Voices [0:00]

A foolish consistency is the hub goblin of little mind, adored by little statesmen and philosophers and divine. If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. A different

Welcome And Episode Guide

Voices [0:18]

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 banks. 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. Ooh.

Mostly Uncle Frank [1:14]

Top men. And you can find those on the episode guide page at www.riskparty radio.com. Inconceivable. All thanks to our friend Luke, our volunteer in Quebec. 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 move, right?

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]

Lighten up frenches.

Mostly Uncle Frank [2:13]

But now onward, episode 533. Today on Risk Party Radio, it's time for our weekly portfolio reviews of the eight sample portfolios you can find at www.ristparty.com on the portfolios page. Okay, so it's not that exciting. I think we're gonna be talking about a rebalancing though.

Voices [2:35]

And Leon's getting larger. But before we get to that, I'm intrigued by this.

Big Questions On Factor Investing

Voices [2:44]

How you say email? And first off.

Mostly Uncle Frank [2:50]

First off, we have yet another email from Optimus Bill.

Voices [2:55]

Oh, I don't know, you were doing one. Oh, sure. I think I've improved on your methods a bit too.

Mostly Uncle Frank [3:01]

And Optimus Bill writes.

Mostly Queen Mary [3:04]

Dear Uncle Frank and Queen Mary. I've been following the recent discussions surrounding portfolio construction, and I would love to hear your perspective on West Gray regarding the future of factor investing. One, West Gray suggests that for long-only investors, equally weighted large cap value portfolios have historically earned similar returns to small cap value while providing roughly 11 times more liquidity. Given this, why should a practitioner prefer a pure SCV tilt over a split between equal weighted LCV and SCV to capture diversification with better liquidity? Furthermore, in an intangible economy, does your fund selection move away from traditional book-to-market metrics in favor of earnings and operating income as Wes Gray suggests? 2. For listeners sitting on highly appreciated legacy stocks or concentrated inherited positions, how could a Section 351 exchange help them transition into a diversified ETF wrapper without triggering an immediate taxable event? This seems like a game changer for someone locked into an expensive SMA or direct indexing portfolio who wants to move toward a risk parity framework. 3. Even God would be fired. West Gray notes that even an investor with perfect foresight would suffer such severe drawdowns and periods of underperformance that they would likely be fired by their clients. How do you help your listeners bridge the behavioral gap between the mathematical ideal of a portfolio and the emotional reality of seeing it lag the SP 500 for a decade? Looking forward to your thoughts and perhaps some novel sound effects to soften the blow for the Peanut Gallery. Best regards, Optimus Mr. Bill Prime.

Voices [5:05]

I am Optimus. Well, Optimus Bill, you are prolific with your questions. Come on, man!

Mostly Uncle Frank [5:28]

But I do have to say they are often very good questions, as we've got here.

Voices [5:33]

You are correct, sir, yes!

Mostly Uncle Frank [5:36]

And they're not all about you. At least not anymore.

Voices [5:41]

I guess you could say things are getting pretty serious.

Mostly Uncle Frank [5:45]

But before we get to your questions, I just wanted to thank you for being a donor to the Father McKenna Center and to Fairfax Casa. As most of you know here, we do not have any sponsors on this program. We do have two charities we support, the Father McKenna Center and Fairfax Casa. We are in the midst of a campaign for the Father McKenna Center, which supports hungry and homeless people in Washington, D.C. And I should say I am the chairman of the board of that charity now. And so this campaign is in connection with our fundraiser, which is a big walk for McKenna that we hold at the end of September, and that I understand Optimist Bill may be attending this year. Wow, is it very nice? So the top donor sponsors get their logos on the back of the t-shirt that everybody walks in, and we were on the top of the t-shirt last year, because the more you give, the higher you go. And I think we'll be there this year, although we could use a little more help, and so we'll be continuing this until the end of this month. Because if you do, you could always use a little more.

Voices [6:53]

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

Mostly Uncle Frank [6:57]

But I thank you for your participation in the campaign. We did have two very generous donors, Ellen and James, who likes to be called Jim Baby.

Voices [7:07]

Hey Jim Baby!

