Risk Parity Radio

Episode 404: Tax Location Considerations, Old Gold Book, Scottish ETFs, And Diversification Musings On International vs. US

• Frank Vasquez • Season 5 • Episode 404

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In this episode we answer emails from Caleb, Visitor #4565, Paul, Michael (from Scotland) and Jamie.  We discuss tax location (or asset location for tax purposes), the zeitgeist of this podcast, an old book by Don Coxe about gold and other things, a good website for finding ETFs in the UK and otherwise outside the US, and how to best incorporate and prioritize (not) international vs. US funds.

Links:

Asset Swaps Video:  How to Do an Asset Swap

Sean Mullaney On 72(t):  475 | How to Access Your Retirement Accounts Before 59.5 | Sean Mullaney

Mad Fientist on Accessing Retirement Funds Early:  How to Access Retirement Funds Early

Merriman ETF Recommendations:  Best-in-Class ETF Recommendations | Merriman Financial Education Foundation

JustETF website and Sample Small Cap Value Fund:  SPDR MSCI USA Small Cap Value Weighted UCITS ETF | A12HU5 | IE00BSPLC413

Amusing Unedited AI-Bot Summary:

Get ready for an enlightening episode of Risk Parity Radio, where we unravel complex investing strategies designed for the do-it-yourself investor! In this episode, we dive deep into key topics like the critical distinction between asset allocation and tax location, helping you understand how to manage your investments more efficiently. With listener emails sparking insightful discussions, we shed light on the often-misunderstood role of gold in your portfolio and why it might be a savvy addition during economic uncertainties.

We explore how misconceptions in diversification can derail potential growth and offer tactical advice on choosing between growth and value investments. Listeners will gain a holistic view of their assets, empowering them to make informed decisions that align with their long-term financial goals.

Whether you’re a seasoned investor looking to refine your strategies or a beginner eager to learn, this episode provides valuable insights to enhance your portfolio's performance. Join us for an engaging conversation that invites you to reflect on your approach to investing. Don't miss your chance to redefine your financial strategy today! Subscribe, share, and review—we’d love your thoughts!

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Mostly Mary:

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.

Voices:

Perhaps it is because he hears a different drummer.

Mostly Mary:

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.

Voices:

Expect the unexpected.

Mostly Uncle Frank:

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.

Voices:

What we do have is a little free library of updated and unconflicted information for do-it-yourself investors Now who's up for a trip to the library tomorrow.

Mostly Uncle Frank:

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.

Voices:

Welcome library has to offer.

Mostly Uncle Frank:

But now onward, episode 404. Today, on Risk Parity Radio, we're just going to try to do what we do best here and catch up on this gigantic pile of emails that's been accumulating since January. See if we can knock off a couple of extra ones today. But just one little reminder if you are attending the Economy Conference in a couple of weeks in Cincinnati, we're putting together a little meetup group for listeners of this podcast.

Voices:

Yeah, baby, yeah.

Mostly Uncle Frank:

Probably on Friday afternoon, a very informal affair.

Voices:

Can you take hats in a dignified and sophisticated manner?

Voices:

You mean like a weenie. Okay, may I take your hat, sir, may I take your?

Mostly Mary:

hat, sir.

Mostly Uncle Frank:

Right now it looks like we'll have at least about a dozen people. I'm not promoting it or advertising it outside of talking about it on this podcast, because I think it makes more sense if it's a smaller group of people that actually listen to this podcast.

Mostly Uncle Frank:

But feel free to bring any friends that you wish to bring, if you happen to have any friends, inconceivable. Anyway, if you're interested in that, please send an email to frankatriskperryradiocom. That email is frank at risk parody radio dot com and I'll add you to the group list and then I'll be sending out a email about that on the week of and we'll go from there.

Voices:

But now without further ado here I go once again with the email, and first, off, first off, first off.

Mostly Uncle Frank:

we have an email from Caleb and Caleb writes Good morning.

Mostly Mary:

Love the pod Question about asset allocation and different tax buckets. I don't feel this has really been explained in detail on your pod, I mean once retired and for regular withdrawals. Typical FIRE folks recommend just stocks and brokerage and any bonds or other assets and retirement vehicles for taxes, assuming I have enough in my brokerage to float five years of Roth conversions while also potentially weathering a downturn. Is 100% stocks recommended in brokerage or do you recommend just ignoring taxes and maintaining your whole portfolio AA in any account as possible? If this is the case, is it just due to not wanting to sell stocks at a loss? I'm thinking 100% stocks in brokerage and if I sell at a loss I'd just be buying more on retirement vehicles to rebalance.

