Mary and Voices [0:01]

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

Mostly Uncle Frank [0:10]

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

Mary and Voices [0:17]

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 [0:38]

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

Mary and Voices [1:23]

What we do have is a little free library of updated and unconflicted information for do-it-yourself investors.

Mostly Uncle Frank [1:29]

Now who's up for a trip to the library tomorrow? So please enjoy our mostly cold beer served in cans and our coffee served in old chipped and cracked mugs, along with what our little free library has to offer. But now onward, episode 426. Today on Risk Parity Radio, it's time for our weekly portfolio reviews. Of the eight sample portfolios you can find at wwwriskparityradiocom on the portfolios page, and we also have some emails.

Mary and Voices [2:08]

Groovy baby.

Mostly Uncle Frank [2:10]

But before we get to those, I have a little announcement to make A campaign, if you will. Surely you can't be serious. I am serious and don't call me Shirley, as most of you know, because I say it all the time, we do not have any sponsors on this podcast because it's a retirement hobby, but we do support a charity called the Father McKenna Center that supports hungry and homeless people in Washington DC. Now, the Father McKenna Center is a relatively small operation as far as charities is concerned. Our budget is only about $1.5 million a year. We only have about six actual employees, but we do have tremendous leverage in that our space is provided by the school, gonzaga High School, which owns the church and the basement where our center is located, and so we do not have to pay any overhead for that. And we also have about a thousand volunteers that work at the center every year, and they are mostly high school students and college students.

Mostly Uncle Frank [3:13]

We are also now getting some interns from people who are studying social work and related fields to supplement our people power. All this is to say we are extremely efficient at the services we provide with the money that we do get in, and we serve thousands and thousands of meals and have a food pantry that serves many families and have other ancillary functions, including medical clinic volunteers, legal clinic volunteers, and we even have a financial literacy class going on there. Right now, we rely mostly on donations from individuals because we do not receive any government support. We're not really big enough for that to make sense and many of you have been extremely generous and I really wanted to thank you first, because I never actually expected this podcast to be able to raise the kind of money it has raised for the center.

Mostly Uncle Frank [4:09]

Surprise, surprise surprise, but I have one listener who contacted me recently with a proposal and he wishes to remain anonymous. I have no name, so I'm going to give him a name anyway. We're going to call him Matthew 63. And that's code for something. We'll see how many of you can figure that out. It's not too hard. But Matthew 63 proposes to give $15,000 to the center as matching funds, matching the other donations that we receive now from our listeners at Risk Parity Radio, and so we are starting a matching campaign to match that $15,000.

Mostly Uncle Frank [4:51]

We decided to call it the Top of the T-Shirt Campaign. Why are we calling it that? Okay, so our major fundraiser for the year is a walk for McKenna that we hold in September of each year, but we collect the major donations for the walk in the summertime and the major donors get to have their names and logos put on the t-shirt that we give to everybody who's walking, and the more you give, the higher on the t-shirt your logo and name is going to be. Now, usually that top spot is occupied by a local Irish pub near the McKenna Center who's been a great sponsor, and that is called the Dubliner.

Mostly Uncle Frank [5:33]

If you're ever in DC on Capitol Hill, you should definitely go to the Dubliner. It is an institution on Capitol Hill but we want to get Risk Parity Radio up to the level of the Dubliner and if we get all the matches for the $15,000, we will certainly be at that level, because $15,000 is a lot of money for us. It is 1% of our annual budget and $30,000 would be 2% of our annual budget, which would be huge, a really big one here, which is huge. So I am inviting you to participate in the top of the t-shirt campaign and you will have to hear about it periodically from now until we raise the money. So maybe that's incentive to give it right away. We can get it over with, I don't care about the children I just care about their parents' money.

Mostly Uncle Frank [6:25]

So if you would like to participate in it I hope you do the easiest way would be to go to the Father McKenna website and go to the donation page and when you fill out your donation and you can donate by credit card or check or donate shares, many other ways, but there's a little box there for like a dedication or something, and if you just put in Risk Parity Radio or Risk Parity Radio Match or just something in there to flag it, we'll be able to count the donations that way and I'll go ahead and make sure you get another copy of that memo, okay, and then we will ask Matthew 63 to double it, as he has pledged.

