Mostly 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 Mary [0:19]

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 [0:40]

Thank you, Mary, and welcome to episode 95 of Risk Parity Radio. Today on Risk Parity Radio, it is time for some more emails, another email extravaganza. But before that, we need to do our monthly rant for June. Because you know how we do things around here.

Mostly Voices [0:58]

I want you to be nice until it's time to not be nice. How are we supposed to know when that is? You won't. I'll let you know.

Mostly Uncle Frank [1:10]

Now I can just find that button? And away we go. Today's rant comes courtesy of something called the National Association for Fixed Annuities, Nafa. Now, I go and take emails from the Think Advisor website. And the reason I do that is because that website is directed at the financial services industry. And it shows you all of the nefarious things that they are up to. And they proudly proclaim it. All of their lobbying activities, all of their marketing activities, who's doing what in the industry to get your money from you. Because as we know, only one thing counts in this life. Get them to sign on the line which is dotted. And so one of the most insidious and insipid ploys that they've got going on right now is they've declared June as National Annuity Awareness Month. National Annuity Awareness Month. Mass hysteria. Because according to Think Advisor, this article, NAAFA wants to sound the alarm and warn the public that baby boomers are continuing to get older. They're continuing to get older. Real wrath of God type stuff.

Mostly Voices [2:33]

Danger, Will Robinson. Danger, danger. Dogs and cats living together. Mass hysteria. Well, Gen X is getting older too.

Mostly Uncle Frank [2:43]

Millennials are getting older. Everybody's getting older. You can't handle the.

Mostly Voices [2:46]

Dogs and cats living together.

Mostly Uncle Frank [2:50]

Is that a reason to have an awareness month? Because everybody's getting older? You think anybody wants a roundhouse kick to the face while I'm wearing these bad boys? No, it's marketing. Forget about it. And what's in this marketing package? There's a tool kit they're distributing to all of their lackeys. Ned the Bull, that's me now. To all of their would-be clients.

Mostly Voices [3:19]

The chum in the water? I do what I'm told.

Mostly Uncle Frank [3:24]

This toolkit includes flyers, white papers, social media content, a sample presentation, digital marketing materials, and guess what guys and gals? It's also got a coloring book, a coloring book, and stickers, stickers that say we love annuities, we love annuities.

Mostly Voices [3:43]

I do what I'm told. This is the state of the financial services industry.

Mostly Uncle Frank [3:50]

It's all about marketing. Always be closing.

Mostly Voices [3:55]

Always be closing.

Mostly Uncle Frank [3:58]

And where do they get all the money for the marketing and the lobbying? They get it from us, the unwary consumers who buy expensive products that they don't need. need. I do what I'm told.

Mostly Voices [4:15]

There's no reason to have a National Annuities Awareness Month any more

Mostly Uncle Frank [4:19]

than there's a reason to have a National Index Fund Month, National Stock Pickers Month, National Treasury Bond Month. There's no reason for any of that. This is pure and unadulterated marketing. Insidious and insipid at the same time. You can't handle the truth. And here's some more of the insidious and insipid propaganda from their website, which I will not be linking to in the show notes. They say that annuities and insurance products are essential in the accumulation income and legacy planning. No, they're not. That's false. It's a trap. They're a specialized product for specialized needs. Most people don't need them. You can't handle the truth. And there's a headline here：the Truth Comes Out. As the facts about annuities continue to be disseminated, a growing number of organizations and individuals are recognizing the product's benefits. From Congress and the US Treasury to the chief actuary of the Social Security Administration. Yeah, this could be because you're running a propaganda campaign.

Mostly Voices [5:27]

You are correct, sir. Yes.

Mostly Uncle Frank [5:30]

And you're saying it's a good propaganda campaign. You've even got the history of the propaganda campaign here. Bow to your sensei. It says the National Association for Fixed Annuities designates June as National Annuity Awareness Month starting in February 2010. So we've already had a decade of this nonsense. In 2015, they launched a impartial informative website consisting of positive and accurate messages regarding the features and benefits of annuities available free to the public. Surely you can't be serious. I am serious. And don't call me Shirley.

Mostly Voices [6:21]

Well, what about the negative aspects of annuities? What about how much they cost? What about their inferior capabilities when compared to other options? Tony Stark was able to build this in a cave with a box of scraps.

