In this episode we answer emails from Jenna, Kevin, and Jack Rabbit.  We challenge the myth of “never pay taxes” and show how to transition scattered holdings into a Golden Butterfly framework while keeping taxes manageable. We also examine Bitcoin’s role, review sample portfolio performance, and share new listener-created bonus material on the site. And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at <a href='https://www.riskparityradio.com/portfolios'>Portfolios | Risk Parity Radio</a>. Additional Links: Father McKenna Center Donation Page:  <a href='https://fathermckennacenter.org/how-you-can-help/donate/'>Donate - Father McKenna Center</a> Jack Rabbit&apos;s Creation re Episode 208 (Advice for Beginning Investors):  <a href='https://c7dd9328-b1cc-4d6f-898c-26053249ffc1.usrfiles.com/ugd/c7dd93_cb14316620af4039b6d46bf72660ba85.pdf'>A Parable for Beginning Investors in the Land of Oz</a> &quot;Free Steak Dinner&quot; Rant Episode:  <a href='https://www.riskparityradio.com/podcast-episodes/episode-321-a-small-rant-about-newman-selling-annuities-at-local-steakhouses'>Episode 321: A Small Rant About Newman Selling Annuities At Local Steakhouses | Risk Parity Radio</a> Breathless Unedited AI-Bot Summary: You can optimize a portfolio to the comma and still miss the point if the tax tail is wagging the rest of your life. We dive into a common blocker—fear of realizing gains—and replace it with a better plan: build the mix you actually need, then minimize taxes over years with smart account placement, specific-lot sales, and well-timed gain harvesting. From there we lay out a practical route to a Golden Butterfly structure—growth and value stocks, long Treasuries, gold, and short-term bonds—implemented primarily inside tax-deferred accounts to keep the brokerage account’s changes light and intentional. Along the way, we tackle a hot question on Bitcoin. Our take is grounded, not tribal: no income, high volatility, and shifting correlation that often mirrors high-beta growth. If you must touch it, keep it tiny so it can’t steer your long-term outcomes. More important, we reframe risk tolerance: being comfortable with swings isn’t a destination. Decide whether your target is maximizing lifetime spending or terminal wealth, then right-size volatility and liquidity to fit that goal. Finance comes first; the personal is how you stick to it. We round out the conversation with a market scoreboard—gold’s surge, equities’ strength, managed futures’ late-year pop—and a transparent look at model portfolios, from classic all-weather to a measured, levered stack that’s built for accumulators who accept higher swings. We also share a listener-made “graphic novel” twist on a past episode now posted as bonus material. If you’re ready to shed tax paralysis, align your assets with your life, and use diversification that actually works across regimes, this one’s for you. If you enjoyed it, subscribe, leave a review, and tell us: what’s the next move you’ll make to simplify and realign your portfolio? <a rel="payment" href="https://www.riskparityradio.com/support">Support the show</a>

