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 [0:36]

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 [0:52]

Expect the unexpected.

Mostly Uncle Frank [0:56]

It's a relatively small place. 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 [1:11]

I don't think I'd like another job.

Mostly Uncle Frank [1:15]

What we do have is a little free library of updated and unconflicted information for do-it-yourself investors.

Mostly Voices [1:23]

Now who's up for a trip to the library tomorrow?

Mostly Uncle Frank [1:27]

So please enjoy our mostly cold beer served in cans, and our coffee served in old chipped and cracked mugs, along with what our little free library has to offer.

Mostly Voices [1:51]

But now onward, episode 320.

Mostly Uncle Frank [1:55]

Today on Risk Parity Radio, it's time for our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the portfolios page, and keeping with the theme of that this year. Booring!

Mostly Voices [2:13]

I'm putting you to sleep.

Mostly Uncle Frank [2:17]

Before I put you to sleep with that, we do have some emails to attend to.

Mostly Voices [2:21]

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

Mostly Uncle Frank [2:27]

First off, first off, I have an email from Lee.

Mostly Voices [2:32]

What's the matter with you guys? You all know he's guilty. He's got to burn you're letting him slip through our fingers.

Mostly Uncle Frank [2:39]

And Lee writes, Hi Frank, I heard about

Mostly Mary [2:43]

your portfolios on the Chooseify podcast. Is there a portfolio comparison table? I'm looking for a portfolio to park proceeds from my principal residence sale. I'll be moving to another state to retire and will rent for up to a year to figure out where I want to buy a new home. The all-season seems like the most conservative for this short term to avoid risk. However, if If I don't like this state for the long term, I will stay and explore the region, continuing to rent for another five to seven years, then move to my second choice state where I will buy a home. In this latter case, I want to keep up with the projected 3% to 5% real estate growth so I can purchase this same value of home in the future. I was thinking that if I don't buy a home in my first choice state after one year, I would move to a slightly more aggressive portfolio like the Golden Ratio via a glide path to improve returns. I plan to fund rental costs with a 3% safe withdrawal rate, but I need to keep up with the real estate appreciation at 3% to 5%, so looking for something north of 6% performance. Any suggestions would be most welcome. Thanks, Lee.

Mostly Uncle Frank [3:56]

Well, thank you for these questions. We haven't talked about this in a while, but yes, these kinds of portfolios are not only good things to use for retirement, but also as intermediate savings vehicles, which is what you're doing here and is what our children have done while they're saving for their down payments for houses. And just to have an extra fund to tap into that's not an emergency fund, but is available for some large purchase to be named later. Here's how things work.

Mostly Voices [4:36]

I order the food. You cook the food. Then the customer gets the food.

Mostly Uncle Frank [4:44]

We do that for 40 years and then we die. Okay, just looking at your specific questions. Yeah, for the one year, I would just put it in a savings account or a money market account or a ultra short term bond fund like VUSB. Or you could go to Treasury Direct and buy Treasury bills directly. Because one year is really not long enough for any kind of real portfolio. That's just straight short-term money.

Mostly Voices [5:12]

Money!

Mostly Uncle Frank [5:16]

I would not use something like the All Seasons because of those intermediate and long-term bonds are really not appropriate for a one-year investment. Now sliding out to the more interesting question, When you're looking for several years of accumulation and an indeterminate end date or use date, yes, either the Golden Butterfly or Golden Ratio kind of portfolios would be good for something like that. The Golden Butterfly is going to be on the more conservative end because it does have that 20% allocation to short-term bonds, which is fine and some people just like it like that. And that's the way, -huh, -huh, I like it.

Mostly Voices [5:55]

Keshi on the Sunshine Band.

Mostly Uncle Frank [5:59]

Or you could use the Golden Ratio, which has the advantage of really being a flexible model of a portfolio. The sample portfolio we have, that version of the Golden Ratio, is just one version that you could have. And I would go back and listen to episodes two and four. and 15 and 17 for some more details and discussions about both the Golden Butterfly and Golden Ratio and some basic comparisons of other things. But the idea behind the Golden Ratio is essentially you have 42% stocks, 26% in intermediate or long-term treasury bonds, and then you have this other 32% to work with. Usually you would make some of that gold, and so you could make the 16% gold, But then you also have another 16% to work with that could be short-term treasury bonds and the thing's gonna look kind of like a golden butterfly portfolio. Or you could insert things like managed futures or a REIT fund or a utilities fund and you'll get more or less conservative or aggressive variations on the theme, if you will. I would make sure that the stock portion, that 42% is at least half in value-tilted funds or stocks, because that is a basic principle of both of these portfolios. And that does really reduce the overall volatility of the stock portion of this. I do not have a portfolio comparison table. I don't think I'd like another job. And the main reason I don't, besides being lazy... It's not that I'm lazy.