Mostly Uncle Frank [7:09]

Also recently donate some significant sums, but they did not want to have their emails read on air, and so we will not read them on air. But if you do want your email read on air and questions answered, giving to either of the charities gets you to the front of the email line, which is a good thing because it's about six months long. Actually, I think it's only five months long now. Five and a half. In any event, the best way to do that is to go to the link in the show notes, which I will put in the show notes. And you can also do it at our support page at www.riskperiator.com. But now getting to your email. Your first question was about this paper written by a guy named Jack Vogel, spelled Viazen Victor O G E L, as part of Wes Gray's team there at Alpha Architect. And we actually cited to this paper all the way back in episode 266.

Voices [8:06]

Everything is proceeding as I have foreseen.

Mostly Uncle Frank [8:15]

And the paper was comparing essentially two different value investment strategies. One where you're just investing in small cap value itself, and then another one where you're investing in equally weighted value stocks. Now, what that means is, or to distinguish it from say large cap value, usually if you invest in a large cap value fund, the companies are weighted by their capitalizations. So there's a lot more of the highest capitalized companies, the biggest companies in that fund than there would be if you were just to take an equal amount of all the companies in the fund. And it's been generally known that investing in a large cap value in a cap-weighted fund tends to reduce both returns and volatility over time. It's just a less risky way to invest in the stock market. Those companies frequently pay a lot of dividends. They're very large stayed organizations.

Voices [9:11]

Yes, you take my dreams, like the one that you just interrupted. It was marvelous. I was foreclosing the mortgage on a lifelong friend, and I was creating a poverty pocket right in the heart of Beverly Hills, downtown.

Mostly Uncle Frank [9:23]

But the paper wanted to show that you could actually achieve the same kind of results by modifying that and investing in an equal weight version of that, including mid caps and small caps. And that would essentially perform the same kind of function in a portfolio as a small cap value fund. And for the purposes of that, they were interested in the overall liquidity of the stocks themselves. So if you were trading baskets of these stocks, obviously the largest ones, well maybe not obviously, but the largest ones that are the most traded tend to be more liquid than smaller companies. So I thought that was an interesting paper at the time, and I still do. And the way I've implemented that is that while I will avoid generally large cap value cap weighted funds, because I don't really want that kind of exposure. Some people do actually, that doesn't mean I would not take allocations in other kinds of value stocks that are kind of across the spectrum. And that is what leads to my general observation that you really want to split your portfolio between growth and value. And that's more important than splitting it between large and small. Because we know from other research that the small cap growth stocks tend to be the most volatile and don't perform any better than the overall market generally over long periods of time. And this is what led to the general guideline, I would say that you want half of your stocks to be in large cap growth or large cap blend like an S P 500 fund. And then the other half, or at least another half, if not more, on the value side of things. And that can be small cap value, but it's not limited to small cap value if you'd like to hold other types of value stocks. And personally, I found a lot of value in holding property and casualty insurance companies as a nice diversifier in a portfolio because those tend to move much differently than a lot of the other stocks, and they tend to do well in inflationary environments like in 2022. And if you're looking for a fund that does that, you can do it through KBWP, or you can just look in the stocks in KBWP and buy those individually. They're all the big insurance companies like Progressive and Allstate and Travelers and Chubb. But I don't see any reason based on that paper why you would not hold some allocation to small cap value. That still makes sense to me if you're not holding all small cap value.

Voices [11:56]

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

Mostly Uncle Frank [12:00]

Somebody because the liquidity concerns in that paper don't affect us mere mortals. We're not trading a lot of individual stocks. We're not worried about the liquidity of these funds. There's plenty of liquidity in the small cap value funds that we are likely to be buying, and we're not gonna be trading them very often either. So the liquidity issue is not that relevant to mere mortals such as ourselves. I guess the other observation I have to make is I'm not sure there is an equally weighted large cap value fund that you could buy. There are more specialty funds that you could buy, like KBWP, but those are more sector or subsector based. And if you want to keep things simple, there's no reason why you can't just buy the small cap value fund and call it a day.

