About this episode
In this episode we answer emails from Lee, Leo, Tony, and Samuel. We revel in Lee's generosity and discuss why we hold gold and treasuries, why recent performance should not drive allocation changes and common amateur investor fallacies, how to think about diversification when you invest outside the US, and how to think about correlations in a four quadrant model.And THEN we our go through our weekly and monthly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Links:Fairfax CASA Donation Page: Donate - Fairfax CASADavid Stein Interview: How to Think Clearly About Money Without Obsessing Over It with David Stein | White Coat InvestorPortfolio Charts International Portfolios Analysis: What Global Withdrawal Rates Teach Us About Ideal Retirement Portfolios – Portfolio ChartsMany Happy Returns Podcast with Tyler #!: Building a Bulletproof Retirement Portfolio, with Tyler from Portfolio Charts - Many Happy ReturnsMany Happy Returns Podcast with Tyler #2: How to Pick Your Perfect Portfolio, with Tyler from Portfolio Charts - Many Happy ReturnsClaudia Moise Paper with US Treasuries Correlation Data: Flights to Safety, Volatility Risk, and Monetary Policy by Claudia E. Moise :: SSRNBreathless Unedited AI-Bot Summaries:Gold is up, bonds are weird, and everyone suddenly wants to “swap something out” based on what happened last quarter. We slow that impulse down and get back to first principles: what job does each asset do in a long-term risk parity style portfolio, and what happens when you start making allocation decisions from a gut feeling about what looks overbought or hated right now?We dig into a listener question about replacing gold inside the Golden Ratio Portfolio and explain why utilities are not a true substitute. Utilities can be useful, but they behave like stocks more than people admit, and they often carry interest-rate sensitivity that overlaps with bonds. If you want something that behaves more like gold’s diversifying role, we talk through what characteristics matter most, including low correlation to both stocks and bonds, and why managed futures is the more logical comparison. Along the way, we call out the common traps that wreck DIY portfoli
