Risk Parity Radio

Episode 437: Wallowing In Your Generosity, Listener Portfolios, And Longer Retirements

• Frank Vasquez • Season 5 • Episode 437

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In this episode we answer emails from Ron, Michael, Jaime and Clare.  We discuss all the generosity bestowed on us and our charity, including the McKenna Man portfolio, a listener's personal portfolio and two-year experience, portfolio longevity issues and common myths thereabout, tax considerations and how to really enjoy retirement after accumulation.

Links:

Father McKenna Center Donation Page:  Donate - Father McKenna Center

Michael's Portfolio (unlevered) vs. a 70/30 since 2022: testfol.io/?s=fW46hjKw65M

Breathless AI-Bot Summary:

Money can buy you more wealth, but it can't buy you more time. This fundamental truth frames our deep dive into the stories of listeners who've transformed their financial futures through risk parity investing.

We begin with Ron's creative McKenna Man Portfolio – a 100% equity allocation that makes quarterly charitable distributions while still growing steadily. Michael shares his journey from traditional investing to a risk parity approach that delivers impressive returns with dramatically lower volatility, proving these principles work in real-world applications.

The heart of this episode tackles a question many struggle with: how to plan for extremely long retirement periods of 50+ years. Contrary to popular fear-mongering that suggests dramatically lower withdrawal rates, we explore research showing withdrawal rates tend to flatten over extended timeframes. Variable withdrawal strategies that adjust based on actual spending needs rather than rigid CPI increases can support withdrawal rates only slightly lower than traditional 30-year plans. For those concerned about longevity risk, slight adjustments to equity allocations or implementing rising equity glide paths provide additional security without sacrificing quality of life.

Perhaps most powerful is Claire's story of transitioning to a work-optional lifestyle at 56, using risk parity principles to escape a high-pressure career and create space for relationships and experiences. Her wisdom cuts through financial noise with crystal clarity: "Don't worry about running out of money, worry about running out of time."

When we reflect on Bronnie Ware's "Five Regrets of the Dying," none involve wishing for more wealth. They center on authentic relationships, self-expression, and allowing more happiness – precisely what proper financial planning should ultimately enable. The purpose isn't maximizing wealth, but confidently answering "how much is enough" so you can stop playing the accumulation game and start truly living.

What would your life look like if financial fears no longer dictated your choices? Join our community at riskparityradio.com to continue the conversation.

Support the show

Mary and Voices:

A foolish consistency, is the hobgoblin of little minds, adored by little statesmen and philosophers and divines. If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. A different drummer 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 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.

Mary and Voices:

Yeah, baby, yeah.

Mostly Uncle Frank:

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.

Mary and Voices:

Top drawer, really top drawer.

Mostly Uncle Frank:

Along with a host named after a hot dog. Lighten up, francis. But now onward to episode 437. Today, on Risk Parity Radio, we're just going to do what we do best here, which is attend to your emails.

Mary and Voices:

Ha ha, you fool. You fell victim to one of the classic blunders.

Mostly Uncle Frank:

And so without further ado.

Mary and Voices:

Here I go once again with the email.

Mostly Uncle Frank:

First off. First off, we have an email from Ron Bedtime for Bonzo, Starring Ronald Regan, Diana Lynn and Bonzo, that amazing chimp.

Mary and Voices:

And Ron writes Hi Frank and Mary. Here's the quarterly update for the All Equity McKenna man portfolio. It was a good quarter. The portfolio was up 8.6% for the quarter, net growth of 6.4% after the distribution. We'll make a quarterly distribution of $111 to the Father McKenna Center and I made a note about the top of the T push on the grant as well. The portfolio is up 4.2% net of withdrawals year to date. I hope you and Mary have a wonderful 4th of July Cheers.

