Mostly Other Voices [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, 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.

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.

Mostly Other Voices [0:50]

Yeah, baby, yeah.

Mostly 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 Other Voices [1:26]

Top drawer, really top drawer.

Mostly Uncle Frank [1:31]

Along with a host named after a hot dog.

Mostly Mary [1:34]

Lighten up Francis.

Mostly Uncle Frank [1:37]

But now onward, episode 373. Today, on Risk Parity Radio, we're just going to do what we do best here, which is answering your emails.

Mostly Other Voices [1:47]

Yes.

Mostly Uncle Frank [1:49]

And so without further ado.

Mostly Other Voices [1:51]

Here I go once again with the email.

Mostly Uncle Frank [1:54]

And First off. First off, we have an email from David oh Davey that is awful.

Mostly Mary [2:04]

And David writes I just found your podcast in sight and I'm learning a lot, thank you. Can you recommend a good book regarding risk parity, david?

Mostly Uncle Frank [2:16]

Well, yes, david, there are a number of books written about this in the past few years. I will just list them for you and then give you a few brief comments about them and about these kind of books in general. The first one's called Risk Parity how to Invest for All Market Environments. It was written in 2021. It's by Alex Shahidi, and Alex Shahidi is also one of the people that runs the funds RPAR and UPAR, which we have talked about from time to time, going all the way back to episode 31. Next one is called Risk Parity Fundamentals. It's by Edward, and I'm not sure how to pronounce his name. Actually, it's spelled Q-I-A-N. I believe it's pronounced Kian, but it could be Qian or some variation thereof, and that was first written in 2016,. But I believe there's a 2024 edition of that and that author has been writing about risk parity for about 20 years now. And the next one is called Introduction to Risk Parity and Budgeting, written in 2024 by Thierry Roncalli, r-o-n-c-a-l-l-i. Now, in addition to those, you're also going to find a lot of articles and other references in the show notes for this podcast, and if you go to the podcast page at wwwriskparadrivercom, you will see near the top a link to the RPR feed, and that has all of the podcasts and all of the show notes on one page and is searchable, and so you will find a lot of articles about risk parity there, including one from Michael Kitsis written in 2013, and many others. Particularly, if you go all the way back to the beginning podcasts, you'll find articles by Edward Kian as well, or Kwan.

Mostly Uncle Frank [4:08]

Now, talking about the books that I've mentioned, these books are all written for people who are knowledgeable investors. They are not written for beginning texts of people who have never invested, and that's especially true of the second two two. The first one, by Shahidi, is going to be more accessible and easier to read. The other two are going to read more like textbooks, but those are the kinds of sources I actually trust the most. The most reliable information in investing comes from two sources, and those are academics and then people who actually professionally manage lots of money, because, ultimately, this whole topic of risk parity is simply an extension of what Harry Markowitz was working on in the first place with respect to the ideas of diversification and modern portfolio theory, and so that's where this all comes from or originates from. And so that's where this all comes from or originates from, I'm not aware of any kind of book that is risk parity, investing for dummies or something like that and I think you need to appreciate the real difference between books that are aimed at people that already understand something about investing and books that are written as popular materials for widespread dissemination in personal finance land.

Mostly Uncle Frank [5:27]

And those are all the popular authors you've heard of, whether it's JL Collins or Paul Merriman or Rick Ferry or Jack Bogle's Common Sense Investing All of those kind of books are are written as a simplified version of the real stuff and they focus more on simplicity and trying to convey concepts to people who have no concept of investing or how to do it. I'm not a smart man Than in actual best practices for how to go about it, but that is often the problem or limitation with common personal finance books that, because of the audience they are trying to appeal to, they elevate the simplicity principle above all other principles.

Mostly Other Voices [6:15]

That's the fact, Jack. That's the fact, Jack.

Mostly Uncle Frank [6:19]

That's not really best practice.

Mostly Mary [6:21]

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

Mostly Uncle Frank [6:24]

What is best practice is to focus on things like the holy grail principle about diversification, the macro allocation principle, which also focuses on broad asset class diversification, and then put the simplicity principle as the last principle, not the first principle.

