Risk Parity Radio

Episode 413: Overcoming Financial Setbacks, Finance Board Follies, Inflation And Large Cap Growth Funds In Merriman Portfolios

• Frank Vasquez • Season 5 • Episode 413

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In this episode we answer emails from Harry, Sally, Jack and Javon.  We discuss recovering from financial set-backs, my life on the Choose FI board, assets that do well in inflationary environments and large cap growth funds like MGK in Merriman-type portfolios.

Links:

Father McKenna Center Donation Page:  Donate - Father McKenna Center

Mindset by Carol Dweck:  Mindset: The New Psychology of Success by Carol S. Dweck | Goodreads

Bloomberg Presentation On Investments In Inflationary Environments:  MH201-SteveHou-Bloomberg.pdf

Shannon's Demon Article from Portfolio Charts:  Unexpected Returns: Shannon's Demon & the Rebalancing Bonus – Portfolio Charts

Testfolio Analysis of MGK and other funds:  testfol.io/analysis?s=lbssElueG9D

Amusing Unedited AI-Bot Summary:

When financial disaster strikes, where do you turn? In this deeply empathetic episode, Frank Vasquez responds to a listener who's lost nearly everything through leveraged investments caught in market turmoil. His compassionate yet practical response offers a roadmap back from financial devastation, emphasizing that starting from net worth zero with income potential creates a foundation many successful investors have built upon.

The conversation shifts to examining the psychology behind financial social media, where Frank taxonomizes poster behaviors into revealing categories. From genuine question-askers to Dunning-Kruger sufferers repeating harmful advice from financial media marketing materials disguised as guidance, this analysis helps listeners navigate confusing information landscapes. His take on affirmation-seekers posting humble brags or seeking validation for poor decisions provides particular insight into why certain destructive financial ideas persist online.

With inflation concerns mounting due to potential tariffs and immigration restrictions, Frank offers practical portfolio protection strategies beyond traditional TIPS, which merely help investors tread water rather than outperform during inflationary periods. His breakdown of managed futures, commodities, value-tilted stocks in hard assets, and property/casualty insurance companies provides actionable alternatives. The discussion culminates in comparing investment theorist Paul Merriman's value-tilted ETF recommendations with Frank's diversification approach using Shannon's Demon principles, demonstrating how different philosophical frameworks can lead to successful long-term investing.

What distinguishes this episode is Frank's ability to balance technical expertise with emotional intelligence, offering not just investment strategies but wisdom about resilience and perspective during financial hardship. Whether you're recovering from losses or preparing for economic uncertainty, this episode delivers both tactical guidance and reassuring wisdom from someone who's weathered financial storms himself.

Have questions? Connect at frank@riskparityradar.com or through the website contact form. Please like, subscribe, and share with fellow investors seeking thoughtful financial guidance.

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Voices:

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

Voices:

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

Mary and Voices:

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.

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.

Voices:

Lighten up Francis.

Mostly Uncle Frank:

But now onward, episode 413. Today on Risk Parody Radio, we're just going to get back to doing what we do best here, which is attend to your emails.

Voices:

That is the straight stuff. Oh funk master.

Mostly Uncle Frank:

And so without further ado.

Voices:

Here I go once again with the email.

Mostly Uncle Frank:

And First off. First off, we have an email from Harry, and Harry writes.

Mary and Voices:

Hi Frank, I'm writing to you in a state of extreme distress and desperation. I have experienced devastating financial losses due to high leverage investments and I have lost a significant portion of my retirement portfolio due to Trump's tariffs and market routes still going on. My margins were called and I lost even more. I understand that reaching out in this manner is unconventional, but I am truly at a loss and don't know where else to turn. I have followed your work for some time and I deeply respect your expertise. I made a series of very poor decisions, in part listening to your listeners, using leverage, and I tried that as well, with terrible consequences. What do I do now? My Roth is gone, my 401k is quite small and my brokerage is pretty much gone. After this Monday, any words of consolation? Thanks, harry.