Mostly Uncle Frank:

Ron. Now, ron happens to be one of our favorite listeners here for many reasons. Are you mystified, bewildered and puzzled? You needn't be. First off, he's a donor to the Father McKenna Center. As most of you know, we do not have any sponsors on this program. We do have a charity we support. It's called the Father McKenna Center and it supports hungry and homeless people in Washington DC, and in fact, all of the emailers in today have donated to the Father McKenna Center. Yay, and I want to thank you all for doing that. That is why you moved to the front of the line. That's the prize you get here Inconceivable. As you know, we are running the Top of the T-Shirt campaign we rolled out in episode 426. Because one of our listeners is extremely generous Well, more than one is, but one of our listeners Matthew 63, put up $15,000 in matching funds and we've been matching away since then. We'll continue to do that through this month, I believe.

Mostly Uncle Frank:

Now Ron has chose a particularly creative way to donate to the Father McKenna Center. He has created a portfolio that we described in episode 399, if you want to go back and listen to that. It is a 100% equity portfolio, but he's taking large distributions out of it every quarter and giving them to the Father McKenna Center. We are calling this the McKenna man portfolio. Now, a McKenna man is somebody who has reclaimed themselves after being homeless and otherwise troubled and has come through the center and become a contributor to the community once again. One of our most famous McKenna men, cortez, is retiring this year after working a long time at the center, over 10 years. We're having a little retirement party for him on July 19th actually. But Cortez is the person who had the idea of a McKenna man and so we can attribute that to him and celebrate all he has done for the center over the many years.

Mostly Uncle Frank:

I should mention there are two ways to give to the Father McKenna Center. You can do that through the Father McKenna website, which I'll link to again in the show notes, the donation page. It's easy, it's fun. Mention Risk Parity Radio when you donate by putting that in the comment box. Or you can become one of our patrons on Patreon, which you can do through the support page at wwwriskparityradiocom, and give that way. Either way, you get to go to the front of the line and you receive my eternal gratitude, as we are bestowing on Ron today, emotions running high. Yes, thank you for your wonderfully creative giving idea and thank you for your email. Second off. Second off we have an email from Michael.

Mary and Voices:

And Michael writes Hi, Uncle Frank, I just made a donation to the.

Mostly Uncle Frank:

Father McKenna Center on the top of the t-shirt campaign.

Mary and Voices:

Yes, it looks like a very worthy cause and I was glad to help in its mission. Note that I was also glad to see that the organization scored a 96 on Charity Navigator's Accountability and Finance Rating Report. Kudos go to the treasurer of the organization for sure. Who's saying you want a piece of me? I stumbled across your podcast in mid-2022 when I was getting close to semi-retirement, and the COVID market drop made me realize that I did not have the risk tolerance that I used to when I was younger and my stash was smaller.

Mary and Voices:

After a yearish of indecision, I moved my portfolio into a risk parity setup consisting of 25% large cap growth, 25% small cap value, 15% long-term bond and 15% gold, with the rest split evenly between managed funds, commodities, reits and preferred shares, and with a small amount of cash and a high-yield savings account. Then I leveraged the stocks and bonds just 10% each with SSO, uwm, ubt and PFFL, because I needed to feed my gambling problem, but not with a hideous experiment. You have a gambling problem. Anyway, I'm happy to report that, almost two years later, when comparing my portfolio against one with only a total stock market fund and total bond market fund, mine has returned as much as an 80-20, but with a standard deviation of a 50-50 and an ulcer index of a 55-45. It's still obviously way too early to make any definitive statements about the portfolio, but I'm pleased with it so far. If you have any comments or suggestions, I'd certainly be glad to hear them. Many thanks for everything you do, michael.

Mostly Uncle Frank:

Well, thank you for being a donor to the Father McKenna Center, Michael.

Mary and Voices:

The best, Jerry the best.

Mostly Uncle Frank:

As Michael has observed, we are a very efficient charity because we do not pay for space, because we do not pay for space and we do not pay for most of our labor, which is provided by volunteers. And so, yes, if you go to the Charity Navigator's Accountability and Finance Ratings, you'll see we are at 96 out of 100. I actually think that should be 100 out of 100 because the only thing we had been missing is the update of our tax returns, our 990s, which we also post on the website so anybody can have a look at those for our official reporting. But, as the treasurer and member of the audit committee, I have made sure that we are duly putting those up on the website if you ever want to look at them. But yes, we are very efficient and very effective, which I am sure my audience of finance nerds appreciates Nerds, nerds.

Mary and Voices:

Nerds, nerds what is a nerd?

