Welcome And Foundational Episodes

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 [0:36]

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. And the basic foundational episodes are episodes one, three, five, seven, and nine. Yes, it is still in my memory, thanks. We have also created an additional resource, a collection of additional foundational episodes and other popular episodes.

Voices [1:07]

We have top men working on it right now.

Mostly Uncle Frank [1:14]

Top men. And you can find those on the episode guide page at www.riskparty radio.com. Inconceivable! And all thanks to our friend Luke, our volunteer in Quebec. Zach One We'd be helpless without him.

Voices [1:35]

I have always depended on the kindness of strangers.

Mostly Uncle Frank [1:41]

Because other than him, it's just me and Marion here.

Voices [1:44]

I'll give you the moon, alright? I'll take it.

Mostly Uncle Frank [1:48]

We have no sponsors, we have no guests, and we have no expansion plans.

Voices [1:52]

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

Mostly Uncle Frank [1:55]

Over the years, our podcast has become very audienced focused, and I must say we do have the finest podcast audience available.

Voices [2:05]

Really top drawer.

Mostly Uncle Frank [2:07]

Along with a host named after a hot dog.

Voices [2:10]

Lighten up Francis.

Mostly Uncle Frank [2:13]

But now onward, episode 503. Today on Risk Party Radio, we're just gonna do what we do best here, which is attend to your emails. Well, let's start the insanity. But first we're gonna have a little Queen Mary segment.

Voices [2:29]

They will keep on turning. We're rolling. Road it rollin' on a river.

Fairfax CASA Fundraiser Update

Mostly Uncle Frank [2:48]

As most of you know, we are raising money for Mary's charity, the Fairfax Court Appointed Special Advocates, Fairfax Casa, of which Mary is one. And she would like to share another little vignette from her store of vignettes about the work of the Fairfax Casas. And so if we can just get the appropriate introductory music.

Christopher’s Foster Care Journey

Mostly Queen Mary [3:47]

There were multiple reports of abandonment, physical neglect and abuse, and mental abuse from both of his parents and a few relatives. He was born with fetal alcohol spectrum disorder and faced developmental delays. He struggled with aggressive behaviors and health issues. By four years old, Christopher had already endured more hardship than most face in a lifetime. Within the first few months of the case, Christopher was assigned a dedicated casa who visited with him often and tracked his many services. Despite Christopher spending a year in foster care, his parents continued to struggle with addiction and housing insecurity. Eventually, their parental rights were terminated, leaving Christopher to remain within the system. During this time, Christopher remained in the same foster home. His CASA never left his side and steadfastedly advocated for service and schools that could meet his higher needs. After three years in foster care, Christopher was hospitalized due to his mental health needs. An adoption recruitment team, including the CASA, began to work on finding an adoptive family for Christopher. The following spring, a potential family was identified and they began visiting Christopher during his hospitalization. Christopher was hospitalized for a year in a psychiatric unit. At just eight years old, he was placed in a residential treatment center. Through every placement and hospitalization, his CASA remained committed to supporting Christopher. The CASA regularly visited him, tracked his medication and services, and continued to work closely with the adoption recruitment team. Having spent over a year in his residential treatment center, Christopher began weekend visits with his prospective adoptive family. He even completed a trial placement in the family's home. Unfortunately, the trial placement was short-lived. His behaviors proved too much for the family and he was hospitalized again. Christopher was back to square one. The adoption recruitment team and his casa worked diligently to find a permanent home for Christopher. Identifying a new family became an elusive challenge. When a casa is assigned to a case, they typically stay till the case is closed out by the court. However, due to a serious illness, his casa of five years had to withdraw from the case and a new one took over. There were long periods of time when the casa and his Department of Family Services practitioner were his only visitors. Christopher often told his Casa how deeply he wished for a family of his own. Through medication, one-to-one monitoring, and intensive therapy, Christopher made significant behavioral improvements at the treatment center. When he was 12, he moved to a less restrictive group home. He continued to struggle with his impulsive and aggressive behavior, running away, and hallucinations. But overall, he improved with the help of his treatment. His Cossack continued to visit him and brought Legos and board games to give Christopher something to look forward to. Later in the fall, the Department of Family Services made contact with Christopher's grandmother. She expressed interest in re-establishing contact with Christopher. His grandmother worked together as a team with his group home. Soon, she began visiting him and rebuilding a relationship again. Eventually, his grandmother applied to formally adopt him. After having spent over 10 years in foster care with six different Department of Family Services workers, he finally had a permanent home. He celebrated his 15th birthday shortly after the move. The adoption recruitment team, Department of Family Services, and Casa continued meeting Christopher's grandmother to ensure she had the necessary support for Christopher's high needs, including a therapeutic day school, in-home therapy, and medication support. Christopher was ecstatic to have a family again and be connected to his extended relatives. All lived close by and celebrated their reunification. His behavior settled enough to be able to safely remain in his grandmother's home. She utilized the therapeutic support system when needed. Once the trial period ended and the adoption application process was complete, Christopher was formally adopted by his grandmother. His extended family and former caseworkers in Casa celebrated his adoption in a beautiful ceremony. We're happy for Christopher. Through dedicated advocacy, proper resources, support from his grandmother, and everyone involved in his case, his wish of having a family and a permanent home came true.

