Stocks Rise As Oil Prices Ease

0:00Looking for strategies to help you protect your portfolio in these uncertain times? Visit robblack.com. Robblack.com powered by EP Well. September 21, Monday, 2026. Hopefully had a very nice weekend and now it's time to get back to Wall Street work. Over the weekend, I heard stories come out of Reuters about the hooties in the Middle East. And as it Trump coming back from Camp David early warnings for the State Department about the Middle East and Americans need to be on guard, I would have thought oil would have been higher this morning. Today is Yam Kippur. And there would be a significance to the Middle East group potentially striking on Yam Kippur. White, oil's lower, interest rates are lower.

1:00Not exactly what I thought from over the weekend or as publicly filed for an IPO, they looked raised to point to billion dollars more on that shortly. A lot of headline news about Nike and how they're losing important athletes like Kylian Mabapi. Some people like that move. Some people don't, Steve, and on his Peter McGoldrick slash his earnings per share estimates on Nike by a whopping 20 cents of the fiscal years of 2027 and 2028. He cited near-term risk from increased promotional activity on Nike products of the United States. So they're having to run sales on their product to move it. Soccer icon Kylian Mabapi ended his long-term business tie up with Nike last week and announced he will now be joining Swiss sports giant on. Here's some of the Owen Owen coming to stock. We'll be kicked out of the SP 100 day. Nike as well. It ain't an 18 year term on the index. Well, I went deep down into Nike there.

2:02It's not like me. Let's go back to Friday. I've been doing it with a lot of family issues of an alien mother-in-law who's in hospice and still alive. But let's go back to Friday because I don't do live shows on Friday. I heard a rumble Friday when Warren Buffett bowed out his chairman of Berkshire Hathaway at a position he had held since 1970. Long time listeners, this program knows that I think he is the goat greatest of all time that I tried to beat and make fun of early in my career in the 1990s and then I just grew to appreciate what he did. He bought companies that were cash flow rich and he held them. Didn't pay dividend instead of push that back into the company stock. I like Warren Buffett enormously. The 96 year old Oracle of Omaha transform Berkshire from a struggling textile manufacturing of one of the world's most viable companies in himself and then one of the world's richest

3:05people. His son is going to become the chairman of the board. Buffett or remain on the board. But he stepped down from the chairman role. Year to date, the dial is up 7.5% of the S&P mid cap 400 is up 10.5% of the S&P 500 up 11.8% of the Nasdaq up 14%. The Russell 2015, a little later in the program this morning, I'm going to talk about how I expect the last three months of the year to push the market tire and why. The dial is riding in a three week losing skid. The Nasdaq and the S&P 500 were basically flat last week. Everything makes sense right now. When oil goes higher, thoughts that inflation goes higher. When inflation goes higher, our yields move higher. On the bond market, there is that national debt story. There is the social security starting to increase the negative fully funded status in six years when the next round of politicians that were going to be elected in November when

4:08those senators are coming out of office. If there's something that's going to have to be done in their term, that problem means higher payroll tax on social security. Just increase the limit that high earners will have to contribute. That should add about $3,000 to the average American worker on their taxes. That's the proposed idea at this point in time. Will it get support? I don't know. So tinkering with the tax rate on social security and or the total limit ceiling seems to be the only two things that people are going to understand has to happen. Oil and bond markets hold a lot of sway over how stocks are working right now. There's some big events coming up. Metazaniel developer conference on Wednesday earnings from Costco on Thursday after the market closes. President Trump's plan summit with Chinese President Xi Jinping on Thursday as well.

5:10Like I said, things got a little dicey over the weekend with reports including indicating that the Houthis had launched an attack on Riyadh and that the President Trump and left camp David early to return to the White House. We got this morning and nothing seems to be problematic. The hope on that, I believe, is rooted in the US restraint in leading a counter attack. Although President Trump made it known that the US has several options for dealing with Iran, including wiping Iran out with a potential nuclear option. Iran said to NBC News that they have the capability to introduce new weapons of the United States launches a new attack. The market is taking the under the radar or under a major offensive as a positive possibility of President Trump meeting Iran's president during the UN meeting this week is on the table. The US and China strike their own trade breakthroughs this week.