Mostly Uncle Frank:

Well, first off, harry, I am very sorry for your predicament and I have duly turned off the sound bites for this question and answer. I have moved you to the front of the email line because you noted that you were a previous donor to the Father McKenna Center. As most of you know, we do not have any sponsors here, but we do have a charity that we support. It's called the Father McKenna Center and it serves hungry and homeless people in Washington DC. Full disclosure I am on the board of the charity and am the current treasurer. But if you have given to the charity, you get to go to the front of the email line, and there are two ways of doing that. You can give directly at the website, on their donation page, and we accept cash and other forms of donations. I recently donated some shares of GLD, which I had appreciated. Or you can go to our support page at wwwbriskparityradarcom and become one of our patrons on Patreon and do it automatically every month. Either way, I'm going to move you to the front of the line and although you said you were a previous donor of the Father McKenna Center, I view you as a once and future donor to the Father McKenna Center because you are going to come through this and I'm sure things are going to get better for you over time.

Mostly Uncle Frank:

And yeah, let's get it out of the way, it was a bad decision to take as much leverage as you did. Nobody could have predicted the way these tariff wars are unfolding. However, it was predictable that the market would have a 20% downturn at some point in time, and I don't know exactly what you were invested in. But rest assured, many of us, including myself, have also lost money in the markets at various times in our lives and have learned to tell the tale and recovered. So you didn't give us much in the way of personal details To me. You haven't mentioned a family or a spouse, so it sounds like you're relatively young to me, possibly in your 30s. But even if you're a little older, I think this advice still applies.

Mostly Uncle Frank:

I think you need to recognize that just being at net worth of zero and having a job puts you in a position to succeed in the future. Mary and I did not reach net worth of zero until sometime in our 30s due to our student loans, and I know people particularly from the Catching Up to Fi group on Facebook, which specializes in older people that some people are not net worth zero until their 40s or even 50s, and the truth is, if you can get to net worth of zero and have some means of making money, you can probably become financially independent in 10 or 15 years if you're diligent about it. So you can't control what has happened and you can't control the markets overall, so I would focus on what you can control, which is the rest of what's going on in your life, including where you're earning money and how you're earning money. I have found that focusing on career or development in times of financial stress often makes a lot of sense, because it is something that you can control and work on. If you've never read the book Mindset by Carol Dweck, which is about cognitive behavioral therapy, which is just a modern interpretation of stoicism, I would go and read that book, because the first thing you do need to separate is the things you can control from the things that you can't control.

Mostly Uncle Frank:

But rest assured, you're certainly not the only person that finds themselves in this boat or worse boats, actually. But the answer is to learn from what happened, but not to dwell on it, going forward and begin to make plans for your future as to how you're going to make money. If you are still young, you might think about doing things like house hacking. Read the book Set for Life by Scott Trench. But what I can tell you is wealth is not life. So while some of your wealth is gone, your life is not over and there's plenty more life to be lived and plenty more wealth to be had in the future. So take some time lived and plenty more wealth to be had in the future. So take some time, talk to some friends or loved ones who may be sympathetic and are probably likely sympathetic. But I will just play one clip, hopefully cheer you up a little bit. At least that's the intent I have.

Voices:

We're all officially kicked out of school. Wormer just got our grades. They kicked us out of school. Huh, that makes sense.

Voices:

Hey, what's this lying around? Well, what the hell is supposed to do you? Moron War is over. Man Wormer dropped the big one. What Over, did you say over? Nothing is over until we decide it is. Did you say over? Nothing is over until we decide it is? Was it over when the Germans bombed Pearl Harbor? Hell, no.

Voices:

German Forget it, he's rolling.

Voices:

And it ain't over now, because when the going gets tough, the tough get going. Who's with me?

Voices:

let's go, come on ludo's right psychotic, but absolutely right now we could fight him with conventional weapons. That could take years and cost millions of lives. No, no, no, no. In this case, I think we have to go all out. I think this situation absolutely requires that a really futile and stupid gesture be done on somebody's part.

Voices:

We're just the guys to do it.

Mary and Voices:

Let's do it.

Voices:

Let's do it Go, go Go.

