In this episode we answer emails from Anonymous, Jeffrey and Anderson.  We discuss locations for putting gold in various accounts, rant about the physical gold racket, discuss theoretical and practical risk parity portfolios, and talk about short and long term treasuries.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Justin's Video Re Asset Swaps:  How to Do an Asset Swap - YouTubeJustin's Video Re The Portfolio Visualizer Fund Factor Tool:  How to Use the Fund Factor Regression Tool on Portfolio Visualizer - YouTubeRisk Parity Chronicles YouTube Channel:  Risk Parity Chronicles - YouTubeCFA Institute Manual -- Risk Parity Chapter:  chapter-4-from-managing-multiasset-strategies-2018.pdf (callan.com)Early Retirement Now Article about Gold:  Using Gold as a Hedge against Sequence Risk – SWR Series Part 34 – Early Retirement NowSonia's Crystal Ball Video:  Crystal ball gazing, how to use a Crystal Ball ~ How to Scry with a Crystal Ball ~ by Sonia Parker - YouTubeEconoMe Conference:  Our Speakers - EconoMe (economeconference.com)Support the show

In this episode we answer a series of emails from Drew and one from Ms. Annie Mouse.  We discuss the fund BLNDX, managed futures and how to analyze new and composite funds and then rant about TIPs misconceptions and uses for your delight and amusement.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Podcast re BLNDX:  Creating The Optimal Diversified Portfolio | Eric Crittenden | Episode 64 - The Market Call Show | Podcast on SpotifyAnalysis of BLNDX vs. a 50/50 stock/managed futures portfolio:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com)Analysis of 50/50 stock/managed futures portfolio vs.  Golden Ratio-style portfolio:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com)LTPZ vs. TLT analysis:  https://tinyurl.com/2fgsgn8oEconoMe:  Our Speakers - EconoMe (economeconference.com)Support the show

In this episode we answer emails from Johnny, Kevin and Daniel.  We discussed managed futures vs. commodity funds, the Mt. Lucas "Dirty Portfolios" with KMLM and how to transition from one asset to another in a portfolio with the beginning of a new pedagogical experiment in that.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Dirty Portfolios Article with Dirty Harry Quotes:  Dirty Portfolios - Managed Futures As A Portfolio Element (mtlucas.com)  Side-by-Side Analysis Of Original and Planned Golden Ratio Portfolios: Backtest Portfolio Asset Allocation (portfoliovisualizer.com)Side-by-Side Analysis of Original and Planned Levered Golden Ratio Portfolios:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com) EconoMe Conference:  Programming & Activities - EconoMe (economeconference.com)Support the show

In this episode we answer emails from Alexi (a/k/a "the Dude"), the effervescent MyContactInfo, and Mike.   We discuss a Portfolio Visualizer fund selection tool for factor investing, Merton and other academics, and an uncannily familiar diversified portfolio recently featured in a Marketwatch article.   And we play some Motorhead  and rant about financial media a bit.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Portfolio Visualizer Fund Factor Attribution Tool:  Mutual Fund and ETF Factor Performance Attribution (portfoliovisualizer.com)Rational Reminder Interview of Robert C. Merton:  Episode 234: Prof. Robert C. Merton: ICAPM, Retirement, and Models in Finance — Rational ReminderMarketWatch Article:  This 'crazy' retirement portfolio has just beaten Wall Street for 50 years - MarketWatchEasy Improvements to Marketwatch-featured portfolio:  Backtest Portfolio Asset Class Allocation (portfoliovisualizer.com)EconoMe Conference:  Programming & Activities - EconoMe (economeconference.com)Support the show

In this episode we answer two looooong emails from Mark and Andreas.  We discuss Mark's quandaries with a 457 plan and Andreas's Risk Parity fever brought on by topics that include how to choose ETFs for each asset class, leverage in bond funds, TIPS, a proposed portfolio, other alternatives like long-short, market neutral and options strategies and musings about taxes and currency exposures.   And then we conclude with Polo Hofer.Links:Father McKenna Center donation page:  Donate - Father McKenna CenterRisk Parity Chronicles video tutorial on asset swapping:  How to Do an Asset Swap - YouTubeRisk Parity Chronicles series on TIPS:  Eight Observations About TIPS (riskparitychronicles.com)ETF Database:  ETF Database: The Original & Comprehensive Guide to ETFs (etfdb.com)Bloomberg Presentation on Asset Classes in Inflationary Environments:  MH201-SteveHou-Bloomberg.pdf (markethuddle.com)Vanguard Commodities Paper:  Commodity investing and its role in a portfolio (vanguard.com)Antti Ilmanen books:  Books by Antti Ilmanen (Author of Expected Returns) (goodreads.com)EconoMe Conference:  EconoMe Conference - March 17th-19th, 2023Support the show

