In this episode we answer emails from Katie, Sean, Glen, Anonymous and Kelly. We discuss our matching campaign for the Father McKenna Center (rolled out in Episode 426), the BOXX ETF and the Rorschach test it presents, direct indexing, Risk Parity Chronicles, and the real purpose of Financial Independence and how to win at retirement and life.
Links:
Father McKenna Center Donation Page: Donate - Father McKenna Center
Interview of Wes Gray about BOXX and other tax strategies: Episode 70: Dr. Wes Gray discusses the unique tax benefits of ETFs and other topics of interest, host Rick Ferri | Bogleheads On Investing Podcast
KBWP at Morningstar: KBWP – Invesco KBW Property & Casualty Ins ETF – ETF Stock Quote | Morningstar
Risk Parity Chronicles on YouTube: Risk Parity Chronicles - YouTube
The Life of Catherine McAuley: Catherine McAuley
Breathless Unedited AI-Bot Summary:
Money without purpose is just numbers in an account. Financial independence isn't the finish line—it's the starting point of a more meaningful journey.
In this deeply personal episode, Frank Vasquez tackles sophisticated investment strategies while unveiling the philosophical underpinnings of his approach to wealth. He examines the tax-efficient BOXX ETF, explaining how it allows investors in higher tax brackets to potentially convert ordinary income into more favorable long-term capital gains. Drawing on insights from Alpha Architect's Wes Gray, Frank positions this strategy within the evolving landscape of personal finance technology, contrasting innovators against those clinging to outdated viewpoints.
The conversation shifts to direct indexing—a strategy where investors replicate indices by purchasing individual securities rather than funds. Frank cuts through the marketing hype, offering practical guidance on when this approach makes sense (primarily for those in higher tax brackets) and when it's simply not worth the complexity. His personal experience with property and casualty insurance companies demonstrates selective implementation without paying unnecessary fees.
Most powerfully, Frank shares the story that shaped his retirement philosophy—his aunt Sister Francine of the Sisters of Mercy. This "firebrand and hellraiser" ran schools and soup kitchens, challenged the wealthy to contribute more, and built deep community connections. When she died without money or fame, her funeral filled a cathedral with mourners—the ultimate testament to a life well-lived.
What's the purpose of saving all that money if not to create meaningful impact? How might your financial independence serve something greater than account balances? Listen and reconsider what truly constitutes "winning at life."
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Voices (00:01):
A foolish consistency, is the hobgoblin of little minds
, adored by little statesmen andphilosophers and divines.
If a man does not keep pacewith his companions, perhaps it
is because he hears a differentdrummer.
Mostly Mary (00:17):
A different drummer and now, coming to you from
dead center on your dial,welcome to Risk Parity Radio,
where we explore alternativesand asset allocations for the
do-it-yourself investor,Broadcasting to you now from the
comfort of his easy chair.
Here is your host, FrankVasquez.
Mostly Uncle Frank (00:37):
Thank you, Mary, and welcome to Risk Parity
Radio.
If you are new here and wonderwhat we are talking about, you
may wish to go back and listento some of the foundational
episodes for this program.
Voices (00:50):
Yeah, baby, yeah.
Mostly Uncle Frank (00:52):
And the basic foundational episodes are
episodes 1, 3, 5, 7, and 9.
Some of our listeners,including Karen and Chris, have
identified additional episodesthat you may consider
foundational, and those areepisodes 12, 14, 16, 19, 21, 56,
(01:13):
82, and 184.
Whoa, and you probably shouldcheck those out too, because we
have the finest podcast audienceavailable.
Mostly Mary (01:26):
Top drawer, really top drawer.
Mostly Uncle Frank (01:31):
Along with a host named after a hot dog.
Voices (01:34):
Lighten up Francis.
Mostly Uncle Frank (01:37):
But now onward, episode 427.
Today, on Risk Parity Radio,we're just going to do what we
do best here, which is tend toyour emails, and so, without
further ado, here I go onceagain with the email.
And first off.
First off, we have an emailfrom Katie she called for.
Voices (01:59):
Katie left me a new to ride.
Mostly Uncle Frank (02:04):
Katie left me and you to ride, and Katie
writes.
Mostly Mary (02:11):
I love the podcast and have learned so much from
you.
Thank you for picking up thislittle hobby of yours.
Voices (02:17):
You are talking about the nonsensical ravings of a
lunatic mind.
Mostly Mary (02:23):
I heard you mention the anonymous donor who is
matching up to $15,000.
I contributed $50 today andnoted in the in honor of box
that the donation was in honorof risk parity matching and in
honor of my dad, who would havesupported the center's work.
Too Sweet.
I am asking my company if theywill also match, but that
process takes a while.
(02:44):
They are usually prettygenerous and that is why I would
not like another job.
Mostly Uncle Frank (02:49):
Looks like you've been missing a lot of
work lately.
I wouldn't say I've beenmissing it, Bob.
Mostly Mary (02:54):
So I think you will see another $50, and maybe your
donor will match that too.
Mostly Uncle Frank (03:02):
Thanks again .
I think you and Mary Mary arejust awesome.
Mary Mary, I awesome.
Well, thank you so much, Katie,for stepping up to beat that
drum.
Voices (03:15):
It's time for the grand unveiling of money.
Mostly Uncle Frank (03:20):
And for telling us about it so I could
read it on the air.
You had me at hello.
As I just announced in the lastepisode, number 426, we are
embarking on a matching campaignfor the Father McKenna Center,
which is the charity we supporthere.
Voices (03:38):
As we're adding a little something to this month's sales
contest.
As you all know, first prize isa Cadillac Eldorado.
Anybody want to see secondprize?
Second prize is a CadillacEldorado.
Anybody want to see secondprize?
Second prize is a set of steakknives.
Mostly Uncle Frank (03:52):
And our goal is to get to $15,000 through
donations from our listeners.
Now, $50 is great because if wehave just 300 people out of
2,000 listeners give $50, wewould make it to $15,000 pretty
quickly.
Voices (04:10):
That is the straight stuff.
Oh funk master.
Mostly Uncle Frank (04:13):
Now, if everybody gave $50, we'd have
$100,000.
Then wouldn't that be something.
Voices (04:19):
That's gold, Jerry Gold.
Mostly Uncle Frank (04:22):
But I know that's not going to happen,
which is okay, because thepeople that do donate to the
Father McKenna Center here arevery generous.
The best Jerry the best and Idon't think we'll have that much
trouble reaching our goal inthe end, but I'd like to reach
it sooner rather than later.
