REALTY INCOME CORP has an Investment Rating of BUY; a target price of $70.000000; an Industry Subrating of Medium; a Management Subrating of Medium; a Safety Subrating of High; a Financial Strength Subrating of High; a Growth Subrating of Medium; and a Value Subrating of High.

Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.

As worldwide markets are challenged amid a backdrop of higher interest rates and ongoing conflict in the Middle East and Ukraine, one thing has not changed: U.S. stocks are more expensive than global stocks. And that's the case even with the world-market-leading returns from global stocks in 2025-2026. Consider P/E ratios. The trailing P/E ratio on the S&P 500 is 27, above the global average of 18 and well above the 12-15 average P/Es for emerging markets stocks in China and Latin America. A review of yields tells a similar story. The current dividend yield for the S&P 500 is 1.1%, versus the global average of 2.5% and Australian and Latin American yields of 3%-4%. Taking a step back, a couple of reasons that investors are generally willing to pay a higher price for North American securities include the transparency of the U.S. financial system as well as the liquidity of U.S. markets. What's more, global returns can be volatile across individual countries, given currency, security, political, and geopolitical risks. Indeed, U.S. stocks (ETF SPY) have outperformed EAFE (ETF EFA) over the past five years. The tide turned a bit in 2025, as global investors responded to the uncertainty over U.S. trade policy and as global central banks lowered rates. Last year, global stocks were up 28% while U.S. stocks rose 16%. And the outperformance of global over domestic has continued in 2026. Given expectations for more trade-related volatility in the months ahead, we think that diversified investors should have 20%-25% of their equity allocations in international stocks to take advantage of the value, and we have been adding global stocks to our universe of coverage.

Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.