Welcome And How The Show Works

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 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 1, 3, 5, 7, and 9. 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 [1:36]

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. I'll give you the moon, alright?

Voices [1:46]

I'll take it.

Mostly Uncle Frank [1:48]

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

Voices [1:53]

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]

Light in the French.

Mostly Uncle Frank [2:14]

But now onward, episode 509. Today on Risk Party Radio, we're just gonna do what we do best here. Which is attend to your emails.

Voices [2:24]

I could have told you that.

Fairfax CASA Results And Thanks

Mostly Uncle Frank [2:25]

But before we get to that, we do have a little postscript to our campaign to raise money for Fairfax Casa, the court appointed special advocates, of which Mary is one. And for that we will have a little Queen Mary segment, so we can thank you all properly and tell you the final results. Now if I can just find the appropriate introductory music here.

Mostly Queen Mary [3:57]

Because of your contributions, children in our community who are navigating the foster care and court systems will have a dedicated advocate by their side, someone to ensure their voices are heard and their needs are met during the most challenging moments of their lives. Thank you for your trust, your passion, and your incredible kindness. You have turned a goal into a reality, and I am so proud to be part of this community with you.

Mostly Uncle Frank [4:41]

As Mary mentioned, Fairfax Casa is overjoyed at what we have done for them and what you have done for them in particular. And so we also have a message here from their executive director, Darcy Hubbard. And if I can just find that, I will play it for you. Here we go.

Voices [4:59]

Hi, this is Darcy Hubbard, Executive Director of Fairfax Casa. On behalf of our organization, I want to thank the listeners of Risk Parity Radio and Frank and Mary for what you made happen. When Mary told us that a listener wanted to do a matching campaign for donations up to $20,000, we were beyond thrilled and hoped that we could make a few thousand dollars. But what happened was beyond anything we could have hoped for. To our anonymous matching donor, thank you. Your generosity came at a time when we were facing some fundraising challenges for the year. And to the listeners, thank you. Your donations allowed us to not only meet the match, but to exceed it. And we raised more than $60,000 through this event. As a nonprofit leader, I worry a lot about how I will raise the funds I need every year. Frank and Mary, thank you for this incredible gift and for being such exceptional humans. Mary, you are simply the best and we adore you. Thank you, thank you, thank you. I was lift lifted up again. I was lifted up again by the law.

Mostly Uncle Frank [6:28]

So thank you all again for your support. As I've said before, and I'll say again, we have the finest podcast audience available, and if you do donate to Fairfax Casa or to the Father McKenna Center, which is my charity, you get to go to the front of the email line. You can do that at the support page at www.riskpread.com, or you can become one of our patrons on Patreon. Also at the support page at www.riskpreaderator.com. Either way, you get to go to the front of the email line. But now speaking of those emails.

Escaping Bad Advisors And Bad Products

Voices [7:02]

Here I go once again with the email. And first off.

Mostly Uncle Frank [7:07]

First off, we have an email from Milo. Milo Mindbender.

Voices [7:13]

I'm almost sure that was the name.

Mostly Uncle Frank [7:15]

And the creatively named Milo Mindbender writes.

Mostly Queen Mary [7:19]

Dear Mary and Frank, I've attached my donation to Fairfax Casa. I have found Mary's vignettes touching, and I'm glad to have a chance to help support such an amazing organization. As the father of two young kids, I'm so glad there are organizations like Casa there to help the neediest of children. As a longtime listener, I'd also like to thank you for all the knowledge you've shared in the 500-plus episodes of Risk Parity Radio.