I won't belabor this too muchmore at the moment, but if you
want me to stop, stop talkingabout it, the easiest way to do
(04:44):
that is to give money, likekatie has done sooner rather
than later, and uh I'll go aheadand make sure you get another
copy of that memo okay, I'llprovide that donation page link
again in the show notes yes I'mglad you're enjoying the podcast
.
M Mary is too, and we thank youfor your support.
(05:05):
And thank you for your email.
Voices (05:07):
Show me the money, jerry , you better yell, show me the
money.
Mostly Uncle Frank (05:14):
Second off.
Second off we have an emailfrom Sean Sean.
Voices (05:19):
Sean, sean, sorry, we're closed.
Mostly Uncle Frank (05:24):
Sean of the dead, and Sean writes.
Mostly Mary (05:28):
Hi Frank, your recent episode on asset location
got me wondering do you haveany opinion on Alpha Architect's
BOXX ETF?
For those unfamiliar, thisasset packages a replication of
short-term US treasuries one tothree months in an ETF wrapper
and, instead of throwing offregular dividends, which would
(05:50):
be taxed as ordinary income,simply raises the ticker price
of the ETF.
In theory, this allows itsowner to reap the benefits of US
Treasuries while being taxedonly at the lower long-term
capital gains level, assumingthey hold it for a year plus.
As a recovering attorney, I'mwondering if you find this asset
to be legally dubious.
More importantly, do you thinkthe downside risk in the event
(06:13):
of an SEC and or IRS rulingagainst BOXX to be low enough
that it could be worth the risk?
Thanks, Sean.
Mostly Uncle Frank (06:23):
All right the box ETF.
Voices (06:25):
Real wrath of God type stuff.
Mostly Uncle Frank (06:27):
Yes, we've talked about it before, but I
don't mind talking about itagain, and you have described it
accurately that it is aconstruction of options that
pretty much replicatesshort-term T-bills, but it's
taxed at a much more favorablerate.
Now this is put out by AlphaArchitect and that person behind
(06:50):
that is named Wes Gray, who isa really smart guy, and there is
a very nice interview done byRick Ferry of Wes Gray on the
Bogleheads podcast.
It's number 70.
I will link to it in the shownotes.
But he talks about this.
He talks about some directindexing and he talks about
living in Puerto Rico.
(07:10):
He's very good at creatingthings that reduce taxes.
That's what you'll get out ofthat podcast.
What I also hope you'll get outof that podcast is that he does
represent what I'm talkingabout when I say that personal
finance is an evolvingtechnology, which is funny
because the person interviewinghim, rick Ferry, is somebody who
is very much stuck in the pastand hasn't really put out
(07:32):
anything new since he wrote hisbooks back in 2010.
So he spends most of his timescolding people and telling them
they're behaviorallyincompetent to manage their own
money or hold more than two orthree funds.
Voices (07:44):
You can't handle the dogs and cats living together.
Mostly Uncle Frank (07:48):
And that may be true of some people, but
it's certainly not true of a lotof do-it-yourself investors,
and frankly, I find it kind ofoffensive sometimes.
We're not that stupid.
Sorry, we're closed.
Well then, what are all thesepeople doing here?
Voices (08:03):
Drinking and having a good time.
Mostly Uncle Frank (08:06):
Well, that's why we're here.
Voices (08:09):
You're too stupid to have a good time.
Mostly Uncle Frank (08:13):
So basically , it's like the Blackberry
interviewing the iPhone dancearound.
What can be said by somebodywho promotes a fund or has a
fund under the disclosure rulesthat apply to this, which is
basically he can't be in aposition to actually be giving
(08:33):
quote tax advice, unquote, andthey talk about that regulation,
so it's kind of tongue-in-cheek.
But he does describe the factthat this strategy of using
these options in this way iswell known and has been going on
for a very long time amongsthedge funds and people that
manage very large pools of money.
So the strategy itself isnothing new.
(08:55):
All that is new here is puttingit into the form of an ETF so
it's more accessible to morepeople.
Now, really, the only purpose ofdoing that obviously is to save
on taxes.
Otherwise, there would be noreason to have a construction
like VOXX ETF just for fun,Because you could just buy a
fund like TBIL or any number ofother short-term T-bill kind of
(09:19):
funds, or a money market fundeven so, tax efficiency is in
fact its reason for existing, ora money market fund even so,
tax efficiency is in fact, itsreason for existing.
Now I've read some of thecritiques of it, but frankly,
most of them are along the linesof not, this is improper in an
objective sense, but they'represented in a normative sense
that we shouldn't allow peopleto do things like this.
(09:41):
Well, that's all fine and good,but that's not how the law
works.
Just because you don't wantsomething to work some way
doesn't mean it doesn't workthat way.
Mostly Mary (09:50):
That's not how it works.
That's not how any of thisworks.
Mostly Uncle Frank (09:55):
And I believe that if the hedge fund
industry can protect a lot oftheir other favorable tax
treatments, like carriedinterest, they're not going to
have any trouble defending thisone either.
And it's very unlikely thatthis new administration is going
to issue out more regulationswhen every day they talk about
deregulating everything andcutting the IRS.
(10:17):
So I think the chances of thisgoing away anytime soon are very
low.
That being said, this probablyis not worth pursuing or dealing
with unless you're in thehighest tax brackets, because
that's where it really matters.
But if you are in the highesttax bracket, it really matters a
lot.
Or it could really matter a lotIf you were otherwise holding
(10:39):
that short-term money in a moneymarket fund or a CD or a
savings account or any othershort-term holding.
This is going to be farsuperior in terms of the net
amount you realize after taxes.
So overall, I would say thatthe risks of this being a
problem are extremely low andeven if the rules are changed,
(11:00):
they're probably going to bechanged on a prospective basis
and not a retrospective basis,because enforcing this backwards
on thousands and thousands oftaxpayers, it's not going to
make anybody happy and it's notgoing to be fun work and it's
not going to yield that much inadditional revenue for the
government anyway.
But I do think the discussionabout this is fascinating to me
(11:21):
because it's more of a Rorschachtest to me.
It's more like to me thatsomebody finds a new and better
way of doing something.
There's always going to be agroup of people who say, oh no,
you can't do it that way.
We have to do it the way we didin the past and we're not
allowed to deviate from that.
That's why it's funny to methat I hear Rick Ferry
interviewing Wes Gray on this,since they do represent both
(11:42):
sides of that Rorschach test onthis, since they do represent
both sides of that Rorschachtest.
But anyway, I think it'sprobably worth the risk.
