Not Uncle Frank [0:01]

A foolish consistency, is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.

Mostly Uncle Frank [0:10]

If a man does not keep pace with his companions.

Not Uncle Frank [0:13]

Perhaps it is because he hears a different drummer.

Mostly Mary [0:17]

A different drummer 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.

Not 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.

Not Uncle Frank [0:50]

Yeah, baby, yeah.

Not Uncle Frank [0:52]

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. Whoa, and you probably should check those out too, because we have the finest podcast audience available.

Mostly Mary [1:26]

Top drawer, really top drawer.

Not Uncle Frank [1:31]

Along with a host named after a hot dog.

Mostly Uncle Frank [1:34]

Lighten up Francis.

Not Uncle Frank [1:37]

But now onward to episode 363. Today, on Risk Parity Radio, we are back from our short hiatus, taking care of five of our nieces and nephews.

Not Uncle Frank [1:49]

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

Not Uncle Frank [1:53]

I had some adventures at playgrounds with four-year-olds.

Not Uncle Frank [1:56]

Rivers and seas boiling. Forty years of darkness, earthquakes, volcanoes.

Not Uncle Frank [2:01]

But I'm sure you did not come here to hear about that.

Not Uncle Frank [2:04]

Forget about it.

Not Uncle Frank [2:06]

So let's get back to doing what we do best here, which is to attend to your emails.

Not Uncle Frank [2:11]

Real wrath of God type stuff.

Not Uncle Frank [2:14]

And these are still from June, but I'm working on them, and so, without further ado, here I go once again with the email, and First off, first off, we with the email, and First off, first off, an email from Phil.

Not Uncle Frank [2:30]

Phil, hey, phil Phil, phil Connors, phil Connors, I thought that was you.

Not Uncle Frank [2:38]

And Phil writes.

Mostly Mary [2:40]

Dear Frank, I hope this email finds you well. As a former Fairfax County resident and a longtime listener of Risk Parity Radio, I've always appreciated your insights. I'm reaching out for your thoughts on some significant changes I'm considering for my portfolio. Current allocation 30% VTI, 30% VIOV, 20% VGLT, 10% GLDM, 5% DBMF and 5% cash. Proposed changes Increase equities plus 5% RWJ, plus 5% momentum ETF. Increase GLDM and DBMF by 5% each. Significantly reduce VGLT to 5%, exiting most of this position. Eliminate cash position. My goal is to boost the safe slash perpetual withdrawal rate based on earned sheet projections.

Mostly Mary [3:39]

I'm particularly curious about your take on factor investing. Curious about your take on factor investing, specifically momentum and investment factors, cma. I'm also considering shifting my VIOV allocation to include profitability factor, rmw through AVUV. Now I know you're not one for market timing, but humor me, if you were to dust off that crystal ball of yours, what would it say about implementing these changes? I'm planning to wait for more favorable entry points for GLDM, perhaps 10 to 15 percentage off its all-time high, and for VGLT to recover somewhat from its lows before making my moves. Any insights on indicators that might help me avoid the classic buy high, sell low trap? Lastly, I'd love your perspective on incorporating momentum factor ETFs, particularly on timing purchases after market corrections. Or should I just consult Sonia and her allegedly enormous crystal balls for that? Just kidding, of course.

Mostly Uncle Frank [4:43]

As you can see, I've got several here, a really big one here, which is huge Thanks for your time and insights.

Mostly Mary [4:53]

Look forward to hearing your thoughts, crystal ball assisted or otherwise. Best regards Phil from Portugal, now PS Hope all is well in Fairfax County. I miss those cherry blossoms.

Mostly Uncle Frank [5:06]

My name's Sonia. I'm going to be showing you the crystal ball and how to use it, or how I use it.

Not Uncle Frank [5:13]

Well, I'm pleased to report that all is well in Fairfax County.

Not Uncle Frank [5:24]

Not exactly as picturesque as Portugal, but we do have nice bike paths and other things. I've officially amounted to Jack U squat.

