Rising Oil Prices Continue To Rattle Investors

0:00Looking for strategies to help you protect your portfolio in these uncertain times? Visit robblack.com. RobBlack.com powered by EP Welp. Feels like a very September kind of dreary day, not weather-wise, but on Wall Street. SP 500 is down 1.5% the dowels down 80 basis points, so a little bit more than 3.4% the Aztec's down 2.3% of 1% of Russell 2000 down 90 basis points. Lot going on. Some of it a little bit of financial shenanigans with our own government buying our own debt. Bond yields to higher as oil tops 100. The markets are focused on what's going on with treasuries. And give me an idea of the 10 year hit 4.81. It's at 4.82 right now.

1:000.82 9. So it's ticking towards 4.83. That's enough to cause concern for some out of all street. Somewhere between 4.8 and 5.1 seems to advance with right now. 4.8. We don't really like it. 5.1 I think the markets would say we're parking our money in cash. It's not a bad yield. So we're taking a look at some individual names that I know are big on people's list. Metas up very actionable 7% today. And he's up 3% San Disco 3% micron up 2.6%. But other than that, I don't see a lot of tech working out of the side of my eye. Maybe 30 years it's at 5.29%. I think the big story this morning still. It's very September in my opinion is the SB 500. Doesn't have the earnings momentum right now.

2:03We've just ended earnings season in the last two weeks. So we have to wait a little bit longer before we start talking earnings, which is what's impressive on Wall Street right now. SB 500 earnings are now expected. Search 34% in 2026 more than double the 15% growth expected at the start of the year. We've never seen earnings growth this strong outside of the post recessionary balance. This time there was no recession. Just an unprecedented AI driven boom. So the stock market right now is looking for okay, we're not going to look for earnings. What do we look for? I think it's oil. It's the culprit. And oil leads to inflation. Crudes up roughly 3% to roughly $95.82 a barrel. Bring crude is above $100 a barrel. Tensions between the United States and Iran continue to escalate. In today's market when oil goes up, investors immediately start tagging the thought of inflation

3:04in their brain. And what that means for interest rates, the odds of a 25 basis point fed rate hike next week have climbed about 62% up from 59% yesterday. Little bit of anxiety on the fringe there, yes. At the same time, the January Treasury now yields about 4.81%. So investors are looking at higher oil, higher yields, geopolitical uncertainty. And they're deciding maybe today's just not the day to chase stocks. And it's not just the Middle East created uncertainty. You've got the silliness of what's going on with Russia and Ukraine. And when I say silly, you know what I'm saying. I'm happy and glib. You've got even the sillier United States and Canada are engaged in our tariff wrestling match with Canada hitting the United States with a territory tariffs of up to 50% on $20 billion of goods. There's a lot happening beneath the surface right now.

4:06The AI spending arms race continues. Amazon's tapping debt markets again with its first ever sterling to dominate at bonds raised about 5.4 billion. Meanwhile Google's parents Alphabet is investing roughly $15 billion in AI infrastructure in Finland. Between those two stories this morning, it's pretty clear the AI build out not slowing down. There's a getting another reminder that not every growth story is working. Casey's general story is down to nearly 10% after reporting solid sales and earnings. But high gasoline prices have hurt fuel volumes. Slowed the pace of same-store sales growth. This is the kind of stock. I'm not telling you this is the stock. But this is the kind of stock that has such a great track record over the last five years that I do become very interested on 10 to 20 to 30% pullbacks. If the story is not broken, if it's truly that gasoline prices hurt fuel volumes, as

5:10gasoline prices crept up, some people have said, okay, I'm only going to fill up my tank a little bit. You still got to fill up eventually. That's a little of a mind game, but I hear you. Maybe price has come down and that is important to people. This morning, if I were to sum up, you got higher oil, higher yields, geopolitical risks and tariffs, weighing on stocks. But at the same time, you get enormous amounts of money still pointing to AI, infrastructure, space, and next generation technologies. That's the push and the pull in the market right now. Short term uncertainty versus potentially very powerful, long-term investment cycle. This segment I'm going to have Patrick go hair on before I get there. Apple's annual product event is today. It's going to all tune in. They were getting boring, but with the new CEO, I got to watch at least once. And let's expect to Apple today be its first ever foldable iPhone today.