Mary and Voices [7:03]

Show me the money, jerry, you better yell. Show me the money, show me the money, show me the money.

Mostly Uncle Frank [7:12]

Do you love this black man? I love the black man.

Mary and Voices [7:16]

Show me the money. I love black people. I love black people.

Mostly Uncle Frank [7:22]

And so thank you very much for your past and future support.

Mary and Voices [7:26]

Top drawer, really top drawer.

Mostly Uncle Frank [7:30]

But now let's get to some of those emails, and so, without further ado, here I go once again with the email. And First off. First off, we have an email from Pete.

Mary and Voices [7:45]

I got a little rabbit in this hole and I'm going to catch the little rabbit and eat him up.

Mary and Voices [7:55]

And Pete writes Frank and Mary, I thought I'd share the results of my efficient frontier exploration with you and your audience. I used Testfolio to try and maximize the compound annual growth rate and minimize the maximum drawdowns in volatility of various equity allocations, ranging from 45 to 85 percent. To smooth out the volatility of equities, I explored differing percentages and combinations of gold, managed futures and strips. A couple of observations. One I used QQQ to represent US large-cap growth and replicated TQQQ to make room for alternative assets in the portfolio. I also used US small-cap value and international small-cap value equities.

Mary and Voices [8:39]

Two at higher 75% and above equity allocation, gold ceased to provide meaningful ballast versus managed futures and strips. Technically, gold didn't provide special diversification at lower equity levels either, but I preferred having an additional asset with a much lower expense ratio than managed futures. Three at 85% equity, I struggled to minimize drawdown and volatility to better levels than a typical 60-40 portfolio with a total market equity fund. Four I struggled to minimize drawdown and volatility to better levels than a typical 60-40 portfolio with a total market equity fund. Four I was surprised by two things the impressive performance of only 45% equities and how, smoothing out the ride through the 01 tech bubble and 08 great recession, greatly improved long-term returns in all portfolio iterations Five.

Mary and Voices [9:24]

My wife wasn't nearly as excited about my portfolio tinkering results as I expected. I could have told you that. I mean, I didn't even get a single come-hither look. Apparently sharp ratios have the same sex appeal as renaissance festivals. As an aside, I asked Tyler at Portfolio Charts about possibly using the SockGen CTA index to replicate managed futures on his site. Fingers crossed, de opresso, lieber Pete.

Mostly Uncle Frank [10:07]

How many lumps do you want?

Mary and Voices [10:09]

Oh, three or four.

Mostly Uncle Frank [10:17]

Well, I took a look at what you've done here and I will link to it in the show notes you have a gambling problem. I always enjoy watching my listeners play around with leverage. I command that you shoot me now.

Mary and Voices [10:33]

No.

Mostly Uncle Frank [10:36]

And I like the names you gave of the portfolios. Pete named them Apple Pie, berry Pie, cherry Pie and Double Razzleberry Pie and then compared them with a 60-40 portfolio, and they all trounced the 60-40 portfolio. But I thought what was most interesting is that the max drawdown for all of these portfolios was less than 30%, whereas the max drawdown for the 60-40 portfolio was about 59%. For this data set and the big winner, of course, was the one with the most leverage, the double Razzleberry Pie portfolio, which had a compounded annual growth rate of in excess of 17%. So all of you leverage jockeys out there will want to check this out.

Mary and Voices [11:22]

Oh, there it is, Winner, winner chicken dinner.

Mostly Uncle Frank [11:29]

But do not expect it to impress your significant other. Do you think anybody thinks I'm a failure because I go home to Starla at night? Forget about it, because risk parity style portfolios do not make good aphrodisiacs, even with leverage in them, and probably are more akin to renaissance festivals. And I guess, finally, you mentioned asking Tyler to use the SockGen CTA index to replicate managed futures on his site. I feel bad for Tyler. I think he gets an awful lot of these requests that he's done so much work for free.

Mostly Uncle Frank [12:37]

If I were him, I'd probably say something like this I don't think I'd like another job and I'm not sure where he would get that data Maybe from AQR, somewhere like that. I know that Testfolio does have simulated data for KMLM, at least going back to the early 1990s, but I don't know of anything that goes all the way back to the 1970s. At least that's easily accessible. But then again, I haven't really looked because I don't want that job either. It's not that I'm lazy, it's that I just don't care. But thank you always for your participation, pete, you are one of our loyal regulars at the bar here.

