Core Viewpoint - The Vanguard Growth ETF (VUG) is a popular choice for investors, tracking the CRSP US Large Cap Growth Index, which includes growth stocks from the S&P 500 [1] Group 1: ETF Composition and Performance - The Vanguard Growth ETF holds approximately 166 stocks, while its value counterpart, the Vanguard Value ETF (VTV), contains 331 stocks [2] - The Vanguard Growth ETF is heavily weighted in technology, with tech stocks making up 58.5% of its portfolio, and its top three holdings—Microsoft, Nvidia, and Apple—account for nearly 32% of its total holdings [3] - Over the past decade, the Vanguard Growth ETF has achieved an average annual return of 15.3%, outperforming the Vanguard S&P 500 ETF (12.8%) and the Vanguard Value ETF (10%) [5] Group 2: Comparison with Invesco QQQ Trust - The Invesco QQQ Trust has outperformed both the Vanguard 500 ETF and the Vanguard Growth ETF over the past decade, generating an average annual return of 17.7% [7] - The Invesco QQQ Trust is also tech-heavy, with 57.2% of its portfolio in the technology sector, but is less top-heavy than the Vanguard Growth ETF, with its top three holdings representing less than 25% of its portfolio [10] - The top holdings of the Vanguard Growth ETF and Invesco QQQ Trust are similar, but the weightings differ, with Microsoft at 11.3%, Nvidia at 10.3%, and Apple at 10.1% for Vanguard Growth, compared to 8.8%, 8.7%, and 7.3% for Invesco QQQ [11] Group 3: Investment Strategy - Both the Vanguard Growth ETF and Invesco QQQ Trust are suitable for growth investors, but the Invesco QQQ Trust is preferred due to its superior performance and less concentration in top holdings [12]

Core Viewpoint - Chipotle Mexican Grill reported adjusted earnings per share of $0.29 for Q1, exceeding Wall Street estimates, but its revenue of $2.9 billion fell short of expectations [1] Financial Performance - The company experienced a same-store sales decline of 0.4% in Q1, marking its first year-over-year drop since Q2 2020, contrasting with a 7% gain in Q1 2024 [4] - Revenue rose by 102% and net income surged by 338% from 2019 to 2024, showcasing a strong long-term financial performance [8] Market Conditions - U.S. consumer sentiment is low, with the University of Michigan Consumer Sentiment Index at its second lowest level on record, impacting discretionary spending [2][3] - The company’s outlook anticipates same-store sales to increase in the low single-digit range for the full year [5] Strategic Positioning - Chipotle maintains a value proposition with an average cost of below $10 for its chicken burritos and burrito bowls, which is 20% to 30% below comparable fast-casual meals [6][7] - The company aims to expand its physical footprint, with plans to open about 273 new locations by the end of the year, bringing its total to 3,781 [9] Future Growth Potential - Management is confident in reaching a long-term target of 7,000 stores in North America and aims for an annual revenue of $28 billion [10] - The stock, currently trading 28% off its peak, presents an opportunity for long-term investment despite a forward P/E ratio of 39 [12]

Company Overview - Costco and Home Depot are two of the largest retailers globally, with a combined market cap of $770 billion as of April 21 [1] - Costco focuses on general merchandise, while Home Depot specializes in DIY and professional home improvement products [1] Costco Performance - In fiscal Q2 2025, Costco reported a 6.8% year-over-year increase in same-store sales, driven by increased foot traffic and strong growth in categories like home furnishings, gold and jewelry, and appliances [3] - Costco's membership model has resulted in a loyal customer base, with 78.4 million households contributing to $1.2 billion in membership fee income [4] - The company has a consistent profit generation capability, offering regular dividends and special one-time payouts, the latest being $15 per share in January 2024 [5] Home Depot Performance - Home Depot generated $159.5 billion in revenue in fiscal 2024, significantly outperforming competitors like Lowe's [6] - The company is facing challenges, with same-store sales expected to rise only 1% this fiscal year after a decline of 1.8% in fiscal 2024 [7] - Home Depot's long-term prospects are supported by the aging U.S. housing stock and significant untapped home equity for upgrades [8] Comparative Analysis - Costco is viewed as a more resilient business compared to Home Depot, as its demand is less sensitive to macroeconomic conditions, while Home Depot's performance is closely tied to the housing market [9] - Despite Costco's perceived strength, Home Depot is considered a better investment based on valuation, with a price-to-earnings ratio of 23.2 compared to Costco's 55.9 [10] - Some investors may prioritize owning high-quality businesses regardless of valuation, suggesting a dollar-cost averaging strategy for purchasing shares [11]