Voices [8:18]

So shine's a good deed in a weary world.

Mostly Uncle Frank [8:24]

So our Fairfax Casa promotion is actually almost over. Set to run for March and April. And we will give you the results as we get there. The contributions continue to pour in, and we continue to appreciate them greatly. As we mentioned before, if you do donate to Fairfax Casa, you get to go to the front of the email line. Make sure you mention it in your email so I can duly move you to the front of the line. Otherwise, that line goes all the way back to November. So if you'd like to donate, we have the link in the show notes again, and also at the support page at www.riskpartio.com. And thank you for all of your participation. Past, present, and future.

Voices [9:07]

The best, Jerry. The best.

Mostly Uncle Frank [9:09]

But now it's time for you know what.

Voices [9:12]

I'm intrigued about this. I was saying. And first off.

Mostly Uncle Frank [9:20]

First off, we have an email from Andrew. And Andrew Wright.

Mostly Queen Mary [9:36]

Dear Uncle Frank and Queen Mary, thank you for generously sharing your knowledge, wit, and wisdom. And for presenting not merely the means, but the end toward which our often overly responsible savings should be directed. A full life outpoured, not hoarded.

Voices [9:52]

Yes!

Mostly Queen Mary [9:53]

I've been listening to your podcast since the start. I also had the chance to meet friend of the show Justin several times in Tokyo. We were nearly neighbors. A bit over a year ago, just shy of 50th birthdays, my wife and I shifted to a drawdown risk parity portfolio. Fifteen years ago, still in grad school debt, this was unimaginable. It's amazing how much you can save, even of a small salary, if you keep living on that same PhD stipend. Not owning a house or a car helped a lot, and living abroad offered some significant advantages too. It's not as if we've hunkered down either, nose always to the grindstone. We've traveled to 50 countries, many with our son, from Malaysia to Madagascar, Sweden to Santiago. Most of the time, only one of us drew a salary, well below that of our professional friends and family. We lived in France and Japan, walked through Germany, Spain, and Italy. We learned the languages, made some friends. We collected art, sent our kid to college. I even contribute to his IRA. Family and professional matters recently drew us home again. Spending somewhat more than that stipend, we're settling down in the US. The job hunt has lasted many months longer than expected, but we don't absolutely need it. We can easily live lean-fi on what we have. And it's not as if we'll never earn again or get social security. It's unlikely we'll inherit nothing at all, so we can take our time. Which is what we're doing, touring the USA. We've driven nearly 9,000 miles since early January, visiting friends and family, and a dozen national parks, filling out our missing states, looking for a place to live, and seeing what a beautiful and generous place America is when you tune out the headlines and talk to people. Yeah, baby, yeah. And we still have time to work on things that only we can do. We'll find our place someday, at our pace. Thanks again and keep it up. The world is better for you. Gratefully yours, Andrew.

Mostly Uncle Frank [11:56]

So that was a really lovely email, Andrew.

Voices [12:00]

This story shall a good man teach his son.

Mostly Uncle Frank [12:05]

As I mentioned in the last podcast, Mary and I did have lunch with Andrew and Sarah when they came through last month. And it was a lovely lunch, and they also gave us books they had written and signed them for us. I was excited. So Andrew wrote a book called Here I Walk, A Thousand Miles on Foot to Rome with Martin Luther about their thousand-mile walk from Germany to Rome. And Sarah wrote a book, at least one book. This one's called Pearly Gates Parables from the Final Threshold. And we greatly appreciate them. And you know, I always talk around here is trying to use money to live your best life possible. And I think Andrew and Sarah are really exemplifying how to do that. They're certainly not the wealthiest of our listeners, but they certainly make the most of what they have. And don't really store up their wealth so much in their golden ratio portfolio, but in their relationships and other work that they do and other things that they do.