6:11It's Samsung's market right now, and it's not a very hot market foldables. But Samsung is leader, so all Apple has to do is compare favorably with Samsung. There's other players in the market, including Chinese producers, Ajama and Huawei. Bank of America said today that they're bullish on Apple ahead of the event. Reiterated the stock is by as the prospect of a foldable phone stays on mind. Some analysts think that it's going to be a lose-lose situation because they're... We know DRAM prices are going up. They're either going to raise prices. On everything, be in a disappointment for demand projections or they're going to have lower profit margins. Somewhere between those two, if they have to eat the DRAM and not raise prices. But today, we're going to find that out and we're going to find out how the market reacts to it. So it's the debut of John Ternis, officially taking over as CEO last week. Meta said that they've unveiled its personal agent app called Mews,

7:13which it can perform tasks like booking appointments and filling out forms. It can do your DMV appointment faster than you. Users can access the app via a free tier or with a monthly subscription plan, which ranged from $2,200 in price. Alexander Wang met his artificial intelligence chiefs at the app runs within its own isolated environment and never sees details like passwords or payment information. Wang also said Mews feels very approachable and friendly and explainable. He's a wildcat, see interviewed Alexander Wang. So Meta is dealing with the broader reckoning and going on with Wall Street on legal implications for the company. How do they do with AI, public reckoning, if you will? We've got a lot of privacy and safety policies that have to be digested and understood. And I don't know if we believe that Meta is ever going to be a good actor.

8:14Wall Street wants Meta to make more money from their AI investments. Let's talk a little quantum computing, the United States government is putting real money behind the industry. D-Wave, Quantum, Regetti, Computing and Quantum, or each getting $100 million from the Commerce Department exchange for minority stakes. The government sees quantum computing as a potential national security advantage. Investors are still seeing which companies can actually turn the technology into a profitable business. I threw down the names there that I think have the best chances D-Wave, Quantum, Regetti, Computing and Quantum. Japanese yen is up 5% against the US dollar over the last month. That's a meaningful move for Americans traveling to Japan. Your vacation dollar suddenly buys a little less than it did a month ago. Copper price is soared to an all-time record with traders expecting even more upside. Copper is sometimes called Dr. Copper because its price is viewed as a barometer of the global economy. The mid-AI data centers, electric vehicles and the power grid, they all need a lot of copper.

9:18Global stocks keep getting cheaper as they go up. That sounds like a contradiction, but rising corporate earnings can actually make stocks look less expensive when their share prices are climbing. Could the S&P 500 really hit $10,000? One strategy seems to think so. He's not calling it fantasy. James Thorn, Chief Market Strategist at Wellington, Altus. Says there is a path for the S&P 500 to reach $10,000 by 2027, the end of 2027. That would be roughly a 30% gain from current levels. He is not predicting that this is going to happen. He says it's becoming increasingly possible. As the US economy shifts into a period of massive investment in AI technology, factories and infrastructure, his basic argument is the one we're starting to hear again and again. Companies are spending an enormous amount of money today to make more money tomorrow. Amazon Microsoft Google met a loaner on track to spend more than 700 billion on AI infrastructure this year.

10:22It's a staggering amount of money. But investors aren't really paying for today's AI spending their pain for what that spending could produce in future profits. If all this billions of dollars eventually make companies more productive, if it boosts economic growth and increases corporate earnings, the market could grow in today's expensive valuations. So the S&P 500 earnings are already expected to grow roughly 28.5% of the third quarter. And if earnings continue growing faster, then Wall Street expects today's valuation metrics may not look nearly as expensive a year to from now. So there's the path if you will to $10,000. That would be about 30% upside. The interesting investment question is whether we're looking at another tech bubble. We always keep coming back to that, the beginning of a massive productivity boom or a tech bubble. If Thorn is right, investors may be underestimating just how much money the new wave of investment can ultimately generate.

