In this episode we address emails and messages from Nathan, Michael, MyContactInfo and Visitor 5225.  We discuss correlations of international funds vs. small cap value funds, new international small cap value funds, the plusses and minuses of the Accelerated Permanent Portfolio, Aswath Damdaran and the follies of dividend investing, and my email address.  Whoa!And THEN we look at monthly distributions and returns of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:International and small cap value correlation analysis:  Asset Correlations (portfoliovisualizer.com)Bogleheads Podcast Featuring Eduardo Repetto:  Episode 43: Bogleheads on Investing – guest Eduardo Repetto, host Rick Ferri – Rick Ferri, CFAVideo Lecture of Aswath Damodaran re Dividends:    Damodaran on Dividends - YouTubeSupport the show

In this episode we address emails from Chris, Kevin from Canada, Davis, Amy and Mark.  We discuss RPAR's performance issues, A Canadian Anti-Beta ETF and academic analysis of those strategies, using utilities in the Golden Ratio portfolio, frontier markets and international factor funds, decumulation mechanisms and the Golden Ratio sample portfolio, and DFA-like funds.And THEN we put you to sleep with our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:RPAR Fact Sheet:  RPAR Risk Parity ETF (rparetf.com)Anti-Beta Strategies Paper:  Microsoft Word - BettingAgainstBeta - 20101129.doc (nber.org)FM/EEM Correlation Analysis:  Asset Correlations (portfoliovisualizer.com)DFA ETFs table:  Dimensional ETFsSupport the show

In this episode we address emails from Brandon, Scot, Junior, Tony and Chris.   We address using leverage in accumulation portfolios, thanks to Scot, how QYLD resembles a 1987 Chrysler LeBaron, the UPRO stock split (again), and sources of gold data.Links:Ben Felix Video About Leverage:  Investing With Leverage (Borrowing to Invest, Leveraged ETFs) - YouTubeAQR Paper About Leverage:  Alternative Thinking Why Do Most Investors Choose Concentration Over Leverage.pdfPortfolio Visualizer Destruction of QYLD:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com)The 1987 Chrysler LeBaron Convertible:  1987 Chrysler LeBaron Indy Pace Car Convertible - YouTubeChris's Bogleheads Link:  Simba's backtesting spreadsheet - BogleheadsSupport the show

In this episode we attend to emails from Justin, Mycontactinfo, Ron, Bastian and Dustin.   We discuss the UPRO stock split, Dan Pink's Drive and flow states, Laurence Kotlikoff books and the nature of reality and uncertainty, having a look at PICK and EWD, and more variations on the Golden Ratio portfolio.And THEN we put you to sleep with our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Mark's Cool Portfolio Shortcutter Tool:  https://docs.google.com/spreadsheets/d/1lG18XrJA8-oODSNC0nV2T5nyVPAByU7p901oYn_ECDw/edit#gid=1553040997RSA Animate "Drive" video:   RSA ANIMATE: Drive: The surprising truth about what motivates us - YouTubeKotlikoff's latest book:  Money Magic: An Economist’s Secrets to More Money, Less Risk, and a Better Life: Kotlikoff, Laurence: 9780316541954: Amazon.com: BooksThe Rise of Superman book:  The Rise of Superman: Decoding the Science of Ultimate Human Performance by Steven Kotler | GoodreadsThe Art of Impossible book:  The Art of Impossible: A Peak Performance Primer by Steven Kotler | GoodreadsCorrelation Analysis of PICK and EWD:  Asset Correlations (portfoliovisualizer.com)FXIFX vs. Golden Ratio Portfolio:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com)Support the show

In this episode we give Mary a break and analyze the ProShares Ultrapro S&P500 ETF, ticker symbol UPRO, using David Stein's Ten Questions to Master Investing, which are: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?This fund analysis was suggested/requested by listener Anderson.Links:UPRO Fact Sheet:   Prosharesfactsheetupro.pdfUPRO Summary Prospectus:   UPRO_summary_prospectus.pdf (proshares.com)UPRO Semi-Annual Report:  Report 11-30-2021 (proshares.com)Leveraged Funds And How They Work:  What Is a Leveraged ETF and How Do They Work? (optimizedportfolio.com)Nine Best Leveraged Funds Article:  The 9 Best Leveraged ETFs To Enhance Portfolio Exposure (2022) (optimizedportfolio.com)Leverage Generally And Links To Sample Levered Portfolios:  Leverage | Optimized PortfolioSupport the show

