Risk Parity Radio
Risk Parity Radio is a podcast about investing located at www.riskparityradio.com. RPR explores risk-parity style portfolios comprised of uncorrelated or negatively correlated asset classes -- stocks, selected bonds, gold, managed futures, and other easily accessible fund options for the DIY investor. The goal is to construct portfolios that are robust and can be drawn down on in perpetuity, and to maximize projected Safe Withdrawal Rates regardless of projected overall returns.
Risk Parity Radio
Episode 417: International Growth Funds, DSTs, Portfolio Transitions And Other Questions And Quandaries
In this episode we answer emails from Marco Esquandolas and Multi-Family Investor. We discuss a long-term diversified Roth portfolio for a 13-year old, modelling Delaware Statutory Trusts in a portfolio, transitioning out of an all S&P 500 allocation in a taxable account, PFIX, Sabine Royalty Trust and individual stocks in retirement portfolios, and M1 Finance.
Note/Correction: Sabine is actually NOT structured like an MLP but as a true trust and therefore issues 1099s, not K-1s like most companies in the oil & gas royalty space.
Links:
Shannon's Demon Article: Unexpected Returns: Shannon's Demon & the Rebalancing Bonus – Portfolio Charts
IDMO vs EFG (and other international growth funds) Analysis: testfol.io/analysis?s=4PEQ1YvTbAM
Breathless Unedited AI-Bot Summary:
Dive into the world of strategic portfolio building with this illuminating episode where Frank tackles questions from two distinct investors at opposite ends of the age spectrum. A father shares his 13-year-old son's Shannon's Demon-inspired portfolio that's being built for an ultra-long 50+ year time horizon, featuring a balanced approach to growth and value across both domestic and international markets. Frank offers targeted advice on fund selection while celebrating this young investor's precocious financial journey.
The conversation shifts dramatically when an engineer earning $250,000-300,000 annually shares his detailed retirement strategy with hopes of financial independence before 50. With $3.4 million spread across multiple investment vehicles including real estate, this listener puzzles over how to transition to a risk parity portfolio without triggering a substantial tax bill. Frank methodically dissects several aspects of this complex situation, questioning the wisdom of backdoor Roth conversions during peak earning years and clarifying misconceptions about Delaware Statutory Trusts as bond substitutes.
What makes this episode particularly valuable is Frank's blend of technical advice and practical wisdom. He cuts through complex tax and investment strategies to offer straightforward solutions - identifying tax-loss harvesting opportunities, rethinking account structures, and focusing on expenses rather than arbitrary portfolio targets. The discussion extends to specialized investments like royalty trusts and interest rate hedges, providing listeners with a masterclass in portfolio construction that balances theoretical ideals with real-world constraints.
Whether you're managing investments for the next generation or planning your own early retirement, this episode delivers actionable insights on building resilient, tax-efficient portfolios tailored to your unique circumstances. The principles shared apply across market conditions and investment goals, making this essential listening for any DIY investor seeking to optimize their financial future.
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.
Speaker 2:Perhaps it is because he hears a different drummer.
Speaker 3: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.
Speaker 2:Thank you, Mary, and welcome to Risk Parity Radio. If you are new here and wonder what we are talking about, you may wish to go back and listen to some of the foundational episodes for this program.
Speaker 4:Yeah, baby, yeah.
Speaker 2:And the basic foundational episodes are episodes 1, 3, 5, 7, and 9. Some of our listeners, including Karen and Chris, have identified additional episodes that you may consider foundational, and those are episodes 12, 14, 16, 19, 21, 56, 82, and 184. Whoa, and you probably should check those out too, because we have the finest podcast audience available.
Speaker 3:Top drawer, really top drawer.
Speaker 2:Along with a host named after a hot dog.
Speaker 1:Lighten up Francis.
Speaker 2:But now onward to episode 417. Today, on Risk Parity Radio, we're just going to do what we do best here, which is answer your emails. We've got a nice short one and a really long one, and so, without further ado, here I go once again with the email. And First off, without further ado, here I go once again with the email. And first off I have an email from Marco Esquandolas.
Speaker 4:Right, right I go. Marco Esquandolas, Marco.
Speaker 2:Escondidas and Marco writes.
Speaker 3:Hey, now Mary and Frank.