Mostly Other Voices [6:43]

And you won't be angry. I will not be angry.

Mostly Uncle Frank [6:48]

And really what we're trying to do on this podcast is take these best practices from professionals and practitioners and simplify them enough to be able to use them productively in our portfolio construction as amateur investors, because I think that's fundamentally a better approach than trying to oversimplify a portfolio and then attach a bunch of complex band-aids to it to try to make it work as a retirement portfolio.

Mostly Mary [7:19]

Everything should be made as simple as possible, but not simpler.

Mostly Uncle Frank [7:23]

And what I mean by that is oftentimes I see people that are very obsessed with only holding two or three funds in their actual investment portfolio, but then on the side they're doing all kinds of complicated other things involving buckets of cash, bond ladders, cd thingamabobs, buffered funds, annuity products all manner of complicated stuff that you probably don't need if you would focus on the portfolio construction to begin with. And that is often the price of oversimplification in one area what you come up with really doesn't work very well, unless your real strategy is don't spend much money and then you add all these window dressings or other things around it to make it work. And I think the other thing you should recognize is we're not applying risk parity principles on an academic level to achieve some sort of academic balance between asset classes. What we're really trying to do here is to construct portfolios that are the best for withdrawing from in retirement and allow you to take the most money out of them over time in retirement take the most money out of them over time in retirement Because in a pure risk parity sense, what you are doing is coming up with a very conservative portfolio that looks something like the all-season sample portfolio that we use as a reference and then adding leverage to something like that.

Mostly Uncle Frank [8:59]

A simpler solution for what we are trying to do is to make the portfolio slightly more aggressive by putting more equities into it and coming up with sample portfolios that look more like the golden butterfly or golden ratio portfolios, because our goal is not to meet some kind of academic standard, but to be looking in particular, at projected safe withdrawal rates. So if you go and read the books that I recommended and I hope you do and understand the theory behind them, they are not going to tell you how to construct a good retirement portfolio for you, because that's not their purpose. If that is what you're trying to do, I would focus more on the materials you'll find on the Risk Parity Radio feed page and show notes, because there are a lot of good articles there, but I will at least link to these books in the show notes, bing and perhaps even the RSS feed.

Mostly Other Voices [9:52]

Bing again. Hopefully some of that will help and thank you for your email.

Mostly Uncle Frank [10:10]

Second off, we have an email from Jennifer, and Jennifer writes.

Mostly Mary [10:22]

Hi Frank, I recently broke up with my financial advisor, my straw reaches across the room and starts to drink your milkshake, and I'm ready to move all my AUM accounts out of their control.

Mostly Other Voices [10:43]

I drink your milkshake. My AUM accounts out of their control.

Mostly Mary [10:51]

I know how to do that part, but I've been stalling because I have a brokerage account that has a hundred different investments in it. I'm a little intimidated and really dreading the thought of having to track all these investments for who knows how long to try to sell them at the right time so I don't create huge tax burdens for myself. My plan is to wait until I have some with a positive and some with a negative cost basis and sell those at the same time to offset any capital gain. I then plan on putting these back in my brokerage account into VTI. Do you have any advice or references you can direct me to? Thank you, Jennifer.

Mostly Uncle Frank [11:42]

So they put you in a hundred different investments.

Mostly Other Voices [11:45]

Wow, that's messed up.

Mostly Uncle Frank [11:48]

I feel your pain there. So that means that every single day that you see me that's on the worst day of my life Sounds like something that was concocted by personal capital, now in power, only worse. Everything that has transpired has none, so, according to my design, Unfortunately, that is often what financial advisors do to ensure you stay with them by making it painful to leave.

Mostly Other Voices [12:17]

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

Mostly Uncle Frank [12:25]

Get them to sign on the line which is dotted. So I would not be worried about market timing here, but I would do a few things and follow kind of a little process, if you will. First, before you leave, I think you need to get all of the cost bases for these investments because ultimately the taxation is determined by the difference between the selling price and whatever they were purchased at, and if you just move them, you may not keep that data. In fact, it's unlikely that you'll keep that data. So make sure that you have all of the statements showing what the cost basis for these things were so that when it comes time to report them on your taxes, you know which numbers to use.