Mostly Uncle Frank:

And it's very heartening for me to hear that you've been able to take what you learned here and implement it in your own way. And that's honestly what I really like to see is not so much that you adopt a sample portfolio wholesale, but take it and modify it for your own purposes and you get to own it, and you are applying that adage of Bruce Lee, which is to take what is useful, discard what is useless and add something uniquely your own. I'm not sure I would have added these leveraged funds, but I can't fault you there. I did run a little version of your portfolio without any leverage in test folio. It looked very functional and very useful, and I will link to that in the show notes just if anybody wants to check that out. I don't really have any comments other than make sure you keep your gambling problems under wraps, or at least small enough that they will not really disturb you if we have a really bad downturn.

Mary and Voices:

You can't handle the gambling problem.

Mostly Uncle Frank:

But I don't think a small bump is going to cause you too many troubles. Stay in formation. Target's just ahead. Target should be clear. If you're going low enough, you'll have to decide. You'll have to decide, you'll have to decide. I will be interested to see how things turn out in the next few years, but I'm glad to have been of service.

Mary and Voices:

Thank you for your donations and thank you for your email. Next off, I have an email from james. Hey, jim baby, I see you brought up reinforcements. Well, I'm waiting for you, jimmy boy.

Mostly Uncle Frank:

Forcements. Well, I'm waiting for you, jimmy boy, or, as he refers to himself, uncle Jaime, and Uncle Jaime writes.

Mary and Voices:

Hi Frank and Mary, Thanks for the incredible resource. I stumbled onto your podcast via portfolio charts and I'm very grateful for the de-goblin ideas.

Mostly Uncle Frank:

Your tobacco company has turned this beautiful specimen into a horrible twisted freak.

Mary and Voices:

Who could love?

Mostly Uncle Frank:

me, the man's a goblin.

Mary and Voices:

My family and I took a travel sabbatical and I, having the 4% or even 3.3% rule in my head, always assumed we'd go back to work.

Mostly Uncle Frank:

Forget about it.

Mary and Voices:

It turns out that not working is great. It's good to be the king, and so when I learned about the feasibility of a 5% withdrawal rate in risk parity style portfolios, I realized we might not have to go back, but that does mean my accumulation portfolio is suddenly not at all what we need. Stocks are at an all-time high, so it's a good time to rebalance. But I have two questions. Question one I'm in my late 30s and, though I haven't gotten to every single episode yet, I'm not sure if I've heard any specific guidance on portfolios for younger people who are hoping to survive 50 plus years of drawdown. For example, golden butterfly and golden ratio are both about 40% equity, but I was leaning towards 50 to 55% equity, given that we might need the long-term growth and because I'm comfortable with finding side income or flexing expenses. Any thoughts on this topic in general?

Mary and Voices:

Question two this decumulation portfolio allocation snuck up on me. I can't get all my rebalancing done in tax-advantaged accounts, nor can I buy when I'm underweight because there's no more income coming. Do you have any guidelines on how aggressive someone should be in taking taxable gains in order to get to ideal allocations? How close is close enough? Part of me wants to delay taxes as much as possible, but I also know the taxable will get drawn down first. Anyway, Thanks again for the great content. Ps. Thank you, Frank and Mary, also for your excellent enunciation. You're one of the rare podcasts that easily handles 1.6 times speed on Spotify and it makes the audio drops all the more entertaining. Also makes 400 plus episodes less daunting.

Mostly Uncle Frank:

All right, interesting questions, uncle Jaime. First one about longer retirement periods. We have talked about this before in various podcasts. Places when this frequently comes up is when you have somebody who looks at 4% rule calculations or safe withdrawal rate calculations and sees they are set up for 30 years and often makes the erroneous assumption that anything more than 30 years is not described or covered by the math of this or that is something completely different. I like to say there's a lot of fear-mongering about portfolios turning into a pumpkin after 30 years.

Mostly Uncle Frank:

Human sacrifice, dogs and cats living together, mass hysteria, but that's not how the math works at all.

Mary and Voices:

That's not how it works. That's not how any of this works.