Speaker 4:You're an all-star. Get your game on.
Speaker 3:Go play. Thanks for all that you do. It is so helpful. I became a Patreon member today and that feels good. Yeah, baby, yeah, I'm writing again about our now 13-year-old precocious investor, son.
Speaker 4:Young America. Yes, sir.
Speaker 3:He has a Roth IRA we're helping him fund. He does odd jobs around the neighborhood for cash. We went down the Shannon's demon rabbit hole and that has been amazing.
Speaker 1:We got a scary 140 this week.
Speaker 3:After much discussion, he wants to diversify his Roth internationally with a 50-plus year investing time horizon on mind. We came up with our own Shannon's Demon portfolio, together with lots of growth and cowbell Woo, woo, woo, woo, woo, woo. 25% VUG US growth. 25% AVUV US small cap value. 25% EFG international growth. 25% AVDV international small cap value. Thoughts and comments. The EFG fund seems to be the best international growth option, but you would know best. And remember set the gear shift for the high gear of your soul Smooches. Marco Esquindolas.
Speaker 4:Set the gear shift for the high gear of your soul. You've got to run like an antler.
Speaker 2:Out of control. Well, first off, thank you for becoming a donor to the Father McKenna Center. As most of you know, we do not have any sponsors on this podcast, but we do have a charity we support. It's called the Father McKenna Center and it supports hungry and homeless people in Washington DC. Full disclosure.
Speaker 2:I am on the board of the charity and I'm the current treasurer, and if you give to the charity, I will move you to the front of the email line. There are two ways to do that. You can give directly at the website and I'll link to the donation page in the show notes. Or you can do what Marco has done and become a monthly Patreon contributor, and the way you do that is you go to the support page at wwwriskparrywaycom and follow the links there. Either way, I'll move you to the front of the line. If you're one of the donors, Just make sure you mention it in your email so I can duly move it to the front of the line. So, getting to your question, Well, it looks like you and your son are having a lot of fun with this, which is what you should be doing, especially at that age.
Speaker 4:Why? What have children ever done for me?
Speaker 2:In terms of your fun selections, I probably would go with IDMO I-D-M-O instead of E-F-G, would go with IDMO I-D-M-O instead of E-F-G, and we talked about this in episode 394 and actually compared them there. Idmo is actually an international momentum fund, but it's basically in the large cap growth category and if you compare IDMO and EFG, they have similar holdings, including the top holding being SAP right now. And in terms of diversification excitement, you might be interested to know that IDMO is up something like 11.75% this year so far, whereas EFG is up, I think, 3% or 4% this year. It also has a lower expense ratio than EFG, so you can give it credit for that too, and I do actually hold some IDMO in our personal portfolio.
Speaker 4:That's the fact, Jack. That's the fact, Jack.
Speaker 2:So maybe we'll just put that gear shift in the highest gear possible.
Speaker 4:Down the quarter mile of death in their 7,000 horsepower nitro-burning suicide machines as they shake hands with the devil when they scream to the burning gates of hell. We'll sell you the whole seat, but you'll only need the edge. Be there.
Speaker 2:Hopefully that helps. I'm glad you're enjoying the show. I'm glad you're a Patreon member too. The best, jerry, the best, and thank you for your email.
Speaker 4:Last off. Last off, we have an extremely long email from Multifamily Investor.
Speaker 2:Which is why we're only doing two emails today. Gosh and Multifamily Investor writes.
Speaker 3:Hello Frank and Mary, multifamily Investor here. Great podcast. I listen to most episodes. Your podcast is probably the number one actionable and useful show for retirement planning and asset allocation out there. Most podcasts and YouTube shows are produced by either Susie Armans, jim Kramers or Ned Ryerson's of the world.
Speaker 4:Watch out for that first step. It's a doozy.
Speaker 3:I have a few questions. I currently make about $250,000 to $300,000 a year. I am 47 years old and would like to retire when I hit my retirement number, hopefully before 50. Being an engineer, I like to tinker. Can we fix it? Yes, we can. I have $1.6 million in brokerage account stocks, primarily S&P 500, $500,000 in capital gains. $1 million in traditional 401k before-tax retirement accounts, also all in S&P 500, no gold managed futures available in 401k as investment options. $70,000 in a Roth 401k S&P 500, 30,000 Roth IRA S&P 500, 700,000 rental real estate equity. If I sell and pay off all the mortgages, 140,000 of this amount is in a 1031 DST Delaware statutory trust. Overall cash flow is $25,000 a year, mostly tax-free after depreciation deductions.