11:25It'll work into hugging face. This is not my typical work that I do. In video, his acquiring open source AI Powerhouse Hugging Face. I wanted to see what they'd be getting for their money spent. Hugging face recently launched MicroDuck is one of their products. Now, what Nvidia's truly getting is a lot of developer tools, a market where there are a lot of developer tools for people who are in college or in high school who are thinking, and I got this great idea for an AI product. I'm going to build a duck. In this case, it's something Hugging Face did. They built something with all the models that they have been hosting. Hugging face recently launched MicroDuck, a $400 robot that can walk around, learn new skills, and even point lasers at walls for cats to chase. Companies sold more than 15,000 in the quirky little robots. It's generating more than 6 million in sales. It's surprising that it's a little advertising.

12:30I had never heard of MicroDuck. It's interesting because Hugging Face isn't really trying to build the next Rumba or a duck to play with your cat. It's trying to create an affordable platform for developers to experiment with physical AI. So, if I wanted to come up with an AI application for my home, I have an in-law who's recently had a seriously debilitating stroke. If I wanted to have the duck come into the room with a little security camera and deliver drugs for her, maybe tell her a joke or two after how she's doing. Come back to me and give me, maybe I'm over thinking this, why not just a camera? Why do I have to have a duck to help? Physical, what people are going to come up with, their idea is not mine. So, training MicroDuck requires Nvidia GPUs and CUDA software, potentially creating another demand engine for Nvidia's chips beyond data centers. Nvidia has generally supplied the brains behind robots rather than building the robots themselves. But Hugging Face gives it a much closer look at the consumer robotics market.

13:33Hugging Face had originally expected to sell about 50,000 microducks in its first year, but that forecast has not been raised significantly. The company has already sold roughly 10,000 of its previous 400 re-cheat mini robots, showing that there's at least some appetite for inexpensive programmable AI machines. The bigger opportunity, however, may not be the duck itself, it could be the experimentation that happens on cheap robots. Today, that eventually helps developers build the expensive humanoids of tomorrow. And if physically AI becomes the next major computing platform, Nvidia could end up selling the pick shovels and maybe even a few very cool ducks. RBC capital markets, head of US equity strategy, Lori Calvacini, wrote about the stock market yesterday. One of our quotes in her blog was, we've gotten more concerned about a pullback in the near term. It's fair to say that risks of a tier one garden variety pullback of 5 to 10% have grown. First, she says, the US equity market is in the middle of a seasonally difficult stretch.

14:37She said noting that the SP500 has fallen in September in the last five past 10 years. Second, US midterm elections are coming up. Stocks are more volatile in the second half of the past two midterm cycles in 2022 and 2018. At the same time, a voter backlash to artificial intelligence is emerged as a campaign issue in some races. And expectations of a possible democratic sweep of both members of Congress have picked up on prediction markets. Third, the lack of a resolution in the Iran war means a headwind for stocks. And fourth, investor angst over the path of inflation, the Fed, and interest rates broadly are stubbornly sticking around. And ultimately, we possibly, as a result, small cap stocks have underperformed since late June and Wall Street may need to pull down bottom up in census 2027 earnings per share forecast. So, I don't think she's wrong in any of those ideas.

