Risk Parity Radio

Episode 395: Canadian Dilemmas, Total Market vs. Large Cap Growth, Gambling Problems And Portfolio Reviews As Of January 17, 2025

• Frank Vasquez • Season 5 • Episode 395

Share episode

In this episode we answer emails from Paul (from Canada), Gary, Ben and Alexi (a/k/a "the Dude").  We discuss finding funds for Canadians, podcast outlet alternatives, the similarities between S&P 500, total market and large cap growth funds and how they can perform the same role in a diversified portfolio, and a gnarly Alpha Exchange podcast about leveraged funds (which the Dude and I both misidentified as "Alpha Architect".)  And the Creedence vs. Tina Turner versions of "Proud Mary."

And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.

Additional Links:

Portfolio Charts Golden Butterfly page:  Golden Butterfly Portfolio – Portfolio Charts

Asset Correlations (VTI and VOO and large cap growth):  https://testfol.io/analysis?s=63nAL9efMMg

Golden Butterfly With Total Market vs. Large Cap Growth:  https://testfol.io/?s=h0ZxYu0txcP

Alpha Exchange Podcast on Leveraged Funds:  Michael Green, CFA, Portfolio Manager, Chief Strategist, Simplify Asset Management | Alpha Exchange

Amusing Undedited AI-Bot Summary:

Unlock the secrets of successful portfolio diversification on this episode of Risk Parity Radio. Whether you're navigating the Canadian stock market maze or strategizing with U.S. index funds, our conversation will equip you with the tools to conquer currency conversion challenges and leverage international market access through platforms like Interactive Brokers. We share strategies to optimize your asset mix by combining large cap growth with small cap value funds for a truly diversified and resilient portfolio.

Ever wondered how to differentiate between total market funds and large cap growth funds? Our discussion sheds light on their high correlation and recent performance trends, urging investors to focus on macro allocation principles and informed bond choices rather than getting lost in the minutiae of fund selection. Discover how pairing assets with varying volatilities and correlations can lead to a more robust investment strategy that withstands market turbulence.

Dive into the world of leveraged ETFs and learn about the risks lurking behind these financial instruments. We dissect insights from the Alpha Exchange podcast, stressing the importance of liquidity in minimizing systemic risk. As we share our weekly portfolio reviews, you’ll gain valuable insights into market performance and the art of strategic rebalancing. From conservative to dynamic portfolios, we offer a comprehensive look at maintaining diverse asset allocations to optimize growth and stability. Reach out with your questions and explore our website for more resources on mastering the investment landscape.

Support the show

Mary and Voices:

A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.

Mostly Uncle Frank:

If a man does not keep pace with his companions, perhaps it is because he hears a different drummer.

Mary and Voices:

A different drummer 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:

Thank you, mary, and welcome to Risk Parity Radio. If you have just stumbled in here, you will find that this podcast is kind of like a dive bar of personal finance and do-it-yourself investing. Expect the unexpected. It's a relatively small place. It's just me and Mary in here and we only have a few mismatched bar stools and some easy chairs. We have no sponsors, we have no guests and we have no expansion plans. I don't think I'd like another job. What we do have is a little free library of updated and unconflicted information for do-it-yourself investors.

Mary and Voices:

Now who's up for a trip to the library?

Mostly Uncle Frank:

tomorrow. So please enjoy our mostly cold beer served in cans and our coffee served in old chipped and cracked mugs, along with what our little free library has to offer. Welcome. But now onward to episode 395 Today on Risk Parity Radio.

Mary and Voices:

It's time for the grand unveiling of money.

Mostly Uncle Frank:

Which means we'll be doing our weekly portfolio reviews Of the eight sample portfolios you can find at wwwriskparrywaycom on the portfolios page. But before we get to that, I'm intrigued by this, how you say Emails, and First off. First off, we have an email from Paul. Paul from Canada. Oh, good day.

Mary and Voices:

Good day, good day, good day. How's it going?

Mostly Uncle Frank:

I'm Bob McKenzie. This is my brother, doug. How's it going? Hey, we got two topics today back bacon and long underwear.

Mary and Voices:

And Paul writes good evening, frank and Mary. Thank you for all the wisdom and experience you have shared through your podcast. It is educational and entertaining. As a recent retiree, I've been trying to apply the principles and techniques reiterated in the foundational and subsequent podcasts.

