Voices [0:01]

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

Mostly Mary [0:10]

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 [0:37]

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 [0:50]

Yeah, baby, yeah.

Mostly Uncle Frank [0:52]

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.

Voices [1:26]

Top drawer, really top drawer.

Mostly Uncle Frank [1:31]

Along with a host named after a hot dog.

Voices [1:34]

Lighten up Francis.

Mostly Uncle Frank [1:37]

But now onward to episode 438. Today, on Risk Parity Radio, we're just going to do what we do best here, which is attend to your emails.

Voices [1:47]

I could have told you that.

Mostly Uncle Frank [1:49]

But before we get to that, I wanted to remind you we are in the process of collecting comments to revamp our website. Just come up With our good friend Luke from Quebec, who is working on it.

Voices [2:03]

We have top men working on it right now? Who?

Mostly Uncle Frank [2:10]

Top men and we have posted an alternative website. So if you go to wwwriskparityradarcom and go up to the top right and click on Alt Site, you'll go to the alternative website, which is in demo mode, and if you would take a look at that and if you have comments on that, we'd appreciate receiving them. Please send the comments to the email frankatriskparityradiocom. That's frankatriskparityradiocom. We're currently collecting all the comments and we'll go through them in August and then revamp the website, okay team, let's get to work.

Mostly Mary [2:51]

Can we fix it? Yes, we can.

Mostly Uncle Frank [2:55]

But now without further ado.

Voices [2:57]

Here I go once again with the email.

Mostly Uncle Frank [3:01]

And First off. First off, we have an email from Brian.

Voices [3:06]

Hey, brian, care to place a wager?

Mostly Uncle Frank [3:09]

And Brian writes.

Mostly Mary [3:10]

Hi Mary. I sent the below through the web contact portal, then realized an email would be more appropriate. Thanks for all you do.

Voices [3:18]

Mary, mary.

Mostly Uncle Frank [3:19]

I need your huggin'.

Mostly Mary [3:22]

Hello, Uncle Frank. I just made my donation to the Father McKenna Center and a match to a similar organization in my hometown.

Voices [3:29]

Yes.

Mostly Mary [3:30]

I recently discovered you on the Afford Anything podcast. Thanks for your diligence in educating us all on the importance of risk parity and decumulation portfolios. My wife and I are 60-ish. She just retired and I will be working another two years until our son finishes college and we can downsize from our California-sized mortgage. We started decumulation this year at a conservative 3.8%. We would like to transition ASAP to a golden ratio style portfolio. Our current assets are primarily in pre-tax tax accounts using several different Merriman portfolios, a US for-fund and worldwide all-value with a 70-30 allocation. We have plenty of cowbell but no gold or alternative investments. We need to rebalance to more LCG, gold and alternatives. I can manage most of this and have started rebalancing to some managed futures most of this and have started rebalancing to some managed futures DBMF, lcg from LCV, reits and utilities. We have enough cash in these accounts to cover the next one and a half to two years.

Mostly Mary [4:36]

The issue I have is gold. I love gold. Since gold is a store of value rather than an appreciating asset and with its current highs I hesitate jumping into it for fear of getting OG over gold. Consider queuing OG over gold from the movie I'm Gonna Get you Sucker. While I understand market timing can be futile, are there other assets or funds we could consider transitioning into until gold is stable and hopefully, at a more reasonable price? Thanks, OG Brian.

Voices [5:14]

Cause of death. Looks like OG Over gold. Yeah, Any signs of foul play, Randy? No sir.

Mostly Mary [5:23]

Looks like a case of just too many gold chains.

Mostly Uncle Frank [5:26]

Well, first off, let me thank you for your donation 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 serves hungry and homeless people in Washington DC. Full disclosure I am on the board of the charity and I'm the current treasurer.

Mostly Uncle Frank [5:43]

But if you give to the charity, you get to go to the front of the email line and we are currently running a campaign called the Top of the T-Shirt Campaign that goes along with our Walk for McKenna that we described in episode 426. And it's a matching campaign because one of our listeners, matthew 63, has put up $15,000 in matching funds. So there are two ways to give. You can either go to the website the Father McKenna website I'll link to in the show notes, go to their donation page and donate online. If you do that, put a little note in the comment box that it is related to Risk Parity Radio. Or you can go to the website wwwriskparityradiocom, go to the support page and you can become a donor on Patreon, which is our monthly donors. Either way, I'll move you to the front of the email line and all of the emailers today are donors, and so they're all at the front of the email line.