In this episode we answer emails from Julie T, Justin, Jeffrey, Anderson and the mysterious Mycontactinfo.   We discuss Golden Ratio modifications, TIPs vs. commodities and stocks for inflation YTD, asset roles in Risk Parity Portfolios, volatility funds, the good, bad and ugly of dividend investing, ideas for future episodes and Professor Lo's new book (again).  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:Golden Ratio Portfolio with Utilities:  Backtest Portfolio Asset Allocation (portfoliovisualizer.com)Money For The Rest of Us Podcast Episode #374:  Lifecycle Investing, Risk Parity Portfolios, and Why Stocks Are Riskier in the Long RunMoney For The Rest of Us Podcast Episode #306:  Three Approaches to Asset Allocation | Money For The Rest of Us Jeffrey's Link re Dividend Investing:  Dividend Millionaires - The Compound InvestorDividend Collapses Article:  The Biggest Dividend Stock Collapses of All Time - Dividend.comLink To Podcast With Professor Lo:  Andrew Lo: Finding the Perfect Portfolio--a 'Never-Ending Journey' | Morningstar Support the show

In this episode we answer questions from Steve, Alexi, Mycontactinfo and Brandon.  We discuss choosing REITS better than you might with a REIT fund, "inflation winners and losers", the new "In Pursuit of the Perfect Portfolio" book, and the preferred shares fund PFF.Links:VNQ holdings:  VNQ - Vanguard Real Estate ETF | VanguardNAREIT REIT Sectors:  REIT Sectors | NareitREIT correlation matrix:  Asset Correlations (portfoliovisualizer.com)Alexi's Article on Assets that Benefit from Inflation:  What Works When Inflation Hits? | Man Institute | Man GroupPerfect Portfolio book link:  In Pursuit of the Perfect Portfolio | Princeton University PressSupport the show

In this episode we answer questions from Alexi, Vaughn, Yamini, Jamie (x2) and Adam.  We discuss merger arbitrage as an asset class, the Macro-Allocation Principle applied to an accumulation portfolio, the benefits of investing in insurance companies, tail risk parity and the my favorite science paper and considerations about the lack of really old data.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:Alexi's podcast reference:  Why Merger Arb Works (aqr.com)Alexi's correlation analysis of merger arbitrage funds:  Asset Correlations (portfoliovisualizer.com)Artemis Capital Research Page:  Research & Market Views — Artemis (artemiscm.com)Artemis Hawk and Serpent Paper:  DocSendCorrelation Analysis of Insurance ETFs:  Asset Correlations of KBWP (portfoliovisualizer.com)Tail Risk Parity Paper:  Tail Risk Parity  (alliancebernstein.com)More Is Different Science Paper:  anderson72more_is_different.pdf (tamu.edu)Kitces Article re 4% Rule:  Can Morningstar's Withdrawal Rate Report Refute The 4% Rule? (kitces.com)Support the show

In this episode we address emails from Rory (x2), Frank, Andy and Mark.  We discuss UPRO issues, where to put gold, role models for retirement, Andy's experiments with UPAR and Mark's wonderful new tool and options strategies for reducing stock market risk.Links:Kitces Analysis of Morningstar Safe Withdrawal Rate Report:  Can Morningstar's Withdrawal Rate Report Refute The 4% Rule? (kitces.com)Andy's UPAR Bogleheads Forum Link:  The Tobin Two-Fund Portfolio - Bogleheads.orgMark's Most Excellent Portfolio Shortcutter Tool:  https://docs.google.com/spreadsheets/d/1lG18XrJA8-oODSNC0nV2T5nyVPAByU7p901oYn_ECDw/edit#gid=1553040997A famous stand-up philosopher:  A Standup Philosopher - YouTubeSupport the show

In this episode we answer emails from Jeff (x2), Popeye, and the anonymous Mycontactinfo (x2).  We discuss some feeble attempts at disparagement by former financial media people and put them in context, an essay on taking your money off the table and weathering financial downturns by Bill Bernstein and an free course from MIT.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:The Bernstein Essay:  A Day to Remember - HumbleDollarThe MIT Course with Andrew Lo:  Course | Adaptive Markets: Financial Market Dynamics and Human Behavior | edXSupport the show