Voices [7:44]

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

Mostly Queen Mary [7:50]

Back in September, my parents had mentioned something to me about their financial advisor, and I said I'd be happy to take a look at their holdings since I've learned a bit about analyzing such things from your show. I've attached my breakdown of what their advisor had them in. 67 funds. Long story short, they moved away from that advisor. I did my best to try to get them to put in something like the Wellington Fund, but they went to their credit union for help. And they somehow connected them with Raymond James, who proceeded to sell them an annuity. Because only one thing counts in this life. Get them to sign on the line which is dotted. Insert screams. Last year I moved my portfolio from 100% SP to something more diversified. The breakdown is 80% equities, 40% large cap growth, two-thirds AV UQ, one-third IDMO, and 40% small cap value, two-thirds AVUV, one-third AVDV, split to pick up some international exposure. For the remaining 20%, I stole from the OPTRA portfolio and did 8% G O V Z, 6% GLDM, and 6% DBMF. I'm about halfway to my fire number, so my thinking is, as I get closer to my number over the next decade, I'll continue to build out the alternatives until I'm sitting with a portfolio more aligned with the golden ratio.

Voices [10:04]

A number so perfect, perfect.

Mostly Queen Mary [10:09]

Any concerns about holding G O V Z over shorter duration treasuries? One thing I've been unsure of is around rebalancing in the face of a recession. Currently, I'm on an annual rebalancing schedule, although I'm still contributing and I'm buying whatever is low throughout the year. But I've wondered if there is some ideal timing for when one would sell their bonds in a recession when they're hopefully shooting up in value. Is there an optimal window for when to trigger a rebalancing? Or do they tend to stay elevated in price long enough so that an annual rebalancing would capture them near enough to peak price? Finally, thanks for all the book recommendations in the past episodes. I've very much enjoyed Mandelbrat's misbehavior of markets and learned a bunch from Larry Swedrose, your complete guide to factor-based investing. I recently picked up tax planning to and through early retirement, and it has been extremely helpful in thinking about how to access funds that are locked away in various retirement accounts. One legally dubious business idea that came to my mind in reading was to create a company whose purpose was to hire folks with 401ks who want to tap into them via the rule of 55 who aren't otherwise eligible and don't want to deal with a 72T. For a small fee, they get hired at 55, transfer their 401k, and poof, you've got access to that 401k without penalty. Poof. If the backdoor Roth works, why couldn't this? I don't think it means what you think it miss. Very best, Milo Minderbender.

Voices [11:54]

Surely you can't be serious. I am serious. And don't call me Shirley.

Mostly Uncle Frank [11:59]

Well, first off, thank you also for being a donor to Fairfax Casa. And that has moved you to the front of the email line.

Voices [12:06]

Yes!

Mostly Uncle Frank [12:07]

And thank you also for being a loyal listener for so long.

Voices [12:11]

What is this, Wilkins? Some kind of fun house. Bye, having fun.

Mostly Uncle Frank [12:16]

I did look at that attachment you sent me about your parents' horrible 67 fund portfolio. Unfortunately, that's all too common. I have seen other listeners send me such monstrosities.

Voices [12:30]

It's a disgrace to you, me, and the entire gym state.

Mostly Uncle Frank [12:35]

And it really sounds good and sophisticated if you don't really know anything about investing and you really think that financial advisors have magic investing buttons.

Voices [12:45]

Looks like a medieval warrior.

Mostly Uncle Frank [12:47]

That's what those kind of complicated portfolios represent.

Voices [12:51]

That is the worst idea I've ever heard in my life, Tom. Yes. Yes, it's horrible. This idea.

Mostly Uncle Frank [12:58]

To contrast with the other bugaboo, which is the shiny object investing, and that is usually some kind of insurance product or buffered product or some weird Frankenstein's monster thing that supposedly is going to cure all your ills.

Voices [13:14]

Am I right or am I right or am I right? Right, right, right.

Mostly Uncle Frank [13:18]

It does seem like they kind of left that frying pan and went into a fire, unfortunately, if they went to a credit union. Because that's not an improvement.

Voices [13:26]

That's not an improvement.

Mostly Uncle Frank [13:29]

If you are telling somebody who to look for, the best thing to do is tell them first who not to look for, that they should not go looking for investing advice from either banks or credit unions or from insurance companies. Those do banking and insurance. They do not do investing or investment advising very well because they have products to sell you. That's their job.

Voices [13:50]

Always be closing. Always be closing.

Mostly Uncle Frank [13:56]

The other groups to avoid are your big retail outfits that advertise on sports stadiums or on your TV during sporting events or similar.

Voices [14:07]

Bing!