Section 351 And Concentrated Stocks

Mostly Uncle Frank [12:44]

Moving to your next question about Wes Gray's involvement with Section 351 exchanges. Now, Wes Gray does a lot of advanced stuff, and I think he lives in Puerto Rico to save on taxes himself. I'm gonna see if I can dig up an interview that he did with Rick Ferry at some point where he described all of these different things he's got his hooks into. So a Section 351 exchange is designed for somebody to take a basket of stocks and literally turn it into an ETF, and then you exchange it for other stocks, and this helps reduce your tax liabilities. And that is kind of my entire understanding of how that process works because you generally need to have some millions of dollars to be doing this with to make it worthwhile. So again, this is not for mere mortals, it's generally for people that have accumulated many millions of dollars either in a big portfolio of stocks or somebody that has worked at a company and has a lot of company stock because sometimes this can be used to convert that without paying as much in taxes on it. So if you have several million dollars in individual stocks in a taxable account that have a lot of taxable gains on them, this might be of interest to you. This is something that Wes Gray and Meb Faber actually do for people. And I'll see if I can find another link there. But my knowledge of it, other than being able to describe it as I just did, is very limited. I know it is relatively expensive, and so that is why it is not something that you would be doing with even hundreds of thousands of dollars, but you might be doing it with millions of dollars.

Voices [14:28]

100 billion dollars.

The Behavioral Trap Of Underperformance

Mostly Uncle Frank [14:32]

All right, your next comment or question about even God would be fired. Well, I think you and Wes Gray are talking about two different things. Wes Gray was actually talking about somebody who was perfectly timing the market and moving in and out of various sectors, that they would suffer extreme drawdowns doing that. And I agree, that's basically some kind of aggressive accumulation portfolio is talking about. And as we know from the macroallocation principle and from the holy grail principle, that if you are investing entirely in stocks, it's going to be a volatile ride, even though in the end you will probably have the most money at the end, providing you're not spending it along the way. But he was also more talking about advisors investing for particular clients and the clients seeing the advisors' picks go down substantially in value. This is a risk to all advisors and is often what drives a lot of their business models and why they would invest in some things and not other things, because they're really worried in the back of their mind that if this thing goes down, the client won't understand why we're holding it and will fire me. So it's very much job security for them to stick to things that are either kind of more tried and true, or at least things that the client definitely understands. This should be less of a problem for an educated do-it-yourself investor because if you have educated yourself, then you should have an understanding of what the likely drawdowns of whatever you're doing are likely to be. Which I think gets to your last question about the emotional reality of seeing a diversified portfolio lag the S P 500 for a decade. Well, it's not likely to lag it every year for a decade. But again, that's the difference between an accumulation portfolio and a retirement portfolio. And you should know that going in, whether you're holding a risk parity style retirement portfolio or some kind of ordinary retirement portfolio. When the market is doing well, which is about 70% of the time, your portfolio is likely to underperform the market in that year. But when the S P 500 is doing average or mediocre, your portfolio is likely to outperform the S P 500 in in that kind of year. This does get to that article I've cited to before that Tyler at Portfolio Charts wrote about minimizing your miss and kind of the difference between investing in a golden ratio kind of portfolio versus the S P 500. I will link to that again in the show notes. But again, this is just a matter of educating yourself about what you're doing as a do-it-yourself investor and knowing what it's likely to be like before buying a thing, which I think is just good practice that you need to have as a do-it-yourself investor, because if you can't stick with whatever you're doing, then you probably need to go hire somebody to help you stick with whatever you're doing. So I guess the real solution there is to know thyself. Man's got to know his limitations. And with that, that is all we have for Optimus Bill today. Thank you for being a good friend. Thank you for being a donor to the Father McKenna Center and Fairfax Casa. And thank you for your email.

Voices [18:07]

Second

Building A 100-Year Correlation Matrix

Voices [18:08]

off.

Mostly Uncle Frank [18:08]

Second off, we have an email from Mark.

Voices [18:17]

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

Mostly Uncle Frank [18:25]

And Mark writes.

Mostly Queen Mary [18:27]

Hello, Frank. I have long wanted asset correlation data for a full risk parity portfolio with a full 100-year data set starting in 1926. Tools like Testfolio are getting better and better at closing this gap with the simulated tickers, but I wanted to take a whack at a full 100-year data set starting in 1926 with the best data that Claude and I could find. So I have been having some fun with Claude Code to pursue that. And Claude and I have created a Python program to gather the time series data from Internet sources and create a correlation matrix. The text below describes what data the program is fetching from where. Claude even wrote the data source documentation below for me. I thought this might be interesting and useful for you as well. I've attached the tabular historical data set and the correlation data. I would also welcome any feedback or suggestions for improvement if you think better free data is available, and I'd be happy to work with Claude to change the program and resend the data and correlations to you again with those improvements. I have also attached a color-coded correlation matrix I did in Excel. In that table, red is a correlation of 0.7 or above, yellow is between 0.3 and 0.7, and green is a correlation below 0.3.