Mary and Voices [13:17]

Morning everybody. Hey what's going onie.

Mostly Uncle Frank [13:22]

And thank you for your email. Second off. Second off, we have an email from Kevin. Feeling seven up, I'm feeling seven up. Feeling seven up, I'm feeling seven up.

Mary and Voices [13:51]

It's a crisp, refreshing feeling Crystal, clear and light.

Mostly Uncle Frank [13:55]

America's drinking seven up and it sure feels right, Feeling lucky seven.

Mary and Voices [14:01]

Kevin, stop singing man. Huh, I was a singing guy.

Mostly Uncle Frank [14:06]

And Kevin writes.

Mary and Voices [14:09]

Mr Frank, fama and French's research uncovered several factors, like value and size, that historically generated excess returns. Yet, over time, the alpha from these factors appears to have diminished. Factors appears to have diminished, given that markets evolve and inefficiencies tend to shrink. Once widely recognized, why do so many investors still believe in factor investing as a long-term strategy? If these factors were true sources of outperformance, shouldn't they persist regardless of discovery? Or is it simply a case of arbitrage, eroding the edge? Thank you, kevin. I do my best. Thinking on the bus. That's how come I don't drive? See, you don't even know how to drive. I don't want to know how. I don't want to learn. See, the more you drive, the less intelligent you are.

Mostly Uncle Frank [15:03]

Well, Kevin, I'm not sure what you're saying is true. At least if you ask people like Larry Suedro and Ken French himself, they would say what you're saying is true. At least if you ask people like Larry Suedro and Ken French himself, he would say what you're saying is not true. And the reason they would say that is there has not been enough data to make any pronouncements about the edge going away. Ken French would say that 10 years of data is just noise and you need something like 25 to 30 years of data just to have anything that is within the realm of statistical significance. But he'd even say that in order to actually determine, say, whether a manager can outperform the market, you would need something like 64 years of data. I'll link to an interview of him recently by Memfavor in the show notes.

Mostly Uncle Frank [15:49]

But if you research this, you will find endless articles taking both sides of this and some also distinguishing whether they think the value factor is less useful these days or the size factor is less useful these days. I think the size factor gets picked on more often than the value factor these days. But from my perspective and what we are trying to do here, this whole discussion completely misses the point and I've spoken about this in episode 401 recently and another recent episode the reason we want to split our stock holdings into growth and value and probably include some small cap value on that side, is not because we think it's going to outperform the market. And let's be clear, we do not have small cap value funds in these portfolios because we think they're going to outperform the market.

Mary and Voices [16:41]

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

Mostly Uncle Frank [16:45]

The reason we have them in our portfolio is for diversification purposes. That is the straight stuff, oh funk master. That's why we want a portfolio where the stocks are half growth and half value. And so you can just look at the bad years and what happens to growth and value in bad stock years Most recent one, 2022,. Growth stocks down, over 30%. Value stocks some of them, were up. They were from minus 10% to plus 10%.

Mostly Uncle Frank [17:15]

If you have those two things together and you rebalance them, you will get a rebalancing bonus. It's better than holding either one or the other, and this is a bedrock principle of diversification and rebalancing. That's called Shannon's Demon. I will link to it in the show notes again. It's named after Claude Shannon, the father of information science, so it's about as ironclad as anything, and what it says is that if you have two assets that have the same basic long-term performance but they are uncorrelated, or at least not fully correlated, you are better off holding some of each of those assets 50-50 if their long-term performance is the same than you would holding either one of them, simply because, as time goes on, you can rebalance them, and so you are always going to be selling one high and buying the other one low Buy, low sell, high Fear. That's the other guy's problem. And that combination portfolio will outperform either one of them individually.