Mostly Uncle Frank [14:08]

Because somebody is paying for all of that fancy marketing, and guess who that is?

Voices [14:14]

Are you stupid or something?

Mostly Uncle Frank [14:17]

And your big brokerages aren't really any better either on that.

Voices [14:21]

Bing again.

Mostly Uncle Frank [14:24]

Fidelity has products to sell you, Vanguard has funds to sell you, Schwab has stuff to sell you. Those are all great places to keep your assets, to custody your assets. Those are not good places to get financial advice. You really only want financial advice from an independent advisor, and you really don't want to be supporting people who use AUM models, assets under management.

Voices [14:53]

Drink, drink, drink, drink, your milkshake, shake, shake.

Mostly Uncle Frank [14:59]

That is an obsolete model. As far as people like you and I are concerned, who have enough money to choose a lot of different advisors, we should not be choosing people who have AUM models anymore. There are plenty of great people out there that offer flat fee arrangements or subscription type arrangements. And that's what we should be looking for, and that's what we should be demanding as consumers of these products or these services.

Voices [15:25]

Does that make you different than most everybody else? And the answer's yes.

Mostly Uncle Frank [15:29]

Unfortunately, that's still a tiny minority of all people that call themselves advisors. I look at the advisor world as divided into two big fish tanks and two smaller fish bowls. One of the tanks is full of sewage.

Voices [15:43]

A guy don't walk on the lot lest he wants to buy. They're sitting out there waiting to give you their money. Are you gonna take it?

Mostly Uncle Frank [15:51]

That's the one where the people are working almost entirely on commissions and selling you products.

Voices [15:57]

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

Mostly Uncle Frank [16:03]

One of them is full of sludge, and that involves the people who have hat switching models. They can be a fiduciary for part of your conversation and then not a fiduciary for another part of your conversation.

Voices [16:16]

Did you see the memo about this?

Mostly Uncle Frank [16:19]

And this is written into their investment contracts and arrangements. It's there in black and white. If you go to somebody from, say, Northwestern Mutual, it is in their contract arrangements. You want to see a nice presentation about this. There's one from Sarah Catherine Gutierrez who she gave at the last Bogleheads conference and is also given in other conferences going through these various people. So that's the sludge tank. You got the sewage tank and the sludge tank. Believe it or not, that's over 85% of all people who call themselves financial advisors. Then you get to the fish bowls, which are a lot cleaner. I mean, they don't have sewage and sludge in them, but one is cloudy and one is clear. The bigger one is cloudy. That is the AUM bowl. Those people charge you based on how much of money or your assets they are managing, which causes a whole bunch of other conflicts, even though they're ostensibly independent. So that's about another 10% of the advisor world out there. And then finally, you have the only people I would go to these days, basically the 2% who are charging by the hour or by the job or on some flat fee basis.

Voices [17:37]

We few. We happy few. We band of brothers.

Mostly Uncle Frank [17:46]

Now those people used to be really hard to find. They're not that hard to find anymore. And fortunately, we have things like ChatGPT and Gemini who can find you a lot of these people. And you should use them. And you should be telling whomever is asking you the little speech I just gave about who not to look for and then who to look for.

Voices [18:05]

And uh I'll go ahead and make sure you get another copy of that memo.

Treasury Strips Rebalancing And Tax Traps

Mostly Uncle Frank [18:09]

Okay. And the other thing is make sure whomever that is is also giving you some tax advice. Because that's another thing you'll find is a lot of the retail big shops will not give tax advice. There's no point to that. The most money you're probably going to save in retirement planning has to do with planning for taxes. It doesn't have to do with investing, really. Other than organizing your investments to minimize your taxes. So that's what you should be looking for too. But now on to your questions. So this intermediate plan you've got here looks pretty good to me. I mean, you're still in an accumulation kind of portfolio with 80% equities. So that 20% is not that critical, honestly, since 80% equities is going to dominate the portfolio. And what you've got here is 8% a Treasury Strips Fund GOVZ, 6% gold, and 6% managed futures. That looks like a good mix to me. The kind of rule of thumb on the Treasury Strips is if you multiply it times 1.5, it's roughly equivalent to that that amount of VGLT or TLT in comparison. They don't perform exactly the same, particularly if they're not making much money or losing much money in a given year, but in terms of volatility, that kind of holds that relationship. So no, I would not be concerned about holding 8% in a Treasury strips fund, in fact. We hold more than that in our personal portfolios. Because the nice thing about those kind of funds is you can hold less of them and get the same kind of effect, at least in terms of recession insurance. The only problem I see with those funds is when people just hold too much of them because they are volatile and they do drag a lot in rising inflation environments. So don't overdo it.