Mostly Uncle Frank:

Thanks, Well, what you're primarily talking about here, caleb, is called tax location, which differs from allocation, and we have talked about it before. Check out episodes 77, 322, and 398. But I don't mind talking about it again.

Voices:

You need somebody watching your back at all times.

Mostly Uncle Frank:

The basic procedure that makes sense for most people is to treat all of your investable assets as one big portfolio, regardless of what account type they are in, whether they're in a retirement account, regardless of what account type they are in, whether they're in a retirement account, a traditional retirement account or a Roth account or a brokerage account. And after you've decided how you want your assets allocated in your portfolio as one big overall portfolio, one of the next steps is to determine all right for that asset class, which account should it go in to minimize taxes, and that is the process of tax location. The mistake people make is trying to have each account look like the overall portfolio, and that's not very tax efficient. Now, obviously, depending on who you are, you may have more or less room in each of these account types, so you have to modify it for your circumstances. But essentially, what you want to do is take anything that is paying ordinary income or high income and put that first in your traditional retirement accounts, and the reason you want it to go there is first, these are typically not growth assets.

Mostly Uncle Frank:

They're typically your bonds, managed futures and other things like that, and when you take that income out of your traditional retirement account, you're going to have to pay ordinary income tax on it anyway, regardless of the type of income or whether it came out of a capital gain originally. But in the meantime, as long as you're not taking it out of the account, you don't have to pay any taxes on that ordinary income at all. So it's most efficient to put all of your ordinary income payers first into those traditional retirement accounts. For your Roth accounts, you typically put your best growing assets in those, and most people tend to have limited space in their Roth accounts. So you're usually talking about equity index funds, or maybe you have something speculative that you think is going to grow a lot, like a cryptocurrency or something like that. You could put that in the Roth too.

Voices:

You have a gambling problem.

Mostly Uncle Frank:

But the idea is you're never going to be paying any taxes on that. That is likely to be one of the last things you touch, and so you want to put your highest growth assets in the Roth, regardless of whether they're paying ordinary income or any income. So that leaves your taxable account. Now, in your taxable account, income is generally undesirable, so things that don't pay any income can go in your taxable account. Income is generally undesirable, so things that don't pay any income can go in your taxable account, but also things that pay qualified dividends.

Mostly Uncle Frank:

In order to take advantage of that favorable tax treatment of a qualified dividend, which gets taxed at long-term capital gains tax rates capital gains tax rates you want to put that one in your taxable brokerage account, or it is appropriate to put that in your taxable brokerage account. So most people have a lot of index funds type investments in their taxable accounts because they pay low dividends and if they pay dividends, they're qualified dividends. Now this often leads to the next question of then. When you're trying to draw down on these and you want to sell something in the retirement account but you don't want to actually take money out of the retirement account to incur a tax bill, you can do what's called an asset swap, and rather than try to explain that on a podcast, I'm going to link to a convenient video prepared by one of our listeners, justin.

Voices:

The best, Jerry the best.

Mostly Uncle Frank:

Which explains this on a short YouTube video with little charts and is a lot easier to understand than trying to listen to it on a podcast. But rest assured, there is a way to sell something in a retirement account without actually taking it out of a retirement account and using it for your retirement spending. Now, you didn't mention what age you are. It sounds like from your email that you are much younger than 59 and a half and so are thinking about a five-year Roth conversion ladder and some of those other features, and that is one way to get access to retirement accounts early. Another way is to use provision 72T, which allows you to access traditional retirement accounts early without paying a penalty, although you would have to pay some taxes on it. That has become a more flexible and viable strategy than it used to be, and I'll see if I can link to a video by Sean Mulaney or something like that, who's the FI tax guy who does really good explanations as to how to use that. If you're not familiar with the mad fientist post about how to get money early out of retirement accounts, I'd also take a look at that. I'll see if I can link to that in the show notes, but rest assured, there are many options for getting money out of retirement accounts early, and so it's not something you should get overly concerned with. It's just a problem to be managed. It's not an insurmountable problem. So, in sum, you do not want to ignore taxes when you're doing this, but, on the other hand, you do not want to let the tax tail wag the investment dog, the tax tail wag the investment dog. So you should be selecting your investments on a non-tax basis and your portfolio on a non-tax basis first, and then allocating for taxes.