Not Uncle Frank [5:31]

But now let's look at this portfolio and what you're proposing. First, I would say if your goal is to boost the safe withdrawal rate, or perpetual withdrawal rate of this, it's probably not going to happen by increasing the stock allocations and decreasing the bond allocations. Basically, right now you're at 60% stocks, 20% bonds, 5% cash and 15% alternatives, and that is close to the sweet spot for a portfolio with a higher safe withdrawal rate, at least when I've run these things on the BigEarn toolbox sheet projections. But you also want to run this at Portfolio Charts and also at Portfolio Visualizer. And then we have the new Testful Analyzer and I always try to use basically as many of these good calculators as possible, at least the ones that have a variety of assets that you can put into them. But if you were to reduce the bond portion of this to only 5% and increase the stock portion of it, it does become more of an accumulation kind of portfolio than a decumulation kind of portfolio. And where you would see that is if you run tests through eras like 2008 or the early 2000s or any time there was a large recession, because what the bonds are doing in one of these portfolios is essentially acting as a form of recession insurance, and if you don't have that, it is probably going to decrease your safe withdrawal rate overall. The managed futures will pick up on some of that some of the time, but not all of the time, so I probably would not be reducing that holding that much, all right.

Not Uncle Frank [7:16]

Now let's talk about factor investing. My take on factor investing is that it has become one of our best practices and that we ought to be incorporating factor investing into our portfolios. The most important factor to allocate to is the value factor, and most people agree that growth versus value makes the most difference out of all of these other factors or combinations thereof. There's an ongoing debate as to how much small versus large matters, and these topics are endlessly debated. Now, momentum is an interesting factor because most studies that I've seen have found that by itself, it's probably not a good idea and it's difficult to implement due to high trading volumes that most systems that have been analyzed require the constant turnover in a trading system. Now, a good book to read about factor investing is called All About Factor Investing by Larry Suedro, and I would recommend that. You'll also find a lot of good articles from AQR and Alpha Architect and good materials from Dimensional Fund Advisors and Avantas, who supply some of these funds with bonus factors, including that profitability factor.

Not Uncle Frank [8:37]

Regarding your shift from VIOV to AVUV, I would say I don't know if it's going to help, but it's certainly not going to hurt to add that profitability factor. I would say I don't know if it's going to help, but it's certainly not going to hurt to add that profitability factor. I would be mindful if there's any tax consequences, though I don't think I'd make that shift if there were significant taxes involved. And AVUV has not been around that long but has got top ratings from the Merriman Foundation and has seemed to have outperformed other basic small cap value funds in the time that it's existed and also the time that its theory has been around, which is now nearly three decades.

Not Uncle Frank [9:16]

Now there are different funds out there with other combinations of these things, including one called XSVM, which is small cap value with momentum added to it. It seems to be just a more volatile version of a small cap value that performs much better in better environments and worse in worse environments. So you might want to check that out as well. In the end, whatever else you do, I think you want to maintain that overall allocation in the portfolio between growth and value, like you have right now, that it's half growth tilted and half value tilted, and then whatever else you add to the mix can be the gravy.

Mostly Uncle Frank [9:58]

Surprise, surprise, surprise.

Not Uncle Frank [10:01]

And now you want me to get out a crystal ball. Well, don't try this at home and don't take anything I'm going to say with much weight, because I am not good at prognosticating the future in investments a crystal ball can help you, it can, can guide you. Just knowing that certain environments, certain investments, will perform better than others and that we're likely to see all kinds of economic environments over time.

Not Uncle Frank [10:40]

So you're asking about gold and whether it would be advisable to wait until it's 10 to 15% off of its all-time high it's 10 to 15 percent off of its all-time high, and it's through the candle that you will see the images into the crystal, and the answer is I don't know, because I've seen gold trend for years on end, and so it could go up another 20 percent before you see a 15% downturn, and that is largely dependent on the strength of the US dollar, among other things, and then also how many crises are going on in the world and whether foreign central banks are going to continue to buy more gold. I don't know anything about any of these things, or can't predict them. Forget about it, so I cannot say that it would be better for you to try to wait and market time gold.

Not Uncle Frank [11:37]

Fortune favors the brave.

Not Uncle Frank [11:39]

I actually don't know anybody who has been able to market time gold with any consistency, and most of the prognosticators have fallen flat on their face at one point or another. There are still people who are saying in the year 2000 that gold was going to go to $5,000 any day now, and I can find you people running around out there right now who say it's going to be dropping by a third any day now.

Mostly Uncle Frank [12:04]

It's kind of looking at the aura around the bull See the movement of energy around the outside of the bull.