Mary and Voices [18:20]

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

Mostly Uncle Frank [18:24]

So it is not a requirement for our portfolios to work for small cap value to outperform the rest of the market, because we're only holding part of our portfolio in that and we are holding the rest of the market in the other side of it or the other side of the market, which means that we're going to win either way, but we're going to win even more because we have a diversified portfolio. When you're talking about diversifying stocks, the question is how do you slice up the market? That's the real question how do you slice up the market to get the best diversification? And while you can do it by sectors or all kinds of other metrics, growth versus value works really well. When you're talking about trying to get a higher safe withdrawal rate and you'll see this when Bill Bengen's new book comes out in August that the new portfolio he suggests has a lot of value in it, which is why it has a higher safe withdrawal rate than the old 4%. The one he's suggesting is 4.7%, but it's actually more complicated than something like the golden butterfly or golden ratio.

Mostly Uncle Frank [19:31]

But the other problem you have here, kevin, is it just a logical one, in that it is not sufficient for you to say that it seems like the premium has gone away.

Mostly Uncle Frank [19:42]

You need to actually say what is the best holding for you to have for whatever you're trying to do. I assume it's have the highest performance over time, and if you're just looking at the past 10 or 15 years, that would be large cap growth stocks and tech stocks. But I don't know of anybody that's running around saying that the last 10 or 15 years has proved that large cap growth stocks and tech stocks are going to outperform the rest of the market forever, and that's been established now. But that is basically what you are trying to argue, and so if you really want to do something productive, you're going to have to prove that up, because the question is not in your mind whether these factors work as well as they did in the past, but what in fact, are you supposed to hold? That was the equation, because disproving one thing does not prove something different. So that's just a logical fallacy you're dealing with there.

Mary and Voices [20:38]

You come in here with a skull full of mush and you leave thinking like a lawyer.

Mostly Uncle Frank [20:45]

So the short answer to your question why do many investors still believe in factor investing as a long-term strategy? It's because there's still a lot of data that supports that, and you can listen to Ken French or Larry Swetter or any other number of very well-qualified academics and investors who will tell you that. That's why people continue to believe that you can't handle the truth. But I don't need to know the outcome of that debate to make a good and useful decision about how to use these factors in a risk parity style portfolio for diversification purposes. Hopefully that helps and thank you for your email.

Mary and Voices [21:24]

Night Watchman Pomona.

Mostly Uncle Frank [21:25]

Yep.

Mary and Voices [21:27]

Asbestos worker. City of industry. Yep, french fry maker city of industry, yep. French fry maker Agora. That's absurd. Yeah well, you think it's funny, huh?

Mostly Uncle Frank [21:35]

There's room to move. As a fry cook man, you know, I could be manager in two years, king.

Mary and Voices [21:43]

God. You know, Kevin, I had this wild dream the other night. What it was with you and me and we were working in this sleazy motel down in Miami Florida and we were bellhops and we were 65 years old. It was so real. It was real, it was realistic, yeah.

Mostly Uncle Frank [22:09]

And then what you woke up in a puddle Last off. Last off we have an email from Dale. I'm Chip, I'm Dave, we're just a couple of crazy rascals out to have some fun.

Mary and Voices [22:29]

And Dale writes Is there a downloadable spreadsheet for these portfolios? I stumbled across your podcast today and thought it was great. I love the movie quotes. My wife rolls her eyes when I quote movies all the time. Love it, dale.

Mostly Uncle Frank [22:47]

I know what you're thinking. Did he fire six shots or only five? Well, to tell you the truth, in all this excitement I've kind of lost track myself. But, ian, this is a .44 Magnum, the most powerful handgun in the world, and would blow your head clean off. Well, dale, thank you for appreciating the gratuitous entertainment that we provide, in addition to the financial knowledge, to the financial knowledge.

Mary and Voices [23:18]

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

Mostly Uncle Frank [23:24]

Now you ask if there was a downloadable spreadsheet for these portfolios. The answer is no, there is not. Not going to do it Wouldn't be prudent at this juncture. I'm afraid you get what you get here. That's all you get, because this podcast is a retirement hobby for me and I do not wish to expand it in any way that would require more time or effort than it requires right now. And you won't be angry. I will not be angry, but I think it's simple enough to take the tickers down and put them in a spreadsheet. My eldest son also tells me that there is a function in Google Spreadsheets that will actually bring the prices of the assets into the spreadsheet automatically. I don't know how to use that. Either Are you stupid or something, but I think you can simply take the tickers off of the website and do your own thing with them, and I would suggest you do those things at Portfolio Visualizer, portfolio Charts and Testfolio. Check out what Pete has done. There's a lot of nice new tools over there for do-it-yourself investors and a lot of really long data sets as well for many of the tickers.