6:13President Trump and President Xi, Secretary Scott Besson and China's Vice Premier He Lee Fong met over the weekend for some foundational work ahead of that meeting. Mr. Besson labeled that meeting as successful. So we'll see what comes out this week. President Trump announced on his truth social to the US struck a deal with Denmark and Greenland whereby it can develop a significant military presence in Greenland and block other countries from doing the same. Details of the agreement from both sides have been less than plentiful. One of the themes on Wall Street right now is getting and bringing inflation down to federal reserves 2% target. Won't be painless. Chicago Fed President Austin Goldsby said in a speech in London over the weekend. Goldsby was putting into perspective what to expect going forward in the Fed's tug of war between its dual mandate of fostering praise stability and maximizing employment.

7:14Novo Nordisk is in the news. You know, Novo Nordisk. Andy Lillie furthers this down 7% per dollar to share 52 week high as 64 or 52 week low is right around here. Well not right around here. It's at 35 and it's currently at $1 share. No, Novo. I'm going to say they're like no, no, no, but I calm myself before I wrecked myself. Sure as the Vizem Pick and Will Golymaker dropped after the company laid out its 2030 strategy and investors apparently wanted more novos. Has it planned to launch at least five blockbuster drugs by 2030 serving 60 million patients globally and grow revenue in line with its pharmaceutical peers? The problem is that investors will see this as the company is heavily depending on semi-glutized drug behind ozempick and will gov. And the business isn't growing as quickly as it once did. Meanwhile, Lillie has taken the lead in the weight loss drug race. And Novo is trying to catch up while developing new treatments for obesity related diseases,

8:18heart and liver conditions and other areas. Novo has gone through a major restructuring with roughly 13,000 employees leaving over the past year. The company tries to become faster and more competitive. The business lesson here is that being the company that invents the category doesn't guarantee you'll remain the leader in a fast moving market like weight loss, innovation, execution, and the ability to keep producing the next big product matter just as much as the blockbuster you already have. Novo has a huge franchise. Now investors want to see what comes after ozempick and will gov. Wells Fargo hiked its price target on meta to $796 from $640 and playing them was 20% upside to the stock. They reiterated the company with a buy. It's been an up and down year for shares, but they've been in an uptrend since mid-August. The Zuck stops here, meta-connected companies biggest event of the year starts on Wednesday with CEO Mark Zuckerberg slated to take the stage for keynote address.

9:21The stock is up 8% day up 54 bucks to $719. Remember that price started to $796. At last year's keynote address for MetaConnect, Apple, all the big tech companies do these. Here's our new product events. Typically during the fall, in case the product's coming for Christmas. Last year things got weird with technical difficulties. Zuckerberg was doing an AI cooking demo. And the meats started smoking this year. Or are you watching for updates on AI virtual reality and meta glasses? The company may even present a new model of glasses without a camera, since some people find being covertly recorded by a stranger. A little creepy. You imagine the carons and the people in the world who like to pick fights and free people out. You imagine the camera work on this stuff that we're going to see in the days and months years ahead.

10:22AMD is higher today up 7.8% on MetaConnect news. AMD is hitting new all-time hide. It is now worth $1 trillion. We thought the big race was going to be between Anthropic and Open AI. It captures most of the headlines. But the number one app in the app store right now is Muse. Meta's newest AI agent offering the app is free with subscription plans available for heavy users. It is designed to handle everyday tasks for making dinner reservations and doctors appointments to buy and plane tickets in pet food. Zuckerberg said the plan is to eventually take a small percentage cut from those transactions. Meta is going to have access to a lot of granular user data, which will likely increase the effectiveness and therefore prices of Meta's ads. Meta Muse is number one in Apple's app store, head of chat GPT at number two and Jim and I at number eight, Clawed is number 13. Meta has added nearly 170 billion market cap and is up 9% versus the S&P 500 since.