In this episode we answer emails from Kyle, Esek and Erin.   We discuss 529 plans, what is "enough" in terms of this podcast, and THEN the meta approaches to retirement planning and the importance of distinguishing portfolio construction and allocation strategies from portfolio management techniques, including a tour on the Good Ship Lollipop with the Outlaw Josey Wales.  Errata: I said "Bernstein assumptions" when I meant "Bengen assumptions."And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.EconoMe Conference link:  Programming & Activities - EconoMe (economeconference.com)Support the show

In this episode we answer emails from Gareth, Mark and Alex.  We talk about the meta-differences in investing in various countries, utilities, long dollar funds like UUP, specialized commodities mutual funds like LCSIX and a couple new leveraged funds with mixed asset classes.Links:LCSIX Fact Sheet:  LoCorr-Funds-Long-Short-Commodities_fact_sheet.pdf (locorrfunds.com)Alex's SEC Link To Return Stacked Funds Prospectuses:  https://www.sec.gov/Archives/edgar/data/1924868/000138713122011734/newfound-485apos_112322.htmResolve Asset Management Return Stacking White Paper:  Return Stacking: Strategies For Overcoming a Low Return Environment (investresolve.com)Resolve Asset Management YouTube Channel (Video on Risk Parity):  Risk Parity Is the Answer: What Was the Question? (EP.18) - YouTubeEconoMe Conference:  Programming & Activities - EconoMe (economeconference.com)Support the show

In this episode we answer emails from Justin and Arun.   We discuss the last decade of history of the failed use of CAPE ratios as a crystal ball and the general problems with those approaches, and the inherent limitations and problems with using the personal finance recommendations of theoretical economists.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:CAPE Ratios Article:  CAPE Fear: Why CAPE Naysayers Are Wrong | Research AffiliatesMichael Kitces  CAPE Article (2016):  Reducing Retirement Return Assumptions For High Valuation? (kitces.com)Kitces Critique of November 2021 Morningstar Forecasts Report:  Can Morningstar's Withdrawal Rate Report Refute The 4% Rule? (kitces.com)Sector P/E Ratios Article:  Sector Valuation: Shiller PE By Sectors - GuruFocus.comIndustry P/E Ratios Article:  Price to Earnings (P/E) Ratios by Industry | Eqvista2022 Morningstar Report:  2022 Retirement Withdrawal Strategies Report | MorningstarAfford Anything Kotlikoff Interview:  #329: Challenging Your Confirmation Bias, with Economist Larry Kotlikoff - Afford AnythingPlanet Money Economist Interview:  Yale Economist James Choi Analyzes Popular Financial Advice : Planet Money : NPRComplex Adaptive Systems and the Math that Applies To Them:  The Fractal Lens - Prospecting Mimetic FractalsMore Than You Know Book:  More Than You Know: Finding Financial Wisdom in Unconventional Places by Michael J. Mauboussin | GoodreadsSupport the show

In this episode we take the Dude's suggestion and do a detailed analysis of the Advocate Rising Rate Hedge ETF, ticker symbol RRH.To conduct our analysis of RRH, we use SPLB, using David Stein's Ten Questions to Master Investing:1.  What is it?2.  Is it an investment, a speculation, or a gamble?3.  What is the upside?4.  What is the downside?5.  Who is on the other side of the trade?6.  What is the investment vehicle?7.  What does it take to be successful?8.  Who is getting a cut?9.  How does it impact your portfolio?10.  Should you invest?Links:RRH Website:  Advocate Rising Rate Hedge ETF (rrhetf.com)RRH Fact Sheet:  Microsoft PowerPoint - Advocate RRH Fund Fact Sheet Jan 2023 v01 (rrhetf.com)RRH Summary Prospectus:  advocate_rrh_summary.pdf (rrhetf.com)Podcast about RRH:  Scott Peng, PhD, Founder and CEO/CIO, Advocate Capital Management - Alpha Exchange | Podcast on SpotifyAsset Correlation Analysis of RRH:  Asset Correlations (portfoliovisualizer.com)Risk Parity Chronicles TIPs Blog Series (Summary and Conclusions):  Eight Observations About TIPS (riskparitychronicles.com)EconoMe Conference:  Programming & Activities - EconoMe (economeconference.com)Support the show

In this episode we answer emails from Alexi (Dude!) and Spencer.  We discuss a recent Bloomberg presentation about what asset classes perform best and worst in inflationary environment, how that informs portfolio construction and why we don't bother with meaningless fund characteristics like mid-caps and dividend-payers for portfolio construction.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Steve Hou/Bloomberg Presentation:  MH201-SteveHou-Bloomberg.pdf (markethuddle.com)Market Huddle Video with Steve Hou:  To Survive Disasters, You Need Smiles (guest: Steve Hou) - Market Huddle Ep.201 - YouTubeArticle about the "Factor Zoo":  Taming the Factor Zoo (aqr.com)EconoMe Conference:  EconoMe Conference - March 17th-19th, 2023Support the show