Risk Parity Radio

Episode 447: The OG Cowbell, Some Dueling Blog Posts, Spending And Enjoying More With Bill Bengen, And Musings About Gold 'N Bitcoin

Aug 20, 2025
Dive into the joy of 'more cowbell' and its cultural impact, sparked by a visit to the Rock and Roll Hall of Fame. Explore Bill Bengen's innovative ideas for retirement spending that challenge traditional portfolio strategies. Discover the intriguing dynamics between Bitcoin and gold as potential diversifying assets, along with critiques of conventional investment wisdom. Laugh along as lively listener interactions add humor to serious financial topics, blending fun and finance in a unique way.
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ANECDOTE

Listener Cowbell Visit

  • Evan visited the Rock & Roll Hall of Fame and sent photos of the SNL/More Cowbell exhibit to the show.
  • Frank thanked him and invited him to meet in D.C. and asked to send portfolio questions.
INSIGHT

75/25 Isn't The Best Decumulation Portfolio

  • A pure 75% S&P 500 / 25% intermediate treasury portfolio is not historically optimal for safe withdrawals.
  • Diversifying into value, size factors, and alternatives consistently raises safe withdrawal rates across worst-start years.
INSIGHT

Bengen's Diversified SWR Findings

  • Bill Bengen's new portfolio expands stock slices (large, mid, small, micro, international) plus treasuries and T-bills.
  • Using 100 years of data Bengen finds a baseline SWR near 4.7% for that diversified mix.
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