Mostly Uncle Frank [13:05]

Now I think the next thing to do after that is to figure out where you're going, and you've indicated that you want to essentially move your investments to a total market fund. I would first make sure that that is actually what you really want to do. That is one approach, but probably not an optimal approach. I would at least add a small cap value fund to that. But whatever you are moving to, you want to not get fixated on the fund name, but what kind of fund is it? And something like VTI, a total market fund, is fundamentally a large cap blend or growth fund. You can look this up on Morningstar and see exactly where it fits in the little matrix between large and small and growth and value. But I believe it's pretty much a large cap fund that's right on the line between blend and growth these days. So that is the asset class that that represents. So now you would take that information and then go look at what you already hold. So, for example, if part of the assets in these hundred different investments are an S&P 500 fund or other things that are large cap growth or large cap blend, you probably don't need to sell those because all you're doing is exchanging them for something that is very similar to that in the form of VTI. And if that is the case, maybe you don't need to sell them at all. And again, this is a place where you should not overvalue simplicity, because the fact that you had three funds that are in the same category and you could consolidate them to one fund, but you'd have to pay a bunch of taxes to do it, it's not worth it. Just leave them how they are until you're really going to manage them or change the overall makeup of the portfolio.

Mostly Uncle Frank [14:53]

On the other hand, I suspect that if there's 100 different investments, a lot of these investments are of a trivial amount, maybe a few thousand dollars. I would just sell those and be done with them, because they're not even worth trying to manage. What you want to focus on are what are the big allocations and what do I want those in? All right, there are some other considerations. First of all, what I'm talking about only applies to taxable brokerage accounts. If some of these assets are in retirement accounts, you're not going to pay taxes on the transactions anyway, so you can just sell them and put them in whatever you want without any consequences, regardless of whether there be capital gains or capital losses on them. And I would probably do that right away and then focus on what you're going to do with the taxable side of this.

Mostly Uncle Frank [15:43]

Now, on the taxable side, if all this is in a taxable brokerage account, then you also need to understand what is your capital gains tax bracket, and you can look this up, but the federal tax brackets on capital gains are 0%, 15% and 20%. I think most people who listen to this podcast are probably in the 15 percent capital gains tax bracket, which, for a married couple, runs from about $100,000 in income to $500,000 in income on an annual basis. But if you were in the zero percent tax bracket for capital gains because your income was low, then you wouldn't be tax loss harvesting, you'd be tax gain harvesting. I will link to a recent Choose FI episode where all of this is discussed. On the other hand, if you have a very high income, over $500,000 a year, you're going to be in that 20% capital gains tax bracket and there's like another 3% that gets tacked on at a certain point. You may also have state taxes to worry about, and that's going to vary state by state.

Mostly Uncle Frank [16:46]

So if you're in that kind of situation, you may not want to take any capital gains at all right now and simply wait until your income is lower or you retire, depending on where you are in the grand scheme of things, and so that's going to be another consideration in the grand scheme of things, and so that's going to be another consideration. Unfortunately, as you can see, what you need to do depends on a lot of different factors. It depends on what kind of portfolio you want to end up in. It depends on what your current tax situation is right now and what it's likely to be in the future, and it also depends on what kind of accounts these assets are in. Without knowing any of those things, we can't really say what's the optimal way to go about this.

Mostly Uncle Frank [17:29]

The only thing I can say for sure is, for anything in a taxable account, you do definitely need to know what the cost basis for that asset is, because that is ultimately all you need to know in terms of what tax you're going to pay on a particular sale of a particular investment, because that's how it's calculated selling price versus cost basis. My general experience, though, is, unless these accounts are really large I'm talking many hundreds of thousands of dollars or millions of dollars the taxes on a lot of these things just aren't going to be all that large, because, for example, if you had a $50,000 investment as a cost basis, it went up to $60,000 and you sold it, then the profit on that is $10,000. That is what's subject to capital gains tax. You're probably in the 15% tax bracket, and so the tax on that transaction is $1,500. And that's also why I said that you should just get rid of anything. That's a very small allocation of a few thousand dollars, because the taxes on it could be $100 or even less, depending on its cost basis.