Mostly Uncle Frank:

The exception there would be somebody who has extremely high income in retirement, so they're going to be in the highest tax brackets. If you're going to have a retirement income of, say, more than $500,000 annually, which probably does not affect too many of you, then you are going to be needing to look at some advanced tax strategies and taking taxes more into account than someone else who is not in that category. If your income is going to be below around $50,000, adjusted gross income, around $100,000 for a married couple then you may be able to take advantage of tax gain harvesting because you're going to be in such a low long-term capital gains bracket. You'll be in the 0% bracket for that, and that's another thing you can think about. Think about, and you might want to check out episodes 68, 261, and 375 for more discussion of those.

Mostly Uncle Frank:

Incidentally, you can search the entire catalog of podcasts and show notes on the Risk Parity Radio podcast webpage, and there's also a link to the RSS feed where you'll see all of the episodes on one page. Do not try to open that in your phone, it's too big. Open it in a browser on a laptop and you can word search it to your heart's content and find all kinds of things.

Voices:

We got a scary one for you this week, woo.

Mostly Uncle Frank:

Woo, woo, woo, woo, woo. So it actually sounds like you're on the right track here. Hopefully all of that helps and thank you for your email.

Voices:

I'm a scared half-commissar.

Mostly Uncle Frank:

Second off. Second off we have an email from a mysterious visitor number 4565, who apparently has no name.

Voices:

I have no name. Well, that right there may be the reason you've had difficulty finding gainful employment.

Mostly Mary:

And visitor 4565 writes my sister just recommended your podcast to me. I am just three minutes into your latest podcast and could not be more annoyed.

Voices:

Do not implore him for compassion.

Mostly Mary:

You have wasted three minutes inserting stupid sound clips. Do not beg him for forgiveness.

Voices:

How can I take you seriously with all this, not to mention the waste of time.

Mostly Mary:

Do not ask him for mercy Time, which is so very limited to many. Not sure I will continue, but you may want to think about reducing some of this nonsense.

Voices:

Let's face it you can't talk him out of anything.

Mostly Mary:

Truly, the first three minutes are almost all silly clips.

Mostly Uncle Frank:

This is pretty much the worst video ever made.

Voices:

Napoleon, like anyone can even know that.

Voices:

You know what, napoleon, you can leave? You guys are retarded.

Mostly Uncle Frank:

Well, I'm sorry you don't like it, but it sounds like that this podcast is really not for you. As most of my listeners know, this podcast is not a commercial endeavor but a retirement hobby. So everything I do here is for fun, and you won't be angry.

Voices:

I will not be angry.

Mostly Uncle Frank:

And my primary audience is actually my adult children.

Voices:

Hey look, it's Widward Widward's going to work. Where does he work? What the wusty web?

Voices:

What's that supposed to be? Some kind of stupid secret code? We can't tell you because you're not a member of the club. Oh yeah, what does it take to be a member, besides being a moron?

Mostly Uncle Frank:

And some various friends and family who find me entertaining and my antics to be entertaining friends and family who find me entertaining and my antics to be entertaining.

Voices:

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

Mostly Uncle Frank:

I realize that's not everyone's cup of tea.

Voices:

Well, I took the liberty of putting away something in your tea. What are you talking about?

Voices:

I'm putting you to sleep.

Mostly Uncle Frank:

Now, the other group of people who like to listen to this tend to be very successful investors, and some of them are actually financial advisors, and what they appreciate is unvarnished opinions from someone who is used to cross-examining financial experts, and so I've read a lot more material about investing than most people, including things like CFA manuals and academic papers and a lot of material produced by professionals in the financial services industry who do this for a living, in addition to the typical personal finance voices. So it looks like I have between 1,500 and 2,000 loyal listeners now, and that is far more people than I ever expected to listen to this, and so that is more than enough for me, because I would rather have a smaller, fully engaged audience than try to appeal to the masses that is the straight stuff.

Mostly Uncle Frank:

Oh funk master because I don't have anything for sale. I don't have a need to attract sponsors and I'm not looking to try to get any podcast awards.

Voices:

Forget about it.

