Welcome And Housekeeping

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 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. 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. Zachos. 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, all 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 Francis.

Mostly Uncle Frank [2:14]

But now onward, episode 537. Today on Risk Party Radio, it's time for our weekly portfolio review. Some of the eight sample portfolios you can find at www.riskparty.com on the portfolios page. And we're also going to talk about our monthly distributions for September. But before we get to that.

Voices [2:38]

I'm intrigued by this. How you say email? And first off.

Should Bitcoin Be A Tiny Slice

Mostly Uncle Frank [2:46]

First off, we have an email from Optimus Bill.

Voices [2:50]

Oh, I don't know you were doing one. Oh, sure.

Mostly Queen Mary [2:54]

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

Mostly Uncle Frank [2:57]

And Optimus Bill writes.

Mostly Queen Mary [2:59]

Uncle Frank, is there any back tested or theoretical needle-moving utility to a 1% speculative IBIT allocation in a diversified risk parity portfolio? You have a gambling problem. A less than 8-10% allocation to any assetslash class in a retirement portfolio. Is Bitcoin a potentially outperforming moonshot? Uncorrelated volatility rebalancing bonus opportunities? Short and sweet this time, Optimus.

Mostly Uncle Frank [3:31]

I am Optimus. Well, first off, thank you for being a longtime contributor and longtime donor to both of our charities, the Father McKenna Center and Fairfax Court Appointed Special Advocates. As most of you know, we do not have any sponsors on this program. We do these charities we support. Father McKenna Center for me and Fairfax Casa for Mary. We just completed a fundraising campaign for the Father McKenna Center. I still don't have the final totals in yet, but I'll let you know when I do. But your contribution to that campaign is duly noted as your continuing contributions to both of the charities. And Optimus Bill uses a donor-advised fund from DAFI to do auto contributions on a regular basis.

Voices [4:22]

Great success.

Mostly Uncle Frank [4:24]

If you are interested in donor-advised funds, I will link to an interview that he did on their podcast, catching up to Fi of the founder of DAFI, which is one of the leaders in the donor-advised fund area these days. Now, since that time, it has gained a lot more institutional acceptance and it's a lot easier to invest in it these days through ETFs. But it still retains its speculative quality, although not nearly as volatile as it used to be. So it seems to be about three times as volatile as the Nasdaq, as something like QQQ. But its general performance characteristics are still up in the air, because sometimes it appears to be very highly correlated with tech stocks, and then sometimes it doesn't. And there isn't a consistent story as to what it is ultimately going to be used for. Unlike something like gold, it does not have an historical connection with central banks or some kind of natural demand outside of the US as a reserve currency like gold does. But I would say that in terms of how it behaves in a portfolio, yes, it does behave like a levered fund of some kind. And so therefore you can hold a lot less of it and still have an impact on the portfolio. And in fact, if you hold a lot of it, it'll have an overarching effect on a portfolio, which is why you probably don't want to hold too much of it unless you're really confident in it, because it would dominate the performance of a portfolio if you're holding like 10 or 20% of your portfolio in Bitcoin. Now, is one percent enough to have an impact on the portfolio? Well, it certainly used to be when it was 10 times more volatile than other assets. Now that it's more like three times more volatile than the stock market, you might need to go to 2% to have a real effect on the portfolio. I think a lot of recommendations from people like BlackRock and other people like that who provide these funds are talking about 2-3% as a useful minimum allocation if you're going to allocate to it at all. We do keep some of it in the kitchen sink portfolio we keep around, the Risk Parity Ultimate. And we have actually sold it on occasion when it's spiked upward and taken distributions out of it. So it has actually worked in terms of providing rebalancing opportunities. So for instance, we rebalanced into it in July because it had had a terrible year last year. It's recently outperformed, and so we almost took the distribution out of it actually this month. We ended up taking it out of gold in that particular portfolio, but I could see us taking a distribution out of that in the next few months. So in some respects it's quote, worked, unquote, but I wouldn't exactly say this is a must-have for anybody in any kind of portfolio these days. I would say, yes, you can speculate in that bill, but don't put too much into it, because you don't want it to actually influence the overall outcome if something bad happens to it. Just keep your gambling problems under wraps.