Mary and Voices:

As a Canadian, my biggest challenge has been trying to find Canadian equivalents of the index funds used in the model portfolios. The Canadian equity market is only about 3 or 4% of the world and often lags the US market, and a small cap value fund is non-existent. I can purchase the US funds but a large premium due to currency exchange rates and currency conversion costs about 40%. Currency exchange rates and currency conversion costs about 40%. I hope to live in my portfolio for at least another 20 years, deo Valente, and I'm unsure of how to decide if it's cost-effective to take the hit. Thank you in advance for your thoughtful reply. Warm regards and Merry Christmas to you and your family, paul PS. Proud Mary by Creedence Clearwater Revival and Lonesome Mary by Chilliwack would be great clips to use in addition to your usual Mary tribute song. Also, have you ever used a clip from Money by Pink Floyd or Taxman by the Beatles? Now I'm just riving, ha ha.

Mostly Uncle Frank:

Well, I hadn't rolled out Proud Mary, or at least not in a long time that I can remember. And I should also mention that Mary prefers Tina Turner to Creedence, but Credence always reminds me of the Twilight Zone movie with Dan Aykroyd's appearance in it.

Mary and Voices:

That's enough of that noise. Huh, who needs it anyway? How about a little music? Sure, hey, that's, that's.

Mostly Uncle Frank:

I love this. So you had a big scare up there, huh.

Mary and Voices:

Oh yeah, so you had a big scare up there, huh.

Mostly Uncle Frank:

Oh yeah, want to see something really scary, and I haven't rolled out Pink Floyd, although I have rolled out the OJs from time to time. I can't get enough of that. But getting to your question, I'm certainly no expert on Canadian funds and what is available in Canada. That's really not what I do. But the good news is. The good news is I think I can help you. I do have at least one source, and you've heard of it before. I can help you. I do have at least one source and you've heard of it before.

Mostly Uncle Frank:

It's called Portfolio Charts, and if you go to Portfolio Charts and open up one of the sample portfolios, you can try the golden butterfly. For instance, you can change the country to Canada from the United States and you can change the little description from asset allocations to, example, etfs, and it will give you some ETFs that you could invest in in Canada. Now, I have not reviewed those ETFs and so I can't really tell you anything about them, but they are available. However, in the end, you probably should be opening up an account at Interactive Brokers, which has a Canadian affiliate, which will give you access to worldwide markets, because the Canadian economy is just so small and the stock market is so tilted towards a couple of industries, which are generally banks and natural resources, that a Canadian person is well advised to use mostly US-based funds for their portfolio. And if you can get access also to the Avantis funds, there are some nice small-cap value international funds and small-cap US that can cover the whole world really.

Mostly Uncle Frank:

Now, as for your currency issue, I'm not actually sure what the issue is other than getting bad conversion rates. Maybe, if you do this at Interactive Brokers, you can trade things in Canadian dollars or US dollars, but I probably would not be doing a lot of conversions back and forth between the two of them because obviously there's a transaction cost there. So I guess I'm saying I don't really understand the problem. But in any event, I don't really understand the problem, but in any event, I don't have a particular solution for it either, and I'm sorry to report that. Are you crazy or just plain stupid?

Mostly Uncle Frank:

There is a popular personal finance blogger or bloggers that are based in Canada. It's the Quit Like a Millionaire, christie and Bryce, and they have a pretty basic portfolio, but they are using Canadian-based ETFs for the most part. So you might also check that out to see what they're doing and see whether any of that helps you. So I'm sorry I can't be of more help on this, but at least you're enjoying the music and thank you for your email. Rolling, rolling, rolling on a river. Second off, second off. We have an email from Gary Gary.

Mary and Voices:

Oh, Gary. And Gary writes Hi Frank, unfortunately I can't play the last three episodes. Writes Hi Frank, unfortunately I can't play the last three episodes. All other pods are working, so I figured I'd report to you and Apple. Regards, gary, not now, gary, I'm in the mood. Gary, just leave me in my untied shoes alone. Gary, tied shoes alone.