Voices [6:44]

Top drawer, really top drawer.

Mostly Uncle Frank [6:47]

And just so you're aware, if you're not at the front of the line, the line is about two months long right now.

Voices [6:52]

It's like you're unraveling a big cable knit sweater that someone keeps knitting, knitting, knitting, knitting, knitting, knitting, knitting, knitting, knitting, knitting, knitting, knitting, knitting.

Mostly Uncle Frank [7:07]

I do plan to answer all of the emails of substance, but we'll get to them in due course.

Voices [7:15]

I have officially amounted to Jack you squat.

Mostly Uncle Frank [7:21]

Now, moving to your question. You're wondering about market timing gold. Yeah well, I probably wouldn't try to your question. You're wondering about market time in gold? Yeah well, I probably wouldn't try to do that.

Mostly Mary [7:30]

A crystal ball can help you, it can guide you.

Mostly Uncle Frank [7:35]

Because the way I look at portfolios and what we're doing here is, I think of it in terms of not months or years, but in terms of decades, and so to me it really doesn't matter whether you get into gold now or get into it within the next two years or something. If that's easier for you to stomach, then I would go ahead and put it on some schedule and build it out to what you want it to be. Or perhaps you could buy half of it now and then build out the rest as you go. The truth is that we don't know what gold is going to do in the next few years. Forget about it. Some decades it has gone nowhere, and other decades it has gone up fivefold.

Voices [8:14]

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

Mostly Uncle Frank [8:18]

Particularly the earliest decade of this century. At the moment it seems to be negatively correlated with both stocks and bonds, which seem to react negatively whenever there's talks of tariffs, whereas gold acts positively. But that's just the current environment. Overall it tends to go up and to the right, but not in any linear manner.

Voices [8:40]

You're insane gold member.

Voices [8:44]

And that's the way. Uh-huh, uh-huh, I like it.

Mostly Uncle Frank [8:47]

So there is really no predicting it. It is about as stable as it's been in the past few months, in that it's in this kind of trading range between $3,000 and $3,500. And it's possible it could break either way and I suppose we could ask our crystal ball what it thinks gold will do next.

Mostly Mary [9:06]

Now the crystal ball has been used since ancient times. It's used for scrying, healing and meditation.

Mostly Uncle Frank [9:15]

But you know what our crystal ball always says.

Voices [9:18]

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

Mostly Uncle Frank [9:24]

So my suggestion is that you move into it in an orderly fashion and, whether that's right away or over a relatively short period of time, like one to two years, it's going to be a coin flip as to whether that was the best choice or not.

Voices [9:38]

You can't handle the gambling problem.

Mostly Uncle Frank [9:41]

I do expect it will be higher than it is right now in ten years, though, if only because the dollar is a depreciating asset. So hopefully that helps. Thank you for your donation and thank you for your email.

Voices [9:56]

So, brian, we're even now right Ready to start a new life in England. I've got my money. Your wounds have healed up nicely. What do you say? We let bygones be bygones. Hmm, you shot me in both my knees, then lit me on fire, second off.

Mostly Uncle Frank [10:11]

Second off, we have an email from Gary Gary, please come back to me and Gary writes Hi Mary and Frank.

Mostly Mary [10:22]

I want to express my sincere gratitude for continuing this incredible and informative Risk Parody Radio project.

Voices [10:28]

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

Mostly Mary [10:34]

As an early listener, I'm still captivated and eagerly anticipating the valuable insights and clips you share.

Voices [10:40]

That is the straight stuff. Oh funk, master.

Mostly Mary [10:42]

That is the straight stuff, oh funk master In a gesture of appreciation and support for the Father McKenna Center.

Voices [10:51]

I recently contributed to the Top of the.

Mostly Mary [10:53]

T-Shirt campaign Groovy baby. For a long time I've embraced a highly diversified portfolio construction that closely resembles many of the Risk Parity Radio principles. I'm comfortable with the decent returns and relatively low beta associated with this approach. I have two questions for you. First, I'd like to delve deeper into your apparent aversion to tips. Have you ever been?