Voices [8:41]

You can't handle the gambling problem.

Mostly Uncle Frank [8:44]

Hopefully that helps. Thank you for being a donor to our charities, both of our charities. And thank you for your email. Second

Listener Love And CASA Volunteering

Mostly Uncle Frank [9:03]

off. Second off, we have an email from Scene. Cine Nombre.

Voices [9:10]

Got a name, do you? I have no name. Well, that right there may be the reason you had difficulty finding game pools.

Mostly Uncle Frank [9:20]

And Scene Nombre writes.

Mostly Queen Mary [9:22]

One time I unintentionally made Mary laugh so hard you had to include it in the finished product. Justly, she just made me cry in a beautiful, happy way. I'm looking into my local Casa support opportunities here in Montana. Thank you guys for all that you do.

Voices [9:39]

Watch your language, young fella. This is a public market. Now, if you won't Dapadan, I can order it for you. Have it in a couple of weeks. Well, mate this place a geographical oddity. Two weeks from everywhere.

Mostly Uncle Frank [9:51]

You know, it's funny, ever since that episode, we can tell when people are writing in emails to hopefully get Mary to laugh or make a comment or something like that. It's kind of an ongoing alternative contest here.

Mostly Queen Mary [10:07]

Nobody's ever gonna get me to swear on a podcast.

Mostly Uncle Frank [10:11]

Forget about it. But it's all part of the fun and games of this little dive bar. Yeah, it's all fun and games until somebody loses an eye. I'm glad you're looking into your local casas. The court appointed special advocates is a local program run in many different parts of the country. And each organization is a separate organization. So chances are if you live in a big enough city, there's a court-appointed special advocate organization in that community. And for those who are interested in that, because it is a very valuable volunteering opportunity for many people, you should go check that out in your local community. In the meantime, you can just give to Fairfax Casa.

Voices [11:01]

Yes!

Mostly Uncle Frank [11:02]

And Mary will be very grateful whether she laughs about it or not. Anyway, thank you for your support. And thank you for your email.

Managed Futures Learning Roadmap

Mostly Uncle Frank [11:28]

Next off, we have an email from Darren.

Voices [11:32]

Darren, don't be cruel. Samanta, won't you twitch up some raven's eggs for your mother?

Mostly Uncle Frank [11:39]

And Darren writes.

Mostly Queen Mary [11:41]

Hello. I am learning a lot listening to your show. Thank you. Do you have book recommendations for me to learn more about managed futures? I appreciate your time, Darren.

Voices [11:54]

Sorry, Sam knows the rules. I forbid witchcraft in this house. Tyrant?

Mostly Uncle Frank [12:00]

Well, Darren, there are a lot of resources that you can check out to learn more about managed futures. Now it does depend on whether you're actually looking to find out how people trade managed futures as opposed to using it in a portfolio, because this area of investing has evolved considerably over the past 30 years. Going back to the 1990s, I was reading technical analysis books and actually was trading futures and options in these kind of trend following strategies. And that's the way you had to do it back in the day.

Voices [12:37]

Oh yeah. The important thing was that I had an onion on my belt, which was a style at the time.

Mostly Uncle Frank [12:45]