But don't hold me to it because, no, I have not studied the tax
code.
I'm just aware of this debateand I'm not giving you tax
advice either.
Voices (11:55):
Forget about it.
Mostly Uncle Frank (11:57):
Hopefully that helps and thank you for
your email.
Voices (12:03):
Next off, we have an email from Glenn.
Mostly Uncle Frank (12:13):
Giggity, giggity, giggity and Glenn
writes.
Mostly Mary (12:18):
Hi Frank, I'd like to hear from you about direct
indexing for people close toretirement and in retirement.
Thanks, glenn, I like wherethis is going All right.
Mostly Uncle Frank (12:29):
another interesting question for
something that might beappealing to high-income
individuals or people with lotsof assets in taxable accounts.
So what is direct indexing?
Well, it's kind of like a newfad that people like Fidelity
are trying to get you to pay for.
Voices (12:45):
Because only one thing counts in this life Get them to
sign on the line which is dotted.
Mostly Uncle Frank (12:51):
But what it is is, instead of investing
money in a fund, an index fund,you actually go out and buy the
underlying securities, or enoughof the underlying securities to
essentially replicate whatholding that fund is like.
And a lot of these funds, whichare cap weighted they are
comprised mostly of just a fewdifferent stocks, so you can
(13:15):
pretty much replicate theperformance of the S&P 500 with
probably less than 50 holdings.
Now why would you want to dothat?
You'd want to do that becausethen you can do more tax loss
harvesting, because you have allthese things as individual
holdings and some of them aregoing to yield losses while
other ones are yielding gains,and so by managing them properly
(13:39):
, you can do some tax lossharvesting and save some on
taxes with that structure.
This is also helpful if thefund you wanted to invest in was
expensive and you just wantedto do this by yourself.
Since we have no fee trading,which is another reason this has
become popular you can actuallybuy all those holdings and not
have to pay any transaction feesfor that, because if you did
(14:01):
have to pay transaction fees, itprobably wouldn't be worthwhile
just on that basis.
Now there are advanced orancillary benefits to something
like this that Wes Gray alsodescribes in that podcast, in
which he's figured out a way forsomebody with that strategy to
then fold those holdings into anETF.
And no, I don't know thedetails of how that works, but
(14:24):
that's what's going on out therethese days with the most
sophisticated fund handlers likeWes Gray, and you can listen to
that podcast to get a littlebit more on that.
Otherwise, I don't think directindexing is very valuable for
most people because most peopleare in the 0% and 15% long-term
capital gains tax bracketsanyway and aren't really going
(14:46):
to yield much tax benefits outof this.
You really need to be in thehighest tax brackets for direct
indexing to make a lot of sense.
With one exception I will giveyou, because I do some of this
in our taxable account and inother accounts.
Actually, because I do some ofthis in our taxable account and
in other accounts actuallyBecause, as I've mentioned
(15:08):
before, as part of our valueallocation to stocks, I have
found that holding an allocationto property and casualty
insurance companies is veryhelpful because they do mimic or
outperform the stock marketitself, but they have very nice
diversification qualities tothem, including being up in
inflationary markets like in2022.
Now there is a fund for that.
(15:29):
It's called KBWP, but I thinkit costs either 0.35 or 0.45 as
an expense fee, and so I didn'twant to pay that fee.
The fund only has 20 companiesin it to begin with, so what
I've done is just simply buy thebiggest 10 in there, which
covers 80% of the holding anywaybut saves me on that fee, and
we're talking about companieslike Travelers and Progressive
(15:52):
and Chubb.
Mostly Mary (15:53):
That's what I'm talking about.
Mostly Uncle Frank (15:55):
And so, yes, that creates an extra
complication in our management,and it certainly is not a
necessary thing.
Voices (16:03):
Necessary.
Is it necessary for me to drinkmy own urine?
Probably not, no, but I do itanyway because it's sterile and
I like the taste.
Mostly Uncle Frank (16:15):
But I personally don't mind that level
of complication because for themost part, the shares just sit
there and we watch them growanyway, and something like
Progressive is up nearly 300% inthe past five years, so I don't
mind just sitting therewatching it and selling a little
bit of it occasionally.
I will say, though, I wouldnever pay a financial advisor to
do this.
(16:35):
It's all one big crapshoot.
Anywho, it is certainly a juicethat's not worth the squeeze,
and it is being heavily marketedby Fidelity and others as
something people should be doing, and I would just say no to
that A.
Voices (16:51):
B C A, always B B C.
Closing, always be closing,always be closing.
Mostly Uncle Frank (17:01):
Because they're just trying to generate
fees with it.
Voices (17:05):
If you have a milkshake and I have a straw, there it is.
That's a straw.
You see, watch it.
My straw reaches across theroom and starts to drink your
milkshake.
I drink your milkshake.
(17:30):
I drink it up.
Mostly Uncle Frank (17:34):
So if you're going to do it, I think you
should do it yourself.
No one can stop me.
Hopefully that helps and thankyou for your email.
Voices (17:45):
Hey, hey, hey, Clap one more time.
You're not coming to mybirthday.
Who did that?
Mostly Uncle Frank (17:52):
Next off, we have an email from somebody who
did not provide a name.
Voices (17:57):
I have no name.
Mostly Mary (18:00):
Well, that right there may be the reason you've
had difficulty finding gainfulemployment.
And this no-name person writesHi, the link to the Risk Parity
Chronicles from the podcast pageseems to go to a somewhat dodgy
page here.
I'm sure that is not right.
Voices (18:18):
You are correct, sir.
Mostly Uncle Frank (18:19):
yes, Okay, risk Parity Chronicles was the
blog run by our good friend andlistener, justin, and he did
that for a few years, but he hadother things he wanted to do in
life and didn't really wantanother job.
Voices (18:35):
I just stare at my desk, but it looks like I'm working.
Mostly Uncle Frank (18:39):
So he has taken it down, at least for now,
and you will not find it atthat address anymore.
You will still find, though, ifyou go to YouTube.
He made some nice videos onthings like asset swaps and
other things like that that arevery helpful, and I'll link to
his little channel there in theshow notes and you can go
through some of those.
I think you'll like them, butyou will not find the blog on
(19:02):
the interwebs, at least notright now.
Hopefully that explains things,and thank you for your email.
Voices (19:10):
I work for no man Last off.
Mostly Uncle Frank (19:15):
Last off, an email from Kelly Kelly from
Economy.
Mostly Mary (19:40):
And Kelly writes Thank you, I'm sorry I didn't
listen to your materials andwhat you produced beforehand.