Voices [13:08]

We're a minority of undesirables crying out in the wilderness. But it won't always be so. One day we shall be called on one by one to recite what we've learned. And when the next age of darkness comes, those who come after us will do again as we have done.

Narrative Psychology And New Stories

Mostly Uncle Frank [13:44]

But that when we're done with that, it's time to find new stories. And oftentimes those new stories are actually old stories, things that we did as children or enjoyed when we were young.

Voices [14:19]

So today I'm going to tell you about how the Fibonacci sequence appears in the Mandelbrot set. Hopefully, your mind will be blown by the end of that sentence.

Mostly Uncle Frank [14:26]

Well, when I picked up Andrew's book and read the preamble, I realized that in this book he was living out a childhood narrative story about himself. And let me just read you this and then we can talk about what that story is. I'll read you just a couple little paragraphs out of the preamble. He writes, It must have been while teaching Church History 101 and reading for the umpteenth time that Luther made a pilgrimage to Rome that I said absent-mindedly to Sarah, you know, we should do this someday. Walk to Rome in Luther's steps. Sure, she said, looking up for her preparation. Sounds nice. We got a few years to figure it out, then we both went back to our books. It was really just a lark at first, a desultory distraction from work. I remember the moment quite clearly. I was sitting at my desk, the shining sun at my back, always at my back, and thinking as I often did and still do, that I would rather be outside. I grew up hiking in the mountains, and when I wasn't, I was dreaming of it. My childhood was full of ramblings all over the Cascade range of the Pacific Northwest. I spent my college summers in the mountains of Colorado, guiding youth on backpacking trips, among other adventures. In 1998, I had managed with my friend Paul to hike most of the Pacific Crest Trail through Oregon and Washington. And then I went to grad school and sat and dreamed. And a couple pages later he writes For several years the dream remained just that. A dream, a lark. Soon after I had had that initial vision, Sarah and I adopted a baby boy, our Zeke, and with that we were occupied as all new parents are. But in the fall of 2008, Sarah got a job at the Institute for Ecumenical Research in Strasbourg, France. We were now at least geographically closer to our starting point, and with our move to the Institute, a new angle came to us. We could make our recreation ecumenical, a pilgrimage bookended by Luther's familiar Germany and distant Rome. It could be an exploration of distance, not only between two places, but also between our time and Luther's and between two great theological traditions that diverged because of this one man. By the act of walking, we could show as well how close these two supposed termini really are, and with our slow steps illustrate the reconciliation that has happened in recent years between Protestants and Catholics. In Andrew's case, that narrative is I am an adventurer, an outdoor adventurer. And to the extent we can find those things in retirement, that is what's going to make the rest of our lives joyous and meaningful. So we very much enjoyed meeting you, Andrew and Sarah, and thank you for being part of our lives. And thank you for lunch. And thank you for your email.

Voices [17:43]

We few. We happy few. Be he ne'er so vile, this day shall gentle his condition. And gentlemen in England now are dead, shall think themselves accursed. They were not here, and hold their manhood's cheap, while then he speaks and fought with us upon Saint Preston Day! Second off.

Mostly Uncle Frank [18:23]

Second off of an email from Jeff.

Mostly Queen Mary [18:27]

Oh no!

Mostly Uncle Frank [18:29]

And Jeff writes.

Mostly Queen Mary [18:31]

Hi Franken Mary. I recently found you and I am so happy I did. Saved me a ton of work and worry about where and what to invest in for drawdown and retirement. My question is simple. You've already done all the drawdown portfolio work for me. Why would I do anything other than set up my own golden ratio portfolio as you have so eloquently outlined on the Risk Parity Radio website? Please see my donation to Fairfax Casa attached, and thanks again. I couldn't be more grateful. Best regards, Jeff from Verona, Wisconsin.

Voices [19:05]

Hey Mary! Hey, do you guys like the casserole we brought over? Yeah, I do the thing where I put the cornflakes on the top. It's pretty good. Alright, be good now. Hey, tell your dad I says hi.

Mostly Uncle Frank [19:16]

Well, first, thank you also for being a donor to Fairfax Casa, Jeff. It is move you to the front of the email line.