Then if you go back 15, 20 years ago, you started having hedge funds that put out products first in terms of limited partnerships and things like that, and then in terms of mutual funds put out by outfits like AQR. But those were very expensive ways to invest in this. And so it was not very attractive for most investors. What we've seen in the past 10 years now is that now we have reasonably priced ETFs like DBMF and KMLM and CTA and HFMF. All of this has arisen since 2019, so this has just become a much more viable, useful asset to use in a diversified portfolio. And so depending on what you're trying to learn about this, you might look at different resources, but just let me give you some. First, just check out some of the episodes that we've already put up. Check out episode 483 of this program, episode 453 of this program, and episode 289 of this program. Now, they will have some links in the show notes, including the things like a paper called Understanding Managed Futures, which I can link to again in the show notes now, another one called Demystifying Managed Futures, another one that is a hundred-year analysis of managed futures, talking about their return profiles and lack of correlation to stock and bond markets. If you actually want to read some books, I would refer you to one called Following the Trend by Andreas Kleenau, which I will link to in the show notes. Another book would be A Complete Guide to the Futures Market by Jack Schwager. And then I'm also going to give you a link to a 687-page document put out by Top Traders Unplugged, which lists investing resources in about 20 different categories, including one with managed futures and 24 books about that. I don't suggest you print that document, but you can certainly search it for all kinds of books about different kinds of investing, and it's a very useful kind of library type resource because the quantity of material about this topic is just massive and extends back decades. If you want to check out some videos, the fund provider IMGP Fund that puts out the DBMF ETF, which is the closest thing to an index fund in this area, has a YouTube channel and they have monthly commentaries on that fund, which include just details about managed futures in general. I'll link to that in the show notes, as well as an interview of Andrew Beer, who is the founder of that fund from Excess Returns, which is an hour-long presentation discussing the whole topic of managed futures and why it's useful for diversifying portfolios. So check out all these links in the show notes. That should be more than enough material to inform you and keep you busy for quite a long time. I'm assuming that most people who listen to this podcast are not actually interested in the trading aspect of this, which is a whole nother kettle of fish from simply using it as an allocation in a diversified portfolio. But you can have it both ways.

Voices [16:13]

Of course, people do go both ways.

Mostly Uncle Frank [16:16]

So, hopefully that helps. And thank you for your email.

Voices [16:22]

Do you remember the unicorn handicap? The unicorn handicap? Yes, it's just like the Kentucky Derby, only with unicorns. Well, they're often right. You may think so, Endora, but the truth is I happen to be the head of this household and I'm man enough to stand up to you. I doubt it, don't deny it. Mother too late.

Dividend Income Myths In Retirement

Mostly Uncle Frank [16:46]

Last of Last of Up. We have an email from George.

Voices [16:53]

You can't go. Who's gonna do the feast of strength?

Mostly Uncle Frank [16:55]

How about George?

Voices [16:58]

Good thinking, Cougar. Until you pin me, George, festivus is not over.

Mostly Uncle Frank [17:06]

And George writes.

Mostly Queen Mary [17:07]

Hi, Frank. I wonder if on your podcast you could tell us if a person can retire on dividend ETF income, generating about $80,000 to $100,000 from ETFs and never selling any of their ETFs. Thanks.

Voices [17:23]

Oh, please, somebody stop this. Let's rumble.

Mostly Uncle Frank [17:28]

Well, George, the short answer to your question is yes. But the follow-up to that is, why would you want to do that? What's the point of that? Because if you are doing that, living off dividend income, that is actually not your strategy. That is window dressing on your real strategy. If you are doing something like that, your real strategy is don't spend much money. And if that is your strategy, spend less than 3%, about 2% of your portfolio. That is the strategy you are following. Your strategy is don't spend much money with the real goal there to be maximizing your account values at death. Because there isn't any other point to that strategy.

Voices [18:14]

Dead is dead.

Mostly Uncle Frank [18:16]