Mostly Voices [7:37]

It's that I just don't care.

Mostly Uncle Frank [7:41]

Is that I don't think I need to reinvent the wheel because you can do this very easily over at Portfolio Visualizer in the back tester, particularly if you use the asset class version of that. You'll get lots of data and you can line up two or three variations of these portfolios and compare them over various time frames and then take them over to the Monte Carlo simulator if you'd like to do that too. I also really like to use the portfolio comparison risk reward tool over at Portfolio charts and that puts your designated portfolio on this graph with about 20 other or 19 other commonly used portfolios, including total stock market portfolio, golden butterfly, three fund portfolios, Schweddy portfolios, Merriman portfolios, and all sorts of other things. But that also gives you a good idea of the risk reward characteristics and you can change what you're measuring there as well in terms of both the expected returns, since I see you had a expected return requirement and the other parameters. So I think that that would be a really good place for you to do some of this analysis fairly quickly on an asset class kind of basis. And I'll link to that also in the show notes. And I'll also just tell you the advice I've given our adult children about How to construct kind of the overall framework for their savings and investments. Time is money, boy. First being to maximize their available retirement funds, including what they've got at work and an IRA, and to invest those things for the long term. So it's basically mostly S&P 500 type funds and things like that. Add some small cap value if it's available to you.

Mostly Voices [9:32]

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

Mostly Uncle Frank [9:36]

Of course, a couple of them have been developing gambling problems with leveraged funds, but I've told them to keep that to a bare minimum. What do you think of a person who only does the bare minimum? Then for essentially their working money, they have an emergency fund. It's kept in savings or checking at a bank. Or you could put it in a money market if you want it there too. Yes! But then any extra money they have flows over into one of these golden ratio style portfolios, which is then available for saving for the next down payment for something, or if they needed to make a big purchase like a car.

Mostly Voices [10:18]

Oh, I get it. Let me try.

Mostly Uncle Frank [10:22]

Although our kids are pretty cheap like me, so their cars don't cost much more than An emergency fund.

Mostly Voices [10:29]

Squidward, still riding to work on a machine, I see. Don't say anything, Squidward. Remember your karma.

Mostly Uncle Frank [10:40]

And I'm talking about more like a $10,000 emergency fund, not a $50,000 one. So if that sounds good to you, you could pursue something like that. And I think it would put you well on your way to getting your down payment saved for this house whenever you may be purchasing it. I would recommend you consider house hacking if you are single because that will also make your real estate go faster. And you'll learn how to use Schedule E of your tax form.

Mostly Voices [11:11]

Yeah, baby, yeah! But good luck with all of this.

Mostly Uncle Frank [11:15]

Hopefully it helps.

Mostly Voices [11:19]

Please do use those tools and thank you for your email.

Mostly Uncle Frank [11:31]

Second off. Second off we have an email from Phil. Another email from Phil.

Mostly Voices [11:39]

Phil? Hey, Phil? Phil? I thought that was you. And Phil writes：Frank, I have two questions in this email.

Mostly Mary [11:54]

One, thoughts on the 100% equity portfolio, specifically the 50 US and 50 x US developed as mentioned in Scott Cederberg's new paper attached. Two, I am struggling to get my mind around FX and how this plays into correlations and how we might be able to take advantage of the fact that we live our lives in Europe via Euros and investing in the US and dollars. I was really asking about equity distribution. I think it is a new paper using the same data set and for the most part does not look at the bonds. The reason I ask is we have retired in Portugal from Fairfax County, Virginia, Reston to be specific, and I'm exploring the value of currency fluctuations as this is an impact on our withdrawals as they mostly need to be converted to Euros. I have noticed that UUP is negatively correlated to SPY. The Euro is 0.44 to SPY, see below. FX Y is -0.1 to SPY and UUP is -0.49 to SPY. I look at these questions as related as some of the correlations between the US equities and international equities is based on currency valuations. With these in mind, I guess there is a three question observation. Can we use the value of the dollar, the underlying currency slash reserves currency, as an asset to diversify our portfolio to improve our returns and reduce the risk? The observation is something that I have always held as a given. We are investing dollars. With that out of my blind spot, I wonder how I can use that information to improve asset allocation in my portfolio. Thanks again for your productive use of your retirement and modeling hobby and life balance in retirement. The podcast makes me think of the open source movement in software development. Kind regards, Phil.