Mostly Uncle Frank:

So, first of all, you can test these portfolios at Portfolio Visualizer or at Portfolio Charts on the safe withdrawal rate calculator and go out 40, 45, 50 years. What you'll see there, and what you'll see in any kind of safe withdrawal rate calculation, is that the withdrawal rate tends to flatten out over time. It does not continue to go down at a steep level and in fact comes out to a flattish level. This is described at portfolio charts as a long-term withdrawal rate. Another way of describing it is a perpetual withdrawal rate, but that is really even more conservative in that it's trying to come up with the rate at which you would not lose money in the portfolio for any significant time at all.

Mostly Uncle Frank:

Anyway, what you learn from this, from the work of Bill Bangan and others that for most portfolios, if you take the 30-year safe withdrawal rate, that is an inflation-adjusted situation where you are increasing the withdrawals for inflation every year CPI inflation, not personal inflation.

Mostly Uncle Frank:

Year CPI inflation, not personal inflation you find that if you go out 50 years or forever, if you subtract 0.6 from the original 30-year withdrawal rate, that is kind of the forever withdrawal rate. Now how can you get that back? You can get that back simply by using a variable withdrawal instead of automatically increasing your withdrawals by the CPI rate of inflation. If you just increase it by what people actually do on average, which is less than the CPI on average for most retirees, then you're going to get back between 0.5 and 1. And that's from one or more of these Morningstar analyses that come out every year where they have analyzed various mechanisms for doing variable withdrawals to check out how they affected the safe withdrawal rate for a forever withdrawal rate with a variable withdrawal system that is based on simply taking your actual personal inflation and not a CPI rate of inflation. Or you could do something more complicated, involving guardrails or things like that, which would add even more to the safe withdrawal rate. But that's the gist of it.

Mary and Voices:

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

Mostly Uncle Frank:

The time length will take some away. It won't take as much as people often think. Oftentimes I hear people subtracting 1% for every extra 10 years and that's just wrong, Wrong. There's no basis in math or anything else for doing something like that. Forget about it. When people are doing things like that, they're just fear-mongering and hoarding Rivers and seas, boiling Forty years of darkness, earthquakes volcanoes, the dead rising from the grave.

Mostly Uncle Frank:

Or perhaps protecting their AUM fees. If it's coming from a financial advisor, a mice straw reaches across the room and starts to drink your milkshake. I drink your milkshake. I drink it up. Now, that being said, there are a couple of additions here. I don't know that you necessarily need to increase the amount of equities in the portfolio from the golden butterfly or golden ratio, although those are on the conservative end, particularly the golden butterfly. But, as Bill Bangan has found and many others have found, you are going to be in that sweet spot anywhere between about 40 and 75 percent or somewhere around there. So if you want to increase the equity allocations from those sample portfolios, you should feel free to go ahead and do that and in fact, I would be happy to see you do things like that In the golden butterfly. If you're going to do something like that, you can chop down that 20% allocation to short-term bonds. That's a very conservatively set up portfolio and you can certainly take pieces of that out, put it into equities or even take some of the gold away from the 20% allocation and put that in the equities. The golden ratio is actually set up to allow people to do things like this, because you start with 42% in equities, but you have those two smaller allocations, the 10 and the 6, which could also be put into equities if you don't want to hold any cash or you don't want to hold another alternative In some respects, when you're holding 16% in gold and 10% in managed futures, that is still giving you risk asset kind of allocations in terms of volatility. So it is almost akin to holding another 10% in equities in terms of how it plays. The other choice being often made in that portfolio is if you are going out to the large cap growth and the small cap value. Both of those have slightly higher betas than one. Beta is the market risk factor, and so those individual allocations are taking more than regular market risk, which bumps up their returns over time. But since they're well diversified, you end up only taking the equivalent of market risk. You end up only taking the equivalent of market risk. Now, lastly, in Bill Bengen's new book that's coming out in August, and also in some of the work of Michael Kitsis and others, they've talked about the idea of having a rising equity glide path over time, and I'll be interested to see that research because I haven't done a whole lot in this area. But that is another way you might consider approaching this. It would take more work and be more annoying, but you could create something that looks like a golden butterfly or golden ratio but then have it rise in equity over time. I don't have any research showing how that would perform, but I'm hoping to learn something when I read Bill Bengen's new book. So you are definitely on the right track and, yes, you can do that sort of thing, but I don't think you actually necessarily need to for a longer retirement period if you're using any kind of a variable withdrawal system, all right.