Mostly Uncle Frank:

As I recently discussed on the Catching Up to Five podcast I appeared on last weekend with my friend Bill Yount. This podcast is kind of like the Grateful Dead, the band the Grateful Dead that a few people really really like the Grateful Dead and a lot of people really don't like the Grateful Dead. And it's kind of like licorice Some people really like it, a lot of people don't.

Voices:

Now, how can you explain this culture that has followed you and they're so dedicated? They just are still there. I can't explain it. They aren't the same people you know. I mean also, it's not as though we have a bunch of 40-year-old hippies, no, but it's like a you know the same kind of people, right? Yeah, I think that's the key to it. You know, there's a certain kind of person you know, maybe in every generation or whatever, I really don't quite know how to split it up, but there's a certain kind of person that likes what we do, and that's okay.

Mostly Uncle Frank:

We have enough licorice eaters already and I'm very happy to provide the licorice if you will, but you will still have to put up with my antics, for better or for worse. If you do want to get a background of what we're talking about here, I would go back and listen to episodes 1, 3, 5, 7, and 9, or the AI version of that, which is episode 400. And you will find that those are refreshingly well, mostly refreshingly antic-free. Anyway, I'm sorry you didn't like it, but thank you for your email all the same.

Voices:

Oh, that's it, just keep trucking.

Mostly Uncle Frank:

Next stop? An email from Paul.

Voices:

For a guy who moved all day long. Paulie didn't talk to six people. If there was a union problem, or say a beef in the numbers, then only the top guys could meet with Paulie to discuss the problem. Everything was one-on-one. Paulie hated conferences.

Mostly Uncle Frank:

And Paul writes Hola, frank.

Mostly Mary:

Have you read Don Cox's 2003 book New Reality of Wall Street? Gold is in chapters 9 and 10.

Voices:

I love gold.

Mostly Mary:

Don was a strategist with Harris and BMO and an avid historian. Wrote a monthly newsletter entitled Basic Points.

Voices:

Yes.

Mostly Uncle Frank:

Well, paul, considering that book is from 2003, I may have read it I don't recall it specifically, but I did go back and consult some artificial intelligence bots to remind me what was in it and, in particular, what it had to say about gold, and I'll read you a couple of summary things. One of the things it points out is gold is a safe haven asset. Cox views gold as a reliable source of value, especially during times of crisis, given the geopolitical risks such as the post-911 world and the potential for inflation. He argues that gold would become an increasingly important asset for investors seeking to protect their wealth from economic turmoil. And then, under the category of gold as a long-term investment, cox discusses gold as part of a long-term strategy. He stresses that, while gold may not always be the most exciting or high return asset, its value tends to appreciate during times of uncertainty. For this reason, he suggests that gold could be a prudent asset to include in a diversified portfolio for those concerned with preserving capital over time. He also notes that gold is something good for times of global financial instability, declining confidence in paper currencies and because there is increasing demand in emerging markets.

Mostly Uncle Frank:

And so, yes, I agree with all those things, and that is very similar to the kind of information that I was researching about this around 2010 to 2013, that if you research somebody that really took this topic seriously and wasn't going off on some narrative or quip about it, it was pretty clear that for long-term diversified portfolios, that gold had a place in them and, as we learned from Karstenska's safe withdrawal rate series number 34, which we discussed in episodes 12 and 40, that gold also tends to increase the safe withdrawal rate of a stock and bond portfolio.

Mostly Uncle Frank:

So the fact that gold is having a day in the sun right now is not something that is surprising. The only thing surprising about it is when it's going to happen, because you can't predict that. But if you believe that there will be economic uncertainty, whether today or in the future, and that gold will benefit from it for various reasons, then it makes sense to hold some in your portfolio, not because it's exciting or you think it's going to go up, but because you think it's going to be reliable and also uncorrelated from both stocks and bonds. Now I realize people in personal finance land don't like to hear this.

Voices:

You can't handle the dogs and cats living together.

Mostly Uncle Frank:

And they like to stick their fingers in their ears and yell blah, blah, blah. It's a worthless metal.

Mostly Uncle Frank:

You're insane, insane gold member and you can do that all you like, but it's not going to change reality you can't handle the truth which we are getting a big dose of right now real wrath of god type stuff what's also interesting to me about that book, or any book written in a specific time frame, is that these books always have something that is relevant to the long term, but then they have something that is so myopically focused on what is going on at the particular time. It doesn't age well, and in that book he was kind of predicting that well, china's on the rise and the US is in decline, and that's the way it's going to be in the future, and that was kind of true for that decade. But you know, after that we saw the rise of all the US tech companies and the US has been the best performer in the past 15 years. So you'd have to say that part of that book did not age well. However, the part about gold certainly did age well and is actually not something that was new at the time then or is new now, and it's something that has been said by many people and many very knowledgeable people.