Mostly Uncle Frank [6:28]

There's a reason independent advisors seldom recommend these, and only in specific circumstances. because they have a lot of negative aspects. And that's why you need a propaganda campaign to convince people that they don't. Bow to your sensei. Bow to your sensei. They even say here, younger adults are looking for ways to protect their assets while enjoying some of the market's upside potential. Why don't they just enjoy the whole market's upside potential? The whole upside potential.

Mostly Voices [6:52]

Ain't nothing wrong with that.

Mostly Uncle Frank [6:55]

And not have it siphoned off by somebody who doesn't deserve it. Just because they're taking advantage of them. Younger people have no interest or need for annuities, except in very limited circumstances. Certainly not for people who are trying to save for retirement.

Mostly Voices [7:11]

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

Mostly Uncle Frank [7:19]

All it means is you get to work an extra decade, some blood sucker to take your money. They're sitting out there waiting to give you their money.

Mostly Voices [7:22]

Are you gonna take it?

Mostly Uncle Frank [7:26]

Since the coalition began its outreach to the states in 2015, it has received signed proclamations from 20 states declaring June is Annuity Awareness Month. So how much have you spent on your propaganda campaign? How much have you spent? Where did the money come from? It didn't come from the government, it didn't come out of your pocket, it came out of our pockets.

Mostly Voices [7:44]

Get them to sign on the line which is dotted. You think we're that stupid? I do what I'm told.

Mostly Uncle Frank [7:52]

Annuities are becoming a staple in retirement plans for young and old alike. Well, not over my dead body.

Mostly Voices [8:00]

Never underestimate your opponent. Expect the unexpected. They used to be a staple. They used to be a staple. We're in the 21st century now.

Mostly Uncle Frank [8:08]

We're in the 2020s. The wool has been pulled off of most people's eyes, and that's why you are engaged in this kind of propaganda campaign. 'Cause you're trying to put the wool back over the eyes so you can take the money again. Always be closing. Well, we're not going to fall for it. Forget about it. Forget about it. Now, if you are looking for some legitimate advice about annuities, go look up Stan the Annuity Man. He has a website. And he will inform you about the process for choosing an annuity if you think you need one. What you need to have is an independent advisor who will shop these annuity providers. You never deal with an annuity provider yourself. You never do it. Get yourself an independent person who can shop these things, who can decide what you specifically need and only you and then go get that thing at the cheapest cost. Now, what he says is almost the only people, the only kinds of annuities that anybody should have are what are called single premium immediate annuities. That's something you want to look at maybe when you're 60s or 70s with a small part of your assets. That's all. No fixed annuities, no indexed annuities, no bells, no whistles. Forget about it. Forget about it. You better forget about it. You're gonna have to listen to Kip sing. Yes, I love annuities.

Mostly Voices [9:38]

But not as much as you, you see. But I still love annuities. Always and forever. Always and forever. Always and forever. All right, I think that's enough ranting for another month. Second off, I'm intrigued by this, how you say, emails.

Mostly Uncle Frank [10:04]