Mostly Uncle Frank:

Question two about doing some reallocating, but dealing with tax issues, and are there any general guidelines? Well, the short answer is not really, because this is so idiosyncratic to everybody's individual tax situation, not only accounting for what is the bracket they're in, both for ordinary income and for capital gains, and then also how much do they have in each of their accounts and what is the taxable gain on the portions that have been sitting there for however long they've been sitting there. Generally, the best way to approach taxes is, as a long-term idea, that you don't want to pay too much in one year, either by delaying it too long and not paying any, or by doing it all up front in one go. So I would try to spread it out under more than one tax year and then also use the concept of tax lots that you can sell the more recently purchased shares. They'll have lower capital gains and then if you've got any tax losses, obviously you can harvest those as well.

Mostly Uncle Frank:

But you mentioned also quote ideal allocations. I would push back against that because there are no quote ideal allocations unquote, because what is an ideal allocation in one decade is certainly not going to be an ideal allocation in another decade. What you're really just trying to do is get something that is in a ballpark, which is why being a few percentages off with any particular allocation really isn't going to be a big deal for the most part. But you can always just run tests on these things. I mean, take your ideal allocation and then take a more tax-efficient allocation, if you will, and just compare them and see whether there's really significant differences in them when you run Monte Carlo simulations on them, and if they're not, then you pretty much have a good answer to that question and I guess if there's an overall comment to leave you with, it's just that the way we think you should approach portfolio construction is by using principles. The three principles we use here are the Holy Grail principle, the macro allocation principle and the simplicity principle.

Mostly Uncle Frank:

And then look at some guidelines for what you're trying to do here to have a high safe withdrawal rate, and the history and data have shown that there are basically four guidelines, which I'm not going to repeat here. But I am going to direct you to the most recent interview I had on Afford Anything with Paula Pant, not only for that interview, but also because she created a blueprint kind of cheat sheet with these rules of thumb in them, of cheat sheet with these rules of thumb in them, so you can see whether you have a portfolio that is likely to have a high safe withdrawal rate by keeping the various allocations within certain ranges. Now, yes, you do end up having to pick a specific formula in the end because you need to have something to rebalance to, but it is certainly not as formulaic as you would hear or read if you were reading things about portfolios 10, 15, 20 years ago where everybody seemed to have a specific formula for something. We don't need no stinking formulas, bodges. We don't need no stinking bodges.

Mary and Voices:

Oh no.

Mostly Uncle Frank:

Anyway, hope all that helps. Thank you for being a donor to the Father McKenna Center and thank you for your email Last off any way without my gun and go quick. Last off, last off, we have an email from Claire. She came from planet Earth, I know she came from there.

Mary and Voices:

And Claire writes Dear Frank, I've made a donation to your campaign today. No question for you, but just wanted to let you know how much I appreciate you. I've been listening for a while and recently also heard you on Paula Pant's show and the Stacking Benjamin show. You seem like a great guy to get a beer with. Give us a bottle of your finest champagne, five shrimp cocktails and some bread. For my brother we have a Dom Perignon 71 at $120. That'll be fine, pal.

Mostly Uncle Frank:

Probably the same. Please, I appreciate it.

Mary and Voices:

Wrong glass sir but I was really moved this morning after your email from Bob about fear of running out of money. I've been semi-retired for almost two years now, age 56. I left my very high pressure non-profit job and I'm now just taking short consulting or gig type work when it fits my schedule and appeals to me. So I guess I'm more work optional than retired.

Mary and Voices:

I moved to a risk parity portfolio right before retiring and I'm lucky that my timing worked out. Since I did it so late, I didn't find you till then. My life is so much better and richer than it used to be. I'm spending a lot of time with my friends and my five-year-old grandson, as well as traveling with my husband. You're so right Don't worry about running out of money, worry about running out of time. Thanks for all you do. I hope many folks listen to today's podcast and take your words to heart, claire.