Mostly Uncle Frank [24:40]

But the ticker itself is the last thing you should be concerning yourself with when you are doing portfolio construction. When you're doing portfolio construction, first you have to think about what the goal of the portfolio is, and then you should be looking at broad asset classes or subclasses as the things you are manipulating or trying to decide how much of this or that I want to have. I'm talking about things like large cap growth or small cap value or international value or gold or intermediate treasury bonds, and you need to make sure you're doing it at that level, because a lot of the older calculators I'm talking about things like Seafire or FIRECalc only had very limited broad asset classes like stocks or bonds or cash. That kind of calculator is not useful for this. It doesn't have enough features. So you do need to be using something that distinguishes asset classes, like a portfolio visualizer or a portfolio charts for any of this work.

Mostly Uncle Frank [25:43]

So you construct your portfolio using the asset class descriptions or sub-asset class descriptions, and only after you figure those out do you then go looking around for well, which ticker am I going to use for my large cap growth or my small cap value, and how does it fit together with the other ones I have chosen? And so when you do look at the portfolios on the website, those tickers are not magical. Those are just representatives of one ticker in an asset class that is either widely used and or is cheap. Usually the criteria that you're looking for. You're looking for something that is indexed in some way and is relatively inexpensive compared to the other choices in the asset class, but there is nothing magical about any of those tickers per se and, given the era we live in, where we have multiple ETFs for everything, there are many good choices out there.

Mostly Uncle Frank [26:41]

When it comes to the specific tickers you are using, I would use ETFs whenever possible and not mutual funds, because they are more efficient and they are portable, and there's no reason not to be using them in the era we live in, which we have no fee trading and fractional shares, which we didn't have prior to 2020. So the mutual fund is pretty much obsolete at this point and should only be used if you have to. That doesn't mean I would sell the old ones if it's going to cause you tax headaches. I'm just talking about going forward. Anyway, that was probably more than you wanted to hear about that. I will continue to pepper you with movie quotes and other quotes for your entertainment.

Mary and Voices [27:23]

Who wants an orange whip? Whip, orange whip, three orange whips and thank you for your email.

Mostly Uncle Frank [27:31]

You're a dinosaur, callahan. Your ideas don't fit today. You know who you're talking to. You know my record. Yeah, you're a legend in your own mind.

Mary and Voices [27:45]

And now for something completely different. What is that? What is that? What is it? Oh no, not the bees, not the bees. Ah, I don't love my eyes. My eyes, ah, ah, I love my eyes, my eyes, ah, ah.

Mostly Uncle Frank [28:04]

And the something completely different is our weekly portfolio reviews of the eight sample portfolios you can find at wwwriskprioritycom on the portfolios page. Actually, it wasn't that bad this past week, it just wasn't very good. Looking at the markets so far this year, the S&P 500, represented by VOO, is down 0.85% for the year. The NASDAQ 100, represented by QQQ, is down 0.24% for the year. Small cap value, represented by the fund VIOV, is the big loser still this year. It's down 12.83% for the year. But gold continues to be the big winner I love gold representative fund gldm is up 28.04 for the year.

Mostly Uncle Frank [28:49]

I think it went up like six or seven percent last week, nearing all-time highs again and that's the way.

Mary and Voices [28:57]

Uh-huh, uh, uh-huh.

Mostly Uncle Frank [28:58]

I like it. Okay, see you on the Sunshine Bond. Long-term treasury bonds represented by the fund VGLT are down 1.16% for the year. Wreaths, represented by the fund REET, are up 1.44% for the year. Commodities, represented by the fund PDBC are down 1% for the year. Preferred shares, represented by the fund PFFV are down 0.66% for the year. Preferred shares represented by the fund PFFV are down 0.66% for the year and managed futures are still managing to be down, although not as much. Representative fund DBMF is down at 2.49% for the year so far.