Mostly Uncle Frank:

Go. Anyway, I hope this helps a little bit. I'm sorry for your predicament. I do think you'll come through it and I look forward to you donating to the Father McKenna Center again. Please write in again when you can and thank you for your email.

Voices:

Theodore Roosevelt once said the credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who knows the great enthusiasms, the great devotions and spends himself in a worthy cause, who, at best, if he wins, knows the thrills of high achievement and if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.

Mostly Uncle Frank:

Second off. Second off we have an email from Sally Mustang. Sally, guess you better slow your Mustang down, oh lord. And Sally writes.

Mary and Voices:

Appreciate your advice on Choose a Five.

Voices:

For your information. There's a lot more to ogres than people think. Example Example Okay, um.

Voices:

Ogres are like onions they stink, yes, no. Oh. They make you cry, no, oh. You leave them out in the sun, they get all brown, start sprouting little white hairs. No Layers.

Voices:

Onions have layers. Ogres have layers. Onions have layers. Ogres have layers. Onions have layers. You get it we both have layers.

Voices:

Oh, you both have layers. You know, not everybody like onions.

Mostly Uncle Frank:

So Sally is referring to the Facebook ChooseFI group, although they are now constructing their own platform which you can join at ChooseFIcom, and I've done that as well. I don't do much social media but I do pick a couple of groups to basically hang out in, and ChooseFI on Facebook is one of those things. Newsfi on Facebook is one of those things. I've known Brad Barrett and Jonathan Mendonza since they started the podcast and was one of the first 100 people in that group, believe it or not, but I'm glad you like what I have to say, because it is kind of an outlet for me and it makes a much better outlet for me to dispense random financial advice than subjecting my family to such things at least unsolicited advice in their case. I try to wait until it's solicited, but it's pre-solicited when you join a group like that, so it gives me an excuse to speak my mind, as it were.

Voices:

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

Mostly Uncle Frank:

I've actually been on the Choose Fi podcast three times Episode 194, episode 313, and episode 508, if you want to hear me there, Hear me now and believe me later.

Mostly Uncle Frank:

But I've actually been involved in personal finance groups for over 15 years. But I've actually been involved in personal finance groups for over 15 years and what is interesting to me over the years is I've noticed how the posts end up in just a few different categories, and often my response, the tone of my response, is based on what category I think the person is in. Tell me now and believe me later. The first is just people who have honest questions about something and are looking for a place to ask them, or who have a problem, like our last emailer, and are just looking for some basic advice. I try to be nice to such people.

Voices:

And you won't be angry. I will not be angry.

Mostly Uncle Frank:

The second are posters that have some kind of Dunning-Kruger effect going on in their personal finance life. They believe themselves to be experts in something because they've read a lot of articles in the financial media in particular.

Voices:

Tell me, have you ever heard of single premium life?

Mostly Uncle Frank:

Because I think that really could be the ticket for you and often repeat obsolete or bad advice that often comes out of financial media, because articles about personal finance and financial media, just so you know, are largely written almost as marketing materials and are really designed to funnel people into using services and products from the financial services industry.

Voices:

Because, only one thing counts in this life Get them to sign on the line which is dotted.

Mostly Uncle Frank:

And, unfortunately, some people think that that is actually good advice. Things that fall into this category are recommendations for robo-advisors or target date funds A lot of stupid formulas like you should estimate your retirement expenses at 80% of your income, which comes from nowhere. Forget about it. These recommendations that you should allocate your portfolio based on your age, or 100 minus your age, or some other ridiculous formula like that.

Voices:

Are you stupid or something?

Mostly Uncle Frank:

Stupid is what stupid does, sir, fixations on dividend stocks or other income generating things that are actually more like tax generating things? Do you think anybody wants a roundhouse kick to the face while I'm wearing these bad boys or the product of the day? In recent years, that's been these covered call funds like Jepi and things like that.

Voices:

I drink your milkshake, I drink it up.

Mostly Uncle Frank:

Anyway, some posters think that by repeating that information, they're actually helping their fellow investors, and they're really not. And sometimes they need to be told that Everyone in this room is now dumber for having listened to it, because a lot of this stuff is like a bad penny that just keeps turning up because it has facial appeal, even though it has limited application or no application at all I award you no points, and may god have mercy on your soul, okay.