Mostly Voices [13:48]

Watch out for that first step. It's a doozy.

Mostly Uncle Frank [13:53]

Ah, the infernal Scott Cederberg paper. Again, seems like we can't get away from this.

Mostly Voices [14:00]

Bing again!

Mostly Uncle Frank [14:04]

As I mentioned in the last episode, there's a great critique of this at early retirement now that I think everybody should check out. My own critique of this study still stands that if you look at the data they were using and the kind of portfolios they were constructing, I don't think anybody would really be using the kind of bond portfolio or bond portion of a portfolio that is being modeled there because it requires the holder to hold essentially speculative bonds in unstable currencies, as opposed to only using stable bonds in reserve currencies.

Mostly Mary [14:44]

That's not an improvement.

Mostly Uncle Frank [14:48]

Hence we have now christened it the Picklehaube Portfolio after those 19th century Prussian helmets with the spikes on them that they carried up into World War I. I think a 100% equity portfolio is fine for accumulation, but I don't see any reason why anybody would use that in decumulation when there are so many other better options. And you do not have to engage in the false dilemma that Cedarberg proposed, which was either use this 100% equity portfolio or this really crappy pickle Haba portfolio with the speculative bonds in it and no alternative assets. He also did not distinguish between Fama-French factors or sectors or anything else that is currently available and that we should be modeling and that has been modeled by other people, including Fama and French. So anyway, I would use 100% equity portfolio in accumulation. I would not use 100% equity portfolio in decumulation. 'Cause we have better options. That's the fact, Jack! That's the fact, Jack!

Mostly Voices [16:23]

And nothing in his paper disproves the fact that we have better options

Mostly Uncle Frank [16:27]

that he did not model. It really is an example of the logical fallacy of the false dilemma.

Mostly Voices [16:39]

But that's also used a lot in just the marketing of financial products generally. A, B, C. A always, B, B, C closing. Always be closing. Always be closing.

Mostly Uncle Frank [16:54]

That's why people who sell annuities will start a stock market comparison from 1999 just before a big crash.

Mostly Voices [17:06]

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

Mostly Uncle Frank [17:13]

So to me, it is one of the two most common fallacies I see in this area. The other one's called the possibility effect, where somebody takes a narrative about something that could happen and turns that into a high probability that it will happen without doing any analysis of whether it's likely to happen and considering what the base rate of that occurrence would be or should be. But now I'm going off on a tangent. Shut it up, you. Cut it up, me. All right, moving on to your next question about currency risks and what you might do about it in UUP. Yeah, I have looked at UUP before as an investment and have held it at various times over the past decade. I did not find it that interesting. It takes up too much space in a portfolio just so everybody knows what it is. It's a fund that invests essentially in the US dollar against a basket of foreign currencies. I think what you're actually looking for is something we've talked about from time to time and was introduced to us by our friend Alexei.

Mostly Voices [18:25]

So that's what you call me, you know, that or his dudeness or duder or, you know, Bruce Dickinson. if you're not into the whole brevity thing.

Mostly Uncle Frank [18:37]

And that fund is called EUO and it goes short the Euro against the dollar specifically, which seems to be more of what you are interested in. It does have more kind of bang for the buck than UUP, so you don't have to hold as much of it to have the same effect.

Mostly Voices [18:57]

That is the straight stuff, O' Funkmaster.

Mostly Uncle Frank [19:01]

And as you can imagine, it is highly positively correlated with UUP, something like 0.96, and negatively correlated with the US stock market and most other things. We do hold a little bit of that in one of our accounts. It's basically like being long volatility, but it's more of an experiment. I'm still not sure how much of it is ideal to hold in any particular situation.

Mostly Voices [19:28]

Hearts and kidneys are Tinker Toys.

Mostly Uncle Frank [19:32]

Anyway, I think we talked about this back in episode 222 from December of 2022. So you might want to go check that out on some of the other episodes where we've talked about dude portfolios. The dude abides. And finally, your last comment The podcast makes me think of the open source movement in software development. Well, I take that as a high compliment.

Mostly Voices [20:01]

Top drawer, really top drawer.