Mostly Uncle Frank:

So this reminded me of another excellent book I read. It's about 10 years old now. I think it came out in 2013 or 2015. It is called the Aspirational Investor Taming the Markets to Achieve your Life's Goals, and it was written by Ashvin Chhabra, who at the time or shortly before, was the chief investment officer at Merrill Lynch. So again, we're talking about somebody who's an industry professional who you should really be listening to, and not some personal finance guru who spends a lot of time worshiping the god of simplicity and not spending money. One of the things recommended in that book was approaching long-term investing for retirement as a diversification puzzle and including things like gold in your diversified portfolio, so I would definitely put that on your recommended reading list if this is a topic you care about, and it probably is if you're listening to this.

Voices:

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

Mostly Uncle Frank:

I will link to that in the show notes to make it easy, but I think what you should ultimately appreciate is that what I talk about in this podcast is not things that I've invented or came up with. All I'm doing is summarizing, copying and, in some cases, dumbing down what very smart, intelligent people who are actually in the financial services industry have been saying for decades, and this is some of the stuff I learned when I was studying this topic between the years of about 2009 and about 2017, to decide what kind of portfolio we should hold in retirement. So thank you for bringing that to our attention and thank you for your email.

Voices:

I'd like to help you out. Look, what do you want from me? What am I going to do? Tommy's a bad kid. He's a bad seed. What am I supposed to do? Shoot him. That wouldn't be a bad idea.

Mostly Uncle Frank:

Next up we have an email from Michael Michael from Scotland.

Voices:

Welcome to All Things Scottish. Our slogan is if it's no Scottish, it's crap.

Mostly Uncle Frank:

And Michael from Scotland writes.

Mostly Mary:

Hi Frank Ray Paul, 393. Check out ticker. Ussc equals SPDR MSCI. Usa small cap value weighted UCITS ETF Find on justetfcom, which is the best ETF search tool for the UK.

Voices:

A real man doesn't wear shoes.

Mostly Mary:

Yeah well, a real man doesn't wear a skirt.

Voices:

Oh, how very clever, but I don't know why you'd say something like that, knowing that I might come after you with butchering tools.

Mostly Uncle Frank:

Well, thank you, michael. Thank you very much. One of the things I'm relatively ignorant on is how people outside of the United States can get access to various asset classes in their local jurisdictions or otherwise, because they may not have access to US ETFs, and I always feel bad about this when people ask me questions about it, because I am fairly ignorant about everything that is available in other countries besides the United States. But this site, justetfcom, that you provided for us, I think, is a very excellent resource and I would definitely look at that if you were outside the United States and particularly in the greater Britain area.

Voices:

If it's no Scottish, it's crap.

Mostly Uncle Frank:

Because you have certainly found what others have been asking for in episode 393 and others, and this is always why I say we have the finest podcast audience available.

Mostly Mary:

Top drawer, really top drawer.

Mostly Uncle Frank:

So thank you for that reference and thank you for emailing it in.

Voices:

Scotch is a drink, scots are a people, but we're both quite tasty. Last off, last off.

Mostly Uncle Frank:

Last off, we have an email from Jamie.

Voices:

I see you brought up reinforcements. Well, I'm waiting for you, Jimmy boy.

Mostly Uncle Frank:

And Jamie writes.

Mostly Mary:

I was quite confused after listening to episode 394. Easily done you talked about US versus international values being tied to the USD. When US did well, international did worse, and vice versa, over longish periods of time. Isn't this exactly what you want from diversification and negative correlation? As an aside, it would be cool to have a discussion board for each episode where things like this could be discussed by this top drawer really top drawer audience.

Voices:

Well, you haven't got the knack of being idly rich. You see, you should do like me just snooze and dream, dream and snooze. The pleasures are unlimited.