And whether you accomplish the don't spend money strategy by only living off dividend income, fooling around with 30-year tips ladders, having lots of buckets, ladders, and flower pots or some kind of annuity configuration or insurance products or something else like that. All of that is window dressing. And a lot of what I hear about investing for retirement has nothing to do with the actual strategy of don't spend money. It is just window dressing put around that strategy because people don't want to admit that their real strategy is don't spend much money. Now the truth is don't spend much money is actually the most common strategy amongst personal finance gurus. When you look at what they say their strategies are, they're all over the map. They have this portfolio or that portfolio or one of these dividend things or something else. But then when you actually look at what they're actually spending, you find out they're spending like 2% or 1% or something like that. And that means that is the real strategy. And whatever else they're talking about is just window dressing. Occasionally you'll hear them actually admit this. You know, it's interesting. For some reason or other, my YouTube channel, every time I open it up now, is inundated with reels from Rob Berger, who's one of these personal finance gurus. And his history is that he was a lawyer, but he also had a blog. And somewhere around eight years ago, he sold the blog and was going to retire. But from his interviews, he said he got scared, didn't like it, so he's gone back to having now a YouTube channel and making money off of that. And so he was asked by one of his listeners, Well, what is your personal strategy, withdrawal strategy for retirement? And he said, Well, we're not there yet, but I don't think I need a strategy. And he's correct because they don't plan on spending more than about 2% of their accumulated assets. And then what he said after that was also correct, which was, I don't think you really need a strategy until you're starting to spend three and a half or four percent of your assets. And I think that's the truth. And I appreciated his honesty with that. Because most of the people who are talking about living only off dividends or having tips, ladders, or all sorts of other machinations, usually involving buckets, ladders, and flower pots, they're just not being honest with you. That is not the strategy. The strategy is don't spend money. And any economist will tell you that if you are adopting that kind of a strategy, your revealed preference is to die with the most money possible.

Voices [21:06]

What's with you anyway? I can't help it. I'm a greedy slob. It's my hobby. Save me.

Mostly Uncle Frank [21:13]

Now, that is not the goal of this program. Our goal here is actually to spend the most money you can reasonably spend out of your retirement portfolio and look for withdrawal rates in the 5-6% range. But we have different goals here. We do not want to die with the most money possible. We want to spend the most money possible while we are alive.

Voices [21:40]

Alive. It's alive. It's alive.

Mostly Uncle Frank [21:48]

Our strategy is connected with maximizing human well-being while we're alive. And so that's the goal here. It's a different goal than dying with the most money possible. So, since our goal is to spend more money on a consistent basis on our relationships, experiences, buying our time back, and charities, which are the four ways you can spend money to improve your well-being, adopting something like a live off dividends and never sell any of your assets makes no sense whatsoever. It's basically a rain man strategy in my mind.

Voices [22:58]

Uh oh, of course there's an airplane out there. Yeah, that's right. Everybody's boarding. Let's go. Airline travel is very dangerous. But don't be silly, it's the safest travel in the world. You're gonna love this, trust me. Yeah. Come on. Oh. Ready? Yeah. We're in an airport. People fly out of airports. What do you think we were doing here this whole time? Yeah, flying's very dangerous. 1987 were 30 airline accidents, 211 were fatalities.

Mostly Uncle Frank [23:21]

But they were also restricted in their driving, in that he was afraid to drive at night. That was a taboo, and he was afraid to drive when it was raining.

Voices [23:31]

This is a good one. Policeman. We don't go out when it rains. This is a real good one. I hope you appreciate it because my business is going on the corner. I should be in LA. Instead, I'm in the honeymoon haven motel in Bumble, Missouri, because you won't go out when it rains.

Mostly Uncle Frank [23:47]

So to me, a don't spend money, live off dividends only strategy is basically you're saying, I'm going to drive across the country, but I don't want to ever use my wipers, and I don't want to ever use my headlights. Because selling your assets is a financial tool like wipers and headlights on a car that you should be using as a tool. And if you are just afraid to use the tool, that doesn't mean you're smart. It means you got weird priorities. You got hang-ups, you got anxieties. You're trying to use money to satisfy some anxiety problem. And instead of trying to use money and financial strategies to solve your anxiety problem, you'd be better off dealing with that in some other way, whether it's therapy, going to church, getting medication, I don't know what. But not using the tool of selling your shares in ETFs because you have this weird fixation that that is somehow superior in some way, in my mind is just silly. It's like driving a car and refusing to use the headlights or refusing to use the wipers, or driving a bicycle and refusing to shift the gears. These things are built this way for a reason, and if you want to do this the most efficiently, to actually accomplish a worthy goal and not selling shares is not a worthy goal in my mind, and it shouldn't be in anybody's mind. So start using the money as a tool and not as the goal. That would be my advice to you. And if you do that, then you will realize that this strategy is not worth anything. Because as Morgan House writes in his most recent book, The Art of Spending Money in the Chapter on Identity, one of the most damaging things you can bring into retirement as an identity is the identity of I am a saver. And this is part of that identity. I am a saver. I don't sell shares. And what he says is that is going to damage you in ways you cannot even imagine.