Voices [19:47]

Oh no!

Mostly Uncle Frank [19:50]

Well, Mark, that's an ambitious task you're taking on. You did list several pages of data sources, and they look like the ones that everybody uses, starting with the materials that Ken French keeps on his website. If you want to know what portfolio visualizer or testfolio are using, if you go to their help sections, there are lists identifying all of the data sources. But typically anybody doing analysis like this is using similar data sources. And you could also contact Tyler at Portfolio Charts, who will tell you all kinds of things about data sources, since he's also got a whole panoply of international related sources as well. I will say what you are doing is beyond my capabilities, whether using Claude or anything else. Man's got to know his limitations. This might have been something I would have attempted as a younger man, but not at my age.

Voices [20:47]

Not gonna do it. Wouldn't be prudent at this juncture.

Mostly Uncle Frank [20:50]

I was able to download the correlation matrix you sent me, but not the other two TSV files. At least I couldn't open those.

Voices [20:59]

Are you stupid or something?

Mostly Uncle Frank [21:01]

But I will post the correlation matrix that you created to a link, and people can check that out in the show notes. Yes! I thought it was interesting and confirmed our general suspicions that bonds and gold and managed futures tend to have zero or even negative correlations with stocks over long periods of time. And I do note it seems that managed futures actually have the lowest correlation, which was that negative 0.38. And I thought that was an interesting observation. I did see another video on YouTube yesterday about DBMF. They put one out every month or two reviewing the performance of that fund. And it did show that over the course of its existence it has a correlation with the stock market of negative 0.8%, so pretty close to zero.

Voices [21:50]

Zero? Yeah. Zero is a wonderful thing. In fact, zero is my hero.

Mostly Uncle Frank [21:58]

I think it's the most interesting. That's where it tends to perform the best is in periods like 2022 or 2008 when the stock market is likely to be going down, and that's when you really want the negative correlation out of your alternative asset.

Voices [22:13]

That is the straight stuff, O funkmaster.

Mostly Uncle Frank [22:17]

So you've written in before, and I expect to hear from you again. It would be interesting to see where you can go and what you can do with this. We'll be watching your progress with great interest. And you, young Skywalker. We will watch your career with great interest. And thank you for your email.

Voices [22:40]

Pure energy.

Advice For A New Financial Planner

Voices [22:56]

Oh, oh, oh. You know what I'm talking about. Oh.

Mostly Uncle Frank [23:01]

And Drew writes.

Mostly Queen Mary [23:03]

Hello, Uncle Frank. I've written in over the years, although not sure if you remember my name and emails. Your podcast was instrumental in building out both my investment approach and inspiring my transition into the world of financial planning.

Voices [23:16]

Yeah, baby, yeah!

Mostly Queen Mary [23:18]

I've launched a flat fee practice and I'm working towards my CFP. I plan to pass that exam in November. Also, your podcast received a shout-out in my upcoming little book, Money for Makers. Thought you would like to know. Best, Drew.

Voices [23:34]

The best, Jerry. The best.

Mostly Uncle Frank [23:37]

Well, yes, Drew, we have seen a few emails from you over the years. Congratulations if you've reached your CFP and on your new financial advisory practice. Well, I guess you're not planning on taking the exam until November. But congratulations anyway.

Voices [23:53]

Actually, it's a buck and a quarter, quarter staff, but I'm not telling him that.