Voices [19:58]

Don't be saucy with me, Banese.

Mostly Uncle Frank [20:01]

But you're not overdoing it. So no problem there.

Voices [20:04]

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

Mostly Uncle Frank [20:10]

Then your next question, I think, is really a market timing question. Can you market time rebalancing in the face of a recession to take the best advantage of the fact that your treasuries are probably going to be up in value and your stocks are probably going to be down?

Voices [20:25]

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

Mostly Uncle Frank [20:32]

And the answer is really no, you can't really time that. Because all the general effects of recessions are similar. How long they last, it could be anywhere from the mega short one we had in 2020, where the government intervened big time right away, or they more typically would go on for sometime between six months and even up to two years. Although I think you'd get a lot more government in intervention before getting past more than about a year, I would say, these days. That doesn't really tell you when your treasury bonds are likely to hit their peak in value because the markets will anticipate the government lowering interest rates or in going into QE mode where they're just buying lots of long-term treasuries.

Voices [21:19]

You can actually feel the energy from your ball by just putting your hands in and out.

Mostly Uncle Frank [21:24]

But how that exactly will play out is not predictable. So I wouldn't try to predict it.

Voices [21:30]

Now you can also use the ball to connect to the spirit world.

Mostly Uncle Frank [21:34]

If you wanted to do something slightly different, that probably won't make a difference, but it won't hurt you. You could do basically do partial rebalancing on some kind of a schedule. So, for instance, say you ordinarily do annual rebalancing, and you see we're going into a recession because the market is dropping and treasury bonds are going up in value and interest rates are generally falling. You could instead of doing annual rebalance. Go to something like quarterly rebalancing, but only do a quarter of what you would usually do. So you're not really changing the overall rebalancing, but just doing it kind of incrementally as you go. I'm not sure that's worth anything. It probably isn't worth anything over time, but it might make you feel a little better that you're actually doing something without hurting yourself. But other than that, no, there is no optimal window as to when to trigger a rebalancing there. The other way to do it is also to do it on rebalancing bands. If you're not on a calendar, or maybe you're on a calendar and on rebalancing bands. And usually that is something like waiting until it's more than 20% from its target and then doing rebalancing. There is some evidence that that is preferable to calendar-based rebalancing, but it's not definitive. I will see if I can dig up a nice Michael Kitts' article about optimized rebalancing that you can check out that talks about this. And as always, you can search it at the website and find plenty of links and other materials about the word rebalancing. That's what I would search in either the links page or the podcast page itself. And now getting to your business idea of starting a company to help people with the rule of 55, yeah, I don't think I would be doing anything like that.

Voices [23:22]

Forget about it.

Mostly Uncle Frank [23:24]

Just because I know there is a general rule, the way tax law works in the US, that essentially says that if you are creating things to avoid paying taxes, which is a true tax shelter that used to be legal before 1986, but is no longer legal after that. If you're doing things like that with whatever structure you're creating, that will oftentimes be struck down as illegitimate. The government won the argument that the structures were more designed just to evade taxes and not for any legitimate corporate purpose. Tax litigation is actually a very murky area. But I would not try to be too creative. That's what generally gets you into trouble.

Voices [24:34]

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

Mostly Uncle Frank [24:43]

So while it's fun to think about, I don't think I would engage in anything like that. Certainly more headaches than it's worth.

Voices [24:50]

Forget about it!

Mostly Uncle Frank [24:52]

Anyway. Thank you for being a supporter of Fairfax Casa. And thank you for your email.

Voices [25:14]

Second off.

