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 Queen Mary [0:18]

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

Mostly Uncle Frank [0:37]

Thank you, Mary, and welcome to Risk Parody 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.

Voices [0:49]

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

Voices [1:26]

Top drawer. Really top drawer.

Mostly Uncle Frank [1:30]

Along with a host named after a hot dog.

Voices [1:34]

Lighten up Francis.

Mostly Uncle Frank [1:37]

But now onward, episode 458. Today in Risk Party Radio, it's time for our weekly portfolio reviews of the eight sample portfolios you can find at www.riskparty radio.com on the portfolios page. It's a pretty strong theme this week.

Voices [2:21]

The man with the mideest touch. A spidest touch.

Mostly Uncle Frank [2:32]

Yeah, I think according to the financial media, gold had its best week since March 2020. I wonder what was going on in March 2020. Anyone remember that?

Voices [2:44]

You think anybody wants a roundhouse kick to the face while I'm wearing these bad boys? Forget about it.

Mostly Uncle Frank [2:50]

Well, we'll talk about that later. In the meantime.

Voices [2:54]

I'm intrigued by this. How you say emails.

Mostly Uncle Frank [3:00]

And first off. First off, we have an email from Ron.

Voices [3:06]

Then time for Bonzo, starring Ronald Regan, Diana Lynn, and Bonzo, that amazing gym.

Mostly Uncle Frank [3:13]

And Ron writes.

Mostly Queen Mary [3:14]

Good morning, Frank and Mary. Here is the quarterly update for the all-equity McKenna Man portfolio. It was another very good quarter, and the 8% withdrawal rate is holding strong. Q3 net results 4.3% after withdrawal. Year-to-date net results 10.9%. Q3 donation $118. Sorry, I was a few days late in this quarter in South America on vacation. Have a great day. Thanks, Ron.

Voices [3:46]

It's a monkey.

Mostly Uncle Frank [3:48]

Well, thank you for being one of our top drawer donors to the Father McKenna Center.

Voices [3:53]

Really top drawer.

Mostly Uncle Frank [3:55]

As most of you know, we do not have any sponsors on this podcast. We do have a charity we support. It's called the Father McKenna Center. It supports hungry and homeless people in Washington, D.C. Full disclosure, I'm the board of the charity and am the current treasurer. And if you donate to the charity, you get to go to the front of the email line, as Ron has done here, and in fact, all of our emailers have done today.

Voices [4:17]

Yes!

Mostly Uncle Frank [4:18]

It's a pretty long line. It goes back to July now. There are two ways to do that. You can either donate directly at the Father McKenna website at the donation page, which I'll link to in the show notes, or you can go to the support page at www.riskparityradio.com and become one of our patrons on Patreon. Either way, you get to go to the front of the line. Ron is extra special since he is a repeat donor and set up a little portfolio which he distributes to the Father McKenna Center out of, as he has done here for his quarter three donation. We first discussed this back on Groundhog Day this year.

Voices [4:56]

That's right, Woodchuck Chuckers. It's Groundhog Day! Get up and check that hog out there! Come here, Groundhog!

Mostly Uncle Frank [5:05]

And that's episode 399. And then his next distribution was in episode 437. But he is one of our extra special listeners who has set up this little portfolio to benefit the Father McKenna Center on a regular basis.

Voices [5:22]

Yes!

Mostly Uncle Frank [5:23]

And it looks like things are going swimmingly there, given the results you reported. I hope you had a good time on vacation in South America. Interestingly enough, Mary and I were on a vacation in South Africa at the same time you were on your vacation in South America. And I did just put together all of the little video clips I took, about 40 of them, mostly of the animals we saw in South Africa. And I made a little playlist and I put it on YouTube if anybody wants to see a lot of animals in South Africa. I will also link to that in the show notes for your entertainment.

Voices [6:14]

The only thing that we we need now, Frank, for your beautiful photos or best photos. Is if you maybe go and sit on that rock. Yeah, go there. Yeah, and uh and hang pieces of meat on yourself. Yeah, we'll be taking videos. Make yourself a nice necklace of warthog ribs. Yeah.

Mostly Uncle Frank [6:39]

You had no questions this time. Please do submit them when you have them, because you will always go to the front of the front of the email line, given your generous status here.