Not Uncle Frank [12:11]

If you want to be cautious, I would probably just dollar cost average into more of it if that's the way you're going with it.

Not Uncle Frank [12:22]

Other than that, it's just luck. You could ask yourself a question.

Not Uncle Frank [12:26]

Do I feel lucky? As for VGLT, you're waiting for it to recover somewhat from its lows. Well, it already has. Of course, you wrote this in June and now we're in August and it has gone back up to basically for its highest for the year right now, and if we do have some kind of recession that involves lots of interest rate cuts, then it will increase in value. That's just what it does. How long that will last or where it will go, I don't know. I've been content to keep buying more of it as interest rates have gone up and waiting for interest rates to go down, because that's what they do. They follow the economic cycle and when it becomes more valuable, we'll be selling some of it. Think big, think positive never show any sign of weakness.

Not Uncle Frank [13:17]

Always go for the throat, buy low sell high fear.

Not Uncle Frank [13:20]

That's the other guy's problem. I think we'll actually begin using some of it for distributions soon, simply because it has gone up since we rebalanced some of these portfolios. So if you think that we're going to have more of a recession and the Fed is going to reduce interest rates by more, then you would be thinking it's going to go up in value. If you think that there isn't going to be a recession or it's going to be very short and the Fed is not likely to reduce interest rates very much, then it's probably not going to move very much. What do I really think?

Mostly Uncle Frank [13:59]

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

Not Uncle Frank [14:06]

And finally, you asked about momentum factor ETFs. I don't think I would use straight momentum ETFs. I'm aware of QMOM and we've talked about that before. A large cap growth fund like a VUG is actually a slow momentum ETF. Anything that is cap weighted automatically is taking the momentum of something, say, like NVIDIA that gets larger and larger and buying more of it as it goes up. But I'd rather focus on the growth factor aspect of something like that than on the momentum factor per se, because, as I mentioned earlier, it's been difficult to just use momentum by itself as opposed to combining it with something else. Just use momentum by itself as opposed to combining it with something else. But maybe you want to check out xsvm. You have a gambling problem. Anyway, interesting questions and hope that all helps and thank you for your email now.

Mostly Uncle Frank [15:04]

The crystal ball has been used since ancient times. It's used for scrying, healing and meditation. The crystal ball is a conscious energy.

Not Uncle Frank [15:17]

Second off. Second off. We have an email from my Contact Info.

Mostly Uncle Frank [15:23]

Oh, I didn't know you were doing one, oh sure.

Not Uncle Frank [15:27]

And my Contact Info writes.

Mostly Mary [15:29]

Hi Frank. The Below podcast discusses HECMs. Not sure if appropriate for your wonderful podcast. That said, it would be interesting to hear your thoughts, question After cost and perhaps complexity are HECMs and other so-called buffer assets superior to a well-diversified portfolio such as your model portfolios, including those with leverage Null hypothesis? I think I've improved on your methods a bit too. In essence, hecm equals expensive leverage Buffer assets equal expensive diversification. I think I've improved on your methods a bit too.

Not Uncle Frank [16:17]

Okay, now everybody's wondering what the heck is a HECM? Well, a HECM is essentially a form of reverse mortgage, and so it's a way for elderly people to access the equity in their home without actually selling the property. I will link to this podcast in the show notes, which is a Longview podcast interview of Don Graves and Wade Fowle about these home equity products. I don't have a lot to say about these things other than I'm aware that they are relatively expensive relatively expensive, and to me they are kind of an act of desperation in a way, because if you were at this point where you have too much of your net worth tied up in your house and you don't have enough that's liquid that you can actually use for retirement, then you are in a quandary and you do need to figure out how to get money out of your house, whether you just sell the whole thing or use a product like this. But it's not a good place to be and it's not something you would plan to be in or a situation that is desirable, because these reverse mortgages not only come with a bunch of fees, but they come with all kinds of limitations as to how much money you can take out, when you can take it out, whether the interest rate is floating or not. What happens at the end? All of these factors that are just built into whatever the contract says. So I can't actually imagine anyone looking into using one of these things, unless they are, in effect, in a kind of desperate situation and they don't really have other options to work with.