Voices [11:15]

in a Turkish prison.

Mostly Mary [11:17]

For an investor who seeks risk-averse bonds. Wouldn't tips provide an investor the principal's purchasing power against inflation? Wouldn't tips provide an investor the principal's purchasing power against inflation, especially when utilized in a bullet ETF laddered format, be beneficial? Second, and most importantly, I'd be honored if you could share your strategies and advice on raising a financial-savvy child into adulthood.

Voices [11:40]

Why? What have children ever done for me?

Mostly Mary [11:43]

I have a wonderful 10-year-old daughter named Zoe, and I can't wait for her to discover the surprise sound clip for her.

Voices [11:50]

Zoe Zoe, zoe, zoe, zoe.

Mostly Mary [11:56]

Uh, what's your last name? Again, I'm eager to gather the best resources and take the necessary steps now and in the coming years to foster her financial comfort and acumen. Thank you once again for your time and consideration. Best regards, gary.

Voices [12:12]

Gary, oh Gary. So did you hear any of that, or do I have to repeat myself?

Mostly Uncle Frank [12:22]

Well, thank you also for being a donor to the Father McKenna Center and our Top of the T-Shirt campaign. I'm glad you're an early listener and are still enjoying the podcast.

Voices [12:34]

Oh, barry, you are gonna finish your dessert and you are gonna like it.

Mostly Uncle Frank [12:41]

Now going to your questions. First you asked about tips. We haven't talked about these much in a long time.

Voices [12:50]

I want you to be nice until it's time to not be nice.

Mostly Uncle Frank [12:57]

They were a popular topic in years past and I will give you the list of episodes where we discuss them it's 85, 94, 129, 141, 142, 151, 164, 241, 244, 260, 288, 292, 297, and most recently in episodes 415 and 421. And I'll summarize this for you briefly. This also was alluded to in an article by William Bernstein that tips really do not have a good place in a diversified portfolio. If you are talking about portfolio construction, forget about it, because they don't do anything well.

Voices [13:47]

You had only one job.

Mostly Uncle Frank [13:50]

They really don't in terms of protecting a portfolio from anything. First of all, they're bonds.

Voices [13:55]

That's the fact. Yeah, that's the fact, yeah.

Mostly Uncle Frank [13:59]

They're not going to be great inflation fighters if their bonds they're just not, and they weren't in 2022. Tips funds went into the toilet with the rest of the bonds.

Voices [14:12]

And it's gone, poof.

Mostly Uncle Frank [14:16]

Go look up LPTZ, if you don't believe me, or TIP, because the truth is, the only thing they're preserving you from in terms of inflation is if you are comparing them to nominal bonds or to cash. And, in fact, if you compare a tip with a nominal bond, it is a bet, because a nominal bond has an estimate of future inflation built into it. That's the difference between the stated rate of the tip and the stated rate of the nominal bond. So, if you take those two things, if inflation is more than the nominal bond would suggest in the next period, the term of the bond yes, if inflation is more than that, then the tip would be better off. If inflation is actually less than what the nominal bond would have predicted, then you are worse off. Under no circumstances, though, does that protect any portfolio, a large portfolio from inflation.

Voices [15:10]

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

Mostly Uncle Frank [15:14]

If you want to protect a portfolio from inflation, get the assets that actually do that job and stop pretending that tips do a job that they do not do, they haven't done, and I don't care how many people say, oh well, tips are going to help you with inflation. No, they're not. They haven't done that in the past and they're not going to do that in the future.

Mostly Uncle Frank [15:34]

Forget about it in the future. Forget about it. If you want to protect a portfolio from inflation and have something that outperforms outperforms, doesn't just keep up outperforms during inflation you need something like managed futures or commodities, or certain kinds of value-tilted stocks like energy stocks or stocks that invest in things like property and casualty insurance companies that can pass inflation to their customers. And if you want to know how tips do it in deflationary environments, they can be really terrible in that environment too. In 2008, the main tips fund TIP went down 10%, whereas nominal bonds were up 10% went down 10%, whereas nominal bonds were up 10%, so they completely blew it as far as being a good bond was concerned.

Mostly Mary [16:24]

That's not an improvement.