I am just the wife, as I toldyou.
Voices (19:51):
I almost don't use social media, but I want to say
thank you.
It so shines.
A good deed in a weary world.
Mostly Uncle Frank (20:00):
Well, first, thank you for coming to my
presentation at Economy.
The Economy Conference, whichis held in Cincinnati in the
spring of each year, is the onlyfinancial conference that Mary
and I go to during the year,mostly because the person that
runs it, diana Merriam, is afriend of mine, and so I also do
some kind of little breakoutsession, which they hold in the
(20:20):
afternoons, and there's morethan one you can go to, so I'm
always happy when my room isfilled.
And we were in the theater thisyear on the big screen, and now
we bring you another page fromthe diary of the world's
greatest actor, master Thespian.
Voices (20:42):
But when I Acting, I'll say Genius, thank you, no, thank
you.
Shut up.
Mostly Uncle Frank (20:51):
So the presentation I gave this year
was mostly about the reasonsthat you should spend more money
in retirement, and these arerelated to a lot of teachings
and research by people likeArthur Brooks and Daniel Crosby,
among others.
But basically, once you'vereached a level where you have
enough money, you have enoughpower and you have enough fame,
(21:13):
there's no reason to keeppursuing those things ad nauseum
, and, in fact, it will makeyour life worse if you become
obsessed about those things, andwhat you should really be doing
is focusing on relationships inparticular, and I'm not going
to rehash that presentation here, at least not right now.
I may be appearing on someoneelse's podcast where we will
(21:34):
actually go through that, and soI'll wait to see whether that
happens.
But you certainly are correctand it's what I believe that
just accumulating more money andhoarding it until you die is
not a good use of your time orof the money, and that it really
needs to serve a higher andbetter purpose, which is dealing
with people, as you say.
Voices (21:56):
What's with?
You anyway, I can't help it.
I'm a greedy slob, it's myhobby.
Save me.
Mostly Uncle Frank (22:04):
And to me, that is the real purpose of
financial independence, orfinancial independence retire
early, wherever you want to putit, and that's what I've been
talking about with anyone whowants to listen since about 2009
.
And for me, in particular, thisis also part of my family's
tradition and historicalfireperson that most people
don't even know about, let alonetalk about, at least in the
(22:27):
financial context.
So the person I'm talking aboutis a woman named Catherine
Catherine Macaulay, who lived inDublin, Ireland, in the late
18th and early 19th centuries,and I will link to a little
video about the story of herlife from YouTube.
It's 20 minutes long.
I suggest you watch it and itwill describe her early life,
(22:48):
but the long and the short of itis that she found herself at
about 40 years old beingfinancially independent, and she
wasn't married, and so therewas a big question for her is
well, what's she going to dowith this money?
She decided that what shewanted to do with the money was
to create a service organizationthat would serve poor people,
(23:08):
hungry people in Dublin, butalso was dedicated to educating
young women, and she got a lotof blowback at the time because
who was this unmarried womanrunning around organizing these
things and asserting herself insociety in that way.
So she ran it for about 10years as a secular organization
but realized that if it wasgoing to continue the best way
(23:31):
to preserve it would be to turnit into a religious organization
.
And so it became the Sisters ofMercy and she went off and at
the age of 50, did the studyingnecessary, took the vows, got
all of the permissions to createthis organization out of her
original organization.
But the Sisters of Mercy as anorganization have always been
(23:54):
about working directly with thepeople in their communities and
also the efficient use offinancial resources to get
essentially the best bang foryour buck, like I like to talk
about with the Father McKennaCenter.
So what does that really have todo with me and why is it
important?
That comes through the familytradition.
I have two aunts from Belizewho are Sisters of Mercy, sister
(24:16):
Sarita and Sister Francine.
Sister Francine passed awayabout seven years ago, but
Sister Sarita is still alive atage 94 and still works in a
(24:37):
retreat center that sheco-founded a couple days a week,
and we went and visited her acouple of months ago because she
still lives in the house whereshe grew up with my father, and
another sister, sister Margaret,lives with her there too.
Sister Francine also used tolive there until she passed away
, and what's interesting to meis they're actually very
different people.
Sister Sarita is an almostDalai Lama-like person.
(25:01):
She feels holy just beingaround her Now.
Sister Francine was a firebrandand a hellraiser.
Voices (25:08):
No, no, I will not take your filthy, stolen money.
You're such a disappointingpair.
I prayed so hard for you.
It saddens and hurts me thatthe two young men whom I raised
to believe in the TenCommandments have returned to me
(25:30):
as two thieves with filthymouths and bad attitudes.
Get out and don't come backuntil you've redeemed yourselves
.
Mostly Uncle Frank (25:47):
She ran a boys' school, or boys' schools,
for most of her career as aneducator and they were afraid of
her.
But she was known as the littlegeneral and someone who would
always speak her mind and give alot of people tongue lashings
when she thought they needed itand then she would help them.
(26:10):
She had no compunctions aboutshaming wealthy people into
giving more money for the causesshe served and after she
stopped teaching and retiredfrom that, she ran a soup
kitchen.
That was her retirementactivity and along the way she
took in stray people.
She took in stray dogs.
She was a constant presence inher community and acted as a
surrogate mother and grandmotherto many people.
(26:31):
She also ran the finances ofthe household and would give
little loans to people, but shewould write that down in a book
and you better repay that loan.
Voices (26:42):
Real wrath of God type stuff Fire and brimstone coming
down from the skies.
Mostly Uncle Frank (26:47):
Anyway, when she died, the cathedral was
full for her funeral service andpeople were crying over her
casket Young people.
She didn't have any money toher name, she didn't have a
family, she wasn't famous, shedidn't write a book, but I do
think that she won life, and sothat is why she is my primary
(27:09):
retirement role model.
What are you having there,francine?
Voices (27:15):
Margarita with tequila.
Mostly Uncle Frank (27:18):
And why I never hesitate to say what I
think when I think it'simportant.
Anyway, I thought you might beinterested in hearing about that
, Kelly, and how all of thisfits together for me and what
drives me to do the things I doand say the things I say.
Voices (27:35):
I want you to be nice until it's time to not be nice.
Mostly Uncle Frank (27:43):
Because Sister Francine also had a very
sarcastic sense of humor andloved to laugh both with people
and at them you fool.
You fell victim to one of theclassic blunders so thank you
for paying attention to what Ihave to say and thank you for
your email, but now I see oursignal is beginning to fade.