15:39I think if some of them were to stick out 5 to 10 percent garden variety correction, that doesn't sound horrible. We know midterms are coming up and we know that it's, I don't want to say impossible to guess, but jumping in and spending the next 60 days trying to figure it out doesn't seem very productive. We do know that AI is getting some backlash. Keep an eye on that. The Iran war and oil at $100 is a real problem because it creates questions on inflation. Questions on inflation bring up the Fed. So, nothing really knew there. I saw the 5 to 10 percent pull back. I think maybe that's worth seeing. Jersey Mike subs gains 6 percent after the sandwich chain posted its first earnings report since going public in July. Can you get yourself up for owning a service tighten down 30 percent? That's a crater. Dispointing revenue outlook overshadowed the company's second quarter earnings beat.

16:39That seems aggressive. Could I try to trade those kind of names? You could, but my thought is they did something they disappointed. There's things that you can control and things you can't control. I don't only deal in with companies. That created a scenario on a regular basis that they're down 30 percent. So, if I were to trade it would be a super micro trade, super fast in and out, but that's just not my game. GE, aerospace, bought a turbine maker and a blow to SpaceX. Competition of turbine blade, manufacturing industries heating up. GE aerospace has emerged with a small edge on SpaceX, leaving SpaceX CEO with an interesting choice. Musk made waves in the aerospace industry recently when he suggested that his rocket in AI firm could get into the business of casting turbine blades. Casting is the process of point liquid metal into a mold.

17:41It sounds easy, but turbine blades are some of the most difficult mechanical parts to make on the planet. Turbine blades end up, of course, in turbines for either jet propulsion or power generation. SpaceX is interested in the power generation kind as Musk believes electricity is the constraint right now for AI growth. There's only four major companies that do cast parts like this. How met aerospace at your similar HWM? Berkshire Hathaway does. Precision cast parts is part of Berkshire Hathaway. Then there's a company called Consolidated Precision Products CPP. And that's about it. So look for more consolidation and more investment in this particular area. I'm going to take a break here. Coming up, I've got the one, the only Patrick O'Hare talking current market conditions. On top of that, I started dealing with the idea of a strategy segment.

18:42And this one's a little on the rough side, but it's getting there on age based funds. I'm going to come up September 12th, three days from now. It's a Saturday, 10 to noon in Lafayette, California. Super easy to get to in the East Bay, nice central location, Lafayette Library, 10 to noon, wealth preservation retirement planning event, wealth preservation retirement planning. What are you doing right? What are you doing wrong? And much, much more. Sign up at robluxho.com. That's robluxho.com. These days, retirement planning is more complicated than ever. So set aside Saturday morning, September 12th, and get ready to learn some strategies for wealth preservation and retirement planning from Rob Black, Ryan Ignacio, and Julie Channel Rork. This event will focus on retirement income. Tax strategies, estate planning, alternatives, and funding retirement. If you're at or near retirement with at least 500K in investable assets, this seminar is for you. You'll learn how to transition your portfolio from the accumulation phase to the income phase, which accounts to draw from first, how to protect your estate from long-term care costs and much more.

19:43Learn how to invest during inflation and interest rate moves, social security strategies, and managing IRAs and 401Ks in retirement. Rob Black will share market happenings and trends. That's Saturday, September 12th, 10 to noon at the Dom Tats and Community Library in Lafayette. Space is limited, so sign up today at robluxho.com. That's robluxho.com. Investments not if the IC and shared best performance does not guarantee future results, not on offer to seller, as a listentation to buy any security member, Finder S. U. P. C. Joining me now, Patrick, go hair from briefing.com, a reliable source of domestic and international news. It can use, I start my day, every day on investing with Pee Jordan, Patrick, in my week with you as well. Mr. O'Hare, give us an update on what you're seeing in the current market action. Good morning, Rob. I have a market that's fixated on the macro picture right now, more so than the individual company news. And for good reason, you have oil prices that are rising again. You have interest rates that are remaining elevated, raising some concerns about what they might be implying in terms of inflation trends and what the Fed might do about it.