Not Uncle Frank [17:58]

Ideally, in retirement, all of the assets you plan to live on are liquid and so you're not having to deal with these sorts of things. As for buffered assets, generally I view buffered assets and structured products and all those sorts of things as basically gimmicks by various parts of the financial services industry, whether it's banks, insurance companies or other entities creating these things. They're very profitable for the financial services industry. They're very attractive on their face, but when you analyze them, typically you get a better performance simply by having a lower exposure to whatever the underlying thing is. You are buffering and then just taking those other assets and investing them in other things in a diversified portfolio that's the fact.

Not Uncle Frank [18:41]

Yeah, that's the fact, yeah I once heard paul merriman give a very good description of why you should shy away from things like this, and he basically what he said was look anything that is heavily marketed by the financial services industry.

Mostly Uncle Frank [19:01]

Always be closing, always be closing.

Not Uncle Frank [19:06]

Marketing costs money, and you do not heavily market some kind of product unless you can make a lot of money off of it. And so that is a sign that if you see a lot of marketing for structured products, buffered products, those sorts of things, the reason for that is not because they're good for you or good for your financial life, but because they make a lot of money for whomever is providing them, because nobody's going to spend a lot of time marketing a bunch of low-cost index funds when they can sell structured and buffered products and make a lot of money from them.

Mostly Uncle Frank [19:45]

Because only one thing counts in this life.

Not Uncle Frank [19:48]

Get them to sign on the line which is dotted thing counts in this life Get them to sign on the line which is dotted. In the end, I think a lot of these things just violate the simplicity principle, which includes picking things that are the lowest cost and easiest to use for whatever you're doing, and so anything that is complicated and high cost is not something you want to be looking for or at or trying to incorporate into something of what you're doing. You would be better off simply having a diversified portfolio with perhaps a lower exposure to whatever that thing is that you are worried about buffering that is the straight stuff.

Not Uncle Frank [20:25]

Oh funk master so I would not be doing any of these heckums or buffered things if you don't have to, and in almost all cases you probably don't have to.

Not Uncle Frank [20:37]

Forget about it.

Not Uncle Frank [20:40]

And thank you for your email.

Not Uncle Frank [20:43]

Ha, ha, ha ha. Trogdor strikes again. Last off.

Not Uncle Frank [20:51]

Last off an email from Eric. Oh my god, Eric, Eric mommy's here, Sweetie.

Mostly Mary [20:59]

Well, what's wrong with him?

Not Uncle Frank [21:01]

I'm afraid that your son is incredibly stupid. He thought he could fly with cardboard wings. The stupidity is so severe that it caused a fall which has put him into a deep coma.

Not Uncle Frank [21:12]

And Eric writes.

Mostly Mary [21:14]

Hi there, frank, wondering if you've tackled the IUL Below. I've got my scenario. I know they're not for everyone, but in what cases are they good? Best regards, eric. Hey, eric, thanks for the message. I'd love to see Frank tackle this on Risk Parody Radio Podcast. Any chance you can send it to him on his contact form, brad? Hello, brad, I'll make this quick. What's the community take on IUL? I'm 39, maxed out all possible qualified income, have $1 million in a taxable brokerage, wanting to roll this into an IUL. I've got $3 million in net worth. I want to work six more years till 45. Popular opinion is fees are too high and a bad way to buy life insurance. In practice, I think taxes are going to be too high and fees will be less than taxes. I tend to overanalyze things and every time I do this it looks pretty great. What am I missing? Thanks so much for all you do for the community. You're a blessing to many. Thrilled you're taking time off to care for yourself. Be well, friend Eric, in Denver.

Not Uncle Frank [22:19]

Well, we're really talking about lots of goofy products here today. Surely you can't be serious. I am serious, and don't call me Shirley. So I see the sneaky Brad Barrett, otherwise known as the nicest guy of five, wants me to do his dirty work for him.

Not Uncle Frank [22:39]

Looks like I picked the wrong week to quit sniffing glue.

Not Uncle Frank [22:44]

Well, I'm happy to oblige, at least this time.

Not Uncle Frank [22:48]

The Inquisition. What a show.

Not Uncle Frank [22:59]

The Inquisition. Here we go this time Now. We've already talked about this recently in episode 346, and you can go back and listen to that. We talked about IUL as essentially a perpetual motion machine.