11:27It's up to great. The games are even higher when you add in today. Meta is taking a different approach. I know some people that ran a test on Clawed. Well, they ran a test to see if any of these four agents actually worked on a simple task. Simple task test. My mouth is all Monday. I'm not talking like Friday. I'm talking Monday. I'm mumbling. So Meta's got Muse and Throbics got Clawed. Open AI has got chat GPT and Google's got Jim and I. And they were all given a prompt of finding book me a dinner reservation for two this Saturday between 638 and 830. We wanted to be sit down at least 4.3 stars minimum. Clawed failed. It asked me to connect it to Open Table. Picked a restaurant, presented a couple of options and then informed that it could not make the final reservation. Chat GPT also asked to connect to Open Table.

12:29It picked a restaurant and offered some times but then it said it couldn't complete the reservation. Failed. When I presented it with four restaurant options, you picked one. It asked if you want a reservation. You say yes. And then it made the reservation pass. But it had a couple of extra steps. It didn't do an auto. Whereas Meta's Muse found a restaurant, asked for your email and phone number, confirmed the information was correct and then immediately sent a message that the reservation was booked. That was a win. The AMD's higher today has his ARM holdings. ARM holdings up 14%, AMD up 9%. Intel's higher as well. Blistering run earlier in the year on the back of CPU demand, Power AI services, Intel and ARM fell back in the second half of summer. But the early success of the Muse agent, which has been the most downloaded for the app on the iPhone in the past three days, is reigniting

13:33excitement this morning. The excitement is that AI agents, which can act autonomously, is they've seen a boost for demand for chips to perform inference, the process of running models and that needs CPUs. Intel's a year said that they could only meet about 50% of customer demands, therefore big opening for ARM and AMD. Getting back to days headlines. Your core ISI upgraded the networking provider, CNA to buy from hold price target went up from 375 to 550. Stock is up 6% today. Ever core thinks that CNA could keep growing sales by 30% and earnings by more than 35% that would be very good AI pacing if you will. I'm going to talk more about the optical networking companies, Microsoft and CrowdStrike as well. Maybe a little bit about the doggos in the second half, not the second half of the year,

14:36but the back half of the year, the final three months. I'll tell you what I think is going to happen. I've got more surprises in the show for you as well. This afternoon I'm going to do a segment on photonics. I just talked about CNA and how the growth rate is amazing. This afternoon I'm going to talk about corning coherent Marvel Luminthum. I'll be on the afternoon podcast that you can find where you found this podcast. I'm still racing towards the end of the year myself and I'm not quite sure which direction I'm going to go. One podcast a day in 2027 or maybe one week in podcast or maybe keep up the 10 per week that I'm doing currently. Well, I guess nine, four days a week, Monday, morning and afternoon and then Fridays I'm just doing one strategy show to appease them all. My final event of the year with CFP Chad Burke and Wealth Preservation Retirement Planning October 15th, 630-830 at the Crown Plaza Hotel in Foster City.

15:38It's super easy to get to. I know it's a Thursday night and there's driving, but there's a lot of restaurants close by and we'll bring the CFPs with us. Ryan, Julie, Chad, Dan, myself, 630-830 October 15th in Foster City. Great location, easy to get to and probably likely on your way home. Sign up for the event at roblexho.com. The markets are more volatile than ever. Inflation, interest rates, global uncertainty. If you have $500,000 or more invested, ignoring it could cost you your future. At EP Wealth Management, they offer a free preliminary financial plan, a chance to identify potential risks in your portfolio before the next downturn hits. Get insights from Chad Burton, CFP, and Rob Black. Trusted voices in financial planning and retirement strategies. They'll help you spot hidden risks, rebalance thoughtfully, and uncover opportunities to grow and protect your wealth even in turbulent times.

16:40Their goal? To help you feel more confident about your financial future during uncertain times. Don't wait for the markets to decide your future. Schedule your complimentary preliminary financial plan at robblackshow.com. That's robblackshow.com. EP Wealth Management. Blan Smarter? Live Better? No matter what the markets do. Investments not if the IC and shared best performance does not guarantee future results, not on offer to sell or solicitation to buy any security member. Finder SIPC. Thanks for listening to the show. Rob Black. The S&P 500 is rising 1% AI-related stocks are surging oil and yields are sliding. AI-related stocks would include Intel up 13%, AMD up 9%, hitting that 1 trillion dollars in market cap, Qualcomm up 6%. As the US is struggling with taming sticky inflation and elevated bond yields, the Federal Reserve hiked interest rates last week for the first time in three years. And the coming out of Ed Yardini, the president of your Dini Research today, was higher for