Mostly Uncle Frank [18:40]

Unfortunately, all of this does involve just gathering lots of records and doing a bunch of calculations, but it's not difficult math, fortunately. Hopefully that helps you at least some, and thank you for your email. Is there any way that you could sort of just zonk me out so that, like I don't know that I'm at work in here, could I come home and think that I've been fishing all day, or something.

Mostly Other Voices [19:07]

That's really not what I do, peter. However, the good news is, I think I can help you.

Mostly Uncle Frank [19:18]

Last off. Last off, we have an email from Byron Byron.

Mostly Other Voices [19:24]

Byron's like I'm going on a holiday, doc, I need my jabs. And the doctor's like cool, I'll sort you out. Hepatitis A, b, c, d, f, g.

Mostly Mary [19:34]

And Byron writes Frank, I hope all is well. I'm a 28-year-old male, self-employed do-it-yourself investor who's working on long-term strategies for financial development.

Mostly Uncle Frank [19:46]

Young America. Yes, sir.

Mostly Mary [19:48]

I've been investing since I was 21, though the first few years were a pittance, just learning the ropes.

Mostly Other Voices [19:55]

Please sir.

Mostly Mary [19:57]

I want some more and have since then, maintained a relatively consistent investment strategy. I've predominantly avoided individual stocks and instead own an amalgam of ETFs. I've continued to invest periodically and without fluctuation through the last few years of market turmoil. I currently have approximately $60,000 in a Roth IRA and approximately $60,000 in a brokerage. I'm a numbers guy or I pretend to be and continue to try to make the most logical choices I can like investing through bear markets, etc. I'm trying to play the long game and see the forest through the trees. Based on everything I'm learning and you're a big source of education for me pulling some leverage into my portfolio may help increase my financial development, at least based on the math. Leverage is a new concept for me. Looking at my completely unlevered portfolio, it's done well. Since 2017, I've managed to eke out a 13.8% average rate of return in my brokerage. That's a good number, but it's driven upward by some good years, as well as the fact that my portfolio is approximately 15% tech ETFs like VGT.

Mostly Mary [21:08]

I've sought out tech ETFs since I'm young and can handle the volatility. Short story long, my portfolio isn't optimized. It's a mishmash of six ETFs that I've chosen with intentionality and thought, but is ultimately not much better than random. I'm curious about tightening up shop over here and moving toward an optimized portfolio. Of course I'm still in the accumulation phase, so I do want it to be optimized for growth. I guess if I were to consolidate the above rambling into a question do both tech ETFs and LETFs have a home in an accumulation portfolio? Best Byron.

Mostly Other Voices [21:47]

And he's like so, doc, what are you up to this weekend? And the doctor goes I don't know, I'm working. Byron goes, come on holiday with me. And the doctor's like get in. Baron goes, bring some drugs, mate, some of them prescription ones. What you got? Laudanum, which is a liquified form of opium. Polydor's like where are we going? Baron's like Geneva. Doctor goes all right, doesn't sound like the greatest holiday vacation of my life, but the laudanum should see to that.

Mostly Uncle Frank [22:28]

Well, Byron, you're in an interesting part of your accumulation phase.

Mostly Other Voices [22:33]

The Lord and them should see to that.

Mostly Uncle Frank [22:38]

And so let's talk about where you are and where you'd like to go, and you'll have to talk them onto the approach.

Mostly Mary [22:43]

So help me, you'll have to talk them right down to the ground.

Mostly Uncle Frank [22:48]

It looks like you've accumulated about $120,000 in invested assets so far, and largely in tech funds and other large-cap growth funds, and those have been good to you so far.

Mostly Other Voices [23:03]

Wow, it's very nice.