Mostly Uncle Frank [25:16]

Second off, we have an email from Scott.

Voices [25:23]

Great, Scott!

Mostly Uncle Frank [25:25]

And Scott writes.

Mostly Queen Mary [25:28]

Hi, Frank. Great podcast insight. Very informative. I just set up the risk parity portfolio to do some hands-on learning with some free cash I had in my Fidelity account.

Voices [25:39]

Well, that's fantastic. A really smart decision, young man. 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.

Mostly Queen Mary [25:52]

I believe I understand the concept, but I'm curious about your thoughts on withdrawing when and if for the month none of them have positive returns or do not fall into a dividend month. Do you go with the one that performed the best, even though it might have lost money?

Voices [26:06]

The best, Jerry.

Mostly Queen Mary [26:08]

The best. Thank you.

Voices [26:10]

I'm giving her all she's good, Captain. If I push it any harder, the whole thing will blow.

Mostly Uncle Frank [26:16]

Well, Scott, welcome to the podcast. This email does come from last November, so hopefully you're still around. So, what Scott has done is something that we did with the Bigger Pockets Money Podcast last summer. I helped Mindy Jensen there set up a test portfolio with $10,000. And I will link to that again on the show notes so you can see exactly how we did that. It was a version of the Golden Ratio portfolio. So, subsequent to that, and what I've learned is that this is actually a very good learning tool. And a lot of people are trying things, not necessarily with a risk parity style portfolio, with but with any kind of portfolio that they might be holding in retirement or for some other reason that they just want to test out in terms of how does it work mechanically? Because I think people are often daunted by the mechanics of this, which is what you're talking about, that aren't really that hard. It's just they're unfamiliar until you've done it.

Voices [27:14]

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

Mostly Uncle Frank [27:23]

But you can use a test portfolio like this to actually practice doing your rebalancing, doing your withdrawals, and seeing how it all works before you're doing it with a lot of money. And I think that's just a really good idea, particularly now that we have this no-fee trading and fractional shares. This doesn't cost you anything, so you could do it with as little as a thousand dollars, I would say. So anyway, in terms of what you're doing here and what we were doing with Mindy, is we set up the test portfolio, and then she's just been taking out $42 a month out of that every month, looking at it, kind of the way we run our little sample portfolios here. But what you're really looking at is not what necessarily was up or down in the last month in particular. What you are looking at is what is up the most since the last rebalancing. And that may be something that you've already taken some money out of. So for instance, in Mindy's case, because gold went up so much after last July, she's basically just been selling gold. Even though there have been months when gold went down, gold is still the best performer overall since the last rebalancing since she set up the account. So the easiest thing to do is simply just look at the percentages that they are at the beginning of the month, compare that to your target percentages, and think about it as a partial rebalancing that you're selling the thing that is the best relative performer overall, taking into account what you've already taken out of it, obviously.

Voices [28:54]

Think big, think positive, never show any sign of weakness, always go for the throne. Buy low, sell high. Fear, that's the other guy's problem.

Mostly Uncle Frank [29:04]

So you don't even need to track monthly returns for all of your assets. In fact, that'd probably be a waste of time. I would simply just look at the percentages compared to your target percentages and pick the one that is doing the best at the time. Because in the end, you are going to rebalance the whole thing anyway and get back to those target percentages at some point during the year. And so whether or not something made or lost money in the last month itself is not really that critical.

Voices [29:34]

Forget about it.

Mostly Uncle Frank [29:36]

Now, if you do look at the return profile for something like a golden ratio or a golden butterfly portfolio over the course of years, you will find that there's almost no year that you didn't have something in the portfolio that was positive in performance.

Voices [29:51]

That's the fact, Jack! That's the fact jack!

Mostly Uncle Frank [29:55]

I think like in the past 30 years, only I think 2018 would be the only year that cash outperformed everything. And that's a very rare occurrence, but everything else was down marginally. I think the stock market was down about 6% that year. So the chances of you not having something that is having a positive performance in any given year are very small with one of these kind of portfolios.

Voices [30:18]

That is the straight stuff, oh funk master.