Mostly Uncle Frank [23:58]

I think what you really need to decide is what kind of clients do you want to serve and how are you going to serve them? Because generally I've found that whether people are tax professionals or financial advisors or anything else, they do a better job if they're only trying to serve one kind of client because then they learn all of the things that go with that kind of person or that kind of business. So I would think about where you really want to position yourself. If you don't listen to it already, I'd listen to the Michael Kitz's podcast where he interviews financial advisors about their businesses and how they run their businesses. And then two things about getting your CFP. I think that's kind of a minimum requirement. And I don't think they actually teach CFPs everything that they need to know. In particular, what is not in the curriculum is how to do good forecasting. I mean, writ large, from the perspective of somebody like Danny Kahneman or Philip Tetlock or Annie Duke. That is what is really missing in the CFP curriculum. And as a consequence, what I see is a lot of CFPs don't really know how to do forecasting. They rely too much on these calculators that come out and the assumptions that are embedded in the calculators. And oftentimes those assumptions are bad assumptions because they're not based on base rates. So I think you're going to still have to learn good practices in terms of forecasting with base rates and reference classes on your own in order to really be successful at this. Or at least to put you head and shoulders above the average TFP who doesn't pay attention to this stuff. So I would make sure you go and learn that too.

Voices [25:45]

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

Mostly Uncle Frank [25:55]

Since you gave us a shout-out, we will definitely return the favor and cite to your book Money for Makers in the show notes. But it is a friendly gesture and not to intend any sponsorship or endorsement. As we must retain our independence and do not wish to risk even the appearance of a conflict of interest.

Voices [26:20]

Hey, what do you say we both be independent together, huh? It's a deal.

Mostly Uncle Frank [26:28]

But congratulations again. Good luck in your further endeavors here. And thank you for your email.

Voices [26:36]

I wanna know what you're thinking. I wanna know what you're feeling. Tell me what's on your mind.

Market Snapshot And Portfolio Returns

Voices [26:50]

Now we are going to do something extremely fun.

Mostly Uncle Frank [26:53]

And the extremely fun thing we get to do now is our weekly portfolio review. So the eight sale portfolios you can find at www.riskperdire.com on the portfolios page.

Voices [27:03]

Johnny, what can you make out of this? This? Well, I can make a cap or a brooch or pterodacous people.

Mostly Uncle Frank [27:11]

Just looking at the markets for this year. Everything is up. You would think by looking at the headlines, we were having a bad year, but it's actually a quite a good year for almost all risk assets. So looking at the SP 500 represented by VOO, that's up 14.49% for the year so far. The NASDAQ 100 represented by QQQ is up 19.29% for the year so far. Small cap value continues to lead the way, at least on the equity side of things.

Voices [27:46]

Guess what? I got a fever. And the only prescription is more cowbell.

Mostly Uncle Frank [27:53]

Representative fund VIOV is now up 24.54% for the year so far.

Voices [27:58]

I gotta have more cowbell. I gotta have more cowbells.

Mostly Uncle Frank [28:02]

Gold has recovered.

Voices [28:04]

I love gold.

Mostly Uncle Frank [28:08]

Representative fund GLDM is now up 1.42% for the year so far. Long-term treasury bonds continue to be the laggard representative fund. VGLT is down 2.95% for the year so far. REITs represented by the fund RE E T are up 14.15%. Commodities continue to be the big winner. Representative fund PDBC is up 35.17%. Preferred shares represented by the fund at PFFV are up 3.4%, and managed futures are managing also to have a good year. Represented fund at DBMF is up 12.73% for the year so far. Moving to these portfolios. First one's a reference portfolio, the all seasons. It's only 30% in stocks. It's got 55% in intermediate and long-term treasury bonds, and the remaining 15% in golden commodities. It's up 2.24% for the month of August. It's up 5.89% year to date, and up 30.53% since inception in July 2020. Moving to these more bread and butter kind of portfolios that fall within our basic guidelines for these sorts of portfolios for retirement purposes and high safe withdrawal rates. First one's gold and butterfly. This one is 41% in stocks divided into a total stock market fund and a small cap value fund. 20% in long-term treasury bonds, 19% in short-term treasury bonds, and 20% in gold. It is up 3.32% for the month of August. It's up 7.92% year to date, and up 72.19% since inception in July 2020. And yes, the reason it's slightly different from the standard Golden Butterfly is we put it on a reverse glide path starting this year.

Voices [30:13]

Well, isn't that spash off?

Mostly Uncle Frank [30:16]

Moving to our next one, the Golden Ratio. This one is 42% in stocks, divided into a large cap growth fund and a small cap value fund, 26% in long-term treasury bonds, 16% in gold, 10% in managed futures, and 6% in cash. It's up 3.28% for the month of August. It's up 8.05% year to date, and up 66.82% since inception in July 2020. Next one's Risk Parity Ultimate, which is kind of our kitchen sink where we put a little bit of everything just to check it out. Not going to go through all 12 of these funds, but this one is up 2.96% for the month of August. It's up 7.68% year to date, and up 50.48% since inception in July 2020. Now moving to these experimental portfolios that all involve leveraged funds.