Mostly Uncle Frank:

Gary. Well, thanks for reporting that, gary. I do look into this from time to time, but usually there's nothing I can do about it, because this is the way it works. I do not distribute this podcast personally. What I do is upload it to a service In my case it's called Buzzsprout which then distributes it to all of the regular channels, including Apple, spotify and YouTube.

Mostly Uncle Frank:

And sometimes there are glitches there in that distribution process. They generally get worked out over time, but I have found, at least recently, the YouTube feed is always reliable, so I would go ahead and just go to YouTube and look at the podcast there if you're unable to access it through your regular player, and you can also access it directly at the podcast page wwwriskparametercom. On the podcast page, yes, which connects directly to the RSS feed, which is kind of the raw place where all of the podcasts are housed, if you will. And you can also see all of the podcasts on one giant web page If you click on that RSS feed link with all the show notes, which you can then word search there if you're looking for a particular topic, and that's probably the easiest and most effective way to search through the podcast for something in particular, including your own name where I answered your question. So hopefully that information helps a little bit and thank you for your email.

Mary and Voices:

Gary, you are going to finish your dessert and you are going to like it Next off.

Mostly Uncle Frank:

we have an email from Ben. You are as ugly as an old pot. You steal the child of God.

Mary and Voices:

And Ben writes Hi Frank Ben, here in Redmond Washington.

Mary and Voices:

I submitted this via the chat window on your site but figured I'd resend this as an email including some corrections relative to the original message.

Mary and Voices:

You generally say that VTI or S&P 500 can be considered large cap growth in our portfolios, but when I look at the portfolio weights in Morningstar for VTI or VOO, it indicates mostly large cap blends plus about equal parts large cap value and large cap growth.

Mary and Voices:

Also, looking at asset correlations in Portfolio Visualizer shows 95 or 96 percent correlation between VOO and VTI and either VUG or VTV. Based on that, it seems like VOO or VTI would be more accurately described as a 50-50 split of large cap growth and large cap value, which I would think could have significant implications on how we structure our allocation. If we find ourselves stuck in a large VOO or VTI position and are trying to figure out how much money to put into small cap value while not wanting to overtilt toward the value factor, maybe 50-50 VTI plus VIOV performs similarly enough to 50-50 VUG plus VIOV that we can still treat VTI as a large cap growth, as you've said. Hopefully you get a chance to comment on this in a future episode. Thanks for all the information you provide. I've used the principles I learned to gradually shift my parents to a risk parity style of allocation, which I suspect will improve how long they can go on their investments. Regards, ben.

Mostly Uncle Frank:

Well, this is kind of an interesting topic, at least from an academic perspective. What you see there with VOO or VTI, which is the S&P 500 and a total stock market fund, is that they are nominally large cap blend funds, but over time their composition floats, and it floats back and forth towards more growth or more value, depending on which sectors in the markets are performing very well. And so it's interesting. In the past year in particular, it has floated back towards value a little bit more, and the reason for that is that financials, banks and insurance companies, et cetera, were one of the best performers last year. They were up 30%, and so they were up even more than classic tech stocks at least the way they're classified in the sector funds and that performance of that sector pushed the composition of VOO and VTI away from that growth line and more towards the center of the blend category. And if we have a market crash, you will see it go even further towards the value category, because the growth stocks will crash harder than the value stocks typically. Now how does that compare with a straight large cap growth fund? Obviously, the large cap growth fund is a little more growthy, but it's also true that there is a great overlap between the S&P 500 or a total market fund and a large cap growth fund and, as you observe, the correlations are 95% plus. So what that means is when you stick this in a portfolio with a whole bunch of other stuff, it tends to perform very similarly, or the portfolio overall tends to perform very similarly, or the portfolio overall tends to perform very similarly whether you use one or the other in that slot. And I can illustrate that for you with the Testfolio website, which I'll link to in the show notes so you can see this little graph. You can obviously use other sites to do this, but I took a golden butterfly portfolio and I swapped out the VTI that's in it the total stock market fund and put in the equivalent of VUG, a Vanguard large cap growth mutual fund. And you'll see over time they performed very similarly going back to the last 30 years. It's only actually in the past five years. I would say that the portfolio with the growth in it has outperformed the one with the total market in it. But I think that that could very well just be a temporal anomaly, because it's really not even a decade of differing performance there.