Voices [26:06]

You fell victim to one of the classic blunders.

Mostly Uncle Frank [26:09]

So start thinking about what your real priorities are in life and stop thinking about these magical, goofy spreadsheet ways of managing your money as if that's your life. Your question should not be, can I retire and live only off dividends? Your question should be, what do I hope to get out of retirement and how can I use my money to do that? That's an intelligent question. That's a meaningful question.

Voices [26:38]

What is the equation?

Mostly Uncle Frank [26:40]

And when you start asking those questions and looking for answers to those questions, you'll have better answers to better questions and be living a better life. I will refer you to a nice little video we made, a summary of episode 436 about the problems of overcoming the saber identity. And hopefully that'll be of some use. So you can check that out in the show notes. And hopefully that helps. And thank you for your email.

Voices [27:09]

I wouldn't want a crazy dunk if it made that one at Jeamie. Hey, what do you know? A poil. It's mine, understand! Oh, Rabbit. Close to me. I'm rich! I'm a happy bison! Now we are going to do something extremely fun.

Mostly Uncle Frank [27:32]

And

Market Snapshot Before Portfolio Review

Mostly Uncle Frank [27:33]

the extremely fun thing we get to do now is our weekly portfolio reviews of the eight sample portfolios you can find at www.riskpartyrare.com on the portfolios page. And we get to talk about our September distributions.

Voices [27:46]

This is pretty much the worst video ever made.

Mostly Uncle Frank [27:49]

But just looking at the markets this year so far, not much has changed recently. The SP 500, represented by the fund VOO, is now up 13.59% for the year so far. The NASDAQ 100, represented by QQQ, is up 17.31% for the year so far. Small cap value continues to lead the pack as far as equities are concerned.

Voices [28:11]

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

Mostly Uncle Frank [28:15]

Representative fund VIOV is up 21.83% for the year so far.

Voices [28:19]

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

Mostly Uncle Frank [28:23]

Gold is bumping along at a low return this year. Can't have 65% every year.

Voices [28:30]

I love gold.

Mostly Uncle Frank [28:34]

Representative fund GLDM is up 2.76% for the year so far. Long-term treasury bonds represented by the fund VGLT are down 2.44% for the year. REITs represented by the fund REET are up 11.14%. Commodities represented by the fund PDBC are still the big winner this year. That fund is up 43.47% for the year so far.

Voices [28:59]

Oil.

Mostly Uncle Frank [29:32]

We keep

Core Portfolios And September Withdrawals

Mostly Uncle Frank [29:33]

around for reference. It's only 30% in stocks and a total stock market fund, 55% in intermediate and long-term treasury bonds, and the remaining 15% in gold and commodities. It's up 0.24% for the month of September. It's up 6.28% year to date and up 31.01% since inception in July 2020. For the month of September, we are withdrawing $35 out of it. It's coming out of accumulated cash. It's at a 4% annualized rate. That'll be $321 year to date and $2,385 since inception in July 2020. We need these bread and butter kind of portfolios, first one's gold and butterfly. In this version, we have 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 the remaining 20% in gold. It's up 0.14% for the month of September. It's up 7.59% year to date, and up 71.65% since inception in July 2020. For the month of September, we are withdrawing $53 out of it. It's coming out of the gold fund, GLDM. It's at a 5% annualized rate. That'll be $471 year to date and $3,334 since inception in July 2020. Next one's 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 in a money market fund. From whence we take all of our distributions. And it is up 0.15% for the month of September. It's up 7.75% year to date, and up 66.37% since inception in July 2020. For the month of September, we are withdrawing $51 out of it, out of cash. Let's set a 5% annualized rate. That'll be $456 year-to-date and $3,259 since inception in July 2020. Next one's the Risk Parity Ultimate. Our kitchen sink here. I'm not going to go through all 12 of these funds. It is up 0.1% for the month of September. It's up 8% year to date and up 50.93% since inception in July 2020. For the month of September, we are withdrawing $55 out of it. It's coming out of the gold fund, GLDM. It's at a 6% annualized rate. It'll be $486 year to date and $3,722 since inception in July 2020.