Voices [19:23]

Always remember, if you ain't first, you're last.

Mostly Uncle Frank [19:28]

And it's an interesting question you ask. It does get at a couple of different concepts or ideas. The first reason is a little bit just psychological, that if you make something your own, you're more likely to stick with it. And the biggest problem with planning for retirement or financial planning of any kind is picking something that you can stick with. Because it's when you can't stick with things, is when things go awry.

Voices [19:56]

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 [20:01]

Now, these portfolios are relatively easy to stick with because they don't go down that much relative to other portfolios.

Voices [20:09]

And that's the way uh uh I like it.

Mostly Uncle Frank [20:15]

But just tweaking it a little bit and adding your own little secret sauce in there may actually help you make it your own. Is that worse than I thought?

Voices [20:25]

Give Clinton Eastwood a smell. Oh gosh. I got a Dutch oven? No. Scoring knife? No. Bread basket. You don't? I do. I baked a cinnamon swirl oaf for Jim just yesterday. He liked it. Even asked me for the recipe. He's got celiac. He says it's worth it. And this is bigger than Jim. We got Marge, Todd, Jerry, Joe, Jack, Jill, Frankie with a Y and a naive.

Mostly Uncle Frank [20:47]

The second point is that this sample portfolio is not intended to be a magic formula portfolio, even though we like to play that game.

Voices [20:56]

A number. So perfect. Perfect. Defined everywhere. Everywhere. Sacred geometry. A mathematical property hardwired into nature. The golden ratio. The golden ratio. What's the answer? What's the answer? What's the answer? Sacred geometry. The golden ratio.

Mostly Uncle Frank [21:27]

The golden ratio. What it is is a representation of concepts or principles. And that's why it's a sample or an example that you could use or you could modify. And just looking at the sample version of the golden ratio, there are a number of reasons to modify that that you can just see just looking at it on its face. One is that it's got six percent in cash in it. There's no particular reason why you need to have six percent of your portfolio in cash. That's a lot of cash. And so what we actually do with that cash is we invest that also in more stocks. And we use that for an international allocation. That's half a growth allocation and half a small cap value allocation to international funds. We generally use IDMO and AVDV, which we've mentioned before, but that does actually improve the performance of the portfolio because it's got more stocks in it and less cash. We only keep enough cash around for essentially the next few months because we also have a margin account and can get cash if we really need cash more than we'd ever need for the whole year. So that's one reason you might not use that. Another reason is the small cap value fund we've got in there, VIOV, is just a generic fund because I wanted that portfolio to be a generic sample portfolio. In fact, recent experience and long-term experience has shown that you're going to be better off with something like a DFA or an Avantis version of that you can find at Paul Merriman's best in class ETFs. And so something like AVUV is likely to outperform something like VIOV over long periods of time. You might also decide to use a different managed features fund than DBMF. It's hard to beat that these days, and it does perform really well and is close to an index fund, but it's not the only fund in that category, and there are actually more and more funds coming on like that. There is a simplify version called SDMF that seems to be trying to replicate DBMF that just came out a month or two ago. There's another one from Bob Elliott, who is formerly at Bridgewater, called HFMF, which is also a replicator fund, but that's only been around less than a year as well. So the answer is I don't know what is the best fund that goes in that slot. And then I can also tell you that we have a preference for also adding some property and casualty insurance companies to our mix. So the value side of our mix of stocks, at least on the US side, is half property and casualty insurance companies, the ones you would find in KBWP, is a fund that contains them. We own a lot of the individual stocks as well as the small cap value fund. So I made a little test folio version of something that is closer to what we actually hold, so you can compare it to the sample portfolio. But you can see there's a lot of ways you can modify this thing.

Voices [24:37]

As the minuteness of the parts formed a great hindrance to my speed, I resolved, therefore, to make the creature of a gigantic stature. Of course. That would simplify everything. In other words, his veins, his feet, his hands, his organs would all have to be increased in size. Exactly. He's gonna be very popular.

Mostly Uncle Frank [25:06]

And there's no way of saying which version is going to be the absolute best. It does happen to be more about how comfortable are you with your version that you are going to stick with. No one can stop me. So, sure, you can take the sample portfolio, and that's a very good portfolio, and it should work very well as a drawdown portfolio. But you don't have to, and ultimately what we are trying to do here is apply principles and not apply formulas.