Mostly Uncle Frank:

Allocate that side of the ledger to strictly large cap growth when you are matching that up with a small cap value fund or some other value tilted allocation. Because what it also does is it gives you a larger beta, a beta that's over one, and what beta is measuring is how much this asset or this stock or this fund that goes up and down typically in relation to the overall market, and so if something has a beta that's greater than one, it tends to go up or down more than the overall market goes up or down. If it has a beta less than one, then it has less volatility, if you will. And while having more volatility in an individual asset or an entire portfolio might be bad, it's actually helpful when you are putting it in a diversified portfolio, because you're basically getting more bang for your buck in that slot and it becomes a form of pseudo leverage, if you will. Now, all that being said, as a practical matter, most people have saved or invested largely in these total market or S&P 500 funds as their large cap fund or maybe their only fund, and if you are transitioning from a portfolio like that, it may be just more efficacious to keep that as your allocation, because maybe you don't have a large cap growth fund in your TSP or wherever this is located, or maybe you would have to incur a lot of taxes to switch from a VOO or a VTI to a VUG. Neither of those lemons are really worth the squeeze, and so I would not want anyone to get hung up on that.

Mostly Uncle Frank:

But I do think this is also a problem with amateur investors generally is they don't really appreciate what is really different and what is kind of different and what is really not different. And when you're talking about all of these large cap US funds, a lot of them are very interchangeable, and so you are wasting a lot of your mental energy if you're fiddling around with just those. What's really important are not things that are in style boxes that are next to each other like these things are but things that are in style boxes that are way far apart from each other, like a large cap growth or a large cap blend paired with a small cap value. And what is also critical is the macro allocation principle, which is how much overall do you have in stocks in the overall portfolio? That is far more important than fiddling around with specific stock funds, because that gets you to all of your non-stock fund assets, whether those are bonds or alternatives. And then you also have different types of bonds, for example, and there are actually way more differences in bonds amongst themselves than there are in stocks amongst themselves.

Mostly Uncle Frank:

Most people don't appreciate that. So it's far more important, for example, to be looking at your bond choices to make sure that they are the best bond choices to go with the stocks that you are holding, than it is to be looking at these two large cap funds and wondering whether one is really better than the other on a practical basis. And this is just a failure to understand what diversification means, which is holding assets that are uncorrelated. It doesn't mean that they're different on their surface or even different in what they're holding, because the real question is how does this asset perform in various economic markets? That is what drives correlations or lack thereof. If you have two things that perform the same way in the same kinds of economic environments, they're likely going to be interchangeable or close to it. They're likely going to be interchangeable or close to it.

Mostly Uncle Frank:

So what you see in a lot of amateur portfolios is this kind of faux diversification, where they have a whole bunch of different large cap funds that are overlapping, but they don't have anything else. They don't have any small cap funds, they don't have any value funds, they don't have any other assets. That kind of person would be just better off with just one or two large cap funds to begin with and not be fiddling around looking at more and more large cap funds thinking that there's going to be some big difference there or some big meaning there, because there just isn't. Forget about it. Very diversified from a large cap US fund, because a lot of the companies are similar, whether they're Procter Gamble versus Unilever or Toyota versus Ford or HSBC versus Citibank. The only real differences there besides currency differences which is the main difference is the sector focuses of these particular markets and how all the big tech firms are concentrated in the United States. So don't get too hung up on these large cap funds, because that's really not where it's at when it comes down to portfolio construction and diversification. Forget about it.

Mostly Uncle Frank:

Hopefully that helps and thank you for your email email. You know you don't seem like an old person. You're odd. You're different than anybody I've ever met. Last off, last off, an email from alexi. So that's what you call me. You know that. Or his dudeness, or duder, or you know, bruce Dickinson, if you're not into the whole brevity thing, the dude was pretty prolific last month and the dude writes hey, frank, relevant episode on Alpha Exchange podcast this week regarding a question that sometimes comes up about catastrophic risks embedded in leveraged ETFs.

Mary and Voices:

The important insight is that endogenous risk is dependent on both the leverage itself and the liquidity of the underlying asset being traded, ie in a deeply liquid market such as SPY, qqq or treasuries, leveraged ETFs should not pose systemic risk or be able to trigger in themselves a liquidity death spiral a la XIV, now the sailor, bitcoin-derived ETFs. On the other hand, az, you have a gambling problem.