Voices [6:50]

You're in the wrong shape, buddy. Come on. Oh, I must be in the front of the room.

Mostly Uncle Frank [6:55]

Thank you once again for your donation, and thank you for the email.

Voices [6:59]

They're not gonna catch us. We're on a mission from God. Second off.

Mostly Uncle Frank [7:07]

Second off, we have an email from Mark.

Voices [7:13]

All hail the commander of his majesty's Roman legions, the brave and noble Marcus Vindictus.

Mostly Uncle Frank [7:20]

Mark from the Eastern Shore. And Mark from the Eastern Shore writes.

Mostly Queen Mary [7:25]

Greetings, Frank and Mary. Thank you for your public service to financial education in the form of Risk Parity Radio. I am 65 years old, still working, and planning to leave the paycheck world in December. In preparation, I invested one of our IRAs in the Risk Parity Ultimate Portfolio back in April, and for practice have gone through the monthly withdrawal process three times now. For this learning exercise, I am not actually withdrawing out of the IRA, but moving the proceeds to the cash part of the IRA and not including the cash portion in the equation going forward. I am also reinvesting dividends instead of having dividends going to the cash account, since this is a simulation using a pre-tax account and it makes the total return of each investment a little clearer to me. I have two observations and questions regarding the July 31st withdrawal process. One, I believe that you took withdrawals from accumulated cash. What I did was to sell ETH, BTC, and UPRO to satisfy the 0.5% withdrawal for that month. I am interested in your thoughts on this. I suspect your account had sufficient accumulated cash, and I wanted to leave accumulated cash out of my equation unless all the investment returns were in the dump. 2. I believe your process is to analyze the monthly performance at the close of the last day of each month and then take withdrawals on the first day of the following month. There can be a significant change in the price and performance before 4 p.m. on the last trading day of the month and 9.30 a.m. on the first trading day of the following month, which was very noticeable to me for ETH. To expand on item one, my withdrawal target of 0.5% was about $2,723. I withdrew from the top monthly performer down to its target allocation and then two more in order to satisfy the total withdrawal amount. That was $1,944 from ETH, $230 from BTC, and $549 from UPRO. One-month returns were about 55%, 9%, and 8%, which I felt were all respectable returns. As a sanity check, I also did a three-month look back and found the returns to be equally respectable at about 105%, 22%, and 45%. To expand on item two, as I recall, at 4 p.m. on July 31st, ETH was up over 50% for the month. During extended trading hours it dropped to between 40% and 50%, and at the 9.30 opening it was below 40%. Well, this did not change the decision to withdraw from ETH first, it could have. As luck would have it, I did my trades during extended hours on July 31st. Do you recommend using extended hours on the last day to do the trade to avoid negative volatility risk? As an aside, I recently started using Stock Rover to help with the monthly withdrawal analysis and monitor things throughout the month. Many thanks for your enjoyable and educational broadcasting endeavors. All the best, Mark.

Voices [10:41]

Remember thou art mortal! Remember thou art mortal! Remember thou art mortal.

Mostly Uncle Frank [10:48]

Well, first off, thank you for being a donor to the Father McKenna Center as well. Anytime somebody mentions the Eastern Shore, Mary and I have to laugh because there was this former governor named William Donald Schaefer, who was a governor in the 1990s, who got into a lot of trouble referring to the Eastern Shore of Maryland as an outhouse. And then a lot of people there took offense and sent a lot of outhouses to the capital in Annapolis. Porta potties, really. But I'm sure if you were around in the 1990s, you remember that with some amusement. But getting to the substance of your email, yeah, I'm glad you're taking the opportunity to do a little experimentation to essentially test run how something like this is going to work. I think that's a good exercise if you're a do-it-yourself investor in particular. Now that we have no fee trading, you can set up these accounts pretty easily or use a small account that's already working for you. It's very easy just to set up a little practice portfolio and see what it's like to withdraw from it. That is actually what my friends over at Bigger Pockets Money are doing, Mindy Jensen and Scott Trench, who both now have practice risk parity style portfolios to withdraw from. And Mindy just mentioned hers in their last episode, which I'll also link to in the show notes. So a couple of thoughts. First, my overall thought is this actually is not that fussy if you're withdrawing on a regular basis from a portfolio like this. And the reason it's not that fussy is because I'm assuming that you're going to have some rebalancing rules that will cause you to rebalance once a year or so. And that kind of just washes away any errors you might make in taking the distributions because you're going to basically true up the whole portfolio and get it back to its original configuration. Now, when you start doing this for real and you're not reinvesting the dividends anymore, you will have a lot of cash buildup. Usually, most of these portfolios have between two and three percent on dividend and income yields, which basically is about four or five months out of the year if you're taking a monthly distribution. That cash just covers it and you don't have to worry about selling anything. Always money in a banana stand. And you really do want to do it that way eventually because you reduce the number of transactions and it's just a whole lot easier to manage than reinvesting dividends and then taking money out by selling the shares of whatever it is you're selling or would be selling. Now you can run into some funny situations if you're using things that are highly volatile to begin with in your portfolio, such as UPRO or cryptocurrencies, which can go up or down a lot in a very short period of time.