<description>&lt;p&gt;In this episode we answer emails from Jenna, Kevin, and Jack Rabbit.  We challenge the myth of “never pay taxes” and show how to transition scattered holdings into a Golden Butterfly framework while keeping taxes manageable. We also examine Bitcoin’s role, review sample portfolio performance, and share new listener-created bonus material on the site.&lt;br/&gt;&lt;br/&gt;And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at &lt;a href='https://www.riskparityradio.com/portfolios'&gt;Portfolios | Risk Parity Radio&lt;/a&gt;.&lt;br/&gt;&lt;br/&gt;Additional Links:&lt;br/&gt;&lt;br/&gt;Father McKenna Center Donation Page:  &lt;a href='https://fathermckennacenter.org/how-you-can-help/donate/'&gt;Donate - Father McKenna Center&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Jack Rabbit&amp;apos;s Creation re Episode 208 (Advice for Beginning Investors):  &lt;a href='https://c7dd9328-b1cc-4d6f-898c-26053249ffc1.usrfiles.com/ugd/c7dd93_cb14316620af4039b6d46bf72660ba85.pdf'&gt;A Parable for Beginning Investors in the Land of Oz&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;&amp;quot;Free Steak Dinner&amp;quot; Rant Episode:  &lt;a href='https://www.riskparityradio.com/podcast-episodes/episode-321-a-small-rant-about-newman-selling-annuities-at-local-steakhouses'&gt;Episode 321: A Small Rant About Newman Selling Annuities At Local Steakhouses | Risk Parity Radio&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Breathless Unedited AI-Bot Summary:&lt;br/&gt;&lt;br/&gt;You can optimize a portfolio to the comma and still miss the point if the tax tail is wagging the rest of your life. We dive into a common blocker—fear of realizing gains—and replace it with a better plan: build the mix you actually need, then minimize taxes over years with smart account placement, specific-lot sales, and well-timed gain harvesting. From there we lay out a practical route to a Golden Butterfly structure—growth and value stocks, long Treasuries, gold, and short-term bonds—implemented primarily inside tax-deferred accounts to keep the brokerage account’s changes light and intentional.&lt;br/&gt;&lt;br/&gt;Along the way, we tackle a hot question on Bitcoin. Our take is grounded, not tribal: no income, high volatility, and shifting correlation that often mirrors high-beta growth. If you must touch it, keep it tiny so it can’t steer your long-term outcomes. More important, we reframe risk tolerance: being comfortable with swings isn’t a destination. Decide whether your target is maximizing lifetime spending or terminal wealth, then right-size volatility and liquidity to fit that goal. Finance comes first; the personal is how you stick to it.&lt;br/&gt;&lt;br/&gt;We round out the conversation with a market scoreboard—gold’s surge, equities’ strength, managed futures’ late-year pop—and a transparent look at model portfolios, from classic all-weather to a measured, levered stack that’s built for accumulators who accept higher swings. We also share a listener-made “graphic novel” twist on a past episode now posted as bonus material. If you’re ready to shed tax paralysis, align your assets with your life, and use diversification that actually works across regimes, this one’s for you. If you enjoyed it, subscribe, leave a review, and tell us: what’s the next move you’ll make to simplify and realign your portfolio?&lt;br/&gt;&lt;br/&gt;&lt;br/&gt;&lt;/p&gt;&lt;p&gt;&lt;a rel="payment" href="https://www.riskparityradio.com/support"&gt;Support the show&lt;/a&gt;&lt;/p&gt;</description>

In this episode we answer emails from Jenna, Kevin, and Jack Rabbit.  We challenge the myth of “never pay taxes” and show how to transition scattered holdings into a Golden Butterfly framework while keeping taxes manageable. We also examine Bitcoin’s role, review sample portfolio performance, and share new listener-created bonus material on the site.  And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.  Ad...

Episode 474:  Planning Around Taxes In Transition, Bitcoin FOMO, Living In A Trailer, And Portfolio Reviews As Of December 19, 2025

In this episode we answer emails from JT, Phil, and Glenn.  We revel in the updates to the TestFolio tools, weigh how tilting toward small cap value can lift safe withdrawal rates but also reduces overall diversification, return to KBWP and how property and casualty insurance companies can provide value-tilted diversification, and discuss the tracking results reported on the About page at the website. Links: Testfolio 5% Withdrawal Backtest Comparison:  <a href='https://testfol.io/?s=74fuq6N5WWd'>testfol.io/?s=74fuq6N5WWd</a> Testfolio Comparison of SCV, LCG, LCV and SCG:  <a href='https://testfol.io/?s=4eqimbZveGX'>testfol.io/?s=4eqimbZveGX</a> Weird Portfolio:  <a href='https://portfoliocharts.com/portfolios/weird-portfolio/'>Weird Portfolio – Portfolio Charts</a> Testfolio KWBP and BRK-B Analysis:  <a href='https://testfol.io/analysis?s=l34pkinSxde'>testfol.io/analysis?s=l34pkinSxde</a> Fund Seeder Tracker Site:  <a href='https://www.fundseeder.com/'>FundSeeder - Empowering Top Traders with Capital and Insights</a> Breathless Unedited AI-Bot Summary: Ready to push past rules of thumb and actually pressure-test a retirement portfolio? We dig into how far a DIY investor can tilt toward small cap value to raise a safe withdrawal rate, what history really shows across 30- and 50-year windows, and why correlation—not bravado—decides whether you can keep spending through ugly markets. Using new Testfolio features with 100-year factor data, we compare the Golden Ratio and Golden Butterfly against more value-heavy mixes and pinpoint where the extra “cowbell” helps and where it just adds stress. We also open a less-traveled door inside equities: property and casualty insurers. Whether you own them through KBWP or direct index the top names, this sleeve has delivered rare intra-equity diversification, often keeping pace with broad markets while zigging in years like 2022. We share the practical trade-offs—expense ratios vs. tracking error, simplicity vs. tax loss harvesting—and explain when the ETF is the smarter, lower-hassle choice. If you already own Berkshire Hathaway for your value core, you’ll hear why insurers can complement or substitute without bloating overlap. Context matters, so we pull back the curtain on our publicly tracked taxable account and why it can look extreme in a bad year and strong in a good one. The whole-portfolio view is far steadier, closer to a risk parity blend of stocks, long treasuries, and diversifiers like gold and managed futures. The takeaway: if you want a withdrawal rate you can live with, build for multiple regimes—blend small cap value and large cap growth, keep long bonds for deflation shocks, and add real diversifiers that cut correlation when you need it most. Subscribe, share this with a DIY investor who loves data, and leave a review to tell us where you’d tilt next. <a rel="payment" href="https://www.riskparityradio.com/support">Support the show</a>