17:44longer energy prices and the case for further tightening. He pointed out that the risk to supply are not going away. The Middle East conflict continues to threaten oil production and shipping, while Ukrainian strikes on Russian refineries and sanctions on Russia are further constraining global fuel supplies. Yardini says the longer this energy shock persists, the greater the risk of the second round inflation effects. Paramount Skydance settlement reportedly has been reached. There were four holdout states, including Massachusetts, New York, Connecticut, and Minnesota. They worked over the weekend to reach the settlement, which was initially outlined with California. Dio expected to be announced late today. If not already, by the time you hear this, US listed Greenland stocks are surging today after Trump announced a security deal. President Donald Trump announced a deal regarding the Arctic island shares of Greenland energy soared more than 144% Greenland mines up 70% in critical metals corporation higher 30%.

18:49Isn't that crazy? Something tells me President Trump bought those stocks last week. Oh, I kid. I couldn't possibly be that sarcastic, could I? Well, maybe I could be. So let's get back to some of the big movers day in stocks. Microsoft got two price target increases, one bullish, and one bearish. Cantrophysed Cheryl went from $522 to $608 representing 23% upside to its recent closing price. Rothschild went from 400 to 440, thinking the stock will go lower, kept it at a hold, both cited multiple expansion. As enterprise software stocks keep re-rating higher, as these software as a service poplips seems to be fading a bit. Organ Stanley raised their price target on CrowdStrike from 238 to 254, Palo Alto Networks goes from 394 to 410. Palo Alto Networks is also being added to the S&P 100, which is a subset of the largest

19:53companies in the S&P 500. Amazon is putting AI glasses on its delivery drivers, not really beating Meta's Rayband to the punch. Not really beating Apple, who will eventually come out with a pair of glasses it's assumed. These are industrial, and they're part of the everyday work week. AI is going directly onto the faces of its delivery drivers, the company is rolling out smart delivery glasses that have been tested. Successfully, they're designed specifically for Amazon delivery service partners. Or basically the drivers, I think. The glasses use AI powered sensing computer vision and heads up display to give drivers navigation package instructions, hazard alerts and proof of delivery tools without requiring them to constantly look down at their phones. So here's the interesting part when a driver parks. The glasses can help identify the correct packages inside the van, then provide walking directions directly to the driver's field of view all the way to the customer's door. You can flag hazards, help drivers navigate apartment complexes and other difficult locations

20:57and provide alerts about pets. PBS lowered their price target on McDonald's to $320 from $340. The analyst Dennis Geiger said we expect McDonald's investor day on September 23rd, which is this Wednesday and Chicago will focus on plans to improve US sales performance. Details on their NEXT growth strategy, specifically emphasizing the four key pillars, which are menu, consumer, restaurant and people. Another thing that might get an update would be global unit growth expectations beyond the current target for 50,000 stores globally to be achieved in 2028. And finally, we look forward to getting we look forward. I don't know if I ever say that about anything coming from McDonald's, but we're looking for a refreshed long-term financial framework. 18 times 2027 consensus earnings per share estimates. Not crazy, but the only reason you want to buy it now, if you want a nice dividend. A brand iconic stock would be that you think that the consumer continues to struggle,

22:03which is true. Middle income lower income struggling. Or if you think that beef prices are continued to go higher and higher. Or if you start seeing more states lobby to get minimum wages pushed higher or fair wages pushed higher. Which one do you want to call it? So I did a little research on the cybercab and someone posted a review of what's like being in it. It's basically the guy said, you know, it's doing well in the cities, but I wonder how it's going to do when it goes 70 miles per hour on a highway or multi-lane roads. Insulting, Towslans, and saying, yeah, it's a cute, it can drive around the city. That's really well mapped at a very slow pace. But how is it going to do in the real world? That's a good question. I want to know that with everything.