(28:19):
If you have comments orquestions for me, please send
them to frank atriskparityradiocom.
That email is frank atriskparityradiocom.
That email isfrankatriskparityradiocom.
Or you can go to the website,wwwriskparityradiocom.
Put your message into thecontact form and I'll get it
that way.
If you haven't had a chance todo it, please go to your
favorite podcast provider andlike subscribe, maybe some stars
(28:40):
.
A follow a review?
That would be great, okay.
Thank.
A follow a review.
That would be great, okay.
Thank you once again for tuningin.
This is Frank Vasquez with RiskParity Radio Signing off.
Voices (28:54):
She called me Katie.
Let me amuse you back.
Well, my baby called me Katie.
(29:15):
Let me amuse you right, thetrain pulled out.
I swam all the time, crazyabout you, that hard-headed
woman, hard-headed woman of mine, hey, hey, hey, hey, thank you.
Mostly Mary (30:10):
The Risk Parody Radio Show is hosted by Frank
Vasquez.
The content provided is forentertainment and informational
purposes only and does notconstitute financial, investment
tax or legal advice.
Please consult with your ownadvisors before taking any
actions based on any informationyou have heard here, making
sure to take into account yourown personal circumstances.
A foolish consistency, is the hobgoblin of little minds
, adored by little statesmen andphilosophers and divines.
If a man does not keep pacewith his companions, perhaps it
is because he hears a differentdrummer.
Mostly Mary (00:17):
A different drummer and now, coming to you from
dead center on your dial,welcome to Risk Parity Radio,
where we explore alternativesand asset allocations for the
do-it-yourself investor,Broadcasting to you now from the
comfort of his easy chair.
Here is your host, FrankVasquez.
Mostly Uncle Frank (00:37):
Thank you, Mary, and welcome to Risk Parity
Radio.
If you are new here and wonderwhat we are talking about, you
may wish to go back and listento some of the foundational
episodes for this program.
Voices (00:50):
Yeah, baby, yeah.
Mostly Uncle Frank (00:52):
And the basic foundational episodes are
episodes 1, 3, 5, 7, and 9.
Some of our listeners,including Karen and Chris, have
identified additional episodesthat you may consider
foundational, and those areepisodes 12, 14, 16, 19, 21, 56,
(01:13):
82, and 184.
Whoa, and you probably shouldcheck those out too, because we
have the finest podcast audienceavailable.
Mostly Mary (01:26):
Top drawer, really top drawer.
Mostly Uncle Frank (01:31):
Along with a host named after a hot dog.
Voices (01:34):
Lighten up Francis.
Mostly Uncle Frank (01:37):
But now onward, episode 427.
Today, on Risk Parity Radio,we're just going to do what we
do best here, which is tend toyour emails, and so, without
further ado, here I go onceagain with the email.
And first off.
First off, we have an emailfrom Katie she called for.
Voices (01:59):
Katie left me a new to ride.
Mostly Uncle Frank (02:04):
Katie left me and you to ride, and Katie
writes.
Mostly Mary (02:11):
I love the podcast and have learned so much from
you.
Thank you for picking up thislittle hobby of yours.
Voices (02:17):
You are talking about the nonsensical ravings of a
lunatic mind.
Mostly Mary (02:23):
I heard you mention the anonymous donor who is
matching up to $15,000.
I contributed $50 today andnoted in the in honor of box
that the donation was in honorof risk parity matching and in
honor of my dad, who would havesupported the center's work.
Too Sweet.
I am asking my company if theywill also match, but that
process takes a while.
(02:44):
They are usually prettygenerous and that is why I would
not like another job.
Mostly Uncle Frank (02:49):
Looks like you've been missing a lot of
work lately.
I wouldn't say I've beenmissing it, Bob.
Mostly Mary (02:54):
So I think you will see another $50, and maybe your
donor will match that too.
Mostly Uncle Frank (03:02):
Thanks again .
I think you and Mary Mary arejust awesome.
Mary Mary, I awesome.
Well, thank you so much, Katie,for stepping up to beat that
drum.
Voices (03:15):
It's time for the grand unveiling of money.
Mostly Uncle Frank (03:20):
And for telling us about it so I could
read it on the air.
You had me at hello.
As I just announced in the lastepisode, number 426, we are
embarking on a matching campaignfor the Father McKenna Center,
which is the charity we supporthere.
Voices (03:38):
As we're adding a little something to this month's sales
contest.
As you all know, first prize isa Cadillac Eldorado.
Anybody want to see secondprize?
Second prize is a CadillacEldorado.
Anybody want to see secondprize?
Second prize is a set of steakknives.
Mostly Uncle Frank (03:52):
And our goal is to get to $15,000 through
donations from our listeners.
Now, $50 is great because if wehave just 300 people out of
2,000 listeners give $50, wewould make it to $15,000 pretty
quickly.
Voices (04:10):
That is the straight stuff.
Oh funk master.
Mostly Uncle Frank (04:13):
Now, if everybody gave $50, we'd have
$100,000.
Then wouldn't that be something.
Voices (04:19):
That's gold, Jerry Gold.
Mostly Uncle Frank (04:22):
But I know that's not going to happen,
which is okay, because thepeople that do donate to the
Father McKenna Center here arevery generous.
The best Jerry the best and Idon't think we'll have that much
trouble reaching our goal inthe end, but I'd like to reach
it sooner rather than later.
I won't belabor this too muchmore at the moment, but if you
want me to stop, stop talkingabout it, the easiest way to do
(04:44):
that is to give money, likekatie has done sooner rather
than later, and uh I'll go aheadand make sure you get another
copy of that memo okay, I'llprovide that donation page link
again in the show notes yes I'mglad you're enjoying the podcast
.
M Mary is too, and we thank youfor your support.
(05:05):
And thank you for your email.
Voices (05:07):
Show me the money, jerry , you better yell, show me the
money.
Mostly Uncle Frank (05:14):
Second off.
Second off we have an emailfrom Sean Sean.
Voices (05:19):
Sean, sean, sorry, we're closed.
Mostly Uncle Frank (05:24):
Sean of the dead, and Sean writes.
Mostly Mary (05:28):
Hi Frank, your recent episode on asset location
got me wondering do you haveany opinion on Alpha Architect's
BOXX ETF?
For those unfamiliar, thisasset packages a replication of
short-term US treasuries one tothree months in an ETF wrapper
and, instead of throwing offregular dividends, which would
(05:50):
be taxed as ordinary income,simply raises the ticker price
of the ETF.