Not Uncle Frank [23:05]

I am a scientist, not a philosopher.

Not Uncle Frank [23:09]

Which promises things that cannot be delivered, Because you cannot put money into something like this, pay all the fees associated with it and expect it to do better than actual investing the money. Forget about it, but let's talk more about your situation, because your real problem is an ego problem. How do I know that? You say you tend to overanalyze things, and every time you do this it looks pretty great. What are you missing? You are missing the entire analysis. You have not presented anything to me to analyze. Iul is not an asset class. Insurance is not an investment. What you have is a proposed contract. In order for you or me or anyone else to analyze this properly, we need to get out that contract, read it and also look at the illustration, and it doesn't seem like you've done any of those things. It seems like you've been looking at marketing brochures.

Not Uncle Frank [24:12]

Am I right or am I right or am I right Right?

Not Uncle Frank [24:15]

right right. These things appeal to people with big egos because they think they found something special. They are marketed specifically to people with big egos who are like Well, this is what rich people do, and I want to be rich and I going to be rich and I don't want to have to pay taxes.

Not Uncle Frank [24:34]

Well, you haven't got the knack of being idly rich. You see, you should do like me just snooze and dream, dream and snooze. The pleasures are unlimited.

Not Uncle Frank [24:46]

Don't flatter yourself. You're not that rich. $3 million is a lot of money, but it's not 10 million dollars, it's not 20 million dollars and you're not even in a high tax bracket.

Not Uncle Frank [24:55]

You know my record.

Not Uncle Frank [24:57]

Yeah, you're a legend in your own mind and that's the first thing you say. In practice, I think taxes are going to be too high and fees will be less than taxes. That's almost certainly wrong in your case. Wrong. You're not going to be in a high tax bracket. Do you know how long-term capital gains are taxed? If you properly manage your taxable account, you're only going to be paying long-term capital gains and at your low, very low tax bracket it's going to be 0% or 15%, depending on how you manage it. That is not a high tax bracket. You're not in it. You're not going to be in it. Stop flattering yourself.

Not Uncle Frank [25:40]

I'm going to rip these walls out and, of course, rewire it. Yeah, are you going to make it all 220? Yeah, 220, 221, whatever it takes.

Mostly Uncle Frank [25:50]

Well, you sound like a pretty handy guy.

Not Uncle Frank [25:54]

You are not a rich person that does what rich people do. You are a wannabe rich person who's getting suckered.

Mostly Uncle Frank [26:01]

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

Not Uncle Frank [26:05]

Because you're leading with your ego and leaving your wallet at the door.

Not Uncle Frank [26:09]

You're sitting out there waiting to give you their money. Are you going to take it?

Not Uncle Frank [26:14]

What you should be figuring out is how do I manage my taxable account to minimize my taxes? That would be a useful thing for you to be doing, not looking at marketing brochures from IUL and whinging about taxes that you're not paying anyway. So that statement you made is almost certainly wrong, unless you're just an idiot about your taxes.

Mostly Mary [26:37]

Johnny, the truth is they're morons.

Not Uncle Frank [26:40]

Now, how should you be analyzing this? You get the contract, you get the illustration and you look at things like how much am I paying? What are my obligations? How much of this is going to commissions or the insurance side of things? What are the fees? What is the cap rate? Is the cap rate adjustable? They usually are and they usually go down over time and I bet you didn't even know that, know that and I bet you fell for the fallacious marketing that they use, comparing their product to the s&p without dividends, starting in something like 1999, which is what they all do because we're adding a little something to this month's sales contest.

Not Uncle Frank [27:25]

As you all know, first prize is a cadillac eldorado. Anybody want to see second prize? Second prize a set of steak knives.

Not Uncle Frank [27:38]

It's like they all buy the same marketing package for this junk. Anyway, if you want to learn about this, I'll give you two things that you can watch, both from Andy Pankow. One is a YouTube video which goes over all of what I've just been saying about how these are fallaciously marketed and bad information is provided. And then I'll give you another interview of him from Big Picture Retirement that talks about the same issues. But here's what you should be doing. You should be looking at your portfolio and figuring out what is the best I can do with a portfolio solution.

