And if you're not using it that way, you're doing it wrong. Wrong! But I'm afraid those things have become one of kind of the biggest marketing scams going these days. Those were designed for one purpose only. which was to prevent people from failing to invest at all when they put their money in their 401k. Prior to them being required in about 2010 as a default option, people would often put money into their 401k and leave it in cash or something like that and it never would get invested. So as a default option for somebody who's comatose and doesn't know what they're doing, Yeah, it's okay. But for anybody that is sentient about their investments, they should not be using target date funds. Forget about it. They also encourage amateur investors to engage in magical, fake thinking as if that number on the label is a meaningful way of choosing something. It would be better if people would take a little time to just learn the basics of investing. because all you need are really one to three index funds when you are in your accumulation phase. You can start with a simple total market or S&P 500 fund. If you want to have two funds, I would recommend one of those or a large cap growth fund paired with a small cap value fund. And that's probably enough for just about anybody in their accumulation phase for a very long time. That's what I recommend to our children. And I also recommended it in our Wizard of Oz episode for new investors, episode 208, if you want to check that out. Anyway, I'm glad you fired Dr. Frankenstein or Frankenstein or whatever he wants to pronounce his name.

Mostly Mary [17:32]

Dr. Frankenstein.

Mostly Uncle Frank [17:39]

Frankenstein and are willing to go to something simpler and more efficient than what you've been saddled with. Sounds like you're about 15 years from retirement, so I would probably still be focused on accumulation. But you really want at this point to kind of try to figure out how much do you need to reach your retirement number? Because that's really what tells you when it's time to make your transition. The transition is going to be a little bit different for each person. The earlier you get close to a retirement number in your portfolio, the earlier you can make the transition. As Bill Bernstein says, once you've won the game, you can take some of your chips off the table. And so really go to your retirement configuration at any time. We did ours over the course of a few years between, say, 2013 and 2017. I didn't actually pull the plug on leaving full-time work until 2020. But somewhere around five years before is when you really should start moving things in as tax-efficient way as you can into the configuration you ultimately want to get into. So for you, this may look like around 2030. somewhere around there unless you're already over accumulated. I don't think you need to be adding any gold at this point and your bond exposure should be just for comfort because you really look like you are in the middle of a accumulation right now. I would probably clean out most of this stuff and just move to mostly your VFIAX which is the S&P 500 fund and then I would add some small cap value. I don't see that here. You've got a lot of things and I didn't look through all the tickers to figure out exactly what they all are. Whether you want any international or not is kind of up to you. But I would take a look at Paul Merriman's best in class recommendations for whatever kinds of asset classes you want to be in. And I will link to that in the show notes. It doesn't look to me like you really need any gold yet. I would probably do that later, and if you want to accumulate some now, I would make it small, because it really is not a good accumulation vehicle. It's there for diversification once you're at retirement. You ask, Are we better off to just take a loss on the bonds and move from BND and BNDX to intermediate and long-term treasury bonds? Well, they've gone positive for the year in the time I've been gone, and long-term treasuries were actually up over 6% just last week.

Mostly Voices [20:27]

Inconceivable!

Mostly Uncle Frank [20:31]

But that's how these things can move, and they're very unpredictable, which is why you just want to hold and rebalance intermediate and long-term bonds, because otherwise you get whipsawed. your holdings in bonds do not look that significant. It looks like 5% or 6%. And with that kind of allocation, I would just go ahead and move them. It's not going to make that big of a difference at this point in time. I would definitely dump that target date fund. Those things are just nightmares when it comes to management, particularly if they're combined with other things because they're changing their allocations all the time and they have stuff in them that you frankly do not want at all, such as international bond funds. Broad-based international bond funds from a US perspective are just speculations on whether the US dollar will underperform other currencies. So I would probably be moving most of your assets to that S&P 500 fund and a small cap value fund and season to taste with other things. But it's good on you for getting a handle on this right now and retaking control over it because it did look like it was kind of spiraling out of control. Just make sure that if you do move to a hundred percent equity portfolio, that you are in fact committed to that at least for the next seven to ten years. Because it's possible it could go down before it goes back up again. And as those amounts get bigger and bigger, you may have more trouble riding that kind of roller coaster. 'Cause it's one thing when you have $100,000 and you lose 20% of it, and it's $20,000, it goes down to $80,000. It's another thing when there's a million dollars in there and it goes down $200,000 to $800,000. Sometimes that causes people to panic and that's the worst case or worst thing you can do. It's much better to hold a portfolio that has some bonds or is a little bit more conservative and be able to hold it through thick and thin. than to have 100% equity portfolio that you would bail on. But that's more about temperament than anything else. After you get this portfolio into shape, then I would really focus on what your expenses are right now and how you think that's likely to change over time. I realize it's kind of hard to predict that far in advance, but you can get some idea depending on whether you have children or not and whether they're going to be around or how long they're going to be around. that is often the main factor as people move towards retirement because I know our peak expenses occurred when they were in high school and early college. But believe it or not, we just made our very last tuition payment last week. So our annual expenses will be going down once again.

Mostly Voices [23:27]

that is the straight stuff, O Funk Master.