In theory, this allows itsowner to reap the benefits of US
Treasuries while being taxedonly at the lower long-term
capital gains level, assumingthey hold it for a year plus.
As a recovering attorney, I'mwondering if you find this asset
to be legally dubious.
More importantly, do you thinkthe downside risk in the event
(06:13):
of an SEC and or IRS rulingagainst BOXX to be low enough
that it could be worth the risk?
Thanks, Sean.
Mostly Uncle Frank (06:23):
All right the box ETF.
Voices (06:25):
Real wrath of God type stuff.
Mostly Uncle Frank (06:27):
Yes, we've talked about it before, but I
don't mind talking about itagain, and you have described it
accurately that it is aconstruction of options that
pretty much replicatesshort-term T-bills, but it's
taxed at a much more favorablerate.
Now this is put out by AlphaArchitect and that person behind
(06:50):
that is named Wes Gray, who isa really smart guy, and there is
a very nice interview done byRick Ferry of Wes Gray on the
Bogleheads podcast.
It's number 70.
I will link to it in the shownotes.
But he talks about this.
He talks about some directindexing and he talks about
living in Puerto Rico.
(07:10):
He's very good at creatingthings that reduce taxes.
That's what you'll get out ofthat podcast.
What I also hope you'll get outof that podcast is that he does
represent what I'm talkingabout when I say that personal
finance is an evolvingtechnology, which is funny
because the person interviewinghim, rick Ferry, is somebody who
is very much stuck in the pastand hasn't really put out
(07:32):
anything new since he wrote hisbooks back in 2010.
So he spends most of his timescolding people and telling them
they're behaviorallyincompetent to manage their own
money or hold more than two orthree funds.
Voices (07:44):
You can't handle the dogs and cats living together.
Mostly Uncle Frank (07:48):
And that may be true of some people, but
it's certainly not true of a lotof do-it-yourself investors,
and frankly, I find it kind ofoffensive sometimes.
We're not that stupid.
Sorry, we're closed.
Well then, what are all thesepeople doing here?
Voices (08:03):
Drinking and having a good time.
Mostly Uncle Frank (08:06):
Well, that's why we're here.
Voices (08:09):
You're too stupid to have a good time.
Mostly Uncle Frank (08:13):
So basically , it's like the Blackberry
interviewing the iPhone dancearound.
What can be said by somebodywho promotes a fund or has a
fund under the disclosure rulesthat apply to this, which is
basically he can't be in aposition to actually be giving
(08:33):
quote tax advice, unquote, andthey talk about that regulation,
so it's kind of tongue-in-cheek.
But he does describe the factthat this strategy of using
these options in this way iswell known and has been going on
for a very long time amongsthedge funds and people that
manage very large pools of money.
So the strategy itself isnothing new.
(08:55):
All that is new here is puttingit into the form of an ETF so
it's more accessible to morepeople.
Now, really, the only purpose ofdoing that obviously is to save
on taxes.
Otherwise, there would be noreason to have a construction
like VOXX ETF just for fun,Because you could just buy a
fund like TBIL or any number ofother short-term T-bill kind of
(09:19):
funds, or a money market fundeven so, tax efficiency is in
fact its reason for existing, ora money market fund even so,
tax efficiency is in fact, itsreason for existing.
Now I've read some of thecritiques of it, but frankly,
most of them are along the linesof not, this is improper in an
objective sense, but they'represented in a normative sense
that we shouldn't allow peopleto do things like this.
(09:41):
Well, that's all fine and good,but that's not how the law
works.
Just because you don't wantsomething to work some way
doesn't mean it doesn't workthat way.
Mostly Mary (09:50):
That's not how it works.
That's not how any of thisworks.
Mostly Uncle Frank (09:55):
And I believe that if the hedge fund
industry can protect a lot oftheir other favorable tax
treatments, like carriedinterest, they're not going to
have any trouble defending thisone either.
And it's very unlikely thatthis new administration is going
to issue out more regulationswhen every day they talk about
deregulating everything andcutting the IRS.
(10:17):
So I think the chances of thisgoing away anytime soon are very
low.
That being said, this probablyis not worth pursuing or dealing
with unless you're in thehighest tax brackets, because
that's where it really matters.
But if you are in the highesttax bracket, it really matters a
lot.
Or it could really matter a lotIf you were otherwise holding
(10:39):
that short-term money in a moneymarket fund or a CD or a
savings account or any othershort-term holding.
This is going to be farsuperior in terms of the net
amount you realize after taxes.
So overall, I would say thatthe risks of this being a
problem are extremely low andeven if the rules are changed,
(11:00):
they're probably going to bechanged on a prospective basis
and not a retrospective basis,because enforcing this backwards
on thousands and thousands oftaxpayers, it's not going to
make anybody happy and it's notgoing to be fun work and it's
not going to yield that much inadditional revenue for the
government anyway.
But I do think the discussionabout this is fascinating to me
(11:21):
because it's more of a Rorschachtest to me.
It's more like to me thatsomebody finds a new and better
way of doing something.
There's always going to be agroup of people who say, oh no,
you can't do it that way.
We have to do it the way we didin the past and we're not
allowed to deviate from that.
That's why it's funny to methat I hear Rick Ferry
interviewing Wes Gray on this,since they do represent both
(11:42):
sides of that Rorschach test onthis, since they do represent
both sides of that Rorschachtest.
But anyway, I think it'sprobably worth the risk.
But don't hold me to it because, no, I have not studied the tax
code.
I'm just aware of this debateand I'm not giving you tax
advice either.
Voices (11:55):
Forget about it.
Mostly Uncle Frank (11:57):
Hopefully that helps and thank you for
your email.
Voices (12:03):
Next off, we have an email from Glenn.
Mostly Uncle Frank (12:13):
Giggity, giggity, giggity and Glenn
writes.
Mostly Mary (12:18):
Hi Frank, I'd like to hear from you about direct
indexing for people close toretirement and in retirement.
Thanks, glenn, I like wherethis is going All right.
Mostly Uncle Frank (12:29):
another interesting question for
something that might beappealing to high-income
individuals or people with lotsof assets in taxable accounts.
So what is direct indexing?
Well, it's kind of like a newfad that people like Fidelity
are trying to get you to pay for.
Voices (12:45):
Because only one thing counts in this life Get them to
sign on the line which is dotted.
Mostly Uncle Frank (12:51):
But what it is is, instead of investing
money in a fund, an index fund,you actually go out and buy the
underlying securities, or enoughof the underlying securities to
essentially replicate whatholding that fund is like.