23:03If I'm going to get into a plane that goes 500 miles an hour, if I get into a cybercab that goes 70 on the highway, how cars perform on highways at full speed is important. So let's talk about the next three months. The SB 500 is roughly up 12% for the year. The Nasdaq is up 14%. There are also 2000s, up 16% roughly. The story goes, that's been a pretty good place to be invested the fourth quarter of the United States. Since 1950, the SB 500 has finished the fourth quarter higher, about 79% of the time. With an average gain of roughly 4%, that's not a forecast. It's just the market's long-term seasonal tendency. I think there's something more important happening here is that the market's entering that fourth quarter with earnings productivity and capital spending all working in its favor. Oil prices and inflation and interest rates working against the SB 500. So I remain constructive. Now constructive doesn't mean, I think stocks get us straight up.

24:08I love 5% pullbacks. I really enjoy 10% corrections. Markets don't hand out those market-beating returns without experiencing and making you uncomfortable at times. I think the fundamental story remains pretty interesting. Earnings are still doing the heavy lifting. That's the point that I care about the most. At the end of the day, stocks are ownership-interested businesses. Businesses make money. Profits grow. Over time stock prices tend to follow those profits. That's why earnings pictures matters. So much to me. The source data that I'm working with has the S&P earnings growth running at an extraordinary pace right now. Second quarter growth was around 45%. Analysts are expected roughly 24% growth of the third quarter and 26% in the fourth quarter and another 21% in the first quarter of 2027. Despite concerns on the higher oil prices, analysts are actually raising their third quarter S&P 500 earnings estimates during July and August.

25:08Rather than cutting them, fact sets says the bottom's up third quarter estimate rose 1.2% from June 30th through August 31st versus the typical seasonal decline. The market can tolerate a lot of scary headlines when corporate America keeps delivering. Let's talk AI. We've spent a lot of time talking about AI, but I think everyone wants to know. I think investors sometimes can focus a little too narrowly on the obvious beneficiaries like Nvidia, Microsoft, Amazon, Alphabet, Meta, Broadcom and other semiconductor equipment names. The big story may be what happens when AI starts making the entire economy more productive. That's the second leg of this trade. The internet just didn't create internet companies. It changed retail. It changed advertising, banking, logistics, communication. It made businesses more efficient. AI has the potential to do something similar. I don't think the AI story is simply about selling GPUs. It's about whether companies can produce more revenue with fewer hours of labor, better

26:11software, faster decision making and lower costs. That's when AI moves from being a technology story to an economic story. The AI boom is incredibly physical. Everybody wants to talk about algorithms, but algorithms need servers. Data centers, data centers, need electricity. electricity needs transmission. There's a very physical component to AI. The International Energy Agency says electricity demand is an advanced economies, is rising again after years of stagnation, with AI and data centers amongst the most important new drivers. S&P Global says the major copper discoveries have become much less frequent. That's something that is a big bottleneck. The average discovery to production timeline is now roughly 17 and a half years. It also says no major copper deposit meeting. Its threshold was discovered in 2025. There's a mismatch also going on with AI.

27:14Getting a copper mine to come up to service to take nearly two decades. Silicon Valley is building the future, but the future needs an extension cord. Valley is getting broader. Also 2000 has been outperforming the big indexes this year. Not just a story about five or six mega-cap tech companies carrying the entire market. When small caps, financial industrials, materials, and other economically sensitive areas start participating. That's generally a different kind of market than one where investors are hiding in a handful of giant tech names. I don't need the stock market to go up every day, every sector, every day. I just want to see participation here and there. Right now we're getting more of it, so I'm pleased. Tenier treasure yield recently moved above 5%. Oil remains near $100 a barrel amidst geopolitical tensions. Both can put pressures on valuations and corporate costs, which would affect earnings. There's a lot of questions about, are we building too much AI?

28:15Too many data centers. Right now we have strong earnings and AI capital spending boom, potential productivity gains. A broader market participation and historically favorable fourth quarter seasonal pattern. You don't have to predict the next 10% move in the stock market. That's a suckers game. I always believe the goal is to own good businesses that you understand. State diversified and have some dry powder and understand what could make your investment thesis wrong. Markets don't move from point A to point B in a straight line. They typically move in two steps. Forward sometimes one step back. Everybody rally again and occasionally throwing up what the just hell happened on the stock market kind of moment. I keep coming back to earnings, AI investment productivity and broader participation. AI isn't just changing technology, it's changing infrastructure underneath the economy. Electricity data centers, cooling transmission, copper construction, everything.