Mostly Uncle Frank [16:26]

So I have to ask you, if you're putting this in your portfolio, what do you think they're doing? Are you just lying to yourself? Show me some data that shows that they're actually going to do what you say, or your friend, or whoever you're listening to, says they're doing, because to me, that's a symptom that that person really doesn't know what they're talking about. With respect to portfolio construction, they're not relying on data, they're relying on some theory in their head. As you can see, I really big one here, which is huge.

Mostly Uncle Frank [17:00]

So if you're talking about simply tips protecting against inflation compared with cash, and that's all you're talking about, that is really all you're talking about Okay, yeah, you win, but you're not supposed to be holding that much cash.

Voices [17:17]

Hello, hello, anybody home? I think, mcfly, you win, but you're not supposed to be holding that much cash. Hello, hello, anybody home? I think, mcfly. I think.

Mostly Uncle Frank [17:22]

If you're holding that much cash, you have a different problem. You have a cash drag. Stop holding so much cash and buy something else that actually can protect a portfolio from inflation, and it isn't going to be tips. Now, what are they actually good for? They are good for a specific role. If you are creating some kind of ladder of funds you expect to spend in the future and you're worried about inflation in that period of time, and so you don't want to hold cash, yes, you can put them in a ladder and they will fulfill that role against cash or other bonds, not against other assets. So if you want to have a bullet ETF laddered format or a laddered format of tips, my question is what do you want that for? What do you really want that for? Is it because you're otherwise be holding a big pile of cash? Okay, it's better than that. It's not better than a real portfolio.

Voices [18:20]

Fat drunk and stupid is no way to go through life, son.

Mostly Uncle Frank [18:24]

So, unless you're holding it for a very specific purpose and you are comparing it to something like other bonds or cash, it does not have a good role in a portfolio because it's not a very good bond and it's not a very good inflation fighter.

Voices [18:39]

You need somebody watching your back at all times.

Mostly Uncle Frank [18:43]

If you want something to do those jobs, you need to pick something else that actually does the job and doesn't pretend to do the job or just does the job in a commercial on TV.

Voices [18:55]

Removes embarrassing stains from conduit sheets that's right. And it entertains visiting relatives. In a commercial on TV, wife, it walks your dog and it doubles on sacks. It doubles on sacks. You can jump back jacks. See you later, alligator. See you later, alligator. And it steals your car, it gets rid of your gambling debts, it quits smoking. It's a friend, it's a companion. It's the only product you will ever need.

Mostly Uncle Frank [19:30]

All right, your second question Strategies and advice for raising a financially savvy child into adulthood.

Voices [19:37]

Zoe Zoe, zoe, zoe.

Mostly Uncle Frank [19:42]

Well, my first advice is be careful, because you have to approach different children differently. Some children are really interested in things like money and numbers and stuff like that.

Voices [19:53]

I'm out making some sweet moolah with Uncle Rico.

Mostly Uncle Frank [19:57]

And other ones just aren't. Ugh, and they may become interested in different things at different ages. When she's old enough, I would open her up a teen account at Fidelity I think is what they call it now Because I think it's just important for teenagers to be able to have such an account, to put money in it, to buy and sell things, regardless of what they are. Maybe she just wants to invest in companies she's interested in or buy something her friend heard about, or whatever it is. The point of that.

Mostly Uncle Frank [20:29]

Learning is just how to hold and operate one of these accounts, and then you can move on to more kinds of investing, in which case you might say some birthday money or some other money that you're going to give her and say, ok, we're going to invest this the way you probably should invest it, which is in a simple index fund and leave that alone, or a couple of index funds and leave that alone, and then you can have the rest of it and you can buy whatever you want. Just seeing the reaction to them with that is interesting, because some of them don't want to touch it. Other ones are interested in buying and selling all kinds of things and some of them just want to get the money out and buy something with it, but you don't know what you have until you try it out. If you will, I would say 10 is a little young for most children, but you never know. Some are more precocious and interested in these sorts of things.

Voices [21:22]

Oh, I get it, let me try.

Mostly Uncle Frank [21:25]

I did make an episode, number 208, which is for the beginning investor, although it's more directed at somebody who is starting their first job than a 10-year-old, but you might want to listen to that. It's a Wizard of Oz-themed program.

