Core Insights - The article emphasizes the importance of portfolio structure and risk distribution rather than merely focusing on asset selection as the market experiences narrow leadership and uneven performance [1] Group 1: ETF Utilization - ETFs are increasingly being used as tools for managing portfolios, allowing investors to adjust allocation, diversification, and risk without relying on individual stock picks [2] - The article suggests that new year investing resolutions should include the momentum of using ETFs for portfolio management [2] Group 2: All-In-One ETFs - Asset allocation ETFs, such as iShares Core 60/40 Balanced Allocation ETF (AOR), iShares Core 40/60 Moderate Allocation ETF (AOM), and iShares Core 30/70 Conservative Allocation ETF (AOK), provide a structured approach to investing by bundling equity and fixed-income ETFs [3] - These funds automatically rebalance to maintain target allocations over time, offering a simple framework for investors reassessing their risk tolerance [4] Group 3: Equal-Weight ETFs - Concentration risk is a concern with market-cap-weighted indices, which can lead to portfolios being heavily influenced by a few large companies [5] - Equal-weight ETFs, like Invesco S&P 500 Equal Weight ETF (RSP), provide similar weights to all companies, increasing exposure to mid-sized companies and reducing dependence on large-cap stocks, though they may experience more turnover and volatility [6] Group 4: Bond ETFs - Fixed income remains a crucial component in portfolio construction discussions, with broad-based bond ETFs like Vanguard Total Bond Market ETF (BND) and iShares Core U.S. Aggregate Bond ETF (AGG) offering diversified exposure across various securities [7] - Shorter-duration bond ETFs are utilized to manage interest-rate sensitivity while seeking income, with performance being more dependent on market conditions than timing [8] Group 5: ETF Details - Key ETFs mentioned include: - AOR: Growth-oriented asset allocation, Expense Ratio: 0.15% - AOM: Moderate asset allocation, Expense Ratio: 0.15% - AOK: Conservative asset allocation, Expense Ratio: 0.15% - RSP: S&P 500 equal-weight equities, Expense Ratio: 0.20% - BND: Broad U.S. bond market, Expense Ratio: 0.03% - AGG: U.S. aggregate bonds, Expense Ratio: 0.03% [9]

Financial Data and Key Metrics Changes - TotalEnergies aims for a free cash flow growth of $10 billion by 2030 at a price of $70 per barrel, with an expected increase of $1 billion in 2025 [24][47] - The company anticipates a reduction in capital expenditures (CapEx) from 18% to 16% in the future, contributing to free cash flow growth [46] Business Line Data and Key Metrics Changes - The oil and gas segment is projected to grow at 3% per year, while cash flow is expected to grow at 8% due to the introduction of more profitable barrels [19][20] - TotalEnergies plans to allocate 75% of its investments to oil and gas and 25% to integrated power, indicating a focus on maintaining a strong position in traditional energy while transitioning to renewables [12][15] Market Data and Key Metrics Changes - The company has a proven reserve ratio of 12.4 years, which is competitive compared to peers [31] - TotalEnergies is exploring opportunities in Namibia and South Africa, with a focus on building a diversified geographical footprint to mitigate geopolitical risks [30][37] Company Strategy and Development Direction - The company emphasizes a two-pillar strategy: oil and gas, and integrated power, with a long-term goal of achieving an 80% oil and gas and 20% electricity mix by 2030 [15][16] - TotalEnergies is committed to maintaining a strong balance sheet and low breakeven costs, focusing on value creation over volume [5][8] Management's Comments on Operating Environment and Future Outlook - Management believes the energy transition will take longer than anticipated, as customers prioritize affordable energy [6] - The company is confident in its ability to deliver growth and cash flows, despite external market pressures [60][61] Other Important Information - TotalEnergies has maintained a consistent dividend policy, increasing dividends by 7% annually over the past three years [51] - The company is committed to returning at least 40% of cash flow from operations to shareholders, with ongoing share buybacks [49][52] Q&A Session Questions and Answers Question: What defines success for an energy company in the next decade? - Management highlighted the importance of a consistent strategy, strong balance sheet, and the ability to manage both oil and gas and the transition to integrated power [4][5] Question: Can TotalEnergies achieve its return on capital employed target in the integrated power business? - Management confirmed that the integrated power segment is expected to be net cash positive by 2028, with a target return of 11-12% by 2030 [39][40] Question: How does TotalEnergies plan to manage shareholder returns amidst market fluctuations? - Management reiterated their commitment to dividends and share buybacks, emphasizing a balanced approach to capital allocation [51][54]