Voices [13:53]

You have a gambling problem.

Mostly Uncle Frank [13:56]

There isn't really much to say to get around that because it's a random event whether the thing is going to be going up or down right around the time you are selling it. It's better just to pick some time period and deal with it then. As I mentioned, it will kind of work out in the wash if you are eventually rebalancing these things. I know some people have applied different rules to these highly volatile assets and simply decide to sell them on an intermediate term basis if they go up or down by so much. Well, you can do that, it's probably unnecessary. Again, because it's gonna get rebalanced out in the wash eventually. I probably would not engage in any extended hours trading. And if you do do something like that, make sure you put in a limit order because the trading volumes in extended hours trading are often very low, which leads to even more volatility. And if you put in market orders in the extended hours, you can really get bad prices because the spreads become a lot wider. If you really do want to do it at end of day, I I would look at it at some point prior to when the market closes, say at 2 30, and then decide what to sell then and do it by three. But of course, that requires monitoring this in real time, and I'm not sure that people really want to do this or pay that much attention to it when you don't have to. But ultimately I would not sweat the details on this too much, because something is just as likely to go up as it is to go down overnight, and it does all work out in the wash, if you will, at the time of rebalancing. Just one other note on that particular portfolio. That portfolio was really designed or not very well designed as more of a kitchen sink because I didn't want to have too many different sample portfolios, but did want to have one with sort of here's a whole bunch of things that people might use or could think of that they might want in a portfolio. And so that's what that represents. I would doubt that anyone really wants to have all of those things in a portfolio, but you never know. This audience likes to do all kinds of things and likes to experiment, which I do really appreciate.

Voices [16:14]

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

Mostly Uncle Frank [16:20]

Because it shows you're really engaged. Abby normal. So hopefully that helps. Happy to answer any further questions you may have. Thank you for being a donor, and thank you for your email. Next off, we have an email from Rick.

Voices [16:51]

Just want to tell you how the feeling gotta make you understand.

Mostly Uncle Frank [16:59]

And Rick writes.

Mostly Queen Mary [17:57]

10% large cap minimum volatility and 10% cash. Should I just model this like a drawdown and compare it to other options without considering adding to it on a regular basis? Keep up the great work. Rick from Dayton, Ohio. P.S. Thank you for all you do to raise awareness and financial support for the hungry and homeless. I recently made a donation to the Father McKenna Center. Although I missed it this year, I will make sure that future donations are dedicated to the 2026 Top of the T-shirt campaign.

Mostly Uncle Frank [18:39]

Well, I'm glad you're enjoying the podcast and that you are also experimenting with a risk parity style portfolio. Now, as for modeling, you can actually do this with the financial goals calculator at Portfolio Visualizer because what that allows you to do is start and stop cash flows. And what you're really talking about in accumulation going to decumulation is having positive cash flows, cash going in for some period of time, and then having cash come out after that for some period of time. And the portfolio visualizer modeling tool allows you to have as many cash flows as you want and to start and stop them whenever you want. It does take a little bit of work to figure out how it works, but it's not that hard. And so if you're looking for something that does that, that's what I would use. You can also use test folio, but as you surmise or may have tried out, you can only be either adding or taking out from a modeling exercise that you were doing there. Now you asked whether you should just model a drawdown and compare that to other options without considering adding to it on a regular basis. I think ultimately that's going to be the important thing. That is why you'd be constructing one of these portfolios to begin with to have a better drawdown scenario. And so I would be focused on that because accumulation, you don't need this kind of portfolio to accumulate in. Although you can accumulate in one of these kinds of portfolios. Tyler over at Portfolio Charts did write a recent article about accumulating in a golden ratio portfolio. What's the answer? What's the answer?