Mostly Uncle Frank:

The third kind of poster are the ones that I have the most fun tweaking are those who are actually just posting to get strokes or affirmations, and those tend to fall into two categories. One of them is the humble brag. Look how well I'm doing Now. I have $10 million and I only spend $200,000, but I really have this dilemma over whether to buy these CDs or these Megas or something like that. Surely you can't be serious. I am serious and don't call me Shirley. Those people are not looking for advice, they're looking for affirmation, essentially for their hoarding behaviors.

Voices:

What's with?

Mary and Voices:

you anyway.

Voices:

I can't help it. I'm a greedy slob. It's my hobby.

Mostly Uncle Frank:

Save me, and I usually respond with. Well, looks like you're on the way to a golden coffin, so you probably need to start spending some of this money. And whether you're putting your excess cash in CDs, migas, buckets, ladders, flower pots or any other thing is kind of irrelevant and you already know your answers anyway. Oh, boy, I'm rich, I'm wealthy, I'm independent, I'm socially secure.

Voices:

I'm rich, I'm rich, I'm rich.

Mostly Uncle Frank:

Another kind of poster that also falls into this category is somebody who's actively looking for affirmation to do something bad or inadvisable, and usually it's buying too much of a house they can't afford or some other thing they want.

Voices:

Why have you slept with my love?

Voices:

Why? Because it's my birthday and I want it.

Mostly Uncle Frank:

Or they're having a fight with somebody in their family, their spouse or somebody else, and want somebody to say something in their favor that they can show them. The worst ones are always talking about their in-laws and what their in-laws are doing with their money and how it's going to affect their inheritances. These are people are just greedy as all get out.

Voices:

Oh no, you don't. You want my treasure. Well, it's mine. Understand All mine Down, down go go Mine.

Mostly Uncle Frank:

Anyway, I don't have any compunctions about taking those folks down a peg when they're making those kind of affirmation-seeking posts.

Voices:

I wonder how that crazy duck ever made out with that genie. Hey, what do you know? A poil it's mine. Understand Mine, mine, all mine, go, go, go, mine. Do you hear me?

Voices:

Oh, oh oh Mine, mine, mine, oh brother, only enough for me, oh sesame.

Voices:

I'm rich, I'm a happy miser.

Mostly Uncle Frank:

And then, finally, there's just active trolls and spammers, which actually have caused me to leave certain other groups that weren't sufficiently moderated, simply because you end up with anonymous posters, and then what are essentially sock puppets, or the same person posting under a different identification, promoting some idea or some political point of view or something else that actually probably doesn't even belong on a financial forum. You need somebody watching your back at all times. Or they're just looking for people to DM and sell things.

Voices:

A always BBC closing, always be closing.

Voices:

Always be closing.

Mostly Uncle Frank:

So anyway, whenever I'm reading posts on a group like that, I am always thinking which category does this poster actually fall into? Are they asking an honest question, or do they have some other motive for their post? So I'm glad you enjoy my advice there and thank you for your email.

Voices:

Talk Amada, do not implore him for compassion. Talk Amada, do not beg him for forgiveness. Talk Amada, do not ask him for compassion. Talk him out of it. Do not beg him for forgiveness. Talk him out of it. Do not ask him for mercy. Let's face it you can't talk him out of anything.

Mostly Uncle Frank:

Next off, there's an email from Jack.

Voices:

Here's Johnny.

Mary and Voices:

And Jack writes Hi Frank, I'm extremely concerned about inflation. Trump's tariffs are among the most stupid things I've seen.

Voices:

Almost as stupid as his stupid doors.

Mary and Voices:

It only brings pain to Americans and does nothing to solve anything. Crackdown on immigration is another huge inflationary policy. How do we protect our portfolios when tips don't work? Thanks, Jack.

Voices:

Wendy, I'm home.