Mostly Uncle Frank:

Well, thank you for following up on this, because I think there is some confusion out there. I hope I relieved some of it with the last episode, episode 403, where Mark had asked a question about weaker dollar and how that affected. Stocks is most important to have in a portfolio, particularly on the stock side of your portfolio, because the typical 20-year-old recommendation is to have a large-cap US fund, like an S&P 500 fund, and then some kind of large-cap international fund. But the problem with that is that is really not that well diversified and the main source of the diversification there is simply the currency speculation that when the dollar is weaker, international tends to outperform the US and when the dollar is stronger, us tends to outperform international. Now, that does not mean they're negatively correlated. That may be the confusion. It just means one is relatively better than the other based on the dollar. And if you took out the currency speculation, they would be performing about the same and they would show even less diversification than they already show that the source of their diversification is this currency speculation. So no, they are not negatively correlated. I think that's the error in your thinking there, the confusion you have, which leads to the question well, is that the best form of diversification we can have with respect to our equity funds? And the answer to that is no, particularly when you're talking about down markets.

Mostly Uncle Frank:

The better form of diversification to be focused on with your equities is value versus growth, whether those are domestic or international stocks, particularly when you're talking about your drawdown phase, because what you will see particularly in bad years like 2022 or the years 2000 to 2002, is that the general stock markets are generally driven by the growth funds, and when the stock markets are going down, it is often true that value will outperform growth by 20 points or more in that year, and that is really good diversification, and so that is what you should be focused on first with respect to your equity allocation is value versus growth. Now you can add domestic versus international also in that context, although bear in mind that almost all of the large cap growth stocks in the world happen to be US stocks. It's all those big tech companies, so it's hard to get a lot of international large cap growth outside of the US, although there are a couple of funds like EMQQ and IDMO, and we talked about a few more in recent episodes. What's probably more interesting is that it's relatively easy now to get nice international value funds like AVDV or AVES from Avantis, and DFA has some similar funds.

Mostly Uncle Frank:

I will link again to Paul Merriman's best ETFs in class list and you can see a whole bunch of them there. But I think that's how you want to pick or prioritize your picks in your equity portfolio is first value versus growth, then small versus large and then international versus domestic, and you can mix and match those any way you want. But to be standing around saying in 2025 that the best way to diversify your equity portfolio is to hold simply a large cap US fund and a large cap international fund, that's just not correct, wrong. The data doesn't support that.

Mostly Mary:

That's not how it works.

Mostly Uncle Frank:

That's not how any of this works of this works and there's no reason for you to be doing that just because somebody came up with it 15, 20 years ago, when that was really the only kind of options we had, right. Wrong. So that kind of diversification is just no longer a best practice, no longer a best practice for a do-it-yourself investor.

Voices:

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

Mostly Uncle Frank:

Regardless of what these gurus who wrote books back then and want you to keep buying them, keep saying about this. Forget about it. If you want to do better diversifying with your international funds, go use that nice list that Paul Merriman's got. I know they are updating it this year as well, and welcome to the 2020s. And now, finally, as to your comment, it would be cool to have a discussion board for each episode where things like this could be discussed. Well, that might be cool, but you know how I am.

Voices:

It's not that I'm lazy, it's that I just don't care.

Mostly Uncle Frank:

Yeah, I don't want another job and I certainly don't want that job.

Voices:

I don't think I'd like another job.

Mostly Uncle Frank:

Part of the joy of this being a hobby is that I'm not creating lots more side work for myself. Besides this podcast and the minimalist website that I maintain. There is actually a Facebook page for this where I throw up each of the podcasts and I suppose people could start discussing them there. That I would participate if you put things there, but most people really don't want to do that and when it's a private board. I'm not putting together a private board. What would you say you do here? So sorry to disappoint you on that, but thank you for your email.

Voices:

Looks like you've been missing a lot of work lately. I wouldn't say I've been missing it, bob.

Mostly Uncle Frank:

Good one oh that's terrific, peter, but now I see our signal is beginning to fade. If you have comments or questions for me, please send them to frank at riskparityradarcom. That email is frank at riskparityradarcom. Or you can go to the website wwwriskparityradiocom. Put your message into the contact form and I'll get it all that way. If you haven't had a chance to do it, please go to your favorite podcast provider and like subscribe. Give me some stars, a follow, a review. That would be great. Okay, thank you once again for tuning in. This is Frank Vasquez with Risk Party Radio, signing off and get back truckin' on board.

Voices:

The Risk Parody Radio Show is hosted by Frank Vasquez.

Mostly Mary:

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.

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