And a lot of these funds, whichare cap weighted they are
comprised mostly of just a fewdifferent stocks, so you can
(13:15):
pretty much replicate theperformance of the S&P 500 with
probably less than 50 holdings.
Now why would you want to dothat?
You'd want to do that becausethen you can do more tax loss
harvesting, because you have allthese things as individual
holdings and some of them aregoing to yield losses while
other ones are yielding gains,and so by managing them properly
(13:39):
, you can do some tax lossharvesting and save some on
taxes with that structure.
This is also helpful if thefund you wanted to invest in was
expensive and you just wantedto do this by yourself.
Since we have no fee trading,which is another reason this has
become popular you can actuallybuy all those holdings and not
have to pay any transaction feesfor that, because if you did
(14:01):
have to pay transaction fees, itprobably wouldn't be worthwhile
just on that basis.
Now there are advanced orancillary benefits to something
like this that Wes Gray alsodescribes in that podcast, in
which he's figured out a way forsomebody with that strategy to
then fold those holdings into anETF.
And no, I don't know thedetails of how that works, but
(14:24):
that's what's going on out therethese days with the most
sophisticated fund handlers likeWes Gray, and you can listen to
that podcast to get a littlebit more on that.
Otherwise, I don't think directindexing is very valuable for
most people because most peopleare in the 0% and 15% long-term
capital gains tax bracketsanyway and aren't really going
(14:46):
to yield much tax benefits outof this.
You really need to be in thehighest tax brackets for direct
indexing to make a lot of sense.
With one exception I will giveyou, because I do some of this
in our taxable account and inother accounts.
Actually, because I do some ofthis in our taxable account and
in other accounts actuallyBecause, as I've mentioned
(15:08):
before, as part of our valueallocation to stocks, I have
found that holding an allocationto property and casualty
insurance companies is veryhelpful because they do mimic or
outperform the stock marketitself, but they have very nice
diversification qualities tothem, including being up in
inflationary markets like in2022.
Now there is a fund for that.
(15:29):
It's called KBWP, but I thinkit costs either 0.35 or 0.45 as
an expense fee, and so I didn'twant to pay that fee.
The fund only has 20 companiesin it to begin with, so what
I've done is just simply buy thebiggest 10 in there, which
covers 80% of the holding anywaybut saves me on that fee, and
we're talking about companieslike Travelers and Progressive
(15:52):
and Chubb.
Mostly Mary (15:53):
That's what I'm talking about.
Mostly Uncle Frank (15:55):
And so, yes, that creates an extra
complication in our management,and it certainly is not a
necessary thing.
Voices (16:03):
Necessary.
Is it necessary for me to drinkmy own urine?
Probably not, no, but I do itanyway because it's sterile and
I like the taste.
Mostly Uncle Frank (16:15):
But I personally don't mind that level
of complication because for themost part, the shares just sit
there and we watch them growanyway, and something like
Progressive is up nearly 300% inthe past five years, so I don't
mind just sitting therewatching it and selling a little
bit of it occasionally.
I will say, though, I wouldnever pay a financial advisor to
do this.
(16:35):
It's all one big crapshoot.
Anywho, it is certainly a juicethat's not worth the squeeze,
and it is being heavily marketedby Fidelity and others as
something people should be doing, and I would just say no to
that A.
Voices (16:51):
B C A, always B B C.
Closing, always be closing,always be closing.
Mostly Uncle Frank (17:01):
Because they're just trying to generate
fees with it.
Voices (17:05):
If you have a milkshake and I have a straw, there it is.
That's a straw.
You see, watch it.
My straw reaches across theroom and starts to drink your
milkshake.
I drink your milkshake.
(17:30):
I drink it up.
Mostly Uncle Frank (17:34):
So if you're going to do it, I think you
should do it yourself.
No one can stop me.
Hopefully that helps and thankyou for your email.
Voices (17:45):
Hey, hey, hey, Clap one more time.
You're not coming to mybirthday.
Who did that?
Mostly Uncle Frank (17:52):
Next off, we have an email from somebody who
did not provide a name.
Voices (17:57):
I have no name.
Mostly Mary (18:00):
Well, that right there may be the reason you've
had difficulty finding gainfulemployment.
And this no-name person writesHi, the link to the Risk Parity
Chronicles from the podcast pageseems to go to a somewhat dodgy
page here.
I'm sure that is not right.
Voices (18:18):
You are correct, sir.
Mostly Uncle Frank (18:19):
yes, Okay, risk Parity Chronicles was the
blog run by our good friend andlistener, justin, and he did
that for a few years, but he hadother things he wanted to do in
life and didn't really wantanother job.
Voices (18:35):
I just stare at my desk, but it looks like I'm working.
Mostly Uncle Frank (18:39):
So he has taken it down, at least for now,
and you will not find it atthat address anymore.
You will still find, though, ifyou go to YouTube.
He made some nice videos onthings like asset swaps and
other things like that that arevery helpful, and I'll link to
his little channel there in theshow notes and you can go
through some of those.
I think you'll like them, butyou will not find the blog on
(19:02):
the interwebs, at least notright now.
Hopefully that explains things,and thank you for your email.
Voices (19:10):
I work for no man Last off.
Mostly Uncle Frank (19:15):
Last off, an email from Kelly Kelly from
Economy.
Mostly Mary (19:40):
And Kelly writes Thank you, I'm sorry I didn't
listen to your materials andwhat you produced beforehand.
I am just the wife, as I toldyou.
Voices (19:51):
I almost don't use social media, but I want to say
thank you.
It so shines.
A good deed in a weary world.
Mostly Uncle Frank (20:00):
Well, first, thank you for coming to my
presentation at Economy.
The Economy Conference, whichis held in Cincinnati in the
spring of each year, is the onlyfinancial conference that Mary
and I go to during the year,mostly because the person that
runs it, diana Merriam, is afriend of mine, and so I also do
some kind of little breakoutsession, which they hold in the
(20:20):
afternoons, and there's morethan one you can go to, so I'm
always happy when my room isfilled.
And we were in the theater thisyear on the big screen, and now
we bring you another page fromthe diary of the world's
greatest actor, master Thespian.
Voices (20:42):
But when I Acting, I'll say Genius, thank you, no, thank
you.
Shut up.
Mostly Uncle Frank (20:51):
So the presentation I gave this year
was mostly about the reasonsthat you should spend more money
in retirement, and these arerelated to a lot of teachings
and research by people likeArthur Brooks and Daniel Crosby,
among others.