Mostly Uncle Frank:

Well, thank you so much for your kind words, claire, and your donation.

Mostly Uncle Frank:

I think what often does get lost in popular personal finance is the overall purpose of going through these exercises and learning this material and organizing your assets in a particular way, because most popular personal finance books and materials are directed at people who are just starting out or somewhere in the middle of their journey, trying to figure out how to accumulate wealth, and there is an implicit assumption in there that the more wealth you have, the better off you are, and so it's a goal unto itself, which is a good goal for starting out and at many points along the way, but at a certain point you do have to sit down and say, all right, let's compare my level of wealth with my level of time left on this earth, because once you've won the accumulation game, you're supposed to stop playing and start playing other games in life, ones that maximize your well-being and your relationships for the time you have left. Because we know from Bronnie Ware's Five Regrets of the Dying, nobody wishes they would have spent more time at the office or accumulated 10% more than they actually accumulated.

Mary and Voices:

Time is money boy.

Mostly Uncle Frank:

What they regret is poverty in relationships and not having a chance to have expressed themselves in more personal ways, either just being able to say what they thought without fearing reprisal from some group or some employer or something, or just being able to pursue creative outlets and make them feel happy, whether that's painting or skiing or biking or cooking or any other activities that people often find joy in. But you can't really maximize that until you sit down and figure out how much is enough wealth or enough money for you, because if there's no limit to that answer, then there's probably a lot of limits on your actual ability to pursue well-being through relationships and other activities that are likely to cost money and make you poorer as opposed to make you money all we need to do is get your confidence back so you can make me more money and for most people, trying to monetize everything in their life isn't a very satisfactory solution either.

Mostly Uncle Frank:

Then you're just going from a hoarder culture to a hustle culture. I don't care about the children, I just care about their parents' money, which can also have its own drawbacks and limitations. But it really sounds like you got the memo and that you're really enjoying life, and I'm very happy for you. Mary is too, and I'll go ahead and make sure you get another copy of that memo.

Mostly Uncle Frank:

Okay, and rest assured that you're not only doing the right thing by you and your family, but you are also setting a good example, because we do need more good examples of people who have stopped playing accumulation games and are really trying to live their best lives in the time they have remaining. And if you are listening to this and have your own Claire story, I'd love to hear about it.

Mary and Voices:

It's top drawer, really top drawer.

Mostly Uncle Frank:

So thank you for your donation, thank you for your inspiration and thank you for your email.

Mary and Voices:

How much for the little girl, the women, how much for the women, what your women? I want to buy your women, the little girl, your daughters. Sell them to me, sell me your children, mayrudy, mayrudy but now I see our signal is beginning to fade.

Mostly Uncle Frank:

Just one announcement There'll be no podcast this weekend. Not gonna do it Wouldn't be prudent at this juncture. I'm off to New York to goof around with some old friends.

Mary and Voices:

Camelot.

Mostly Uncle Frank:

We're knights of the round table. We dance whenever able, we do routines and call the scenes With footwork impeccable. We dine well here in Camelot we eat ham and jam and spam a lot. We're going to go to some baseball games and we understand there's an obscene statue or art exhibit in Highline Park. We may have to check that out too.

Mostly Uncle Frank:

Snap, snap grin, grin, wink, wink, nudge, nudge. Sign them all. Good times will be had by all. You're too stupid to have a good turn. I will update the website at some point, but you'll have to wait at least until the middle of next week before you hear from me again. In the meantime but you'll have to wait at least until the middle of next week before you hear from me again. In the meantime, if you have comments or questions for me, please send them to frank at riskpartyraidercom. That email is frank at riskpartyraidercom. Or you can go to the website, wwwriskpartyraidercom, put your message into the contact form and I'll get it that way. I have a number of donor emails coming up, so if you're not a donor, you're going to have to wait. No pressure, show me the money. 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.

Mary and Voices:

Okay.

Mostly Uncle Frank:

Thank you once again for tuning in. This is Frank Vasquez with Risk Party Radio Signing off. She came from Planet Claire. She came from Planet Claire.

Mary and Voices:

She came from Planet Claire. 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.

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