And our first email, actually our first two emails come from Leah J. And Leah J. Writes in her first email, Hi there. I'm fairly new to the investment world, so forgive my ignorance. I'm trying to move our savings, not retirement, into an investment account in M1 Finance using the Golden Ratio Portfolio. The only ticker I can't find in M1 is SPAXX. What can I substitute instead of that for the 6% category? Thank you. Well, all that is in the sample portfolios is one of Fidelity's money market funds where they sweep the cash into. So you can use any cash sweep option that M1 has. There's nothing magic or even interesting about SPAXX. The other option that you could use for that is short-term bonds. You could put that 6% in SHY. And the only question there is whether you're gonna actually use that money and have to be selling some out of it. But it doesn't sound like you're gonna do that if you're just gonna leave it in there as that 6%. Just use the SHY for that and that'll be fine. Yeah, baby, yeah! All right, Leah's second email. She writes, Hey me again with another question about the Golden Ratio Portfolio. I heard you mention if you were actually setting this up, you would probably wouldn't use the ticker REET. So I started researching other REIT funds. then I read it's better to put your REIT investments in a tax deferred account like an IRA since the dividends are taxed as ordinary income not including capital gains. I'm using this fund for a short/medium term savings account outside our IRAs. So is the tax on the REIT something I should be concerned about? We will be investing about $30,000. Thank you so much for your patience with the novice. Well, I'm not sure you should be So concerned about it. If you think about this portfolio, if you had a $30,000 portfolio, you'd be having 3000 of that in REITs in that particular portfolio. It's a 10%. And then those are going to be paying at about 5% annually. So 5% of 3000 is $150. So you're going to add $150 to your ordinary income. and you're going to have to pay tax on that. That's probably not going to be that significant or significant enough for you to not use REITs in that circumstance. If you had $3 million, it might be a different story, but $30,000 is not that much when you consider the likely income that's going to be thrown off by the REITs in that portfolio. If you were concerned about it, you might substitute the preferred shares fund PFF because that pays out ordinary dividends and most of that is therefore going to be taxed at the long-term capital gains tax rate, which is probably less. It's usually zero or 15% for most people, but it probably will not perform as well as the REITs. The REITs are a little bit more aggressive than that fund would be. And those are my suggestions. All right, the next email is from Brian E. Brian E. writes, Frank, I'd really enjoyed your podcast. I think you may have introduced me to a lifelong passion：strong bad sound clips. Well that and risk parity investing, so thank you for that sincerely. I was hoping you might help me think through some challenges I'm encountering. Vanguard said it no longer allows the trading of ETFs that use leverage within an IRA. For example, it blocked a purchase of UPRO. Interestingly though, I noticed it still allowed RPAR. Is there a brokerage you would recommend that does not have these restrictions? Or are you aware of other noteworthy ETFs that use leverage that Vanguard doesn't have on their block list? All right, let me answer that question first. Yeah, I don't know why Vanguard sets the rules the way they do. Just about any other place you go you can use those leverage funds. I have them at Fidelity, I have them at Interactive Brokers, I even have them at Empower which takes care of our 401ks and you can buy them through their brokerage option in there. So I would think you'd be able to buy that at just about any other place if you don't mind switching your IRA to another provider. Or I shall taunt you a second time.

Mostly Voices [14:47]

This leads me to a second question.

Mostly Uncle Frank [14:51]

Are there any portfolio strategies that you would recommend for somebody still in the wealth accumulation phase aside from just holding the stock market? My specific situation is that I'm 38, have 10 times annual expenses saved at the moment, My wife and I just had our first child. I didn't always invest in my 401 the way I should have. However, I do max it out now along with contributing to Roth IRAs for myself, my wife and daughter. What little savings is left goes into a 529. So unfortunately, my annual savings never make it to a non-tax sheltered account that has more investing freedom. My wife does not work but stays home and cares for our daughter. I think a lot about portfolios for the wives and my retirement savings as well as for my daughter's college fund and her Roth, which I imagine she will end up tapping to use for a wedding or to buy her first house despite dad encouraging her to keep it invested. Conventional wisdom would seem to point to holding the stock market for longer time horizons. I don't tolerate downturns well though. It causes me undue stress, but at least I know that about myself. So I was hoping that a leveraged risk parity portfolio might smooth the ride while not completely giving up on stock-like returns. I would very much welcome your thoughts for portfolios with time horizons of 18 years for my daughter and 25 years for my wife and me. Greatly appreciate the entertainment and information, Brian. I said consummate vies, consummate. Jeez.

Mostly Voices [16:23]

Guy wouldn't know majesty if it came up and bit him in the face. It happened once. All right, Brian.

Mostly Uncle Frank [16:31]