Leveraged And Return Stacked Portfolios

Mostly Uncle Frank [32:13]

Now moving to these experimental portfolios that all involve leveraged funds.

Voices [32:18]

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

Mostly Uncle Frank [32:25]

Don't try this at home.

Voices [32:31]

Well, that's nothing because you have a gambling problem.

Mostly Uncle Frank [32:35]

First one's the accelerated permanent portfolio. This one is 27.5% in TMF, that's a levered bond fund. 25% in UPRO, that's a levered stock fund. 25% in PFFV, a preferred shares fund, and 22.5% in gold. It is up 0.16% for the month of September. It's up 6.38% year to date, and up 31.3% since inception July 2020. For the month of September, we are withdrawing $44 out of it. It's coming out of accumulated cash. It's at a 6% annualized rate. That'll be $394 year to date and $3,501 since Inception July 2020. Next one's the Aggressive 50-50. This is the least diversified and most levered of these portfolios and worst performer by far. It's one-third in Levered Stock Fund UPRO, one-third in Levered Bond Fund TMF, and the remaining third divided into an intermediate treasury bond fund and a preferred shares fund as ballast. It is up 0.29% from the month of September. It's up 6.35% year to date, and up 4.54% since inception in July 2020. We'll be taking $35 out of it, out of cash for the September distribution. It's a 6% annualized rate. That'll be $315 year to date and $3,372 since inception in July 2020. Next one's a levered golden ratio. This one's a year younger than the first six. This one is 35% in NTSX, that's a composite levered fund involving the SP 500 in treasury bonds. 15% in AVDV, it's an international small cap value fund. 20% in gold, GLDM, 10% in a managed futures fund, KMLM, 10% in a Levered Treasury Bond Fund, TMF, and the remaining 10% in UDOW and UTSL, which are levered funds that follow the Dow and Utilities Index. This one is up 0.51% for the month of September. It's up 9.46% year to date, and up 31.21% since inception in July 2021. For the month of September, we are withdrawing $58 out of it. It's coming out of the Levered Dow Fund, UDOW. It's at a 7% annualized rate. It'll be $485 year to date and $2,445 since inception in July 2021. And the last one and newest one, the Optor Portfolio. This is a return stacked portfolio. It is 16% in UPRO, that's a levered stock fund. 24% in AVGV, that is a worldwide value tilted fund. 24% in GOVZ, that's a Treasury SRPS fund. And the remaining 36% in a managed futures fund and gold, split evenly. It's up 0.36% for the month of September. It's up 13.8% year to date, and up 46.83% since inception in July 2024. For the month of September, we are withdrawing $65 out of it. It's coming out of UPRO, that leverage stock fund. It's at a 6% annualized rate. That'll be $563 year to date, and $1,458 since inception in July 2024.

Questions, Reviews, And Sign Off

Mostly Uncle Frank [35:52]

And that concludes our weekly and monthly portfolio reviews. For another week and another month.

Voices [35:58]

Oh no!

Mostly Uncle Frank [36:00]

And that's probably enough for a holiday weekend. Because now I see our signal is beginning to fade. 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.riskperryRadio.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 Perry Radio signing off.

Important Financial Disclaimer

Mostly Queen Mary [38:04]

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.