Mostly Uncle Frank [23:34]

So I suppose my final advice would be get back in an accumulation portfolio you'd want to be in and ride that for at least five years before looking at it again and maybe even longer. And then around 2030 is when I would really start thinking about, well, what do we need to do here to move things around to get them into our Retirement configuration. And that can really happen anytime between 2030 and 2035.

Mostly Voices [24:05]

Now as for your query, are you still open to meeting one-on-one? The beatings will continue until morale improves.

Mostly Uncle Frank [24:08]

Yes, I still do that occasionally, although I don't advertise it because I don't want to make a career out of financial coaching. I do charge $300 an hour for a two-hour minimum. and that keeps the number of customers down to a level about one a month, which is just where I'd like it. So I have some extra money to throw at the Father McKenna Center, and it does allow me to also write off the minimal expenses of this program. Podcasting is actually really cheap if you do it all yourself. Anyway, if you're interested in that, send an email to frank@riskparityradio.com that email is frank@riskparityradio.com and then we can set that up and I'll look at all your stuff and then we can have one or more Zoom calls. and go over anything you want to talk about.

Mostly Voices [25:17]

No more flying solo. You need somebody watching your back at all times.

Mostly Uncle Frank [25:24]

I'm glad you're enjoying the program and that you are getting some value out of it. You are exactly the kind of person I'm hoping to help on their journey.

Mostly Voices [25:44]

battle speed, Tortator. Battle speed. Attack speed. Attack speed.

Mostly Uncle Frank [26:06]

Ramming speed. I make sure to boost the words. And so thank you again for your email.

Mostly Voices [26:30]

I came here like this, so you'll know my word of death is true. And my word of life is then true. These things you say we will have. We already have. That's true. I ain't promising nothing extra. I'm just giving you life and you're giving me life. And I'm saying that men can live together without butchering one another. It's said that governments are chiefed by the double tongues. There is iron in your words of death for all command you to see. And so there is iron in your words of life. No signed paper can hold the iron. It must come from men. The words of tin bears carries the same iron of life and death. It shall be life.

Mostly Uncle Frank [27:31]

Last off, we have an email from Mr. Klingon. Cry Havoc! And let slip the dogs of war. And Mr.

Mostly Mary [27:46]

Klingon writes, hi Frank, I was comparing small cap blend to small cap value and the value is taking a beating this year from the blend. Same if you compare the last five years. Since 2010, small cap blend beat small cap value in more than 30% total. Comments? PS, I use VIOV versus IJR in this comparison.

Mostly Uncle Frank [28:10]

Well, what can I say?

Mostly Voices [28:13]

You are correct, sir, yes.

Mostly Uncle Frank [28:17]

But the problem is that sample size is too small to be meaningful. You really need to be talking about 25 or 30 years if you are comparing these sorts of things. And the Fama and French would say you really need about It's a long term commitment to small cap value. I'm telling you fellas, you're gonna want that cowbell.

Mostly Voices [28:38]

But over that kind of time frame, it is more

Mostly Uncle Frank [28:41]

probable that that will outperform than underperform. There will be stretches like we've had since 2010 where growth will outperform value. And most people would tell you that value stocks are very cheaply priced these days. Although they did go up 7% last week, so it may not last that long. They do can move very quickly when they do move, which is why you really can't time these markets. I suppose more importantly though, and Paul Merriman talks a lot about this, the factor matrix where you're looking at small and large and value versus growth, the place you want to be is in large cap growth to blend over to the value side and down to small cap value. The place you probably don't want to be is in small cap growth and small cap blend is half small cap growth. That's because small cap growth tends to be the most volatile of these combined factors and also does not perform as well over long periods of time. And that's why for accumulation, a good combination is the large cap growth and the small cap value because it also gives you that diversification because you really don't know which one is going to outperform in any given period. And then when are they going to switch? This is a good thing to compare or run on the asset allocator part of Portfolio Visualizer. That goes back all the way to around 1972 for all different combinations of these things. and you'll see that small cap value in particular has these massive outperformances both in the 70s and in the early 2000s. It often outperforms in otherwise bad markets. But I'll link to that in the show notes and you'll be able to see why over long periods of time you probably don't want small cap blend or small cap growth. And I encourage you to play around with that to check out other combinations. And thank you for your email.

Mostly Voices [30:53]

Where are the Tribbles? I used the transporter, Captain. You used the transporter? Bye. Well, where did you transport them? Scott, you didn't transport them into space. space, did you? Captain Kirk, that'd be inhuman. Where are they? I gave them a very good home, sir. Where? I gave them to the Klingon, sir. I gave them to the Klingon. Hi, sir. Before they went into warp, I transported the whole kit and caboodle into the air engine room where there'll be no tribble at all.

Mostly Uncle Frank [31:53]

Now we are going to do something extremely fun. And the extremely fun thing we get to do now is our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the portfolios page. And it was really a fun week for once. It's time for the grand unveiling of money. I should go on hiatus more often. All the good things happen when I'm gone. Gosh. Anyway, just looking at what the markets did last week, the S&P 500 was up 2.49% for the week. The Nasdaq was up 2.85% for the week. Small cap value was a big winner last week. Our representative at small cap value fund, VIOV, was up 7.63% for the week.