Mostly Uncle Frank [23:05]

So the first truth is that what you've invested in so far actually didn't matter that much, because until you've started accumulating something that looks like $100,000, or your annual salary and or your gains in any year outstrip the amount you're investing, it probably didn't matter whether you invested in tech funds or some other kind of funds, as long as they were low-cost index funds kind of things and they were growing, that was fine. Now, the last few years in the last decade have been very good to tech. They've been one of the best periods actually in history for tech. If history tells us anything, that won't go on forever. Or rather, it will go on forever, but there's going to be some big valleys in there somewhere and what they are going to look like is the first part of 2020 or 2022, only they're going to go on for three or four years.

Mostly Uncle Frank [24:00]

Now, honestly, that doesn't really matter that much, unless you would bail while it's going on, because you have to have the stomach to invest through what could be an 80% drawdown in your assets, like we've seen the NASDAQ do several times in my lifetime, and if you're in your 20s and 30s and you are increasing your income and increasing your contributions to investments a lot of times that just doesn't matter that much and it's just not that much to stomach. It's going to be a different story when you get to be in your 40s and you have close to a million dollars. Then you're not going to want to experience an 80% drawdown.

Mostly Other Voices [24:43]

You're gonna end up eating a steady diet of government cheese and living in a van down by the river.

Mostly Uncle Frank [24:52]

So if you're going to be aggressive, now is the time to do it. All right, you say that you're curious about tightening up shop over here and moving towards an optimized portfolio. Of course, you're still in the accumulation phase, and do you want it to be optimized for growth? Well, it want it to be optimized for growth? Well, it sounds like it is optimized for growth right now if it's in mostly tech and large cap growth. But along with that comes a lot of volatility. If you are trying to optimize it for returns on a risk reward basis, you're going to be better off if you start adding small cap value to this.

Mostly Other Voices [25:27]

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

Mostly Uncle Frank [25:37]

If you look at the performance of a portfolio that's half small cap value and half large cap growth over a period of decades, that kind of portfolio tends to outperform on a risk-reward adjusted basis, a portfolio that is either tilted towards large cap growth or small cap value.

Mostly Uncle Frank [25:51]

The truth is that any portfolio you could invest in that is basically low-cost index funds is going to work as long as you stick with it and aren't jumping around, and you won't know which was the best combination portfolio until after the next 20 or 30 years. You'll only know that in hindsight. So sitting around trying to guess whether tech is going to outperform in the next 10 years or not is probably not a useful thing to be doing. What you want to do is pick a low-cost index-based portfolio like the one you have or the one I'm suggesting, and just stick with it, because the other thing you need to get straight here in your mind is what are your goals, and your goal should not be to beat the market. If your goal is to beat the market, you're going to be constantly jumping in and out of funds trying to beat the market.

Mostly Other Voices [26:44]

Are you stupid, or something Almost as stupid as a stupid does?

Mostly Uncle Frank [26:50]

But if your goal is a personal goal, if your goal is to accumulate a certain amount of money in investments that you could then use to retire on, then you don't need to worry about beating the market or not. You just need to get your plan set and stay on that plan, regardless of whether your portfolio is beating the market in a particular decade or not, because chances are it will in some decades and it won't in others.

Mostly Other Voices [27:16]

My dad said he listened to Matt Damon and lost all his money.

Mostly Mary [27:19]

Yes, everyone did, but they were brave in doing so.

Mostly Uncle Frank [27:23]

And there will always be, in any decade, a portfolio that you are not invested in, that you could have been invested in and have made more money. But if you look backwards and try to get on the train that already left the station, that is exactly how people chronically underperform the market, because using 1, 3, 5 or 10 year past performances is one of the worst ways to choose investments. It just is Forget about it. I can't emphasize it enough that you have to pick a reasonable low-cost plan and just stick with it and then, when you get to that accumulation level particularly if you're using highly volatile assets like tech funds or leverage funds you need to be able to take the risk off the table at some point, because eventually, the point is to accumulate this money so you can spend it, not so you can just keep looking at it.

Mostly Other Voices [28:17]

I love gold.