<description>&lt;p&gt;In this episode we answer emails from JT, Phil, and Glenn.  We revel in the updates to the TestFolio tools, weigh how tilting toward small cap value can lift safe withdrawal rates but also reduces overall diversification, return to KBWP and how property and casualty insurance companies can provide value-tilted diversification, and discuss the tracking results reported on the About page at the website.&lt;br/&gt;&lt;br/&gt;Links:&lt;br/&gt;&lt;br/&gt;Testfolio 5% Withdrawal Backtest Comparison:  &lt;a href='https://testfol.io/?s=74fuq6N5WWd'&gt;testfol.io/?s=74fuq6N5WWd&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Testfolio Comparison of SCV, LCG, LCV and SCG:  &lt;a href='https://testfol.io/?s=4eqimbZveGX'&gt;testfol.io/?s=4eqimbZveGX&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Weird Portfolio:  &lt;a href='https://portfoliocharts.com/portfolios/weird-portfolio/'&gt;Weird Portfolio – Portfolio Charts&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Testfolio KWBP and BRK-B Analysis:  &lt;a href='https://testfol.io/analysis?s=l34pkinSxde'&gt;testfol.io/analysis?s=l34pkinSxde&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Fund Seeder Tracker Site:  &lt;a href='https://www.fundseeder.com/'&gt;FundSeeder - Empowering Top Traders with Capital and Insights&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Breathless Unedited AI-Bot Summary:&lt;br/&gt;&lt;br/&gt;Ready to push past rules of thumb and actually pressure-test a retirement portfolio? We dig into how far a DIY investor can tilt toward small cap value to raise a safe withdrawal rate, what history really shows across 30- and 50-year windows, and why correlation—not bravado—decides whether you can keep spending through ugly markets. Using new Testfolio features with 100-year factor data, we compare the Golden Ratio and Golden Butterfly against more value-heavy mixes and pinpoint where the extra “cowbell” helps and where it just adds stress.&lt;br/&gt;&lt;br/&gt;We also open a less-traveled door inside equities: property and casualty insurers. Whether you own them through KBWP or direct index the top names, this sleeve has delivered rare intra-equity diversification, often keeping pace with broad markets while zigging in years like 2022. We share the practical trade-offs—expense ratios vs. tracking error, simplicity vs. tax loss harvesting—and explain when the ETF is the smarter, lower-hassle choice. If you already own Berkshire Hathaway for your value core, you’ll hear why insurers can complement or substitute without bloating overlap.&lt;br/&gt;&lt;br/&gt;Context matters, so we pull back the curtain on our publicly tracked taxable account and why it can look extreme in a bad year and strong in a good one. The whole-portfolio view is far steadier, closer to a risk parity blend of stocks, long treasuries, and diversifiers like gold and managed futures. The takeaway: if you want a withdrawal rate you can live with, build for multiple regimes—blend small cap value and large cap growth, keep long bonds for deflation shocks, and add real diversifiers that cut correlation when you need it most. Subscribe, share this with a DIY investor who loves data, and leave a review to tell us where you’d tilt next.&lt;br/&gt;&lt;br/&gt;&lt;/p&gt;&lt;p&gt;&lt;a rel="payment" href="https://www.riskparityradio.com/support"&gt;Support the show&lt;/a&gt;&lt;/p&gt;</description>

In this episode we answer emails from JT, Phil, and Glenn.  We revel in the updates to the TestFolio tools, weigh how tilting toward small cap value can lift safe withdrawal rates but also reduces overall diversification, return to KBWP and how property and casualty insurance companies can provide value-tilted diversification, and discuss the tracking results reported on the About page at the website.  Links:  Testfolio 5% Withdrawal Backtest Comparison:  testfol.io/?s=74fuq6N5WWd  ...