Mostly Voices [32:42]

I gotta have more cowbell. I gotta have more cowbell.

Mostly Uncle Frank [32:46]

Gold eked out another gain. Gold is up 0.64% for the week. Long-term treasury bonds did almost as well as small cap value. Our representative fund, VGLT, was up 6.4% for the week. Reitz also had a great week. Our representative fund, R EET, was up 5.74% for the week. Commodities were down last week. The representative fund, PDBC, was down 2.18% for the week. Price of oil seems to keep falling. Preferred shares represented by the fund PFF were up 0.75% for the week. And the Diversifier Managed Futures Fund, DBMF, was down 1.0% for the week. of the week, 1.00. Taking a look at these portfolios, first one is this reference risk parity portfolio, the All Seasons. It's only 30% in stocks in the total stock market fund, 55% in intermediate and long-term Treasury bonds, which helped it out this week, and the remaining 15% in gold and commodities. It was up 3.08% for the week. It's up 9.76% year to date and up 0. 92% since inception in July 2020. Moving to these three kind of bread and butter portfolios. First one's a 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 short and long term treasury bonds and 20% in gold. It was up 2.49% for the week. It's up 11.07% year to date and up 19.1% since inception in July 2020. Next one's a golden ratio. This one's 42% in stocks and three funds, including some large cap growth and small cap value. It's got 26% in a long-term treasury bond fund, VGlt, 16% in gold, 10% in a refund and 6% in a money market. It was up 2.9% for the week. It's up 12.85% year to date and up 15.68% since inception in July 2020. Next one's the Risk Parity Ultimate. And we'll go through all 15 of these funds. It's kind of the kitchen sink where we put everything, a little bit of everything in there just to see how it all works. Not that you actually need all this stuff, but you might want some portion of it. Anyway, it was up 2.74% for the week. It's up 11.7% year to date and up 5.7% since inception in July 2020. And now moving to these experimental portfolios involving leveraged funds. They're very volatile, but it's helping them out these days. 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, a preferred shares fund, and 22.5% in Gold, GLDM. It was up 7.41% for the week. It's up 19.13% year to date, down 9.2% since inception in July 2020. Probably the biggest move for this thing of the year, certainly in the positive direction. Next one is the aggressive 5050. This is the most levered and least diversified of these portfolios. It's one-third in a leveraged stock fund, UPRO, one-third in a levered treasury bond fund, TMF, and the remaining third in ballast in a preferred shares fund and an intermediate treasury bond fund. It was up 9.06% for the week. That's a lot for a week. It's up 17.41% year to date, but down 18.66% since inception in July 2020. So racing those deficits very quickly though these days. And moving to our final experimental portfolio, the Levered Golden Ratio. This one's 35% in a composite fund in TSX, that's the S&P 500, and Treasury bonds levered up 1.5 to 1. 25% in gold, 15% in a REIT, O, 10% each in a levered small cap fund, TNA, and a levered bond fund, TMF, and the remaining 5% in a managed futures fund, KMLM. It was up 4.69% for the week, it's up 11.44% year to date, down 14. 68% since inception in July 2021. It's a year younger than the other ones and started at the most inauspicious time that you probably could start one of these things. But anyway, it looks like it's been a kind of a funny year. These portfolios had a great January and then they kind of wobbled and moved up and down for the rest of the year and are now finishing strong and seem to be at their highs for the year at the moment. We'll see if that holds. But that's kind of to be expected. interest rates were not going to keep going up forever. And it is frequently the case that when they start going down, they move quite violently and quite quickly, which should tell you that you shouldn't be trying to time those because it's almost impossible to do. Although it's funny, one of our listeners, I can't remember which one, said in late October, Do you think it's a good time to buy treasury bonds? I said, well, I don't know. I don't have a crystal ball, or at least the one I have seems to say this all the time.

Mostly Voices [38:35]

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

Mostly Uncle Frank [38:42]

But anyway, that listener was quite correct on that occasion that that was the most auspicious time this year to be buying treasury bonds, because they all seem to have gone positive for the year. Just in the past few weeks here, after being underwater most of the year. But this is why we pick our allocations and stick with them, and just rebalance them occasionally, in accordance with a pre-designed rebalancing plan. Bow to your sensei. Bow to your sensei. But now I see our signal is beginning to fade. I should be back on the two-week plan. at least for the rest of the year. So hopefully I'll catch up on some of these emails. I see them all the way back in the beginning of November at this point. I will get to yours if you've sent me one recently. Just a reminder, if you do send me an email and you are a donor to the Father McKenna Center, please let me know in the email so I can move you to the front of the line. And that email address is frank@riskparityradio.com That 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, give me some stars or review. That would be great. Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio. Signing off. I'm too sexy for my love, too sexy for my love. Love's going to leave.

Mostly Voices [40:40]

I am too sexy for my cat, too sexy for my cat, for Buzza, for Buzza cat, I am too sexy for my love, too sexy for my love, love's going to leave me, and I am too sexy for this song.

Mostly Mary [40:59]

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.