Mostly Uncle Frank [29:32]

Moving to these portfolios, they're all up marginally for the year, except for the one that's not very well diversified. But the first one is the All Seasons. This is a reference portfolio. It's only 30% in stocks and a total stock market fund VTI, 55% in intermediate and long-term treasury bonds, 15% in gold and commodities and it's down 0.27% for the month of May. It's up 1.83% year-to-date and up 10.54% since inception in July 2020.

Mostly Uncle Frank [30:05]

Moving to our bread and butter risk parity style portfolios, first one's Golden Butterfly. This one is 40% in stocks in a total stock market fund and a small cap value fund, 40% in treasury bonds divided into long and short, and 20% in gold. It is down 0.87% month to date. For the month of May, it's up 3.13% year to date and up 38.12% since inception in July 2020. Next one's the golden ratio.

Mostly Uncle Frank [30:33]

This one's 42% in stocks divided into a large cap growth fund and a small cap value fund, 26% in long-term treasury bonds, 16% in gold, 10% in managed futures and 6% in cash in a money market fund. It's up 1.21% for the month of May and it's up 1.33% year-to-date and up 31.69% since inception in July 2020. Next one's the risk parity ultimate our kitchen sink. I won't go through all 15 of these funds, but the crypto is doing really well again these days. We'll probably be taking a distribution out of that for June. For the month of May, it is up 0.79%. It's up 1.21% year-to-date and up 21.14% since inception in July 2020. And now we're moving to these experimental portfolios that all involve leveraged funds and are all over the map. Don't try this at home.

Mary and Voices [31:29]

Look away, I'm hitting you.

Mostly Uncle Frank [31:32]

First one's the accelerated permanent portfolio. It is 27.5% in a leveraged bond fund TMF, 25% in a leveraged stock fund Upro, 25% in PFFV, a preferred shares fund, and 22.5% in gold. It's down 1.96% month to date. It's down 0.36% year to date and up 0.66% since inception, july 2020. Next one's the aggressive 50-50. This is the most levered and least diversified of these portfolios and it shows it's one-third in a levered bond fund TMF, one-third in a levered stock fund UPRO and the remaining third divided into a preferred shares fund and an intermediate treasury bond fund. It's down 2.41% month-to-date for the month of May. It's down 8.17% year-to-date and down 19.12% since inception in July 2020.

Mostly Uncle Frank [32:26]

Next one's the levered golden ratio. This one is 35% in a composite fund called NTSX that's, the S&P 500 and treasury bonds, 20% in gold GLDM, 15 percent in a international small cap value fund, avdv, 10 percent in KMLM, which is a managed futures fund, 10 percent in TMF, a levered bond fund, and the remaining 10 percent divided into UDOW and UTSL, which are levered funds that follow the Dow and Utilities indexes. It's up 1.43% for the month of May. It's up 3.93% year-to-date and down 0.67% since inception in July 2021. And the last one and newest one is the Optra portfolio. It's a return-stacked kind of portfolio.

Mary and Voices [33:15]

It is 16% in a levered stock fund.

Mostly Uncle Frank [33:17]

It is 16% in a levered stock fund, Upro, 24% in a worldwide value fund called AVGV, 24% in GOVZ, a government treasury strips fund, and the remaining 36% divided into gold and managed futures. It's up 1.59% for the month of May. It's up 1.38% year-to-date and up 4.33% since inception in July 2024. And that concludes our portfolio reviews for the week. I guess we'll be talking about distributions for June when we get to this next weekend, but now I see our signal is beginning to fade. If you have comments or questions for me, please send them to frank at riskparityradarcom. That email is frank at riskparityradarcom. Or you can go to the website wwwriskparityradarcom. 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. Follow review. That would be great, Okay, Thank you once again for tuning in. This is Frank Vasquez, with Risk Party Radio signing off.

Mary and Voices [34:52]

Tell me where is Gandalf, for I much desire to speak with him About Rokof Morkoth. What do you say Now, taking the hobbits to Isengard, Struggle for gold.

Mostly Uncle Frank [35:02]

I'm taking the hobbits to Isengard Struggle for gold. I'm taking the hobbits to Isengard. I'm taking the hobbits to Isengard. I'm taking the hobbits to Isengard Struggle for gold. They know and never come back, back, back, back, back, back, back, back, back, back, back, back, back, back, back, back, back back. Come back, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks.

Mary and Voices [35:20]

Sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks, sparks 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.