Voices [20:27]

What's the answer? Sacred geometry, sacred geometry, sacred geometry. The golden ratio. The golden ratio.

Mostly Uncle Frank [20:37]

And I'll link to that in the show notes. I thought that was pretty interesting. But since ultimately what we're trying to do here for the most part is construct portfolios with high safe withdrawal rates, I think it is probably the drawdown scenario that matters the most here. Hopefully that helps. I'm glad you're enjoying the podcast and the Trogdoor.

Voices [20:58]

I said consummate vs. Consummate! I wouldn't know Majesty if it came up and bit him in the face. It happened once. And their fatched roof cottages. And the truck door comes in the night. Last off last off?

Mostly Uncle Frank [22:14]

We have an email from Keith.

Voices [22:17]

I can't believe it. Do you realize people were actually stopping me on the street for my autograph? You're the biggest thing that's happened in this town since they dedicated the new gas station.

Mostly Uncle Frank [22:28]

And Keith, right?

Mostly Queen Mary [22:30]

Dear Frank and Mary, I made a little donation to the McKenna Center in honor of Risk Parity Radio to encourage Mary to bump this email to the top of the list.

Voices [22:38]

Mary, Mary, I need you again.

Mostly Queen Mary [22:46]

In episode 457, Carter asked about gold futures contracts, and you responded by saying they have an embedded financing cost, which is obscured by the complexities of the contract pricing and role dynamics.

Voices [23:00]

That's what I'm talking about.

Mostly Queen Mary [23:02]

That is true, but I have good data from the last four years that lets me calculate the financing cost of a rudimentary risk parity portfolio using futures contracts. The model that best fits my real-world result is linked below. The exposure to the S P 500, Treasuries, and Gold are all done with futures. The cash performance bond is represented by ZEROX because cash in my Schwab account earns next to nothing. The rest of my collateral is held in the trend following fund DBMF and a small cap value fund VBR. Over the last four years, my effective borrowing rate is the T-Bill rate plus 75 basis points. My question for you, Frank, is how can I improve the model for the five-year treasury contract? I'm using maturity of four years in test folio, which seems to match my results, but I don't really have any intuition about how the maturity variable will affect the results. Best wishes from one of your most loyal listeners, Keith. P.S. Carter can find the specifications for the gold futures contracts on the CME website. Right now the MGC contract is equivalent to 10 ounces or about $41,000 and rising. I love gold.

Voices [24:40]

I love gold.

Mostly Uncle Frank [24:44]

Well, Keith, first I also want to thank you for being a donor to the Father McKenna Center. But looking at your email, I did click on this link you provided of your model, and it did jump out at me that this model has a portfolio with about 400 times leverage in it. And you know what I have to say to that?

Voices [25:06]

Well, you have a gambling problem.

Mostly Uncle Frank [25:09]

It was very interesting. It had an over 19% compounded annual growth rate, but also a 66% max drawdown over the past 20 years or so. But you really need to be risk tolerant to be working such a thing as I imagined you are.

Voices [25:31]

I'll drive that tanker.

Mostly Uncle Frank [25:35]

Hopefully you're younger. Better not putting all of your money into such a thing because I would worry about it blowing up at some point. Thanks for the information at the end about the sizing of the gold futures contracts that Carter asked last time. And I kind of punted on.

Voices [25:54]

It's not that I'm lazy, it's that I just don't care.

Mostly Uncle Frank [25:58]

See, my ulterior motive is to get some of my listeners to answer my other listeners' questions so that I really don't have to do anything at all.

Voices [26:08]

Yeah, I just stare at my desk. But it looks like I'm working.

Mostly Uncle Frank [26:13]

And then I can focus on what I'm actually the best at.