20:48And what it could retain are 10 for stock market valuation. So I think we have a market right now, which is going to be a consolidated pattern, recognizing that these could be potential spoilers, the full market rally of oil prices keep going up and it straights, keep following along as the Fed gets forced into raising rates to try to keep inflation and check. This is a time of the year we're in the election cycle or in midterms. Do you pay more attention to politics or do you just kind of let it happen because it can affect how you're going to come to work in the next three to six months. We kind of just let it happen and then we will take accounts for what does happen and how that could ultimately impact behavior of the stock market. Have a what a few more months, maybe a little less than two months before those midterm elections and think the market has an idea of how those are going to play out already. But you never know until and so it's just another factor that hanging out there is a little bit of a source of uncertainty that keeps this market operating in a guarded state after having done so well earlier in the year and why it's contracting sideways for the better part of the last three months or so.

22:02So what do you keep it an eye on? I know that this week we have producer price index, we have the consumer price index, we have the Michigan consumer sentiment, so we're trying to divide. Is the economy strong enough and is there too much inflation? We have shifted away from earnings. What are you watching more than less or if you could rank what you see out there. The industry is basically number one on the list. I think they kind of take everything into account here in terms of what we're looking at with respect to CPI trends, PPI trends, what's going on with oil prices, what's going on with concerns about the national debt and the deficit. It's all factored in there and higher interest rates raise the cost of financing which could potentially be a growth impediment which then could become a problem for earnings growth. So you do have to keep an eye on not only the level of interest rates but the pace at which they're changing. And I think that the market's on guard here for some type of either breakout and interest rates that could take the 10 year note yield up to 5% or getting some type of relief that I guess lowers the temperature a bit if you will on terms of what you're doing.

23:12So I think that the interest rate trends has been and being very watchful of that key component. What are you looking for from the consumer? What's I'm kind of surprised are we consumers just keeps marching ahead. I get the whole AI and I get the whole AI versus inflation. It seems to be a big fight on Wall Street right now. But I kind of keep forgetting the retail consumers out there and we continue to spend and you watch the credit go up a little bit. So it seems to be bending not breaking on the US consumer any thoughts on what's carrying this market. Right. Yeah. It's just being conditioned if you will as a relate consumer here. But you know, you still have a pretty low unemployment rate historically speaking. So there are certainly price pressures out there all around and that's just gas prices but in fair number of products and services. I assume we're in the point I think you highlighted before Rob on your show that consumers who are gainfully employed are going to continue to spend. They might be a little bit more cognitive of their discretionary spending as they face some of these added pricing pressures. But the data bears out that they are continuing to spend.

24:22That's been an important factor here for the overall economy. But you know, I guess one of the maybe the interesting divergences here is that you have a consumer discretionary sector is the only sector that's down year to date in the S&P 500. And we still have anecdotal evidence and actual evidence that suggests that there is this ongoing K-shaped economy factor where lower the middle income consumers are definitely feeling more strained and respected their budget than of course higher income consumers who's got not only positions in the equity market but might own their home and are sitting on a lot of facility that helps drive the wealth effect that keeps these consumer spending numbers looking pretty good at the headline level. But there's definitely signs that sending the lower the middle income code is just not as robust as maybe we would all hope it would be. I think there's a little bit of that this morning when Casey general supported their results and there was perhaps not the same kind of strength in the inside things to our sales number that analysts have come to expect from that company.

25:32So here's a kind of a big picture question for you ideal with a lot of retail investors. And gold is had a funky year. It's up 1.4 percent or S&P 500's up 12 percent. So that's a pretty good year. But I keep coming back to gold because the national debts at 40 trillion. We know it's going to go higher or that's my assumption. I don't want to put words in your mouth. Why not own some gold in your portfolio? It seems like a no brainer as a hedge against inflation of the weaker dollar. Do you do approach that because I tend not to I tend to go I want my growth stocks. They tend to look away from gold. What are your thoughts on gold right now? The diversifier is there for the taking. That's not one of those asset classes that you're going to significantly overweight but I have a small portion in your investment portfolio to these reasons you highlight. And you might make a case that the dollar has been overvalued given the strength we've seen in the equity market here and that you get a good correction US market.