Mostly Uncle Frank [20:05]

Because you do know that our business model here is actually that business model. I got this inkling.

Mostly Voices [20:13]

I got this idea for a business model. I just want to run it past you. Here's how it would work. You get a bunch of people around the world. who are doing highly skilled work, but they're willing to do it for free and volunteer their time, 20, sometimes 30 hours a week. Oh, but I'm not done. And then what they create, they give it away rather than sell it. It's going to be huge. I mean, she truly would have thought I was insane.

Mostly Uncle Frank [20:43]

And one thing that does kind of bother me about modern life in the 21st century century is that there seems to be this impetus or almost societal demand that every hobby needs to be monetized, as if that will make it better or more fun. I think this applies doubly to personal finance where it seems like anybody that wants to talk about it, the first thing they're thinking of, well, how could I make money off of this discussion?

Mostly Voices [21:24]

It kind of begs the question as like, well, do you enjoy this as a hobby or not?

Mostly Uncle Frank [21:32]

Then I do have this romantic notion, that comes from Victorian times, of the amateur enthusiast, because at that time being an amateur was felt to be superior to being a professional at something, because it meant you were unconflicted and were interested in the topic for the topic itself and the development of the topic itself, which often was related to science at the time. This is why Arthur Conan Doyle styled Sherlock Holmes as a amateur detective because it represented a purity of thought and interest. Let's face it, you can't talk them out of anything. And if I have any goal here besides just having fun, it would be to recreate that kind of intellectual ideal. It cuts, works. So if that's how it feels to you, then I think I've done my job. Or at least I'm getting somewhere with this.

Mostly Voices [22:44]

That was the equation.

Mostly Uncle Frank [22:51]

Existence, survival, must cancel our programming. Just one final comment. It seems like we were practically neighbors when you lived here in Virginia. I often ride my bike through Reston on the bike path there. But I guess I've scared you away to Portugal now, which is probably a much nicer place on a day-to-day basis than Northern Virginia, even if it's not as ridiculously convenient as living in this part of the world. But thank you for your comments, and thank you for your email.

Mostly Voices [23:36]

The big question on everybody's lips. Yeah, their chap lips. On their chap lips. That's right. Do you think Bill's gonna come out and see a shadow? Punkzatoni Phil. That's right, woodchuck chuckers. It's Groundhog Day. Get up and check that hog out there. Yeah. Come here, Groundhog. Last off.

Mostly Uncle Frank [23:59]

Last off, we have an email from Carl.

Mostly Voices [24:03]

Carl, there is a dead human in our house.

Mostly Uncle Frank [24:06]

Oh, hey, how did he get here? Carl, what did you do? Me? I didn't do this. Explain what happened, Carl. And Carl writes, hi, Frank. As millions of people in the U.S.

Mostly Mary [24:17]

today, I'm an immigrant, a legal one, working under a visa. Actually, I just got my green card. I'm investing heavily in the U.S. in my 401k and also via a brokerage account. I definitely intend to leave the US when I retire, due mostly to the cost of healthcare. In your opinion, what should I consider when planning for that big change in the future? Should I pursue citizenship so I don't incur the exit tax later on when I leave? Should I not pursue citizenship and move my money to Europe before I move back or keep in the United States? What moves would you make if you were to leave the United States when you retired? Well, maybe not tax leaving, because you'd have to relinquish your citizenship if you wanted to get rid of Uncle Sam's bite. Thoughts?

Mostly Voices [25:04]

Carl, that kills people! Oh, oh, wow, I didn't know that.

Mostly Uncle Frank [25:11]