Episode 473:  Merry Christmas From Testfolio, More Cowbell, KBWP, And Fund Seeder Mania

In this episode we answer emails from Anonymous from New Jersey, James, and Brad.  We answer a donor’s six-part retirement plan, from mortgages and liquidity to 403(b) constraints, ETF trading, asset location, asset swaps, and tax‑savvy withdrawals. Then we discuss the risks of staying in an accumulation portfolio for too long and the options for obviating a crash before transitioning. And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at <a href='https://www.riskparityradio.com/portfolios'>Portfolios | Risk Parity Radio</a>. Additional Links: Father McKenna Center Donation Page:  <a href='https://fathermckennacenter.org/how-you-can-help/donate/'>Donate - Father McKenna Center</a> How To Do An Asset Swap Video from Risk Parity Chronicles:  <a href='https://www.youtube.com/watch?v=GX2WX6iTRTw'>How to Do an Asset Swap</a> Tax Planning Book:  <a href='https://www.amazon.com/Tax-Planning-Through-Early-Retirement/dp/B0FNNVXY16'>Amazon.com: Tax Planning To and Through Early Retirement: 9798999841599: Garrett, Cody, Mullaney, Sean: Books</a> Breathless AI-Bot Summary: Ever wonder whether paying down a mortgage before retirement is actually the safest move? We make the counterintuitive case for liquidity first: keep cash flexible during the messy early retirement years, when housing changes, college timelines, and new expenses collide. With a real listener case study, we show how a mortgage can be a tool, not a trap—and why you can always accelerate later once the dust settles. From there we dig into a pain point for many educators and nonprofit pros: weak 403(b) lineups. We break down why insurance-driven menus lag, how to advocate for better providers and funds, and when it makes sense to roll to an IRA for full control. You’ll also learn how to keep tracking simple, why monthly check‑ins beat daily dashboards, and how consolidating at a service‑oriented custodian streamlines everything. On execution, we explain why ETFs beat mutual funds for rebalancing speed and precision, plus how to convert Vanguard mutual funds to ETFs without tax surprises. Taxes and withdrawals get the spotlight too. We clarify asset location—shelter ordinary income, let capital appreciation work in brokerage and Roth—and outline “asset swaps” that let you sell what’s up while managing tax impact. For those still accumulating, we talk strategy for a smoother glide into a risk parity portfolio to reduce sequence risk, and the trade-offs between earlier protection and maximum growth. We wrap with a market scoreboard across stocks, bonds, gold, REITs, commodities, preferreds, and managed futures, and report on sample portfolios including Golden Butterfly, Golden Ratio, Ultimate, and leveraged variants. If you value actionable, no-nonsense guidance for DIY investors, you’ll find ideas you can use right away—whether you’re five years from retirement or still building your base. Subscribe, leave a review, and share this with a friend who’s wrestling with 403(b) choices or planning a tax-smart withdrawal strategy.<a rel="payment" href="https://www.riskparityradio.com/support">Support the show</a>