26:36Ultimately way on the dollar help drive up and play our gold prices and you benefit in that regard too. But I think we did have a period there where gold is tremendously well and it's been retracing some of that rally that we've seen but I don't think this is a market in general that's going to give up on gold given all of the things that are going on with respect to not only the deficit here but all of the deficit and debt problems that are brewing around the world. So all in this conversation day was I typically end the conversation is there anything that you're working on that you think would be important for us to know anything that we didn't get to that you kind of are it to tell us any thoughts. Right. We test a little bit on that consumer price index right are your listeners are probably have heard that it's kind of going to be all end all report so to speak for the market belief in terms of what the Fed might do at its definitely on the median on September 15th and 16th. It seems to be a lot riding on this one particular number is out on Friday and the theory is that if you get a CPI report that's a little bit warmer than expected then you're going to see the Fed raise rates and if you get something that's both cooler than expected that the Fed would then have a case to do nothing and just to remain on hold.

27:54It will be a market moving report one way or another and so we need to keep our eye on that and just to discuss earlier in the interview how that's going to shape the direction of interest rates and policy rates as well both will be important factors as a relates to stock market outlook. Thanks very much it's past your hair or reliable source of domestic and international news you can use always a good insight I've been tied towards that organization not with the financial commitment just great content that you can check it out yourself at briefing.com that's briefing.com you got to use good information you're going to be a good investor. I'm Rob Black talking all things financial take a break here. I'll be right back. This interview featured on the Rob Black show is brought to you by EP well learn more at robblack.com target funds. You might know them as fidelity freedom funds you might have found some other ones that are out there. It's typically tied towards your age when you're going to retire specifically.

28:57There was a time when saving free time it required a spreadsheet a calculator maybe an avocass and probably a conversation with someone who knew what a sharp ratio was then target date funds came along. You pick the fund with a year closest to when you expect retire you put your money in it and you let the fund do the rest as you get closer retirement the fund gradually just from stocks towards bonds and other less volatile investments. It's simple it's automatic and for millions of Americans it's been a huge improvement over do nothing. But there's a problem with making your retirement strategy revolve around one number your retirement date. A target date fund knows your age knows roughly when you expect to retire it doesn't know your spending needs your other assets your social security income your health your tax situation your tolerance for market clients. Whether you actually need to sell stocks when you retire that distinction matters target date fund machine.

30:02It has become huge target date funds have become one of the biggest forces in retirement. Investing overall morning star says assets and target date funds have reached $4.8 trillion in 2025 that's up more than 20% for the prior year. It's kind of like putting it on on self park and letting it self park put it on drive and let it drive. Vanguard account for roughly 1.8 trillion of that 4.8 trillion in target date funds. For the average 401k investor the biggest problem is it necessarily picking the perfect mutual fund it's getting started contributing consistently and staying invested. So I like target date funds overall but I know you could do better but you can do a lot worse too by doing nothing. Target date funds solve the problem of making decisions beautifully. You don't have to decide if you're 70% or 80% in stocks you don't have to be balanced.

31:06You don't have to figure out when to reduce risk the fund does it for you. It's a feature it's not a bug but it can also create a false sense that retirement planning has become completely solved it has not. Bill Bingen is a research group developed what has become known as the 4% role. That's the famous retirement income guidelines suggesting that a retiree could initially withdraw roughly 4% of a portfolio and then adjust withdrawals for inflation. Bingen himself says the original research has evolved his current work puts the figure close to 4.7% under certain assumptions. Although he also notes that people with much longer retirement horizons should use more conservative assumptions. His broader argument is important retirement investing shouldn't automatically become extremely conservative simply because someone has reached a certain birthday. He's argued for maintaining a substantial stock allocation even in retirement.