Mostly Uncle Frank:

Well, jack, the short answer is there are a few things that do tend to perform better or well in inflationary environments, and we had a nice presentation from a Bloomberg researcher that I posted before. The last time I posted it was in episode 382, but I'll try and dig it out and post it again and post it again. But anyway, what it tends to show is that the things that work best in inflationary environments are things like managed futures commodities, value-tilted stocks, particularly those that are involved in hard assets or consumables and another category of things that I've personally found works pretty well is property and casualty insurance companies. That I've personally found works pretty well is property and casualty insurance companies. There is a fund called KBWP that holds those, although you can just hold the contents of that directly. We're talking about things like Allstate and Progressive and Chubb. Anyway, those things were up 10% in a year like 2022.

Mostly Uncle Frank:

You are correct that tips do not work to shield an entire portfolio from inflation. Tips only work when you compare them to nominal bonds or cash in an inflationary environment, but because they are bonds themselves, that tends to detract from any big performance that will actually outperform in some kind of inflationary environment. All you'll get out of them is treading water with the amount that is in them, and it won't help you otherwise. But now the bigger question is whether we're going to actually get sustained inflation or not, or whether it's going to come and go or how it's going to work. Because, yes, restricting the labor supply would be inflationary, but tariffs although there's a price shock involved, unless there are continuous more price shocks, as in the tariffs continuing to go up, you'll only get the one price shock in terms of inflation, but what you'll also get is just lower growth and potentially a deflationary environment, which is why the Smoot-Hawley tariffs were considered to be one of the parts of the Great Depression that really exacerbated it after 1930. Bueller.

Mary and Voices:

Bueller, bueller.

Mostly Uncle Frank:

Bueller. Bueller, because if you think of, say, 100 imported widgets selling for a dollar and you put a 100% tariff on them and now they cost $2 each, basic economics tells you that there's going to be a whole lot less people actually buying those things and it could be only half, in which case you have basically half the revenue going into the economy, the other half going to the government and you have basically a lower growth or deflationary kind of environment when that is spread over many goods and many other transactions. Now the only thing that seems to have thrived in these kind of environments that are sort of global chaos caused by governments is gold.

Voices:

I love gold.

Mostly Uncle Frank:

And that was true in the last two years of the first Trump administration and it's been true recently, because tariffs just make the United States just an unattractive place for people to want to do business or to invest their money.

Mostly Uncle Frank:

So, instead of putting it into US dollar denominated assets or US assets themselves, foreign parties and foreign central banks tend to put it in things like gold instead, at least until they figure out where else to put it. Which is this weird characteristic of gold? That it can do well both in excessively inflationary environments like the 1970s or deflationary environments like the early 2000s. And the only really common factor is that there's a lot of uncertainty in the world overall, and so a lot of people in a lot of countries would rather hold something like gold than try to figure out what to invest in, basically until the smoke clears, if you will. So this is a mess. Most portfolios are likely to do relatively better compared to growth stocks and other risk-on kind of assets, but I don't think this is going to be pretty for anybody until these governments get themselves in line and stop messing around with the free market.

Voices:

Basically, Are you crazy or just plain stupid?

Voices:

Stupid is stupid, does Mrs Bluth?

Mostly Uncle Frank:

I guess, Anyway, that's just where we are.

Mary and Voices:

That's not an improvement.

Mostly Uncle Frank:

And so thank you for your email Last off. Last off, an email from Javen.

Mary and Voices:

Fortune favors the brave.

Mostly Uncle Frank:

And Javen writes.

Mary and Voices:

Hi, Frank and Mary. As always, thank you for the great work you do in helping us become smarter investors.

Voices:

You're that smart.

Mary and Voices:

I'd love to get your take on Paul Merriman's best-in-class ETF recommendations. His emphasis on tilting toward small cap and value in the stock portion of a portfolio makes a lot of sense. Cue the cowbell clip.

Voices:

Guess what? I got a fever and the only prescription is more cowbell.

Mary and Voices:

However, his strong bias against growth is striking. Even his large cap blend fund choice is an advantageous ETF with a value tilt. I've heard you suggest a 50-50 split between large cap growth and small cap value probably provides the most diversification benefit. With that in mind, what do you think about using a mega cap growth fund like MGK instead of AVUS and a Merriman-style stock allocation to achieve better diversification? Portfolio Visualizer's asset correlation screener does show that MGK is significantly more diversified from the other components of a Merriman best-in-class ETF portfolio than AVUS.