<description>&lt;p&gt;In this episode we answer emails from Anonymous from New Jersey, James, and Brad.  We answer a donor’s six-part retirement plan, from mortgages and liquidity to 403(b) constraints, ETF trading, asset location, asset swaps, and tax‑savvy withdrawals. Then we discuss the risks of staying in an accumulation portfolio for too long and the options for obviating a crash before transitioning. &lt;br/&gt;&lt;br/&gt;And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at &lt;a href='https://www.riskparityradio.com/portfolios'&gt;Portfolios | Risk Parity Radio&lt;/a&gt;.&lt;br/&gt;&lt;br/&gt;Additional Links:&lt;br/&gt;&lt;br/&gt;Father McKenna Center Donation Page:  &lt;a href='https://fathermckennacenter.org/how-you-can-help/donate/'&gt;Donate - Father McKenna Center&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;How To Do An Asset Swap Video from Risk Parity Chronicles:  &lt;a href='https://www.youtube.com/watch?v=GX2WX6iTRTw'&gt;How to Do an Asset Swap&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Tax Planning Book:  &lt;a href='https://www.amazon.com/Tax-Planning-Through-Early-Retirement/dp/B0FNNVXY16'&gt;Amazon.com: Tax Planning To and Through Early Retirement: 9798999841599: Garrett, Cody, Mullaney, Sean: Books&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Breathless AI-Bot Summary:&lt;br/&gt;&lt;br/&gt;Ever wonder whether paying down a mortgage before retirement is actually the safest move? We make the counterintuitive case for liquidity first: keep cash flexible during the messy early retirement years, when housing changes, college timelines, and new expenses collide. With a real listener case study, we show how a mortgage can be a tool, not a trap—and why you can always accelerate later once the dust settles.&lt;br/&gt;&lt;br/&gt;From there we dig into a pain point for many educators and nonprofit pros: weak 403(b) lineups. We break down why insurance-driven menus lag, how to advocate for better providers and funds, and when it makes sense to roll to an IRA for full control. You’ll also learn how to keep tracking simple, why monthly check‑ins beat daily dashboards, and how consolidating at a service‑oriented custodian streamlines everything. On execution, we explain why ETFs beat mutual funds for rebalancing speed and precision, plus how to convert Vanguard mutual funds to ETFs without tax surprises.&lt;br/&gt;&lt;br/&gt;Taxes and withdrawals get the spotlight too. We clarify asset location—shelter ordinary income, let capital appreciation work in brokerage and Roth—and outline “asset swaps” that let you sell what’s up while managing tax impact. For those still accumulating, we talk strategy for a smoother glide into a risk parity portfolio to reduce sequence risk, and the trade-offs between earlier protection and maximum growth. We wrap with a market scoreboard across stocks, bonds, gold, REITs, commodities, preferreds, and managed futures, and report on sample portfolios including Golden Butterfly, Golden Ratio, Ultimate, and leveraged variants.&lt;br/&gt;&lt;br/&gt;If you value actionable, no-nonsense guidance for DIY investors, you’ll find ideas you can use right away—whether you’re five years from retirement or still building your base. Subscribe, leave a review, and share this with a friend who’s wrestling with 403(b) choices or planning a tax-smart withdrawal strategy.&lt;/p&gt;&lt;p&gt;&lt;a rel="payment" href="https://www.riskparityradio.com/support"&gt;Support the show&lt;/a&gt;&lt;/p&gt;</description>

In this episode we answer emails from Anonymous from New Jersey, James, and Brad.  We answer a donor’s six-part retirement plan, from mortgages and liquidity to 403(b) constraints, ETF trading, asset location, asset swaps, and tax‑savvy withdrawals. Then we discuss the risks of staying in an accumulation portfolio for too long and the options for obviating a crash before transitioning.   And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find a...

Episode 472:  A Field Day In New Jersey, Obviating Late Accumulation Risks, And Portfolio Reviews As Of December 12, 2025

In this episode we answer emails from Anonymous, Pete, and Wilhelm.  We discuss how MiFID reshapes investing for U.S. citizens retiring in the EU, the commodities fund HGER and the &quot;Desert Portfolio.&quot; Links: Father McKenna Center Donation Page:  <a href='https://fathermckennacenter.org/how-you-can-help/donate/'>Donate - Father McKenna Center</a> IBKR MiFId Client Page:  <a href='https://www.ibkrguides.com/advisorportal/mifid.htm'>MiFID Client Category</a> Portfolio Charts Assets Page (for finding funds):  <a href='https://portfoliocharts.com/assets/'>Assets – Portfolio Charts</a> Animal Spirits Podcast re HGER: <a href='https://open.spotify.com/episode/4ET8qComCRYrS7INiCfytS?si=008037597b6e4e05&amp;nd=1&amp;dlsi=91feff704f6c42db'>Talk Your Book: How to Invest in Commodities - Animal Spirits Podcast | Podcast on Spotify</a> Testfolio HGER Analysis:  <a href='https://testfol.io/analysis?s=dcDPCTQc1j6'>testfol.io/analysis?s=dcDPCTQc1j6</a> HGER Fund Page:  <a href='https://www.harborcapital.com/etf/hger/'>ETF | Harbor Commodity All-Weather Strategy ETF (HGER) | Harbor Capital</a> Portfolio Charts Safe Withdrawal Rates Chart:  <a href='https://portfoliocharts.com/charts/withdrawal-rates/'>Withdrawal Rates – Portfolio Charts</a> Breathless Unedited AI-Bot Summary: Planning to retire in Europe while keeping a U.S.-style portfolio? The moment you change residency, MiFID rules can block purchases of U.S.-domiciled ETFs, turning routine rebalancing into a headache and putting your safe withdrawal rate at risk. We break down practical steps to keep your plan intact, including using Interactive Brokers to run a two-sleeve setup—sell-only in the U.S. account, buy in an EU account with UCITS equivalents—and how to make rebalancing work without creating a tax and paperwork nightmare. You’ll hear the pros, cons, and tradeoffs of each path so you can navigate regulation with confidence, not guesswork. We also examine a smarter way to think about commodities. Legacy benchmarks like BCOM haven’t evolved with investor goals, and that’s where HGER’s rules-based design stands out with a quality and carry overlay that often elevates gold. But if you already hold gold, does a gold-tilted commodity fund add diversification or just overlap? We compare HGER to PDBC, highlight correlations with stocks and gold, and explain why managed futures can deliver broader, more resilient diversification across commodities, rates, and currencies. If you’re after true crisis defense, a blend of gold and managed futures may beat a traditional commodity sleeve. To round it out, we stress-test the “desert portfolio”—high treasuries, modest equities, a touch of gold—and explain when its calm ride helps and when it lowers your long-term sustainable withdrawal. If your real objective is durable retirement income, consider upping equity exposure, adding value tilts, and relying on uncorrelated diversifiers that keep you rebalancing through drawdowns. Subscribe for more DIY-friendly portfolio tactics, share with a friend who’s eyeing an EU move, and leave a review to tell us what cross-border investing questions you want answered next. <a rel="payment" href="https://www.riskparityradio.com/support">Support the show</a>