Well, Carl, I have to say, I really do not know the answer to any of these questions. Man's got to know his limitations. And so anything I would be saying about this would be a best guess at best. My gut says that if you are not planning on remaining in the US permanently, and you have a legal means of being here to do what you want to do, it probably does not make sense for you to go through all the work that you'd have to do to get citizenship here. My father did it back in 1953. He was a subject of Her Majesty the Queen at the time, having arrived here from the outpost colony known as British Honduras at the time, and is known as Belize today. Now, if I were researching this, I'd probably go to the site run by a guy named Nomad Capitalist, who is one of these people who I think has renounced his US citizenship and has passports from five other countries or something like that. Because I have to say, I do not know who exit taxes actually apply to. I know they apply to US citizens who renounce their citizenship. I do not know how they apply to people who are just working here but are not US citizens. I'd also be looking into how the 401k works for you or doesn't work for you because I believe that account status is irrelevant in any other country. And I'm wondering if it's going to be a real hassle to you once you leave and the 401k is still sitting here and then you don't have a US address. And then whether you can roll that into an IRA and whether you're going to be able to do that or not, or any of those kinds of things. So I would be looking into that issue because in the back of my mind, I'm wondering whether it makes more sense for you just to invest in ordinary brokerage accounts. On the other hand, maybe it's just a gift in that you get a deduction on US taxes now, but I'm just wondering how it works when the money comes out. I would imagine that the 401 provider is going to withhold something if you start withdrawing from that and you're in another country. And then you'd have to apply to get a refund from the US government, which sounds like a big hassle to me. So I would be looking into all of that to make sure that you really do want to be putting money into a 401 while you're here. Now, as for me, no, I don't have any plans on leaving the US. Now or later, if I did go anywhere, it probably would be to Belize. My sister has citizenship there, and I'm entitled to get it if I want it, although that's another hassle. But I think you should probably live in retirement in close proximity to the people you want to hang out with and the things you want to do. And for me, that means staying in the US. I heard an interview of the Nomad Capitalist, I think it was sometime last year, and what struck me is there was kind of a sadness to it in that he said that it had really impacted a number of his relationships with people in the US because he just didn't see them that often, and there were restrictions on him coming here now since he had renounced his US citizenship, and they were not interested in traveling to wherever he was. I think sometimes people over romanticize unconventional lifestyles or ideas. That's actually how lots of bad financial products are sold.

Mostly Voices [29:14]

A guy don't walk on the lot lest he wants to buy.

Mostly Uncle Frank [29:18]

It's kind of these unconventional secrets of the Illuminati, Zig where other people Zag, and so on and so forth. It's a conspiracy, man.

Mostly Voices [29:27]

The oil company's got a grip on the government. They're feeding us a Bunch of lies, man.

Mostly Uncle Frank [29:34]

Physical precious metals are sold that way. Trust mills sell trusts that way. People sell life insurance products that way. Infinite banking on your mama or whatever. Sitting out there waiting to give you their money. Are you gonna take it? And I think a lot of this multi-passport, run all over the world kind of lifestyle stuff is peddled that way as well. 'Cause we're adding a little something to this month's sales contest. As you all know, first prize is a Cadillac El Dorado. Anybody want to see second prize? A lot of that is also wrapped up in possibility effect stories. My email box is beginning to be filled up with all kinds of spam since it's an election year about all sorts of calamities that are allegedly going to befall us.

Mostly Voices [30:24]

Human sacrifice, dogs and cats living together, mass hysteria.

Mostly Uncle Frank [30:28]

And what they can sell me to ameliorate that.

Mostly Voices [30:32]

Tell me, have you ever heard of single premium life? Because I think that really could be the ticket for you.

Mostly Uncle Frank [30:39]

Anyway, another person who might actually know the answers to some of these questions would be Joshua Sheets at Radical Personal Finance. And he has a call-in show where people ask kinds of questions like this. fairly frequently, actually. So I would check that out too, because he probably knows what the best references are for all of this sorts of stuff. Anyway, sorry I really couldn't answer your questions, but hopefully a couple of those references will help you, because I do think you've got some research to do before you can decide what's the best course of action for you, particularly with that 401k. That's what jumped out to me first as something to look into because I just know that one country's 401k or version of that often means nothing in another country and just causes problems for the people that end up with one country's retirement plan thing under their tax code but they're living somewhere else. That kills people. So hopefully that helps a little bit and thank you for your email.

Mostly Voices [31:42]

What is wrong with you, Carl? Well, I kill people and I eat hands. That's two things. And now for something completely different.

Mostly Uncle Frank [31:51]