Mostly Uncle Frank:

Well, I will provide you a link to the Alpha Exchange podcast. I did listen to that one. For most of you out there who are wondering what is the Alpha Exchange podcast, that is a highly technical podcast by Dean Kernut and it interviews and talks about technical topics at the highest levels in terms of people who are actually working for institutions, like, say, numerous securities or something like that, managing large portfolios and constructing funds. So it's at the CFA or professional level of discourse and other than professionals. I think only crazy people like me and the dude listen to things like that.

Mary and Voices:

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

Mostly Uncle Frank:

So the quality is very high, although the applicability to yourself investing is often very low, and I'm not going to talk too much about this here.

Mostly Uncle Frank:

But this has to do with the construction of leveraged funds and what makes a good leveraged fund and what makes for a suspect leveraged fund, and one of those issues is this issue of liquidity that if you are applying leverage to something like the S&P 500 or NASDAQ, it's relatively easy to do and it's relatively easy to keep that fund on course, whether you're using options and futures or preferably swaps contracts with big banks. But when you're dealing with something that is much more volatile and has liquidity issues, like Bitcoin or MicroStrategy with what Michael Saylor is doing, those things can go off the rails for issues that don't have much to do with the assets themselves, but just the way the thing is being run or constructed, and this liquidity issue is one of those issues. All this is to say if you are going to gamble on things with leverage or implied leverage in them, it's better to do it with large, stable, liquid assets than with highly volatile, illiquid ones. Hopefully that helps you gamblers out there.

Mary and Voices:

Well, you have a gambling problem.

Mostly Uncle Frank:

And thank you for your email. Take it easy, dude. Oh yeah, I know that you will.

Mary and Voices:

Yeah well, the dude abides, the dude abides.

Mostly Uncle Frank:

Now we're going to do something extremely fun, and the extremely fun thing we get to do now is our weekly portfolio reviews. Of the eight sample portfolios you can find at wwwriskpartyrodecom on the portfolios page. We finally had a good week in the markets the best one since November, I'm told. But just going through these first, looking at the markets themselves, the S&P 500, represented by VOO, is up 1.98% for the month and year. The NASDAQ, represented by QQQ, is up 2.06% for the month. Small cap value, represented by the fund VIOV, is up 1.38% for the month. Gold, represented by the fund GLDM, is up 3.46% for the month, one of the big winners so far. Long-term treasury bonds, represented by the fund VGLT, is down 0.34% for the month and year so far. Reits, represented by the fund REET, are up 0.21% for the month. Commodities, represented by the fund PDBC, are actually the big winner so far this month and year. They're up 4.7 percent. Preferred shares, represented by the fund PFFV, are up 1.14 percent for the month and managed futures, represented by the fund DBMF, are also doing well. They are up 2.18 percent for the month, probably riding some of that commodity wave. Now looking at these portfolios, I do have to tell you that the data I got from Fidelity last week was not correct, but they did correct it several times over last weekend and I think they got confused by the closing of the markets on the Thursday when Jimmy Carter's funeral was held. Anyway, they seem to have fixed their data now. So, going through these the first one is a reference portfolio called the All Seasons. It is only 30% in stocks and a total stock market fund, 55% in intermediate and long-term treasury bonds and 15% in gold and commodities. It is up 1.15% month to date and year to date and is up 9.81% since inception in July 2020.

Mostly Uncle Frank:

Moving to our favorite bread and butter portfolios, first one's, golden Butterfly. This one is 40% in stocks divided into a total stock market fund and a small cap value fund, 40% in bonds divided into long and short treasuries and 20% in gold. It is up 1.41% month-to-date and year-to-date and up 35.82% 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 a managed futures fund and 6% in cash in a money market fund. It is up 1.34% for the month and year and is up 31.69% since inception in July 2020.

Mostly Uncle Frank:

Moving to the next one, the risk parity ultimate. This is our kitchen sink where we just throw a little bit of everything, so I'm not going to go through all these funds. It is our kitchen sink where we just throw a little bit of everything, so I'm not going to go through all these funds. It is up 1.27% month to date and year to date, and it's up 21.93% since inception in July 2020. Now, moving to our hideous experiments, our experimental portfolios involving leveraged funds, these are in the don't try this at home category, even though I know some of you do. Remember when I got caught stealing all those watches from Sears Well, that's nothing, because you have a gambling problem. And remember when I let that escaped lunatic in the house because he was dressed like Santa Claus?