Well, just first a couple observations. You say you're putting money into a Roth for your daughter. Make sure she has earned income because the individual has to have earned income to put money into a Roth. Now that money can come from you, which is an excellent way for parents to transfer wealth to their children and anyone else in their family they want to transfer wealth to. If that person has earned income, you can give them some money, they can put it in a Roth, and you can do that as many years as you want to do it, in as many years as they have earned income. I'll tell you the way that we use 529s. I did not like the lack of flexibility in the 529s, so we only contributed to them to get a state tax deduction for us. We live in Virginia, and so If you contribute $4,000 to one, you get a state tax deduction for that year. And so we use them for that purpose. As far as allocating them, we put them all in stocks until they hit high school, and then I just moved it all to bonds because I didn't want to worry about it, and I knew we were going to spend the whole thing on college. And so that's how we've handled that. It's not a very sophisticated mechanism, but there's not a whole lot you can do with those. The more interesting thing I think they could be used for is for multi-generational savings. And what I mean by that is because you can transfer the beneficiary, you can effectively put 529 money into a child's 529 while they are growing up and into adulthood. And then when they have your grandchildren, you can change the beneficiary to the grandchild. And so you would get all the growth for that. So you could have potentially 30 or 40 years of growth for somebody turning 18. That would be the most creative way to use a 529, but I am digressing on that. All right, you're saying that your time horizon for your wife is and yours 25 years. If you already have 10x saved in retirement accounts and your retirement is 25 years away, you are close to having enough money just with that money in there, because you can figure it out this way. You use the rule of 72. And so the rule of 72 says whatever your average compounded annual growth rate divided into 72, that's how many years it takes to double. So for instance, if you were to leave the money in a total stock market fund, that gives you nominal returns of about 10%. It's a little more, a little less. If you take out inflation, it's only 8%, but it will go for the 10% for nominal returns. So you divide 10 into 72, you get around 7. So that money in there is going to double every seven years. And what that means in the next 25 years is that it's going to double three times. So it's going to go from 10x annual expenses to 20x annual expenses to 40 to 80 almost. So if your expenses remain the same, you are actually close to being or are at what is called coast fire, where you wouldn't necessarily need to keep saving or putting more money into your account. And now let's think about what would happen if you put it in a more conservative portfolio now, say a risk parity style portfolio that had a nominal growth rate of around 8%, which is a reasonable assumption. That is still going to double three times in the next 27 years, according to the rule of 72. And actually it's going to be even more reliable in terms of the potential range of outcomes because it's much more diversified. So the math says you could probably move this to a more conservative portfolio now, if that would help you sleep at night. I'm not sure I'd go all the way to the full risk parity style portfolio. You're still better off being as aggressive as you can with that time frame you have, at least for the next decade, and then looking at it again. But there's a trade off here as to how much you want to sleep at night and then how much you want to save for that college education, which I think you should put separately, and it's not clear from your email whether that's included in the 10x or not. What you definitely should do is go to the Portfolio Charts website and look at some of the sample portfolios or put in your own sample portfolio. And there is a thing that shows how much that portfolio is likely to grow and how long it would take to get from one level to another when you can change the assumptions in there. But that's a very good pictorial way to look at how much you can expect what you have already to grow in any given time frame and also what the range of outcomes is going to be because it gives a Monte Carlo simulation. It's not one line, but a whole pile of different lines from the most conservative to the most aggressive assumptions on what a portfolio is likely to do. So you may be able to take some of that risk off the table right now if you wanted to. Now, if you're looking for ways of using a leveraged risk parity style portfolio for you, if you don't have access to UPRO and those things, I don't really recommend those because they haven't been around long enough. I think the better product for modest leverage is the NTSX product, which is something we talked about in episodes 59 and 61. that basically takes a 60/40 portfolio of S&P 500 and Treasury bonds and turns that into a 90/60 portfolio. And then you need to add a few more things to balance it out and really turn it into a risk parity style portfolio. But if you look at those two episodes and then go back and listen to the last episode, episode 94, I also talked about using that there. And so it may give you some ideas to think about. I don't know whether Vanguard allows you to trade in that one, but it's much less aggressive and controversial, and it is designed for long-term holdings as opposed to things like UPRO and TMF, which are actually designed for traders, even though we've been able to use them for long-term holdings in some of these portfolios, and they've worked out okay so far. So I would take a look at that. I will also be constructing a seventh Risk Parity Style Portfolio, a sample portfolio that will debut in July, and we'll have NTSX and it will be built around that, which will be kind of a moderate leverage operation since this question seems to come up fairly often.

Mostly Voices [23:33]

That was weird, wild stuff. All right, let's go to the next email.