Speaker 3:In case you aren't familiar, dst is a passive 1031 instrument for hands-off investing. Before I retire, I plan on selling all other rentals and exchanging to DST investments for truly passive income. This bucket should have a bond-like characteristic. It will yield 4%, but the hope is the value of the underlying assets will keep up with inflation and overcome the large front-end and back-end expenses built into these products. If I buy smart, I will diversify into different DSTs in $50,000 chunks as much as possible. Dsts are not the best investments because they are fee heavy and limited upside. But it beats paying the tax bill since my cost basis of these properties are really low. I use the BRRRR method to buy them. I do backdoor Roth IRA conversions and mega backdoor 401k conversions every year. Since I do backdoor conversions, I can't roll my before tax 401k into an IRA since it will trigger a pro rata rule, so I can't get gold or manage futures in my retirement accounts. My total net worth is $3.4 million. Now, when I hit 4 million, I would like to retire with a 5% safe withdrawal rate using your risk parity principles.
Speaker 3:My question is how do I transition to a risk parity portfolio from my brokerage account without paying a large tax bill? In my peak earning years I would like to target a slightly levered 40% stocks, 40% managed futures, 20 percent gold. No bonds, since I will be stuck with the DSTs for a while. They are pseudo bond real estate allocation with a tax advantage yield, since you get to take depreciation as a tax deduction. So one thought I had was to buy SPY puts and buy GLD and KMLM, slash DBMF calls and manage these options by rolling them before time decay kicks in. The size of the option positions would be reflective of the asset allocation I would like to eventually achieve. I know options lose money depending on the market direction. I can use these losses to offset my capital gains from my stocks and over time the option buying should reduce and eventually I would only be holding ETFs consistent with my asset allocation.
Speaker 3:Example period 1. S&p 500 is up GLD flat, dbmf flat. That means all three options lost value before I rolled them. I sell some S&P 500 ETF and offset the gains by the losses from the options. I buy the GLDM and DBM ETF with the proceeds to start filling up the empty buckets in my asset allocation Example period. Two S&P 500 is down GLD up, dbmf flat. So SPY put gain value, gld call gain value, dbmf call loss value before I rolled them. So I take the net proceeds from the options and add to my allocations to achieve my eventual allocation.
Speaker 3:It might take several years to achieve the right asset allocation and I would be tinkering with the options a lot. I would first have to learn about option Greeks and how to manage them. It does not intimidate me too much. It is, however, very different from the buy and hold mentality. So you would probably disapprove of me using the options method due to not meeting the simplicity principle. Did I guess that right? Let me put it this way have you ever heard of Plato, aristotle, socrates? If that is the case, what type of portfolio transition plan would you recommend? Maybe work some extra duration to be able to cover the tax bill? Would you agree that diversified DSTs could be a halfway decent replacement for government bonds in the portfolio? Question two I'm surprised you didn't completely shut down folks who asked you about PFIX.
Speaker 3:It feels like it is rat poison to a classic risk parity portfolio. It has a really, really good correlation with negative two times bear treasury ETF TBT. It cancels out any effect of ZROZ ETF that you recommend. This would mean being long and short the same asset class at the same time, so you end up having a cash position with a very large expense ratio Thoughts. Question three A really good risk parity component that complements your risk parity recommendations appears to be SBR stock Sabine Royalty Trust.
Speaker 3:It has low correlation with stocks, bonds, managed futures and gold. It improves the risk parity portfolio performance. I wish I knew how to analyze a royalty trust. I read the income statement with pages of oil and gas reserve it owns. Don't understand any of it. I guess you can make many things work in hindsight, backtesting, but I can't come up with a reason why it should continue to be a good risk parity component going forward. The reserves it owns were supposed to be depleted by 1992, yet still going strong. It was a fun thought experiment. Have you looked into using individual stocks and bonds to form a risk parity portfolio or add it to your recommended risk parity portfolio? Question four Lastly, m1 Finance gives a 0.5% account transfer bonus.
