Core Viewpoint - The iShares Core MSCI EAFE ETF is a low-cost investment option that focuses on international stocks, providing diversification and potential growth opportunities outside the U.S. market [1][2]. Investment Focus - The ETF invests in companies based in developed countries in Europe, Asia, and Australia, specifically excluding the U.S. and Canada, making it suitable for investors looking to globalize their portfolios [4]. - Japanese stocks constitute 25% of the fund's holdings, followed by the United Kingdom at 14%, with no Chinese-based companies included, which may appeal to investors concerned about tariff risks [5]. Performance Metrics - The iShares ETF outperformed the S&P 500 last year, achieving gains of over 27% compared to the S&P 500's 16% increase, although it has underperformed over the past five years with returns of 31% versus 83% for the S&P 500 [6]. - As of January 19, the ETF was up around 4%, outperforming the S&P 500's gains of just over 1% [10]. Portfolio Composition - The ETF's portfolio includes top growth stocks such as ASML Holding, AstraZeneca, and SAP, with financial, industrial, and healthcare sectors making up more than half of the portfolio [7]. - The largest holding, ASML, represents only 2% of the overall portfolio, providing a more diversified investment compared to ETFs that track the S&P 500 [8]. Financial Aspects - The ETF offers a high dividend yield of 3.6%, significantly higher than the S&P 500's yield of 1.1%, and has a low expense ratio of 0.07%, ensuring minimal impact from fees on overall returns [9]. - The fund's current price is $92.81, with a 52-week range of $66.95 to $93.03, indicating strong performance potential [9]. Future Outlook - The iShares Core MSCI EAFE ETF is positioned to continue its strong performance into 2026, appealing to investors looking to reduce exposure to U.S. stocks and seek growth in international markets [10][11].

Core Viewpoint - ASML Holding is a leading semiconductor equipment maker and remains a strong long-term investment despite a recent stock decline of 25% over the past year, which presents a potential buying opportunity due to its monopolized technology, temporary cyclical slowdown, and reasonable valuation [3][11]. Group 1: Monopolized Technology - ASML is the only producer of high-end extreme ultraviolet (EUV) lithography systems, essential for manufacturing the world's smallest and most efficient chips, used by top foundries like TSMC, Samsung, and Intel [2]. - The company has developed its EUV technology over more than two decades, with current low-NA systems costing approximately $180 million and new high-NA systems around $380 million, creating a high barrier to entry for competitors [4][5]. Group 2: Cyclical Slowdown - ASML experienced significant revenue growth from 2020 to 2023, driven by increased PC shipments, the launch of new 5G smartphones, and a booming AI market, with revenue growth rates of 30% in 2023 [6]. - A slowdown in revenue and earnings growth is expected in 2024 due to various factors, including tighter restrictions on sales to Chinese chipmakers and a transition to high-NA EUV systems, but gross margins have remained stable [7]. - For 2025, ASML anticipates revenue growth between 6% to 24% and gross margins of 51% to 53%, with analysts projecting revenue and EPS growth of 15% and 23%, respectively, indicating the end of the cyclical downturn [8][9]. Group 3: Reasonable Valuation - ASML's stock is currently valued at 29 times this year's earnings, which is considered reasonable following a period of overheating [11]. - The company is expected to navigate challenges such as tariff uncertainties and export restrictions while maintaining its dominance in the lithography market, making it an attractive investment as the semiconductor market continues to expand [12].