<description>&lt;p&gt;In this episode we answer emails from Anonymous, Pete, and Wilhelm.  We discuss how MiFID reshapes investing for U.S. citizens retiring in the EU, the commodities fund HGER and the &amp;quot;Desert Portfolio.&amp;quot;&lt;br/&gt;&lt;br/&gt;Links:&lt;br/&gt;&lt;br/&gt;Father McKenna Center Donation Page:  &lt;a href='https://fathermckennacenter.org/how-you-can-help/donate/'&gt;Donate - Father McKenna Center&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;IBKR MiFId Client Page:  &lt;a href='https://www.ibkrguides.com/advisorportal/mifid.htm'&gt;MiFID Client Category&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Portfolio Charts Assets Page (for finding funds):  &lt;a href='https://portfoliocharts.com/assets/'&gt;Assets – Portfolio Charts&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Animal Spirits Podcast re HGER: &lt;a href='https://open.spotify.com/episode/4ET8qComCRYrS7INiCfytS?si=008037597b6e4e05&amp;amp;nd=1&amp;amp;dlsi=91feff704f6c42db'&gt;Talk Your Book: How to Invest in Commodities - Animal Spirits Podcast | Podcast on Spotify&lt;/a&gt; &lt;br/&gt;&lt;br/&gt;Testfolio HGER Analysis:  &lt;a href='https://testfol.io/analysis?s=dcDPCTQc1j6'&gt;testfol.io/analysis?s=dcDPCTQc1j6&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;HGER Fund Page:  &lt;a href='https://www.harborcapital.com/etf/hger/'&gt;ETF | Harbor Commodity All-Weather Strategy ETF (HGER) | Harbor Capital&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Portfolio Charts Safe Withdrawal Rates Chart:  &lt;a href='https://portfoliocharts.com/charts/withdrawal-rates/'&gt;Withdrawal Rates – Portfolio Charts&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Breathless Unedited AI-Bot Summary:&lt;br/&gt;&lt;br/&gt;Planning to retire in Europe while keeping a U.S.-style portfolio? The moment you change residency, MiFID rules can block purchases of U.S.-domiciled ETFs, turning routine rebalancing into a headache and putting your safe withdrawal rate at risk. We break down practical steps to keep your plan intact, including using Interactive Brokers to run a two-sleeve setup—sell-only in the U.S. account, buy in an EU account with UCITS equivalents—and how to make rebalancing work without creating a tax and paperwork nightmare. You’ll hear the pros, cons, and tradeoffs of each path so you can navigate regulation with confidence, not guesswork.&lt;br/&gt;&lt;br/&gt;We also examine a smarter way to think about commodities. Legacy benchmarks like BCOM haven’t evolved with investor goals, and that’s where HGER’s rules-based design stands out with a quality and carry overlay that often elevates gold. But if you already hold gold, does a gold-tilted commodity fund add diversification or just overlap? We compare HGER to PDBC, highlight correlations with stocks and gold, and explain why managed futures can deliver broader, more resilient diversification across commodities, rates, and currencies. If you’re after true crisis defense, a blend of gold and managed futures may beat a traditional commodity sleeve.&lt;br/&gt;&lt;br/&gt;To round it out, we stress-test the “desert portfolio”—high treasuries, modest equities, a touch of gold—and explain when its calm ride helps and when it lowers your long-term sustainable withdrawal. If your real objective is durable retirement income, consider upping equity exposure, adding value tilts, and relying on uncorrelated diversifiers that keep you rebalancing through drawdowns. Subscribe for more DIY-friendly portfolio tactics, share with a friend who’s eyeing an EU move, and leave a review to tell us what cross-border investing questions you want answered next.&lt;br/&gt;&lt;br/&gt;&lt;br/&gt;&lt;/p&gt;&lt;p&gt;&lt;a rel="payment" href="https://www.riskparityradio.com/support"&gt;Support the show&lt;/a&gt;&lt;/p&gt;</description>