32:09His current framework calls for 65% stocks 30% bonds and 5% cash as retirement approaches. Well, investors more than 5 years from retirement can potentially tolerate much more equity exposure. His criticism of target funds is essentially this. Why should your portfolio automatically change simply because the calendar says you're getting older? I think that's a legit question. Or as my friend, MC Hammer would say, too legit, too legit to quit question. Retirement is not a date it's a period of your life. Someone retiring at 65 might need their money for 10 years another 65 year old might live another 30 years another person may have a pension social security and rental income covering most of their expenses. Meaning they don't have to sell investments at all. Those three people should not necessarily have the same portfolio based on your birthday. So let's say I was born in 1970, what did I give us 30 years, 55 years?

33:13Hmm, probably retire 20, 35. So what I did for the one 401k that I had that didn't really give a lot of great options. They had a lot of crap product with high fees, but they had some fidelity funds. So instead of saying I'm going to retire in 2035 fidelity, I said I'm going to retire in 2555 or 2060. So I got more stocks less bonds because it gave me more time to grow. The target date fund knows my age. It doesn't know my life. What percentage of my portfolio should be in stocks because I'm 60 probably nothing I got enough money to live till the day I die. How much money am I actually going to need for my portfolio? I'll settle for five times my income even though I want you to do 10 to 20 times your income because I've saved more than you. One of the biggest dangers in retirement isn't simply a market crash.

34:16It's a market crash or early retirement. This is something you'll learn at the upcoming wealth preservation retirement planning seminar. Imagine two investors retire with $1 million both are in the same average return over 20 years, but investor A gets several bad market years immediately after retirement. Investor B gets those bad years later. They can end up dramatically different outcomes because investor A is withdrawing money while the portfolio is falling. That's called a sequence of returns risk. It's one of the reasons I don't think investors think of retirement as one giant portfolio with one giant stock bond allocation. I want you to think about in buckets. Bucket number one is money you need soon. Bucket number two is money you'll need eventually. Bucket number three is money you may not need for decades. I'm not saying throw out your target eight funds. This is where the conversation get kind of extreme. I don't know you they may be working for you target eight funds are bad.

35:18In fact, they've done something incredibly valuable. They've made retirement investing dramatically easier for the masses. They encourage regular contributions. They automatically rebalance. They prevent investors from having to make dozens of decisions. Morningstar's research shows that target eight funds have delivered solid results from many investors. The problem is not that target date funds exist. The problem is when investors assume the target date is a substitute for retirement plan. Investment strategy built around an expected retirement date. That's different. So I think there's three questions every investor should ask before blindly accepting a target date allocation. First is how much risk can I actually afford to take? That's different from how much risk I can emotionally tolerate. The second question is when will I actually need this money? And the third question is what happens if markets fall 30% because they could right when you're ready to retire. And you may need to sell stocks in order to fund your retirement.

36:19That is less than ideal. Sign up for my events at roblachshow.com. That's roblachshow.com. Have a question or I mean email robbotroblach.com. These days retirement planning is more complicated than ever. So set aside Saturday morning September 12th and get ready to learn some strategies for wealth preservation and retirement planning from roblach, Ryan Ignacio and Julie Chanell-Rork. This event will focus on retirement income. Tax strategies, estate planning, alternatives and funding retirement. If you're at or near retirement with at least 500K in investable assets, this seminar is for you. You'll learn how to transition your portfolio from the accumulation phase to the income phase, which accounts to draw from first how to protect your estate from long-term care costs and much more. Learn how to invest during inflation and interest rate moves, social security strategies and managing IRAs and 401Ks in retirement. Rob Black will share market happenings and trends. That's Saturday September 12th, 10 to noon at the Dom Tats and Community Library in Lafayette. Space is limited so sign up today at robblackshow.com. That's robblackshow.com.

37:20Investments not if the IC and shared best performance does not guarantee future results not on offer to seller as a listentation to buy any security member Finder SIPC.