29:16So keep watching earnings. These rates, oil, inflation, market breath, be like me. This afternoon I'm going to talk about rings and how they're trying to attack things like sleep apnea. There's simply not enough sleep specialist in the world to handle the amount of Americans who have either obstructive sleep apnea or just problem sleeping on one of those people. I have an Apple watch and an A-ring and when I get to sleep scores above 85, I'm stoked. It's honestly like winning the Super Bowl for me. This afternoon I'm also going to talk about some of the optical companies and how they're playing on Wall Street. And I might hit a little bit more about the history of Apple and what I noticed between John Ternus and Steve Jobs. They both did something very interesting with major introduction. I'll tie those together for you this afternoon.

30:18I do have a strategy segment coming up in that strategy segment. I'll maybe talk about dividends and the importance of them and the important for your portfolio. It's weird how fast a year has gone by. I do have one more one last event with CFP Chad Burton, Wealth Preservation Retirement Planning event, October 15th, 6th or 3rd to date, 30th Crown Plaza Hotel in Foster City. I'm going to give you a little more detail and give you something worth some value. Learn more about what I do. I'm going to drop you to Rob at RobBlack.com. If you want to schedule a Zoom call, talk about your place and retirement. Try me to email Rob at RobBlack.com. Thanks for listening. One more summit coming up. For more information about EP Wealth, visit robblack.com. That's robblack.com. When I was in college, I decided that I didn't want to work till the day I die.

31:21I saw my father work till the day he died. Not quite. He took the last six months off to go through the process of dying when he couldn't work anymore. Social security is something that is there for you and me. For now, financial planners like CFP Chad Burton say don't count on it. That's humbling. The average monthly Social Security check comes in around $2,071. Now part of my goal of retiring was to have enough money to live off until the day I died. Essentially, I wanted a silly number, like a million dollars, maybe $40,000 a year. Until the day I die, that 4% role was something I was counting on. I don't count on it anymore. Social Security is going to average for now for people who are in retirement. $25,000. I couldn't live off that. A big theme on my show in the last five years is once I hit 50, I want to start thinking

32:22about income and retirement replacing my W2. When you're in your 20s, 30s and 40s, you've got a lot of time to earn income, save income to invest. When you turn 50, that investing conversation changes. When you're 30s and 40s, it's about accumulation, growth, risk tolerance, beating benchmarks. In your 50s and 60s, it's about something more practical, replacing that paycheck. I'm going to go over some ETFs and some income ideas. It's not fully fleshed out, but it shows you where I'm thinking. I want you to grow your income as your approach and retirement from non-W2 sources. I want you to have exposure to high quality businesses, tax-efficient diversification, and a structured design for long-term wealth compounding. If you're heading towards retirement, it's segments for you. We're going to talk a lot about dividend growth ETFs. As a starting point for research and or as a point of, it's not that bad either, as a choice. The concept most of investors overlook is total return.

33:23Total return equals price appreciation, plus dividends. Sometimes you reinvest those dividends. Investments matter a lot. Consider the S&P 500 ETF trust, take a simple SPY. From January 23rd through April 25, investors who reinvested dividends earn 10.12% annualized returned. Investors who did not reinvest their dividends only earned 8.14%, that 2% annual gap compounds dramatically over time. Over 30 years, $10,000 with reinvestment in the S&P 500 is equal to $223,691. But over 30 years, with $10,000 without that reinvestment of the dividends, it's only $124,424. Now imagine combining that compounding engine with companies that raise their dividends every year. Dividend growth is so important after age 50. As you approach retirement, you need stability, you need income growth, inflation protection,

34:27lower portfolio volatility, and psychological comfort. I'm going to start with dividend growth ETFs, because they check a lot of those boxes. A bond-paced fixed income, a dividend growth company raises its payout over time. So if inflation runs at 3% in your dividend growth, growth is at 6% to 8%, you're purchasing power and proves it doesn't erode. Does it increase dividends consistently tend to be profitable, well-managed, financially disciplined, resilient across economic cycles? When you hear about a dividend achiever for 25 years, it's done in a good economy and bad economy. It's done it with Republicans in charge as well as Democrats. Dividend growers historically experience smaller downturns versus broader markets. They tend to lean towards consumer staples, industrials, healthcare, high-quality, large-cap names. Dividend growth ETFs versus high-yield ETFs, high-yield ETFs focus on highest dividend payers.