Voices [25:37]

Change the polls from plus to minus and from minus to plus. I alone succeeded in discovering the secret of bestowing life. Nay, even more, I myself became capable of bestowing animation upon lifeless matter.

Mostly Uncle Frank [26:00]

And those principles are the Holy Grail principle, the macroallocation principle, and the simplicity principle. You have to go back to, I think, episode seven and nine to learn more about those. Everything that has transpired has done so according to my desire. So hopefully that explains you a little bit of something. You must unlearn what you have learned.

Voices [26:29]

Alright, I'll give it a try. No, try not. Do or do not. There is no try.

Mostly Uncle Frank [26:39]

Thank you for being a donor to Fairfax, Casa. And thank you for your email.

Voices [26:55]

Last off.

Mostly Uncle Frank [26:57]

Last off? We have an email from Frank. He's back.

Voices [27:12]

Come on! We're streaking! Come on!

Mostly Uncle Frank [27:16]

And Frank writes.

Mostly Queen Mary [27:18]

Hi, Uncle Frank and Queen Mary. It's old school Frank from episode 498, back with a few more questions and some self-reflection, thanks to Mr. Vasquez. Now on to my questions. I am in the process of setting up a risk parity style portfolio at Fidelity to experiment with. My allocation will be as follows: 40% VOO, 15% AVUV, 20% VGLT, 15% DBMF, 10% GLDM. I will rebalance quarterly and take distributions in cash. Question. Number one, VOO or VUG. Why one over the other? Number two, DBMF or CTA. CTA has a lower equity correlation. Would this be beneficial? 3. Is there an ideal beta for the portfolio as a whole that I should aim for? My trial portfolio is around 0.45. Now for the self-reflection, thanks to Mr. Vasquez. I've officially amounted to check you squat. I want to thank you for your response to my questions in episode 498. Your view into my current financial situation gave me some pause. I started to ask myself and my spouse, how much longer do we want to keep working when we have already won the game? How can we help our kids today? In less than a week after that episode, I had one former classmate and two former co-workers pass away. That hit home hard. Life is definitely finite. Since then, I have taken some of your words to heart. I paid off one of my children's cars and opened up a custodial account for my three-year-old granddaughter. I will also be moving my retirement date up by one year and my wife's by three years. You can't take the money with you, but you can take the regrets. Thanks again for all that you and Queen Mary do. I think Saint Mary sounds better. Frank W. Attached is my donation to Casa.

Mostly Uncle Frank [29:58]

And promoting Mary from Queen to Saint. I'm never gonna live this one down.

Voices [30:06]

I prayed so hard for you. Get out and don't come back until you've redeemed yourselves.

Mostly Uncle Frank [30:24]

And sorry about your recent losses, but yeah, it is true that the death of people close to us or just people we knew often does kind of galvanize us to start thinking more about what we really want to do with our lives. I know that's had a big impact on me. I did have a brother who died at age fifty-eight of a stroke, and other people along the way. But yes, I also invite you to go back and listen to episode 436 again, maybe, which talks about the four things you can spend your money on to make your life better, and those are relationships, is number one, experiences that would put you in a flow state or help you develop relationships, paying other people to do things you don't want to do and buy your time back, and then the fourth being giving, both to your own and to others. But I also invite you to think about our first emailer and the concept of narrative psychology and finding new stories that you want to live out as part of the rest of your life, and oftentimes at least one of those stories is reliving something that you like to do in childhood, or at some other point along the way that you just didn't have time to pursue in the past. That's often a really good place to kind of start thinking about. Some men buy very large train sets. Reminds me of this roadside attraction in Portsmouth, New Hampshire. I think it's is where it is. And it's just this guy's basement, and it's called the Museum of Dumb Guy stuff. And he's got this very elaborate train layout that he built from scratch, all the tiny little buildings, along with all these dioramas and all sorts of other things. And so he just spends a lot of time down there building all kinds of stuff and showing them to people who happen to show up when he's down there, because that's the only time his quote, museum, unquote, is open. So go out there and try things and see what makes you happy and see what doesn't.

Voices [32:27]

I don't want to dream about making more money. I want to spend it. I want to spend it to make people happy.

Mostly Uncle Frank [32:32]

Because that's another part of this is experimentation. Because sometimes you start doing something and decide, you know, that really wasn't tripping my trigger. So I think I'll stop doing that and do something else. And that's how you figure out what to do. Trial and error is a much better process than endless rumination about what might be the right thing.