Not Uncle Frank [28:16]

That is job one for you. It's not to go running around looking at insurance products or contracts or structured things or whatever else people are selling these days. Figure out how you would manage this. If you are just going to manage it in a portfolio, in a brokerage account, how are you going to maximize your safe withdrawal rate? What are your actual investments going to be in that? How are you going to minimize the taxes in that? And then, after you're all done with that, then you can start looking at other things to see if they're actually any better for you. That is how to approach this and that is exactly what you are not doing because you are lazy, looking for a magic button, and your ego is too big, and that's why this marketing appeals to you.

Mostly Uncle Frank [29:04]

A, B, C, A, always B, B, C. Closing, Always be closing.

Not Uncle Frank [29:12]

Now if you want to know what rich people do I'm talking about people with $20 million or more how they use insurance contracts, they use something called private placement life insurance. Private placement life insurance and you don't qualify for that. You'll probably never qualify for it. Qualify for that. You'll probably never qualify for it. These are tailor-constructed insurance products used largely by people who are trying to avoid estate taxes. They are not IUL. You do not buy them off the shelf. They are not advertised to people like you because you can't afford them, because you are not rich.

Not Uncle Frank [29:51]

When you do become rich, the other things you should be looking at are things like preferred shares, which pay qualified dividends and are taxed at a lower rate, municipal bonds, which are not taxed at all, and things like that, because if you went to an actual professional registered investment advisor who advised high net worth individuals or family offices, that's what they'd be doing.

Not Uncle Frank [30:15]

They wouldn't be doing what you're doing. There is also an ETF called BOX B-O-X-X that I know some of our listeners use, because it basically gives you a T-bill-like rate, but you pay capital gains taxes on it instead of ordinary income. But again, you don't have enough money to make any of these things relevant, you're going to be having an income in the $100,000 and $150,000 range, it looks like. From what your portfolio looks like now, it's not going to be a $500,000 annual income. So sorry to burst your bubble about your lack of abilities to construct portfolios and analyze investments and do any of the things you actually need to do, but I would go learn those things. You have five years. You can learn everything you need to know about managing your retirement portfolio. You can learn some of it here if you'd like.

Not Uncle Frank [31:07]

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

Not Uncle Frank [31:13]

Just don't waste your time with insurance contracts, especially since you don't know how to read them or analyze them. If you really do want to invest in insurance, the proper way to do it is not to buy insurance contracts. It's to buy insurance companies as in the shares of them, and property and casualty insurance companies are actually a very good allocation to have as part of your value allocation. So if you're really interested in that, I would look at the fund KBWP and then actually just buy the components of it, like Travelers and Chubb, and not bother with the fund at all. So you don't have to pay the components of it, like Travelers and Chubb, and not bother with the fund at all. So you don't have to pay the fee for it. And then you can say I invest in insurance companies just like Warren Buffett.

Not Uncle Frank [32:00]

Yes.

Not Uncle Frank [32:02]

And don't fall for magic button marketing that is designed to appeal to the egos of the wannabe rich. And no, I don't think you're a bad person and I wish you well and hopefully you'll take some of this to heart and that you will make good choices in the future about your finances, particularly as you get close to retirement.

Mostly Mary [32:26]

What you looking at, old man.

Not Uncle Frank [32:28]

Every other time you come across somebody once in a while you shouldn't have messed with. That's me.

Not Uncle Frank [32:35]

So take care, watch the Andy Pankow video and listen to the podcast that I'm going to put in the show notes, and thank you for your email.

Not Uncle Frank [32:46]

Doctor, he's awake. Where, where am I? Oh, you finally finally come back. It's a miracle You're at the hospital, eric. You've been in a coma for some time. Coma, how long it's been? Two days, nurse. You can remove his face warmer now. Yes, doctor, now, eric, you've suffered massive head trauma. Your road to recovery will be long and arduous.

Not Uncle Frank [33:12]

But now I see your signal is beginning to fade. If you have comments or questions for me, please send them to frank at riskparityradarcom. That email is frank at riskparityradarcom. Or you can go to the website, wwwriskparityradarcom. 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 follow, a review. That would be great. Okay, thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio signing off.

Not Uncle Frank [33:51]

We can do this. We just have to be brave, but not too brave, or else Matt Damon will come and take all our money. All right, dude, can we lay off the Matt Damon jokes please? They're just getting old and it's gone.

Mostly Mary [34:04]

Poof. 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.