Leveraged Portfolios And Rebalancing Trades

Mostly Uncle Frank [31:20]

And lots of volatility. We have a rebalancing to do for this on Monday. This one is on rebalancing bands. So whenever one of the assets goes 7.5% outside of its target percentage, we will rebalance it. And we only look at it once a month on the 15th of the month, which is Saturday. So we'll be doing the rebalancing on Monday because the EuPro fund had grown to 32.69%. So it's above its target range by 7.5%. So we rebalance the whole portfolio. This is going to involve selling $687 worth of EuPro. We're going to buy $236 worth of gold GLDM, $21 worth of PFFV, the Preferred Shares Fund, and $427 worth of TMF, the Levered Bond Fund, to restore it to its original allocations. And now moving to our next portfolio, the aggressive 50-50. This is the most levered and least diversified of all these portfolios and worst performer by far, given those attributes. So this is one-third in a levered stock fund 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, also as ballast in this portfolio. This is up 4.76% for the month of August. It's up 7.07% year to date and up 5.25% since inception in July 2020. This one is also ripe for rebalancing because the allocation to UPRO is now over 42.17% as of August 15th. So we're going to rebalance the whole thing. That will involve selling $662 worth of UPRO on Monday. We'll be buying $59 worth of the Preferred Shares Fund PFFV, $98 worth of the Intermediate Treasury Bond Fund VGIT, and $500 worth of the Levered Bond Fund TMF. And that will restore this portfolio back to its original configuration. And we'll be recording all of that on the website on the portfolios page. Moving to the next one, the Levered Golden Ratio. This one's a year younger than the first six. This one is 35% in NTSX, that is a composite fund of 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 GLDM, gold, 10% in KMLM, a managed futures fund, 10% in TMF, it's a levered bond fund. The remaining 10% divided into UDOW and UTSL, which are levered Dow and Utilities funds. So it's up 4.36% for the month of August. It's up 9.33% year to date, and up 31.06% since inception in July 2021. And moving to our last one, the Opter Portfolio, one portfolio to rule them all. This is a return-stacked kind of portfolio. So it's designed to have the same risk profile as the SP 500, but be more diversified. And so have a better risk reward profile. It is 16% in UPRO, that's the levered SP 500 fund. 24% in AVGV, which is a worldwide value tilted fund. 24% in GOVZ, that is a Treasury Strips From the remaining 18% divided into gold and managed futures. It's up 5.21% for the month of August. It's up 13.94% year to date, and up 47.01% since inception in July 2024. And that concludes our portfolio reviews with those exciting rebalancings. I'm sure you are all thrilled.

Voices [35:49]

This is pretty much the worst video ever made.

Hiatus Note And How To Reach Us

Mostly Uncle Frank [35:53]

But now I see our signal is beginning to fade. Just a little programming note, we are going a little hiatus next week. I think we'll be able to get a podcast out in the middle of the week, but there is a chance that we won't, so you may not hear from us for a week and a half to two weeks. We'll see. In the meantime, if you have comments or questions for me, please send them to Frank at RiskPardyRader.com. That email is Frank at RiskPardyRader.com. Or you can go to the website www.riskperdiradio.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.

Voices [36:46]

With ten billion zeroes from the caveman till the heroes who invented you. They counted on their fingers and toes. And maybe some sticks and stones. And their neighbors' toes. You hear, and nobody really knows how wonderful you are. Why we could never reach the star without you zero my wonderful. Place one zero after any number and you motive that number five. Place two zero after any number and you motif that number five one hundred. Place three zero after any number and you motif that number five one. Etc. etc. At infinite forever and ever. Wiz Elo. My hilo. How wonderful you are.

Mostly Queen Mary [38:00]

The Risk Parody Radio Show is hosted by Frank Vasquez. The content provided is for entertainment and informational purposes only and does not constitute financial investment, tax, or legal advice. Please consult with your own advisors before taking any actions based on any information you have heard here, making sure to take into account your own personal circumstances.