35:28Often value-oriented. They can include distressed companies, higher yields, but higher risk. That's not my play. I like the dividend growth ETFs. They focus on companies that increase dividends, often emphasize financial strength. Now I want to go over some ETFs. Again, I want you to, if ETFs are your thing, that's your thing. If stocks are your thing, that's your thing. You can take a look at these dividend growth ETFs and find stocks to think about. You can actually lower your expense ratios because the ETFs have expense ratios. In most of them are teeny tiny small. First, what I want to talk about is Vanguard dividend appreciation ETF ticker symbol of the IG. It's got a dividend yield of about 1.6%. It charges you 4-10s of 1%, so 4 cents on every $100. What's important to you is the 10-year annualized return of 13.8% plus a dividend yield of 1.6%. To make it into the Vanguard dividend appreciation ETF ticker symbol of the IG, you have to have 10 years of consecutive growth of your dividends.

36:30They exclude the top 25% highest yielding stocks. They cap holdings at 4%, they exclude real estate investment trust for tax efficiency. The portfolio is 300-plus stocks. Costs are extremely low and broad diversification. Those are the keys. I want you to look at the eye shares core dividend growth ETF. Eight basis points. That's tiny. Ten-year annualized return 14.2% ticker symbol is DG are a dividend yield of 2.1%, 5 years of consecutive dividend growth, and not quite as stress tested as the Vanguard, which is 10 years. The payout ratio is below 75% of their cash low. They exclude the top 10% of highest yielders. Also I want you to take a look at the ProShare's S&P 500 dividend or risk of crats ticker symbol in OB out noble. Dividing yield of 2.1% expense ratio is 35 basis points. It's not cheap like eight basis points.

37:30The eye shares core dividend growth ETF is. It's not quite as cheap as the Vanguard dividend appreciation ticker symbol of the IG is at 4 basis points. This one's 35 basis points. You're going to lose some of your gains for fees, but it has 25 consecutive years of dividend increases. S&P 500 companies only equal weighted portfolio, 69 holdings. It's a pure dividend growth exposure. This could come as research for you on individual names, and you can cut the cost on the expense ratio. Do you see where I'm going with that? I'm not telling you exactly what I'm doing. I told you five years ago about catapillar. It's been a great growth company. It's an aristocratic dividend player for 25 years of increasing their dividend. It's been around since I was a little kid. But you can do the individual stocks or ETFs. It's up to you. If you want a list of ETFs, drop me a name on robbidroblockshow.com.

38:31Let's say you're 55 years old. You want to retire at 65. Need to replace $100,000 of income. How much of your income do you want to replace is the big question. I don't think there's a right answer on that. You're going to spend more in your early years of retirement versus your latter years of retirement. But retirement's always going to cost more than you think. The markets are more volatile than ever. Inflation, interest rates, global uncertainty. If you have $500,000 or more invested, ignoring it could cost you your future. At EP Wealth Management, they offer a free preliminary financial plan, a chance to identify potential risks in your portfolio before the next downturn hits. Get insights from Chad Burton's CFP and Rob Black, trusted voices in financial planning and retirement strategies. They'll help you spot hidden risks, rebalance thoughtfully, and uncover opportunities to grow and protect your wealth even in turbulent times. Their goal? To help you feel more confident about your financial future during uncertain times. Don't wait for the markets to decide your future. Schedule your complimentary preliminary financial plan at robblackshow.com.

39:36That's robblackshow.com. EP Wealth Management. Plan smarter? Live better? No matter what the markets do. Investments not if the IC in shared best performance does not guarantee future results not on offer to sell or a solicitation to buy any security member, Finder, SIPC.