Yahoo Finance 2 Stocks I’m Loading Up on in 2024
Written by Nicholas Dobroruka at The Motley Fool Canada
The Canadian stock market has been on a tear over the past month. The S&P/TSX Composite Index is up close to 5% since the middle of June and has returned almost 10% year to date so far. And that’s not even including dividends, either.
Short-term versus long-term investing
Based on the market’s recent run-up, investors with short-term time horizons may opt for an opportunistic pullback before putting any money into the stock market. However, trying to time that pullback perfectly is far easier said than done. Anyone who plans on trying to time short-term movements in the stock market will have their work cut out for them.
Long-term investors, however, have time on their side. Rather than trying to time the market perfectly, long-term investors can spend their time researching companies that they’d be comfortable holding for years to come.
With that in mind, I’ve reviewed two top Canadian stocks that are on my watch list right now. I’ve had both companies on my radar for a while now, and 2024 could be the year that I finally pull the trigger.
goeasy
It wasn’t long ago that this market-beating growth stock was down more than 50% from all-time highs — just nine months ago, to be exact. goeasy (TSX:GSY) has come roaring back and is now up close to 30% on the year, trading just shy of all-time highs.
Alongside many other stocks on the TSX, goeasy saw its share price surge following the COVID-19 market crash. But as interest rates soon after spiked, shares of the consumer-facing financial services provider began plummeting.
The entire pullback cannot be blamed solely on high interest rates. Growth stocks, in particular, were hit hard in 2022. But once you factor in the drop in demand that goeasy experienced from the high interest rate environment, it wasn’t surprising to see the stock spiral downward.
Despite a volatile past several years, shares of goeasy have still managed to return more than 250%. In comparison, the broader Canadian stock market is up less than 50%, excluding dividends.
Investors loading up on goeasy today might not be getting much of a discount but this is a premium stock that is worth paying up for.
Brookfield
Whether you’re brand new to the stock market or a seasoned investor, Brookfield (TSX:BN) deserves a spot on your watch list.
The $100 billion company is as diversified of a stock as you’ll find on the TSX.
Brookfield is a global asset manager with investments spread across a range of different industries.
Despite the company’s well-diversified portfolio of investments, though, the stock hasn’t had any trouble outperforming the market’s returns in recent years. Shares are up close to 80% over the past five years, more than double the market’s returns.
Similar to goeasy, Brookfield has been on the rise as of late. Shares are up more than 30% over the past 12 months and are now trading just below all-time highs.
This is the type of stock that you don’t need to think twice about before loading up on.
The post 2 Stocks I’m Loading Up on in 2024 appeared first on The Motley Fool Canada.
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Fool contributor Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield. The Motley Fool recommends Brookfield Corporation. The Motley Fool has a disclosure policy.
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