In this episode we answer emails from Anonymous, Pete, and Wilhelm.  We discuss how MiFID reshapes investing for U.S. citizens retiring in the EU, the commodities fund HGER and the "Desert Portfolio."  Links:  Father McKenna Center Donation Page:  Donate - Father McKenna Center  IBKR MiFId Client Page:  MiFID Client Category  Portfolio Charts Assets Page (for finding funds):  Assets – Portfolio Charts  Animal Spirits Podcast re HGER: Talk Your Book: How to Invest in Commod...

Episode 471:  Holy MiFID Quandaries, HGER, And The Desert Portfolio

In this episode we answer emails from Adam, Cha Cha, and TJ.  We discuss how cash and short-term bonds affect safe withdrawal rates, why the Golden Butterfly’s allocation is a preference not a rule, and how to build a growth-first plan when you’re starting late.  And we wish Happy Birthday to Mick the Mugga Mugga. And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at <a href='https://www.riskparityradio.com/portfolios'>Portfolios | Risk Parity Radio</a>. Additional Links: Father McKenna Center Donation Page:  <a href='https://fathermckennacenter.org/how-you-can-help/donate/'>Donate - Father McKenna Center</a> Many Happy Returns Podcast Featuring Tyler:  <a href='https://www.youtube.com/watch?v=EPckwVfBiGk'>How to Pick Your Perfect Portfolio, with Tyler from Portfolio Charts</a> Video Summary of Recent Bronnie Ware Interview:  https://drive.google.com/file/d/1XO1H7719LTel-WrwUABpMaAzdFk6-juv/view?usp=sharingCatching Up To FI Podcast:  <a href='https://catchinguptofi.com/'>Financial Independence - Catching up to FI</a> Excess Returns Podcast:  <a href='https://excessreturnspod.com/'>Excess Returns Podcast | Excess Returns Podcasts - Helping Make You a Better Investor</a> Swedroe Factor Investing Book:  <a href='https://blogs.cfainstitute.org/investor/2017/06/29/book-review-your-complete-guide-to-factor-based-investing/'>Book Review: Your Complete Guide to Factor-Based Investing | CFA Institute Enterprising Investor</a> Breathless AI-Bot Summary: Worried your portfolio is heavy on cash but light on purpose? We unpack the real trade-offs behind short-term bonds, money markets, and the Golden Butterfly’s famous “comfort cushion,” then show how a few precise tweaks can lift safe withdrawal rates without blowing up your sleep. Listener questions drive the heart of the episode: how much cash is too much, whether VTIP truly hedges better than VGSH, and why cash management rarely changes outcomes even though it feels reassuring. From there we shift to a late-starter’s dilemma: chasing 8–10% average returns over a decade without gambling. We get practical about the only two ways to beat the market, why stock-picking “wins” often just mirror factor exposure, and how to use a simple, research-backed pairing—large-cap growth with small-cap value—to seek higher expected returns. We also cover when international tilts help, how currency drives comparisons more than people think, and where bonds, gold, and REITs fit as you move closer to financial independence. Our take is direct and usable: minimize inert cash, diversify for shallower drawdowns, and reserve complexity for places that pay. Build growth while the gap to FI is wide, then add ballast on purpose as you near the goal. If you want a sturdier plan and a quieter mind, this conversation clears the noise and spotlights the levers that matter. Enjoy the show? Follow, rate, and share it with a friend. Send your questions to Frank at RiskParityRadio.com, and if it helped, leave a quick review so more DIY investors can find it.<a rel="payment" href="https://www.riskparityradio.com/support">Support the show</a>