Voices [32:54]

It cuts whack.

Mostly Uncle Frank [33:03]

But getting to your financial questions. So you've got as your stocks in this portfolio 40% in VOO and 15% in AVUV, and you were asking first whether you should stick with VOO or move to something like VUG, which is a large cap growth fund. I think in this case, I would stick with the VOO simply because I usually like to see about half in value and half in growth. And VOO does have value in it. It kind of varies between growth and value. It's more growth these days because of these big, large US tech firms that dominate it. But still, in these proportions, I think it does more represent a stock portfolio that's kind of half growth and half value than if you were to put 40% and VUG in there. It's different from something like Wehold because we have half of our portfolio already in value stocks, and so the other half can be in total growth. Question two DBMF or CTA. CTA has a lower equity correlation. Would this be beneficial?

Voices [34:08]

Looks like a medieval warrior.

Mostly Uncle Frank [34:10]

I'm not sure that it really would be. I mean, these correlations are pretty close to zero for managed futures, and that's over research that goes over decades of time. And so I don't think the short-term correlations are really that meaningful. They're both just generally uncorrelated with stocks and bonds and just about anything else. I think DBMF is the closest thing to an index fund right now in this category. And while CTA is an interesting fund, it is going by its own formulation, and I have no way of knowing whether that formulation is better or worse than an average formulation. So I would probably stick with DBMF or the two of those. And it is interesting that Simplify, who runs the fund CTA, has seen the success of DBMF, and so now they've also put a fund out called SDMF to essentially duplicate what DBMF is doing. And that fund just started, but that is an indication that there is a large demand for index-like funds in this category. Otherwise, I'm sure they would simply just keep promoting CTA, which I think is just a little bit of a different animal. So I'd stick with DBMF for now out of those two. And, you know, if this thing is going to be in a IRA somewhere and can be changed out, maybe you do change to something else later in time.

Voices [35:33]

Forget about it.

Mostly Uncle Frank [35:35]

And the third question, is there an ideal beta for the portfolio as a whole that you should aim for? And the answer to that is no.

Voices [35:43]

Forget about it.

Mostly Uncle Frank [35:44]

But just so people know what we're talking about, beta is generally a measure of how something performs vis-a-vis the overall stock market. So if something has a beta of one, it tends to perform a lot like the stock market. It's usually just applied to other stock funds so you can see which ones are essentially more risky and potentially have more reward to them. So typically a growth fund will have a higher beta than one and a value fund will have a lower beta than one. But portfolios can be all over the map as to what they have. And since your portfolio is about half in stocks, it doesn't really surprise me that the beta is around 0.45. But I don't think that really matters at all because that's not really a goal here to have a particular beta.

Beta Doesn’t Drive Safe Withdrawals

Voices [36:33]

That's really not what I do.

Mostly Uncle Frank [36:36]

And that doesn't really reflect things like a safe withdrawal rate, except in a very tangential way. What you're actually most interested in in these kinds of portfolios where you're taking money out of them is how they perform in the worst markets, as in what are their maximum projected drawdowns in terms of percentages and then in terms of how long they stay down. Because all of that then just feeds into safe withdrawal rates and volatility measures and things like that. And there actually is a calculator over at portfolio charts that lays that out very nicely in terms of historical drawdowns by depth and by length. That's very interesting to look at because you'll see a huge correlation between that and the safe withdrawal rates of various portfolios.

Voices [37:26]

That's the fact, Jack!

Mostly Uncle Frank [37:28]

So thank you for writing in again. Thank you for another donation to Fairfax Casa. You are truly generous.

Voices [37:36]

You're like an injured young fawn who's been nursed back to health, who's finally gonna be re-released into the wilderness.

Mostly Uncle Frank [37:42]

I'm glad you're getting something out of the podcast. And thank you for your email.

Voices [37:48]

We're right! Come on! We're streaking! We're streaking! Frank! Hey, honey! Hey! We're streaking! Frank, get in the car. Everybody's doing it! Now!

Mostly Uncle Frank [38:03]

But now I see our signal is beginning to fade. If you have comments or questions for me, please send them to Frank at RiskPardyRare.com. That email is Frank at RiskPardyRare.com. Or you can go to the website www.riskperdyra.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 and 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 Party Radio.

Voices [38:36]

Signing off the video.