And the something completely different is our weekly portfolio reviews of the seven sample portfolios you can find at www.riskparityradio.com on the portfolios page. It was another week where not much happened. I suppose I should be thankful for that after suffering through the past couple years. We do at least have a rebalancing to talk about though. Anyway, just looking at the markets themselves, the S&P 500 was down 0.42% for the week. The NASDAQ was really the big loser last week. It was down 1.34% for the week. Small cap value represented by the fund VIoV was actually up last week. It was up 1.89% for the week. I thought that was a little bit interesting that Small caps have gotten off the mat. Gold was down, gold was down 0.65% for the week. Long-term treasury bonds represented by the fund VGIT were also down. They were down 1.16% for the week. REITs represented by the fund REET were up 0.17% for the week. Commodities represented by the fund PTBC were down. They were down 0.98% for the week. Preferred shares represented by the fund PFF were down 0.59% for the week and managed futures represented by the fund DBMF were up. They were up 0.22% for the week. Moving to these portfolios, first one's this reference portfolio, the All Seasons. This one is 30% in stocks and a total stock market fund, 55% in intermediate and long-term treasury bonds, and the remaining 15% in gold and commodities. It was down 0.69% for the week. It is down 1% year to date and up 0.51% since inception in July 2020. Moving to our next ones, kind of bread and butter portfolios. First one's this golden butterfly. This one's 40% in stocks divided into a small cap value fund and a total market fund. 40% in bonds, treasury bonds divided into long and short, and 20% in gold, GLDM. It was down all of 0.05% for the week, so we barely moved, about five bucks. It is down 1.13%, year to date, and up 19.13% since inception in July 2020. Next one is the golden ratio, which we talked about some today. This one's 42% in stocks in this version in three funds, 26% in long-term treasury bonds, 16% in gold, 10% in a REIT fund, and 6% in a money market. It was down 0.30% for the week, down 0.99% year to date, but up 15.88% since inception in July 2020. Next one's the Risk Parity Ultimate, where we just put a little bit of everything for demonstrative purposes. I don't think anybody would really want to hold all of these things, but it does have a little Bitcoin in it, which is helping it these days. And it was actually up last week. It was up 0.07% for the week. It's up 0.12% year to date and up 6.81% since inception in July 2020. And if you want to see all the funds, you can check them out on the website. And now we're moving to these experimental portfolios involving leveraged funds. Don't try this at home, even though I know you do.

Mostly Voices [35:29]

Well, you have a gambling problem.

Mostly Uncle Frank [35:33]

First one's the Accelerated Permanent Portfolio. This one is 27.5% in a levered bond fund, TMF. 25% in UPRO, a levered stock fund, 25% in PFF, a preferred shares fund, and 22.5% in gold, GLDM. It was down 1.73% for the week. It's down 2.51% year to date and down 10.65% since inception in July 2020. Moving to our next one, the aggressive 5050. This one is one third in a levered stock fund UPRO, one third in a levered bond fund TMF, The remaining ballast, or one-third, is divided into a preferred shares fund and an intermediate treasury bond fund. It is the most levered and least diversified of these portfolios and it was down 1.76% for the week. It's down 1.26% year to date and down 19.02% since inception in July 2020. We did rebalance this one last week because the levered stock fund, UPRO, was over 40% of the portfolio, which triggered a rebalancing. We do this on bands on the 15th of every month we look at it. And the rules for that are posted right there on the website if you want to check that out. But anyway, the contents of that rebalancing involved selling $531 of that LevEraged Stock Fund UPRO, and then we bought $24 worth of preferred shares, $379 worth of levered bonds, and $84 worth of intermediate treasury bonds. And that took care of our rebalancing, which we did on Friday, which we will duly record on the website on the portfolios page. Moving to this last one, the levered golden ratio. This one is 35% in a levered composite fund, NTSX, that's stocks and treasury bonds, 25% in gold, GLDM, 15% in a REIT, O, 10% each in a levered bond fund, TMF, and a levered small cap fund, TNA, and finally 5% in a managed futures fund, KMLM. It was down 0.45% for the week, it's down 2.72% year to date and down 15.81% since inception in July 2021. It's a year younger than the other ones. So all in all we saw virtually nothing last week, which isn't always so bad.

Mostly Voices [38:23]

Yeah, well, sometimes nothing can be a real cool hand. But that concludes our portfolio review.

Mostly Uncle Frank [38:31]

And now I see our signal is beginning to fade. If you have comments or questions for me, please send them to frank@riskparityradio.com that email is frank@riskparityradio.com or you can go to the website www.riskparityradio.com and put your message into the contact form and I'll get it that way. If you haven't had a chance to do it, Please go to your favorite podcast provider and like, subscribe, give me some stars, a review, a follow. That would be great. M'kay? Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio. Signing off.

Mostly Voices [39:12]

Carl, that kills people. Oh, oh, wow. I didn't know that. How could you not know that? Yeah, I'm in the wrong ear. I suck. What happened to his hands? What's that? His hands. Why are they missing? Well, I kind of cooked them up and ate them.

Mostly Mary [39:41]

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