Voices [26:17]

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

Mostly Uncle Frank [26:26]

Unfortunately, I'm gonna have to punt on your question too, because this is beyond my pay grade. For reference, his question was how can he improve the model for a five-year treasury contract? Because I really do not know the answer to that. And if I were to try to construct an answer, I'm sure it would probably be wrong for one or more reasons.

Voices [26:49]

Wrong!

Mostly Uncle Frank [26:50]

But if any of the rest of you have any insight into that and want to check out Keith's model here, you're welcome to it. And I'd be very entertained to know what the answers are, even though I'll be watching from the sidelines.

Voices [27:04]

You're not going to amount to Jack Squat!

Mostly Uncle Frank [27:09]

But thank you for answering Carter's question. Thank you for your donations, and thank you for your email.

Voices [27:38]

I don't know what it's all about. I got so much to think about. Now we are going to do something extremely fun.

Mostly Uncle Frank [27:49]

And the extremely fun thing we get to do now is our weekly portfolio reviews of the eight sample portfolios you can find at www.riskpartyweaver.com on the portfolios page. And it's turning out to be a banner year so far for these portfolios. We're just looking at the markets. The SP 500, represented by VOO, is up 14.42% for the year so far. The NASDAQ 100, represented by QQQ, is up 18.57% for the year so far. Small cap value continues to be the laggard.

Voices [28:22]

I got a FIVA!

Mostly Uncle Frank [28:23]

Representative fund VIOV is up 1.99% for the year so far. But gold continues to be the big winner.

Voices [28:33]

I love gold.

Mostly Uncle Frank [28:37]

As I mentioned, it had the best performance for a week since March of 2020. Our representative fund GLDM is up 60.99% for the year so far.

Voices [28:49]

You're insane, gold member! And that's the way uh-huh-a-ha. I like it, Casey and the Shunshine Band.

Mostly Uncle Frank [28:58]

And I think this is making a lot of retail financial advisors very nervous because they've essentially been caught with their pants down as to not recommending any gold in a portfolio, whereas now a lot of the major outlets and banks are recommending gold in a portfolio, so they're looking for excuses as to why they haven't done that. One excuse that's going around, it seems to be some kind of cheat sheet that I've heard several advisors refer to, is some kind of bogus analysis that starts in 1980 as far as a data analysis of gold is concerned, and completely wipes out or does not consider the 1970s as if the 1970s will never happen again.

Voices [30:00]

That we like to do.

Mostly Uncle Frank [30:03]

That's just a bad use of data and a form of coming up with a conclusion first and then running around and finding some data to support that conclusion. As long-term studies have shown, gold is a very useful asset to have, particularly in a draw-down portfolio for diversification purposes, not for growth purposes, but for diversification purposes, and thus improve the diversification properties of a retirement portfolio. And you might want to go back and listen to episodes 12 and 40 at the beginning of this podcast. And so what we are seeing this year is kind of a rhyming of what happened in the 1970s. Namely, people are getting nervous about the dollar and what the Fed is doing and what the government and the Fed are doing together, and who's going to be the new chair and all that sort of stuff. That's a repeat of Nixon going off the gold standard in 1971 and his appointment of Arthur Burns as the Fed chair. We've seen this movie before, and so the consequence of gold having a great year, the best year since 1979, is a small chance, but it's not out of the realm of possibility. It just isn't. And if you have been assuming that it is outside the realm of possibility because you wipe out the data from the 1970s and whatever analysis of gold you're doing, you're just doing it wrong and you're doing a disservice to the people you're trying to serve. And you probably do deserve to lose some clients over it, frankly.

Voices [31:58]

This is gold, Mr. Bond. I think you've made your point, Goldfinger. Thank you for the demonstration. Do you expect me to talk? No, Mr. Bond, I expect you to die.

Mostly Uncle Frank [32:11]

Maybe time to stop following the herd and start following the data and the intelligent people that have already known this for many, many years.

Voices [32:20]

Fat, drunk, and stupid is no way to go through life, son. Hello? Hello, anybody home? Huh? Think McFly. Think.