Mostly Uncle Frank [23:40]

And it's from Anthony P. Anthony P. writes, hi there. Just wanted to thank you for your great podcast. I had read Swenson's books decades ago and thought I knew all I needed to know about asset allocation, but your podcast is doing a great job bringing me up to speed. I love also how people like you and Tyler at Portfolio Charts have engineering backgrounds and feel quite at home with the thinking and the way the information is presented. I'm currently on show 20 and getting caught up as fast as I can, just wondering Will you be getting into dynamic asset allocation? I'm really interested in these black boxes at Bridgewater and other places like ArrowMirror.com, what instruments do they use to decide how to tweak the percentage of allocations and how do they go about it? Thanks again for a great resource. Cheers, Tony. All right, Tony. Well, no, I don't think I'm going to get into dynamic asset allocation. I appreciate that people are working on that now, but I don't think it's ready for prime time and certainly not ready for most do-it-yourself investors. The problem is that we are talking about black boxes and effectively you would need a crystal ball to do this accurately.

Mostly Voices [24:52]

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 [25:00]

I should explain what he's talking about. Dynamic asset allocation is basically looking at market conditions and then changing the allocations in your portfolio based on those market conditions. And so there's some danger in there and you need to have something that is more predictive than I believe is available or is reliable. You would need a crystal ball to do that accurately. You can't handle the crystal ball. I think the real danger is if you construct a crystal ball, it's going to be optimized for the past. and anything that is completely optimized for the past is usually going to underperform in the future. Due to the uncertainty of the future. That's why for portfolios, there's a limit to optimization that you really want to just focus on those macro allocations. There are fewer variables involved. And when you have fewer variables involved, you don't run a follow what's called the bias variance dilemma. which you're going to run into as you go through the rest of the episodes. I'm sorry I don't have that one at hand. It's in the 50s, but that is a statistical issue that affects all kinds of data analyses. That if you over optimize or over fit something for a past set of data, the chances of it working in the future go down and down and down. So you need to be really careful about how close you get and coming up with fixed macro allocations gives you some comfort that you are likely to get the same kinds of results. Whereas if you have some dynamic process for adjusting these things, I'm not sure that that is a ready for prime time idea, at least not yet. Maybe in another 10 years we'll see. Man's got to know his limitations. If you are interested in someone who builds a business around this idea and tries to do it short term, you might check out Hedgeye and there's a website and they have a service and they sell information and stuff, but you can also watch a lot of free videos and stuff. But anyway, they try to adjust their portfolio based on market conditions that they are predicting all the time. the real use I get out of that program is it does tell you what kinds of asset classes perform well in different kinds of markets so that you know that you have covered all of the different kinds of weather or economic conditions and have assets in your portfolio that match up with those things. As for their predictions, sometimes they're accurate and sometimes they're not. Entertainment is how I would put it.

Mostly Voices [27:51]

But you can check it out if you're interested in that sort of thing. You can actually feel the energy from your ball by just putting your hands in and out.

Mostly Uncle Frank [27:58]

All right, our next email is from Jeffrey T. And Jeffrey T. Writes, I've been looking at the TAIL ETF, which is a tail risk fund, which has a -0.84 correlation to VTI. It is mostly short-term Treasuries or tips and the rest options to protect your account. I ran a VTI 50/Tail 50 portfolio and it returned 6.16% annually. In 2020, its max drawdown was -2% versus -21% for VTI. Added to the Golden Butterfly, the drawdown improved from -7.55 to -4.06. Of course, the returns suffered going from 9.24 to 6.85. Since I am retired, I was thinking of doing 50/50 for the one to two year funding bucket and adding it to a risk parity three to five year funding bucket. Since it has only been around since May 2017, not a lot of history. What do you think? Thanks for your work, Jeff. Well, I did take a look at it, Jeff. It looks kind of like other volatility funds. in that the main action in it is due to the trading of options. I think it's trading options directly on the stock market, buying puts on the stock market. As you looked at it, yeah, I don't think it's been around long enough to put a whole lot of money into it. Actually, you should compare it to TLT. If you were thinking of using it as a large part of your portfolio, I think TLT just does better, does the same kinds of things that same time for the most part, but tail tends to decline in value all the time as a rule and only spikes at certain times. I think you'll also need to implement some kind of trading rules for it because the spikes are so spiky that you literally would want to sell them whenever it spikes and then buy something else. if you were to wait too long, the spike only lasts a couple of weeks or a month, it seems like if you look at one of the charts, and so I think it's a difficult thing to manage. But I'd be interested to see experiments with it. I'm hoping that somebody's going to come up with a fund that really captures volatility in a way that doesn't cost too much and that actually performs better than long-term treasuries do in these stock market crash scenarios. I just haven't seen it yet. I don't think this is there yet, but it's a good try, and I'll be interested to follow it, seeing how it progresses. So yeah, you could put it in something that is short-term if it's a small amount for your assets. I wouldn't put too much in it right now.