Voices [21:42]

Very well, I'll bide my time. And as for you, my fine lady, it's true I can't attend you here and now as I'd like, but just try to stay out of my way. Just try, I'll get you my pretty and your little dog too.

Mostly Uncle Frank [22:03]

Ha, ha, ha, ha, ha, ha, ha, ha, ha ha, I'll get you my pretty, and your little dog too. It will be important for her to learn about earning money at some point. That is also very difficult for a 10-year-old, but to the extent she can earn money money then you can open a Roth IRA for her and every time she earns a hundred dollars a year, a thousand dollars a year, whatever it is you can take a thousand dollars of your own money or whatever she made and put it in this Roth IRA, which also encourages children to start earning money all we need to do is get your confidence back so you can make me more money.

Mostly Uncle Frank [22:40]

Because basically you're getting a hundred percent parent match for it. But if you talk to her a little bit about it and she really doesn't seem that interested, that's okay, just let it rest. Come back to it next year she has plenty of time. It doesn't take that long to learn this stuff. You know, it's interesting if you listen to interviews of JL Collins, who wrote the Simple Path to Wealth. He said that he just pushed way too hard on this too early and really turned his daughter off to it, which led him then to write the Simple Path to Wealth. Knowing well, if she's not going to listen to me now, maybe when I'm gone she'll at least have this to read and then she'll know what I had to say about it. There is a relatively new book out called Once Upon a Fi by Paul and Amanda Malenkov. I'll link to that in the show notes. It's little fairy tales oriented towards monetary things.

Voices [23:33]

It's time for the grand unveiling of money.

Mostly Uncle Frank [23:37]

I have not read it. It may be a little bit below her grade level, but you never know, you could see whether that sparks an interest too. The one thing she probably does need to learn around this time is the concept of buyer's remorse. So make sure that she's got a little money that she's allowed to spend for herself and when she wants something she can buy it and then maybe think later on, maybe it wasn't worth the money. Because you want children to learn that lesson very early with small amounts of money, so that they're not learning it when they're in their 20s and they are being conned into buying expensive items that they really don't want or don't need. But really the only way to learn that is by actually having spent the money and then realizing that you didn't want that thing and now you don't have the money for something else. So if she doesn't have any money of her own right now, make sure you get some into her pockets.

Voices [24:32]

What has it got in its pockets?

Mostly Uncle Frank [24:38]

There are many other techniques for raising financially savvy children, some of which work well for some children and don't work well for others has been my experience. One of them is you can set up the bank of mom and dad, where they get some money and then they give it to you as a savings bank and you give them some amount of interest. Usually you set it relatively high, like 10% or something like that, so they can experience it growing. And there are others, but I'm afraid I don't remember all of them since I'm not very much of an expert on this topic.

Voices [25:09]

Inconceivable.

Mostly Uncle Frank [25:11]

So those are some ideas in a random order. Hopefully that helps at least a little. Thank you for your donation and thank you for your email.

Voices [25:22]

Gary, if only I could see you one more time so I could tell you how much I love you. If only I could hear you meow one last time, meow, yeah, like that.

Voices [25:36]

Last off.

Mostly Uncle Frank [25:38]

Last off of an email from Rob. Last off, last off, we have an email from Rob.

Voices [25:42]

No way.

Mostly Mary [25:44]

And Rob writes Thank you and Mary for hosting the show. I found your podcast just after retiring last year at 58 and have found it extremely helpful. I just listened to episode 436 and think this is one of the best shows and should be added to your required shows for new listeners.

Voices [26:03]

You are correct, sir.

Mostly Mary [26:05]

Yes 85% of my portfolio is in tax deferred accounts, invested in treasuries and investment grade corporates, with the rest of my portfolio in taxable accounts with substantial unrealized capital gains. I have an issue I am stuck with too much equity exposure and want to shift from my current 70% equity to 60% and increase my exposure in GLD and DBMF from 5% to 15%. But the tax pain. I would sell mostly VGT as I am way over concentrated on large cap tech. However, vgt is up approximately 150% and the tax hit will be significant 15% federal rate plus Virginia at 5.75%. I could sell some other investments but they are up approximately 100%. The combination of the tax hit and GLD's recent run-up in Ox has me frozen Any advice. Also, I donated to the Father McKenna Center through Fidelity just now. Thanks, rob from Richmond.