Mostly Uncle Frank [28:22]

All right, so we've talked about your tech funds. Those are essentially growth funds, or large cap growth funds in most cases these days. Now, what about leverage funds? Well, adding leverage to a portfolio is also one way to beat the market, but it's also a way to go broke.

Mostly Mary [28:40]

You have a gambling problem.

Mostly Uncle Frank [28:42]

And I will link to a nice YouTube video I linked to before by Ben Felix about adding leverage to a portfolio. In theory it will increase your assets, but if you add too much leverage to a portfolio, the likelihood of you going broke before you become rich becomes very high. We can put that check in a money market mutual fund. Then we'll reinvest the earnings into foreign currency accounts with compounding interest and it's gone. So you need to be judicious about how much you're adding.

Mostly Mary [29:15]

You can't handle the gambling problem.

Mostly Uncle Frank [29:18]

There is no right amount. I do have at least one listener who invested in YouPro in the early 2010s and rode it all the way to financial independence within a decade. He was lucky. That usually doesn't happen that way. If you would have done the same thing, starting in 1999, you would have ended up broke by 2010. Great, we can just put that into your retirement account and make it go to work for you and it's gone.

Mostly Uncle Frank [29:45]

So I can't say I can recommend using leveraged funds for anyone really, because honestly, I don't know if you have the stomach for it.

Mostly Uncle Frank [29:54]

But if you're going to do it when you're 28 and I think you're single now would be the time to do it because you can recover from it.

Mostly Uncle Frank [30:02]

What I would probably do is allocate a small portion of your portfolio to that kind of endeavor, say 10 or 20%, and then just run with that for a few years and see how it feels, because either you'll be able to stomach it or you won't, and you'll probably know pretty quickly.

Mostly Uncle Frank [30:19]

Make sure you hold it through at least one downturn. And what I'm talking about is the stock market losing 20% because you'll see your leverage part of your portfolio go down about 60% or 70% in that circumstance. So what I'm saying here is I'm really applying the same rationale that oftentimes people will use to say I'm going to put most of my assets in index funds and that'll be my main portfolio, but I'm not going to have this other part of my portfolio that I can experiment with. I can buy leverage funds, I can buy individual stocks, I can try my hand at picking investments and those sorts of things and if you're lucky and maybe you have a little skill, that may work out just great. In any event, you won't be gambling your entire future on this one kind of investment or this one kind of venture.

Mostly Other Voices [31:12]

Well, you have a gambling problem.

Mostly Uncle Frank [31:16]

And all of the good stock picker type people I'm aware of follow that kind of a plan. So if you're familiar with Brian Feraldi, he's got a lot of money in index funds but then he's got some accounts that are his stock picking accounts and that's what he focuses on in there. If you follow the value stock geek, he is all about analyzing value stocks for a decent part of his portfolio, but he has another part of his portfolio which is invested in a risk parity style portfolio called the weird portfolio, and that is in case his stock picking doesn't work out well. I think you should take the same approach to using leverage funds. For somebody who wants to be hands-on but recognizes that they could make mistakes oftentimes, that's the best psychological approach to use to have a very passive investment on one part of your portfolio that you know you can rely upon while you are doing some hands-on work with another part of the portfolio. You don't need to take an all-or-nothing approach to this, but it sounds like you're well on your way to financial independence. I would continue to invest as much as you can, because you really will start to see compounding take hold pretty soon here as your returns begin to outstrip your contributions in any given year.

Mostly Uncle Frank [32:37]

Hopefully that helps, and thank you for your email. Bow to your sensei, bow to your sensei. But now I see our 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. You'll be some stars. A review, a follow.

Mostly Mary [33:11]

That would be great Okay.

Mostly Uncle Frank [33:14]

Thank you once again for tuning in. This is Frank Vasquez, with Risk Priority Radio signing off. Who can I turn to? 867-5309. For the price of my time, I can always tell you 867-5309, 867-5309, 867-5309, 867-5309, 867-5309, 867-5309.

Mostly Mary [34:01]

The Risk Parody 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.