Speaker 3:Feels like free money to me. You only have to commit to keeping your account there for one year. If the broker defaults, I still own the stocks anyway. The stocks would transfer over to the brokerage firm that takes over. I never have uninvested cash. I always put it in ETFs like BIL if I want to hold on to short-term cash. So the $1.6 million would give me $8,000 in transfer rewards. People mentioned you don't get great customer service when you call M1, but I barely ever call my broker, maybe once a year on average. So not a big deal for me. Can you think of any downside? Thanks, multifamily investor.
Speaker 2:All right. Well, now Mary's exhausted. Before I get into the meat of these questions, I had just a couple observations here. You say you're currently making $250,000 to $300,000 annually. I'm assuming that is ordinary income or mostly ordinary income. But the first thing I would do yourself is look at what are your actual expenses, because I can't believe they're more than $200,000, which seems to be your target spending. I would think they're going to end up being less than that, particularly because your tax bill is going to go through the floor.
Speaker 4:Strikers, lift your nose, straighten your wings. It's coming in too fast. Watch your speed. It's coming right at us.
Speaker 2:But I really think you need to get a handle on what exactly your expenses are right now and then. How is that going to change when you enter retirement, because you might not need as much money as you think you need and I'd also look at how those expenses break down into mandatory and discretionary categories. Along those lines, I don't understand why you are doing backdoor Roth IRA conversions while you are still working and having that extremely high salary On its face. That does not make any sense at all, simply because you know that your ordinary income is going to drop substantially in a few years. You're going to have maybe 20 years to do Roth conversions before you hit 70. So there's no reason to do them now while your ordinary income is so high. I would be putting all that money into traditional accounts while your ordinary income is still that high and then doing the conversions later. Just because you can do something called a mega backdoor Roth conversion doesn't mean you should be doing it.
Speaker 1:That's not how it works. That's not how any of this works.
Speaker 2:It's being too clever by half and probably causing you to pay more taxes than you have to, and it's also causing these issues with not being able to invest in the things you want to. So I would probably scrap that unless you can convince me. There's some other facts that are not on this page that would suggest it would be a good idea. Or maybe I'm just misinterpreting what you're doing here. I'm not a smart man. All right, let's talk about Delaware statutory trusts.
Speaker 4:All we need to do is get your confidence back so you can make me more money.
Speaker 2:Those are not like bonds. Those are like REITs. In fact, they invest in the same things that REITs invest in, and I would consider them to be REITs. If you're going to model them as anything, them to be REITs. If you're going to model them as anything, you certainly would not model them as treasury bonds in a risk parity style portfolio, because the purpose of treasury bonds in a risk parity style portfolio is not to generate income or returns. It's to be there as recession insurance, so you would have to have something that would tend to go up in value in a recession, and I don't think these Delaware statutory trusts have that quality to them, so they would not be a substitute for treasury bonds. Not going to do it Wouldn't be prudent at this juncture. What I probably would do with them, though, is model them as an illiquid income source, so like a pension or something like that, at least as long as you are not going to be selling them. Once you're going to be selling them, then they become liquid, but it's much easier to simply take the expected income off of them and off of these real estate holdings, unless and until you plan on disposing of them and just counting that off against your gross expenses, which is why I want you to add those up so you know what percentage of those are covered by this income from these Delaware statutory trusts or other real estate holdings. After you do that, then you can match the rest of your portfolio in a risk parity style portfolio or other retirement portfolio to the remaining expenses. I think that makes a whole lot more sense than trying to model this as some kind of allocation in the portfolio, because you cannot manage them like that. You can't rebalance in or out of them the way this is structured right now, but the extent you're going to call them anything, you would call them a REIT All right now.
Speaker 2:Your next question was how do you transition your portfolio while minimizing taxes? Well, first of all, you are now in the 15% long-term capital gains tax bracket. Your income is not high enough to put you in the 20%, although I think you do have to pay the 3.8% potential add-on, which is another thing that you need to go calculate. So your capital gains taxes on selling some of this are not actually going to be that high. The best way to get around it is to sell the things that you've bought the most recently and I would guess, given the current conditions of the market, just about anything you bought in the last year is actually underwater. It's going to give you a capital loss, which you can then harvest against other gains by selling other things. That would be the easiest way to transition this while still minimizing taxes.