Voices [27:09]

What guy in a suit. No, it's a tax collector. Hide us SpongeBob.

Mostly Uncle Frank [27:16]

Well, thank you for also being a donor to the Father McKenna Center, rob. As for your question, yes, I'm taking it that you have all of your taxable accounts invested in these equities and you don't have any equities in the tax-deferred accounts, because obviously, if you had equities in the tax-deferred accounts, you could just sell those and buy the gold and DBMF in there. And with respect to DBMF itself, you probably do want to have that in a retirement account because it pays ordinary income, because there are no tax consequences for selling equities in a retirement account. But there are a couple things you can do, even in a taxable account. But there are a couple things you can do even in a taxable account.

Mostly Uncle Frank [27:57]

One would be to look at the tax lots, because you are not required to sell the oldest lot first, even though that's what it will do automatically. You need to work with your brokerage, but they generally have a way of identifying which lots and when you purchase them, and so the lots you are looking for are the ones that are at least a year old to qualify for long-term capital gains tax treatment, but not much older, and those will not have gains of 100% or 150%. They'll only have gains for what the past year was, and so the tax hit on those is not going to be that great at all. So if there are a series of those that you can sell now that are, say, a year old to two years old or three years old, that's how I would approach it in the first instance.

Mostly Uncle Frank [28:47]

The other way of approaching it is also, if you have new money going in, just use that to purchase the new assets and then, if you are getting dividends on anything and you should be getting some dividends and also some income in the retirement accounts that can also be used to purchase these other assets. Just make sure you're not having it automatically reinvested. You want to get it out into cash and then buy the alternative investment. But one or more of those methods are going to be your best bets for making this transition. I'm glad you liked episode 436, which was all about trying to get over fears of spending money in retirement. It seems to have been one of the favorites of our audience here at least of the recent episodes.

Voices [29:54]

But what's easy to do is what? Easy not to do? But walk away from the 90%. Don't go where they go, don't do what they do, don't talk like they talk. Develop you a whole new language, be part of the few.

Voices [30:07]

Guess when I went and got this little book, guess, when I went and got it the same day I heard about it. I went and got it. Somebody says well, mr own, does that make you different than most? Everybody else? The answers yes. Somebody says well, why is that? We don't know. What do we know? You don't know, I don't know, nobody knows. All we know is some get the spark and say I'm gonna change my life, I'm gonna change my health, I'm gonna change my relationship with my family, I'm gonna change everything. And if it starts with an apple, if it starts with a walk around the block, if it starts with a book, if it starts with a journal, whatever it starts with, I'm a candidate. I'm ready to go and change my life. I invite you on that journey. Once you look back on it, you will never turn back. You'll never go back to the old ways and the old language and the old neglect, never.

Mostly Uncle Frank [31:00]

And hopefully that helps. Thank you for your donations and thank you for your email, but now I see our signal is beginning to fade. Looks like this weekend we'll be having a rebalancing episode, which we do once a year. We rebalance the first four sample portfolios.

Voices [31:20]

Boring.

Mostly Uncle Frank [31:22]

So we'll be going through that and I'm not sure we'll have time for emails, but if we do, we will put in some more donor emails, because we've got a few more lined up here In the meantime. If you have comments or questions for me, please send them to frankatriskpartyradiocom. That email is frankatriskpartyradiocom. Or you can go to the website, wwwriskpartyradiocom. 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, a review. That would be great.

Mostly Mary [31:56]

Okay.

Mostly Uncle Frank [31:58]

Thank you once again for tuning in.

Voices [31:59]

This is Frank Vasquez with Risk Party Radio signing off. How do we do it? How do we do it? How do we do it? How do we do it? We need your business. We're going out of business. We'll give you the business. Get on the business and the going out of business sale. Receive our free brochure. Free brochure, batteries not included. Send before midnight tomorrow. Terms available Step right up, step right up, step right up. You got it, buddy. A large print give us and a small print take us away. Step right up. You can step right up. You can step right up. Come on, step, stay proud of me, get away from me. Kid, you're welcome. Stay proud of me, stay proud of me. Stay proud of me. Come on, come on, come on, come on, come on, it's the bridal. You can say bridal. Come on, it's the bridal.

Mostly Mary [33:43]

Oh, it's the bridal. 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.