Mostly Uncle Frank [32:29]

Anyway, moving to the rest of these assets. Long-term treasury bonds represented by the fund VGLT are now up 8.03% for the year so far. REITs represented by the fund REET are up 9.21% for the year so far. Commodities represented by the fund PDBC are up 1.54% for the year so far. Preferred shares represented by the fund PFFV are up 2.36% for the year so far. And managed futures are managing to be up 9.92% for the year so far, at least as represented by the fund DBMF. Moving to the sample portfolios. First one's the all seasons. This is a reference portfolio. It's only 30% in stocks in the total stock market fund. 55% in intermediate and long-term treasury bonds, and the remaining 15% divided into gold and commodities. It's up 1.55% for the month of October so far. It's up 13.19% year to date and up 22.88% since inception in July 2020. Moving to these kind of bread and butter kind of portfolios, first one's golden butterfly. This one is 40% in stocks divided into a total stock market fund and a small cap value fund. 40% in treasury bonds divided into long and short, and 20% in gold, GLDM. It's up 2.25% for the month of October so far. It's up 17.4% year to date, and up 57.23% since inception in July 2020. Next one's the Golden Ratio. The Golden Ratio.

Voices [34:07]

The Golden Ratio. What's the answer? What's the answer? What's the answer? Mystery. Sacred geometry. Sacred geometry. The Golden Ratio. Secrets. The Golden Ratio.

Mostly Uncle Frank [34:23]

This one is 42% in stocks divided into a large cap growth fund and a small cap value fund. 26% in treasury bonds, 16% in gold, 10% in a managed futures fund, and 6% in a money market in cash. It's up 2.19% for the month of October. It's up 17.02%, year to date and up 52.08% since inception in July 2020. Next one's the Risk Parity Ultimate, our kitchen sink portfolio. I won't go through all 12 of these funds, but it's up 1.86% for the month of October so far. It's up 16.66% year to date and up 39.23% since inception in July 2020. Now we're going to move to these experimental portfolios that all involve some leveraged funds and are very volatile, so don't try this at home, even though I know some of you do.

Voices [35:15]

Tony Stark was able to build this in a cave with a box of scraps.

Mostly Uncle Frank [35:22]

First one's the accelerated permanent portfolio. This one is 27.5% in a levered bond fund TMF, 25% in a levered stock fund UPRO, 25% in PFF V, a preferred shares fund, and 22.5% in gold, Gildy M. It's up 3.64% for the month of October so far. It's up 23.45% year to date and up 24.72% since inception in July 2020. Next one's the aggressive 5050. This is the most levered and least diversified of these portfolios. It does not have any alternative assets in it, which has hampered it over its lifetime. So it's one-third in a levered stock fund at UPRO, one-third in a levered bond fund TMF, and the remaining third divided into a preferred shares fund and an intermediate treasury bond fund. It's up 1.36% for the month of October. It's up 13.88% year to date, but down 0.15% since inception in July 2020. Next one's the levered golden ratio. This one is a year younger than the other ones. It has 35% in a composite fund called NTSX, that is the S P 500 and Treasury Bonds, levered up 1.5 to 1%. 15% in AVDV, which is an international small cap value fund. 20% in gold, GLDM, 10% in a managed futures fund, KMLM, 10% in TMF, a levered bond fund. And the remaining 10% in UDOW and UTSL, which are levered funds that follow the Dow and a Utilities Index. It's up 3.45% for the month of October so far. It's up 24.77% year to date and up 19.25% since inception in July 2021. And the last one is our newest one, the OPTRA portfolio, which is a return-stacked kind of portfolio. Wow, I use it very nice. It's 16% in a Levered Stock Fund UPRO that follows the SP 500, 24% in AVGV, which is a worldwide value tilted fund. 24% in GOVZ, which is a Treasury Strips fund, and the remaining 36% divided into gold and managed futures. It's up 2.67% for the month of October so far. It's up 22.41% year to date, and up 25.97% since inception in July 2024. So a very successful showing right out of the gate.

Voices [37:51]

Great success.

Mostly Uncle Frank [37:54]

Which is good because it's intended to have the same kind of returns as a hundred percent stock portfolio, but with less volatility. That is the experiment going on there. But now I see our signal is beginning to fade. If you have comments or questions for me, please send them to Frank at RiskPartyRadio.com. That email is Frank at RiskPartyRadio.com. Or you can go to the website www.riskparty radio.com. 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 of follow, a review. That would be great. Okay. Thank you once again for tuning in. This is Frank Vasquez with Risk Party Radio. Signing off.