Mary and Voices:

Well, you have a gambling problem, Homer, when you forgive someone you can't throw a bag at them like that.

Mostly Uncle Frank:

Oh, what a jip. The first one is the Accelerated Permanent Portfolio. This one is 27.5% in a levered bond fund TMF, 25% in UPRO, a levered stock fund, 25% in PFFV, a preferred shares fund, and 22.5% in gold GLDM. It's up 2.07% month-to-date and year-to-date and up 3.12% since inception in July 2020. We actually had a rebalancing triggered in this one last week.

Mostly Uncle Frank:

This one is on rebalancing bans, and so the rules for it are we look at it every 15th of the month, and if one of the allocations has veered from its target allocation by more than 7.5%, we rebalance the entire portfolio, and that happened on the 15th of this month.

Mostly Uncle Frank:

Last week it was triggered by the bond fund going below 20% of the total portfolio, and so what we ended up doing was selling $239 worth of gold, $33 worth of the preferred shares fund and $305 worth of the levered stock fund UPRO and then buying $553 worth of TMF, the bond fund, which is all duly recorded at the website. We also flipped the preferred shares fund. We went from PFF to PFFV, and I've talked about that before. We've been transitioning these funds as they've been rebalanced the ones that hold those. Pffv is just a cheaper fund that seems to perform a little better and does the same thing. So that's why we ditched the PFF and put in the PFFV, because when you find a better mousetrap that does the same thing, you should use the better mousetrap, at least when it's practical.

Mary and Voices:

That's the fact, Jack. That's the fact, Jack.

Mostly Uncle Frank:

Moving to the next one, the aggressive 50-50. This is the least diversified and most levered of these portfolios and also the worst performer over time. It is one-third in a levered stock fund UPRO, one-third in a levered bond fund TMF and the remaining third, divided into preferred shares and an intermediate treasury bond fund, is ballast. It's up 1.45% month-to-date and year-to-date, and down 10.65% since inception in July 2020. Next one's the levered golden ratio. This one is 35% in a composite levered fund called NTSX that's the S&P 500 and Treasury bonds, 25% in gold, 10% each in a levered small cap fund and a levered bond fund, 15% in a REIT-O and the remaining 5% in KMLM, a managed futures fund. It's up 2.37% month-to-date and year-to-date, and down 2.16% since inception in July 2021.

Mostly Uncle Frank:

And moving to the last one and newest one, the Optra portfolio, one portfolio to rule them all. It is 16% in a levered stock fund UPRO, 24% in AVGV, which is a worldwide value-tilted fund from Avantis, 24% in GOVZ, which is a US Treasury strips fund, and the remaining 36% divided into gold and managed futures. It is up 2.21% month-to-date and year-to-date and up 5.18% since inception in July 2024. And that concludes our portfolio reviews for the week. Hopefully it didn't put you to sleep or cause you to pull your hair out, or start consulting crystal balls.

Mary and Voices:

A crystal ball can help you, it can guide you.

Mostly Uncle Frank:

But now I see our signal is beginning to fade. If you have comments or questions for me, please send them to frankatriskparityradarcom. That email is frankatriskparityradarcom. Or you can go to the website, wwwriskparityradiocom. 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 follower of you, that would be great Okay. Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio signing off.

Mary and Voices:

Was that? Yeah, and I'm not your loyal assistant. I know what Deo Valente means. I'm your resident Latin expert.

Mostly Uncle Frank:

We'll keep on turnin' and turnin', oh yeah, and keep on burnin', burnin', rollin'. So we're rollin', yeah, rollin' on the river. All right, we're rollin', rollin', rollin' on the river River Do-do-do-do-do-do-do-do-do-do-do. Whoo All right, whoo All right, yeah, yeah, yeah, all right, all right, all right, all right, all right, all right.

Mary and Voices:

All right, all right, all right, all right, all right, all right, all right, all right, all right, all right, all right, all right, all right, all right, all right, all right. 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.

People on this episode

Head Shot

Frank Vasquez

Host