But basically, once you'vereached a level where you have
enough money, you have enoughpower and you have enough fame,
(21:13):
there's no reason to keeppursuing those things ad nauseum
, and, in fact, it will makeyour life worse if you become
obsessed about those things, andwhat you should really be doing
is focusing on relationships inparticular, and I'm not going
to rehash that presentation here, at least not right now.
I may be appearing on someoneelse's podcast where we will
(21:34):
actually go through that, and soI'll wait to see whether that
happens.
But you certainly are correctand it's what I believe that
just accumulating more money andhoarding it until you die is
not a good use of your time orof the money, and that it really
needs to serve a higher andbetter purpose, which is dealing
with people, as you say.
Voices (21:56):
What's with?
You anyway, I can't help it.
I'm a greedy slob, it's myhobby.
Save me.
Mostly Uncle Frank (22:04):
And to me, that is the real purpose of
financial independence, orfinancial independence retire
early, wherever you want to putit, and that's what I've been
talking about with anyone whowants to listen since about 2009
.
And for me, in particular, thisis also part of my family's
tradition and historicalfireperson that most people
don't even know about, let alonetalk about, at least in the
(22:27):
financial context.
So the person I'm talking aboutis a woman named Catherine
Catherine Macaulay, who lived inDublin, Ireland, in the late
18th and early 19th centuries,and I will link to a little
video about the story of herlife from YouTube.
It's 20 minutes long.
I suggest you watch it and itwill describe her early life,
(22:48):
but the long and the short of itis that she found herself at
about 40 years old beingfinancially independent, and she
wasn't married, and so therewas a big question for her is
well, what's she going to dowith this money?
She decided that what shewanted to do with the money was
to create a service organizationthat would serve poor people,
(23:08):
hungry people in Dublin, butalso was dedicated to educating
young women, and she got a lotof blowback at the time because
who was this unmarried womanrunning around organizing these
things and asserting herself insociety in that way.
So she ran it for about 10years as a secular organization
but realized that if it wasgoing to continue the best way
(23:31):
to preserve it would be to turnit into a religious organization
.
And so it became the Sisters ofMercy and she went off and at
the age of 50, did the studyingnecessary, took the vows, got
all of the permissions to createthis organization out of her
original organization.
But the Sisters of Mercy as anorganization have always been
(23:54):
about working directly with thepeople in their communities and
also the efficient use offinancial resources to get
essentially the best bang foryour buck, like I like to talk
about with the Father McKennaCenter.
So what does that really have todo with me and why is it
important?
That comes through the familytradition.
I have two aunts from Belizewho are Sisters of Mercy, sister
(24:16):
Sarita and Sister Francine.
Sister Francine passed awayabout seven years ago, but
Sister Sarita is still alive atage 94 and still works in a
(24:37):
retreat center that sheco-founded a couple days a week,
and we went and visited her acouple of months ago because she
still lives in the house whereshe grew up with my father, and
another sister, sister Margaret,lives with her there too.
Sister Francine also used tolive there until she passed away
, and what's interesting to meis they're actually very
different people.
Sister Sarita is an almostDalai Lama-like person.
(25:01):
She feels holy just beingaround her Now.
Sister Francine was a firebrandand a hellraiser.
Voices (25:08):
No, no, I will not take your filthy, stolen money.
You're such a disappointingpair.
I prayed so hard for you.
It saddens and hurts me thatthe two young men whom I raised
to believe in the TenCommandments have returned to me
(25:30):
as two thieves with filthymouths and bad attitudes.
Get out and don't come backuntil you've redeemed yourselves
.
Mostly Uncle Frank (25:47):
She ran a boys' school, or boys' schools,
for most of her career as aneducator and they were afraid of
her.
But she was known as the littlegeneral and someone who would
always speak her mind and give alot of people tongue lashings
when she thought they needed itand then she would help them.
(26:10):
She had no compunctions aboutshaming wealthy people into
giving more money for the causesshe served and after she
stopped teaching and retiredfrom that, she ran a soup
kitchen.
That was her retirementactivity and along the way she
took in stray people.
She took in stray dogs.
She was a constant presence inher community and acted as a
surrogate mother and grandmotherto many people.
(26:31):
She also ran the finances ofthe household and would give
little loans to people, but shewould write that down in a book
and you better repay that loan.
Voices (26:42):
Real wrath of God type stuff Fire and brimstone coming
down from the skies.
Mostly Uncle Frank (26:47):
Anyway, when she died, the cathedral was
full for her funeral service andpeople were crying over her
casket Young people.
She didn't have any money toher name, she didn't have a
family, she wasn't famous, shedidn't write a book, but I do
think that she won life, and sothat is why she is my primary
(27:09):
retirement role model.
What are you having there,francine?
Voices (27:15):
Margarita with tequila.
Mostly Uncle Frank (27:18):
And why I never hesitate to say what I
think when I think it'simportant.
Anyway, I thought you might beinterested in hearing about that
, Kelly, and how all of thisfits together for me and what
drives me to do the things I doand say the things I say.
Voices (27:35):
I want you to be nice until it's time to not be nice.
Mostly Uncle Frank (27:43):
Because Sister Francine also had a very
sarcastic sense of humor andloved to laugh both with people
and at them you fool.
You fell victim to one of theclassic blunders so thank you
for paying attention to what Ihave to say and thank you for
your email, but now I see oursignal is beginning to fade.
(28:19):
If you have comments orquestions for me, please send
them to frank atriskparityradiocom.
That email is frank atriskparityradiocom.
That email isfrankatriskparityradiocom.
Or you can go to the website,wwwriskparityradiocom.
Put your message into thecontact form and I'll get it
that way.
If you haven't had a chance todo it, please go to your
favorite podcast provider andlike subscribe, maybe some stars
(28:40):
.
A follow a review?
That would be great, okay.
Thank.
A follow a review.
That would be great, okay.
Thank you once again for tuningin.
This is Frank Vasquez with RiskParity Radio Signing off.
Voices (28:54):
She called me Katie.
Let me amuse you back.
Well, my baby called me Katie.
(29:15):
Let me amuse you right, thetrain pulled out.
I swam all the time, crazyabout you, that hard-headed
woman, hard-headed woman of mine, hey, hey, hey, hey, thank you.
Mostly Mary (30:10):
The Risk Parody Radio Show is hosted by Frank
Vasquez.
The content provided is forentertainment and informational
purposes only and does notconstitute financial, investment
tax or legal advice.
Please consult with your ownadvisors before taking any
actions based on any informationyou have heard here, making
sure to take into account yourown personal circumstances.
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