Mostly Uncle Frank:

I know we're really splitting hairs here, but I'd it could work, based on historical performances of various value-tilted and size-tilted stocks both domestic and international, and he is really trying to focus on trying to outperform the S&P 500 in particular, both nominally and on a risk-adjusted basis. And where his original recommendations came from. In particular, the Merriman Ultimate Portfolio was an application of essentially what DFA recommends, which were the funds that his old financial advisory service used, and so that is an 8 to 10 fund portfolio, and this is all stocks. We're only talking about stocks here. We're not talking about bonds or anything else. After a conversation he had with Jack Bogle in like 2017, bogle said this looks great, but it's just too many things. Can you simplify it? And so he came up with a number of simplifications some four fund portfolios and then down to a two-fund portfolio, which for that one, he uses an S&P 500 fund and a small-cap value fund. But again, those are focused mostly on accumulation.

Mostly Uncle Frank:

Now the difference that I have is I am less focused on trying to beat the S&P 500 with combinations of funds and more focused on just getting better diversification with a few funds, with the idea that I'm going to assume that these funds are going to perform overall kind of like the S&P 500 or overall market, except if they have higher beta, they're going to have more volatility, but by using diversification principles, in particular what is known as Shannon's Demon. If you hold at least two very diversified assets and can rebalance them, and they have similar return profiles over time, you will get a better result by holding both of them and rebalancing them than you would out of holding either one alone. And so, for that purpose, holding a large cap growth fund with the small cap value fund gives you more of that diversification, even if it adds to some overall volatility of the portfolio. And this is particularly valuable when you're talking about putting things in a drawdown portfolio, where you want more of that diversification and potential rebalancing bonus. Now, as to the fund MGK, yeah, I ran that in test folio for comparison purposes with VUG, which is kind of the standard Vanguard large cap growth fund, and IWY, which is a Russell large cap growth fund, and they all perform very similarly, so they would be interchangeable. For the purpose that I'm using them for, I think IWY has the best characteristics overall of the three of them, but you can check them out Now.

Mostly Uncle Frank:

I can't tell you that any one of these large cap growth funds is going to perform better than AVUS, in particular, because AVUS has just not been around that long. I do doubt that AVUS is more diversified from a small cap value fund than MGK or any of the other large cap growth funds. But in a certain sense you may be splitting hairs here, because I know that they're going to have overlaps. I think AVUS is likely to perform more closely to, say, an S&P 500 fund like VOO. But yes, your last comment is App, we are really splitting hairs here. So any combination of what we've been talking about is probably going to work just as well as another one, and the thing is you can't tell a decade in advance which combination of these funds is going to perform best in the next decade.

Voices:

We don't know. What do we know? You don't know, I don't know, nobody knows.

Mostly Uncle Frank:

I will tell you that what I'm seeking to do is maximize diversification and hopefully that will maximize performance, whereas I think Paul Merriman is seeking to directly maximize performance through value-based selections or value-tilted selections. I think either way is going to work overall, so hopefully that helps and thank you for your email. But now I see our signal is beginning to fade. I see markets are attempting to rally again this Wednesday morning, but that didn't really work well yesterday. I'm not sure how well it's going to work today, but I would just remain calm and follow your rebalancing plans. Hopefully you own some gold and can be living off of that and planning to rebalance out of it and into these other things. In the meantime.

Mostly Uncle Frank:

If you have comments or questions for me, please send them to frankatriskparityradarcom. That email is frankatriskparityradarcom. Or you can go to the website wwwriskparityradiocom. Put your message into the contact form and I'll get it that way. If you haven't had a chance to do it, please go to your favorite podcast provider and like subscribe. Give me some stars, a follow or a view that would be great Okay.

Mostly Uncle Frank:

Thank you once again for tuning in. This is Frank Vasquez with Risk Parity Radio.

Voices:

Signing off.

Mary and Voices:

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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