Speaker 2:You do need to go look at individual tax lots, but I'm not sure who your current brokerage is. They have ways of doing that. Look it up or ask them on their website, but I would be looking to do something like that before fiddling around with any options strategies. And then, if you stop doing these mega backdoor 401k conversions and Roth IRA conversions for the next few years, since they're not going to matter that much you might be able to then roll your 401k into an IRA and then invest in whatever you want. That would be the ideal way to handle this.
Speaker 2:I don't know whether you can, though, if your current 401k is at your current employer, because they might not let you roll it into an IRA.
Speaker 2:That's usually something that only lets you do when you stop working there, but it's also possible you have other 401ks that are not associated with your current employer, in which case those could be rolled over to IRAs as well.
Speaker 2:But since you are coming into these last few years, I would be thinking more in terms of that that it's more important just to get this stuff into the proper forms that you want it in than it is to be fiddling around with these backdoor Roth conversions, which you can do later anyway, because you're still going to be quite young and have a lot of time to do those in the next 20 years. Because ideally, if you're holding managed futures, you do that in a traditional retirement account because they pay ordinary income. Holding managed futures, you do that in a traditional retirement account because they pay ordinary income. I would also be definitely converting the money in the Roths out of the S&P 500 and into something that's value tilted a small cap value fund or other value tilted kind of fund, because one of the things you need to do is not have 100% S&P 500 as your stock holding.
Speaker 4:I'm telling you, fellas, you're going to want that cowbell.
Speaker 2:And if none of that makes sense, yes, you could use some option strategies to manage this. I just think the juice is probably not going to be worth the squeeze there when you have these other options and you are not actually in a high tax bracket when it comes to long-term capital gains.
Speaker 4:Am I right or am I right, or am I right, right, right, right.
Speaker 2:But you might live in a state where that is an issue, in which case I'm not sure I can help you with that. But I'm not sure where you live, so we'll leave that one alone, all right. Question two You're wondering why I didn't shut people down who asked me about PFIX. I think we did that back in episode 248, at least when I searched the podcast, that's the one that comes up. I don't know if I would consider it to be rat poison, but yeah, I don't have a particular use for it in the kind of portfolios that I'm constructing. Don't have a particular use for it in the kind of portfolios that I'm constructing. That doesn't mean that somebody else might not be able to use that for something. It is a kind of weird thing that tends to go up when interest rates are rising, and you are correct that it does seem to be just negatively correlated with treasury bond funds. It does not have a perfect negative correlation, though, so I suppose you could use it for something. Anyway, I think there's probably a reason we haven't discussed this in a couple of years, since it hasn't come up since then. I do not use it, and I don't know how I would actually be able to use it, given what else I hold, but that doesn't mean somebody else might not be able to figure out how to use it for something. I do find those kind of things interesting, since they're relatively new and I don't know how they will ultimately perform over time. There's another one called RISR R-I-S-R, that some people might find interesting.
Speaker 2:Well, let's move on to question three. You asked about Sabine Royalty Trust. I believe that is a master limited partnership or MLP, which is how most of these kinds of things that draw income off of oil and gas and mineral rights are set up. I haven't looked at this in detail, but typically they are set up as master limited partnerships, which means they issue a K-1 to you every year. So at a certain point, maybe 10 years ago, I did look into some of these things, but after having a few investments in them and getting a stack of K-1s to deal with at tax time, I didn't feel like it was worth the squeeze in terms of using these sorts of things for anything. In particular, they also tend to spew out a lot of ordinary taxable income, so they're undesirable from that point of view as well.
Speaker 2:That being said, you can get some diversification out of them, although I would want to be holding a little basket of them, so you're not beholden to just one of them, although I would want to be holding a little basket of them, so you're not beholden to just one of them. So if you're going to hold one thing like that, I'd actually like to hold at least three or four in whatever allocation that you were constructing out of those, and you can use individual stocks in a risk parity style portfolio. But I would classify them as to what they are in terms of are they value stocks? Are they growth stocks? Where would they fit on a style box?