Mostly Voices [30:52]

I think I've improved on your methods a bit too. And we have time for one more email.

Mostly Uncle Frank [30:56]

This one is from Steven S. Hey, Steve! And Steven S writes, Message, first off, I love the show.

Mostly Voices [31:07]

First off, first off, bow to your sensei. Bow to your sensei.

Mostly Uncle Frank [31:11]

I heard you on Choose FI and have listened to the majority of your podcasts. I've been experimenting on portfolio visualizer focusing on experimental portfolios. Like you, I really wish that UPRO and TMF were around before 08, but when trying to use 300% SPY and -200 Cash X, and he's analyzing this at Portfolio Visualizer, I've noticed this doesn't yield the same results as UPRO. Over UPRO's lifespan, the three times SPY outperformed UPRO with 40.4% compounded annual growth rate versus 33.2% for UPRO. Similarly, TMF versus 3 times TLT has an almost 3% difference. However, when using this within the Accelerated Permanent Portfolio with the rules you use, it is only a 0.4% difference. I wanted to see if you'd notice this and I'm a little confused as how combined it's fairly accurate but separate they are so far off. I'm guessing that the rebalancing helps reduce the leverage or maybe the cash X isn't the best to model with because of the 2018-19 returns, and in the combined has it has a negative 105% and alone it's negative 200%. I've learned so much from the show and keep up the awesome work. Well, thank you for that email, Steven. I'll get you, a Steve, if it's the last thing I do! Yes, these are interesting and janky things we're dealing with when we're talking about these three-time leverage funds. UpRo and TMF. I'm not surprised that they underperform the indexes multiplied times three. That's what they basically say in their prospectuses that they're going to do. I'm actually surprised they perform as well as they do because a lot of these leverage funds really have issues. I think it's probably because these are based largely on swaps contracts and we're talking about the largest indexes available. I am a little bit surprised also that when you combine them, there's a 0.4% difference when there's a larger difference when you don't combine them. But again, that also tells me that when one is having performance issues, the other one is doing just fine. And it also goes to the idea that you really can't determine what a portfolio is going to be like just by looking at its components in a vacuum that in order to analyze a portfolio, you do need to combine everything. and see how it performs overall and work from there. Because it is like ingredients in a cake. We talked about in an earlier episode there are chocolate cakes that involve vinegar as one of their ingredients. And you wouldn't think that vinegar has any business in a chocolate cake, but it does improve these particular chocolate cakes. And so what this goes to show you is you should never look at assets simply in vacuums that you always when doing portfolio construction, combine everything. And that goes to another problem that we've seen in that people will construct separate bond portfolios from stock portfolios, and then they'll have a different portfolio that's their alternative assets. And that doesn't work because you need to compare everything against everything else. But I think this is another example of how combination often is superior to the components. One in one make three, as it were.

Mostly Voices [34:38]

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

Mostly Uncle Frank [34:47]

But now I see our signal is beginning to fade and we will pick up again this weekend with our weekly portfolio reviews of the six sample portfolios that you can find at www.riskparityradio.com And we'll also continue plowing through the emails. We have not finished with May yet, so if you sent me one in June, I'm not there yet, but hopefully we will be finished with May after the next episode. We'll see. If you have comments or questions for me, please send them to frank@riskparityradio.com that is frank@riskparityradio.com or you can go to the website www.riskparityradio.com and put your message in the contact form and I'll get it that way. Shut it up, you! If you haven't had a chance to do it, please go to Apple Podcast or wherever you get this podcast, leave it a five-star review and a nice comment and I will be eternally grateful. That would be great. Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio. Signing off.

Mostly Mary [35:54]

The Risk Parity 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.