<description>&lt;p&gt;In this episode we answer emails from Adam, Cha Cha, and TJ.  We discuss how cash and short-term bonds affect safe withdrawal rates, why the Golden Butterfly’s allocation is a preference not a rule, and how to build a growth-first plan when you’re starting late.  And we wish Happy Birthday to Mick the Mugga Mugga.&lt;br/&gt;&lt;br/&gt;And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at &lt;a href='https://www.riskparityradio.com/portfolios'&gt;Portfolios | Risk Parity Radio&lt;/a&gt;.&lt;br/&gt;&lt;br/&gt;Additional Links:&lt;br/&gt;&lt;br/&gt;Father McKenna Center Donation Page:  &lt;a href='https://fathermckennacenter.org/how-you-can-help/donate/'&gt;Donate - Father McKenna Center&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Many Happy Returns Podcast Featuring Tyler:  &lt;a href='https://www.youtube.com/watch?v=EPckwVfBiGk'&gt;How to Pick Your Perfect Portfolio, with Tyler from Portfolio Charts&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Video Summary of Recent Bronnie Ware Interview:  https://drive.google.com/file/d/1XO1H7719LTel-WrwUABpMaAzdFk6-juv/view?usp=sharing&lt;/p&gt;&lt;p&gt;Catching Up To FI Podcast:  &lt;a href='https://catchinguptofi.com/'&gt;Financial Independence - Catching up to FI&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Excess Returns Podcast:  &lt;a href='https://excessreturnspod.com/'&gt;Excess Returns Podcast | Excess Returns Podcasts - Helping Make You a Better Investor&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Swedroe Factor Investing Book:  &lt;a href='https://blogs.cfainstitute.org/investor/2017/06/29/book-review-your-complete-guide-to-factor-based-investing/'&gt;Book Review: Your Complete Guide to Factor-Based Investing | CFA Institute Enterprising Investor&lt;/a&gt;&lt;br/&gt;&lt;br/&gt;Breathless AI-Bot Summary:&lt;br/&gt;&lt;br/&gt;Worried your portfolio is heavy on cash but light on purpose? We unpack the real trade-offs behind short-term bonds, money markets, and the Golden Butterfly’s famous “comfort cushion,” then show how a few precise tweaks can lift safe withdrawal rates without blowing up your sleep. Listener questions drive the heart of the episode: how much cash is too much, whether VTIP truly hedges better than VGSH, and why cash management rarely changes outcomes even though it feels reassuring.&lt;br/&gt;&lt;br/&gt;From there we shift to a late-starter’s dilemma: chasing 8–10% average returns over a decade without gambling. We get practical about the only two ways to beat the market, why stock-picking “wins” often just mirror factor exposure, and how to use a simple, research-backed pairing—large-cap growth with small-cap value—to seek higher expected returns. We also cover when international tilts help, how currency drives comparisons more than people think, and where bonds, gold, and REITs fit as you move closer to financial independence.&lt;br/&gt;&lt;br/&gt;Our take is direct and usable: minimize inert cash, diversify for shallower drawdowns, and reserve complexity for places that pay. Build growth while the gap to FI is wide, then add ballast on purpose as you near the goal. If you want a sturdier plan and a quieter mind, this conversation clears the noise and spotlights the levers that matter.&lt;br/&gt;&lt;br/&gt;Enjoy the show? Follow, rate, and share it with a friend. Send your questions to Frank at RiskParityRadio.com, and if it helped, leave a quick review so more DIY investors can find it.&lt;/p&gt;&lt;p&gt;&lt;a rel="payment" href="https://www.riskparityradio.com/support"&gt;Support the show&lt;/a&gt;&lt;/p&gt;</description>

In this episode we answer emails from Adam, Cha Cha, and TJ.  We discuss how cash and short-term bonds affect safe withdrawal rates, why the Golden Butterfly’s allocation is a preference not a rule, and how to build a growth-first plan when you’re starting late.  And we wish Happy Birthday to Mick the Mugga Mugga.  And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.  Additional Links:  Father McKenna ...

Episode 470:  Short Term Bonds, A Growth Plan For A Late Starter, A Birthday Wish And Portfolio Reviews As Of December 5, 2025

Risk Parity Radio is a podcast about investing located at www.riskparityradio.com.&nbsp; RPR explores risk-parity style portfolios comprised of uncorrelated or negatively correlated asset classes -- stocks, selected bonds, gold, managed futures, and other easily accessible fund options for the DIY investor.&nbsp; The goal is to construct portfolios that are robust and can be drawn down on in perpetuity, and to maximize projected Safe Withdrawal Rates regardless of projected overall returns.

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