Speaker 2:It's typically better, unless they are already a conglomerate, like Berkshire Hathaway, which you could use as a large cap value holding, to have a group of them. So, for instance, one of our allocations is to property and casualty insurance companies. Now there is a fund called KBWP which invests in these things. These are like Chubb and Travelers and Allstate and Progressive, but I would rather just hold them as individual companies in a little basket, and that little basket of companies ends up being a mid-cap value allocation that is also highly diversified for most of the rest of the market. So I do have a basket of those individual stocks. But I treat it as one allocation, as a mid-cap value allocation. I don't really care about the mid-cap, I care more about the value.
Speaker 4:I don't care about the children, I just care about their parents' money.
Speaker 2:I could see also creating, say, a large cap value allocation that is composed of individual stocks, because there are a lot of large companies that you could just kind of plop in there. If you are going to hold such things, you do have to come up with rebalancing rules for that allocation as well. It actually does have the advantage of being like a form of direct indexing, in that there are tax loss harvesting opportunities that appear in holding a diverse number of things like that. I would not add individual bonds to one of these portfolios. That would just be a pain in the neck, unless you are constructing some kind of short-term bond ladder. But I would not consider that as really part of the portfolio because you can't really rebalance such a thing. All right. Question four Well, I have not researched M1 Finance and don't know what kind of account transfer bonuses they give.
Speaker 2:I do know that at least they used to be set up to have these pies that you would form, that they would then manage for you, and I'm not sure whether that's of interest to you or not. This is one where I'm not going to go do your research for you, so you'll have to do it In the end. The question is always going to be. Is the hassle of this worth an extra $8,000 for however long you're going to have it?
Speaker 2:If I were you, I would really be thinking of moving your taxable brokerage account to interactive brokers and opening up a margin account there, which would then give you another source of ready cash for emergencies or whatever, and that's going to be more advantageous to you long term, I would think, than fiddling around with something like M1.
Speaker 2:And especially if you were going to do anything with a bunch of options or something like that. Interactive Brokers is really set up for professionals and traders and so it's kind of the place you would graduate to if you want to be implementing a lot of these kind of strategies you're talking about in your email, because they're really set up to do those sorts of things, and I would not think that you'd get that kind of service at M1 or Fidelity Schwab or Vanguard service at M1 or Fidelity Schwab or Vanguard. But in terms of downsides, the downsides would be the hassle factor and also it may interfere with your ability to actually implement these other strategies or reallocate, as you have discussed. So I doubt I would do something like that if it were me.
Speaker 4:I'm gonna end up eating a steady diet of government cheese and living in a van down by the river.
Speaker 2:But that was an interesting set of questions and you have an interesting financial situation. I hope I responded better than Susie Orman might have.
Speaker 1:What do?
Speaker 4:you want to buy.
Speaker 1:Hey everybody, susie O here, what do you want to buy? Hey everybody, suzy, oh here, now can I afford? It has been gamified, which means you're gonna get to listen to the caller. You're gonna say show me the money to yourself anyway, and then you're gonna get to approve or deny it. You. You think you're going to be right or wrong. Let's go and try it right now.
Speaker 4:Yeah, that and a nickel will get your hot cup a jack squat.
Speaker 2:And I'll be interested to learn how this all shakes out in the next few years as you get towards retirement here. But I think you're going to find that A your taxable income is going to go down a lot when you retire and, b you're going to have a very long time to be doing things like Roth conversions or moving your money around or doing any number of other transactions before you get to something like Social Security. So don't think you need to do everything all at once.
Speaker 4:Restaurants are thriving right now on cheap gasoline. Jack in the Box is the best of the bunch, but you gotta wait for a pullback. It's been straight up. Denny's goes higher. I would not sell Denny's. Call me a Bye, bye, bye of that chain. That chain's move is in its infancy.
Speaker 2:And thank you for your email.
Speaker 4:And it's gone.
Speaker 2:Poof, and with that I see our signal is beginning to fade. If you have comments or questions for me, please send them to frankatriskparityradiocom. That email is frankatriskparityradiocom. 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 Parity Radio signing off.
Speaker 1:Well, the years start coming and they don't stop coming, with Risk Parity Radio signing off If you don't glow, you'll never shine. If you don't glow, hey, now you're an all-star. Get your game on go play.
Speaker 4:Hey, now you're a rock star, get the show on, get paid. And all that glitters is gold. Only shooting stars break the mold, and all that glitters is gold. Only shooting stars break the mold.
Speaker 3: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.