Mostly Uncle Frank [30:22]

So hopefully that helps. Hopefully you are enjoying your test portfolio, and you've already set it up and are playing with it. And thank you for your email.

Voices [30:32]

Give them to the climate. Hi, sir. Before they went into warp I transported the whole kit and caboodle into the air engine room, where there'll be no trouble at all. Last off.

Mostly Uncle Frank [31:06]

And Joel writes.

Mostly Queen Mary [31:08]

Hi, Frank. If Bitcoin correlation with the stock market is now positive 0.9, why even bother adding this asset class to the portfolio? It is no diversification at all. Am I wrong or am I wrong?

Voices [31:23]

My dad said he listened to Bad David and lost all his money. Yes, everyone did, but they were brave in doing so.

Mostly Uncle Frank [31:29]

Well, Joel, what can I say?

Voices [31:32]

You are correct, sir. Yes!

Mostly Uncle Frank [31:35]

This has turned into one of the biggest problems with trying to use Bitcoin as a diversifier in a portfolio because as of these days, it tends to perform like a risk asset, more like a leveraged version of the NASDAQ. I think it's gotten a little better this year in terms of having some variation, but only because it's been going down.

Voices [31:57]

And it's gone.

Mostly Uncle Frank [31:59]

Poof. When it was a lot less popular and more difficult to buy, yeah, it had more diversification principles, but now that it is available through ETFs and is traded by everybody and their mother.

Voices [32:13]

My mom always said life was like a box of chocolates.

Mostly Uncle Frank [32:18]

It really has lost most of why you would want to try to use it as an alternative asset. Because remember, the purpose of the alternative assets in these portfolios, things that are not stocks or bonds, that's the first qualification. It has to be something that is not equity and not a debt instrument. So private equity is not an alternative asset. Private debt is not an alternative asset. Different kinds of bonds are not alternative assets. Tips are not alternative assets.

Voices [32:49]

That's not how it works. That's not how any of this works.

Mostly Uncle Frank [32:53]

And there are two characteristics you actually want in an alternative asset. The first is close to zero correlation with both stocks and bonds, and that eliminates a lot of stuff. And the second one has a reasonable return profile. What that tends to eliminate are strategies that invest in things like the VIX, the volatility index, because that tends to have a negative expectation. And you want things with a positive expectation. Where you end up repeatedly is at gold and managed futures. Because both of those fit those criteria. They have next to zero correlation with both stocks and bonds, and they have a reasonable return profile in the 7-8% range over very long periods of time. There's actually a nice discussion of managed futures generally that I just saw yesterday. It's introducing the new fund SDMF, which is essentially a different version of DBMF, and I will talk about this in the future, but it may be a more tax-efficient version of it. It looks like it will have the same profile in terms of risk reward because it has more internal trading costs, even though it's actually at a lower headline expense ratio. The headline expense ratio is only 0.35. Anyway, there's a good video about this put out by Simplify. I will link to it in the show notes so you can check it out. But it also has a nice description at the beginning of it. It is why managed futures are particularly useful for diversification because of this zero correlation to both stocks and bonds that is better than all these other kinds of strategies that people have come up with, long short strategies and carry strategies and other things. And they talk about a comparison there. So you can check that out. So, no, there's no particular reason anybody needs to be using Bitcoin in one of these kind of portfolios.

Voices [34:47]

Do you think I got where I am today because I dress like Peter Pan here?

Mostly Uncle Frank [34:51]

And no particular reason anybody needs to be using levered funds either.

Voices [34:57]

You can't handle the gambling problem.

Mostly Uncle Frank [35:00]

Because that's what I equate Bitcoin with these days. It's like a levered version of a growth or tech fund. So you've made an astute observation. Yes! Hopefully this helps confirm your suspicions, at least for the moment. And thank you for your email. But now I see our signal is beginning to fade.

Mostly Queen Mary [35:31]

This this whole this whole thing is nonsense.

Mostly Uncle Frank [35:35]

If you have comments or questions for me, please send them to Frank at RiskPartyRarer.com. That email is Frank at RiskPartyRare.com. Or you can go to the website www.riskpartyrade.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, a 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.