Yahoo Finance Growth Stocks: A Once-in-a-Decade Opportunity to Get Rich
Written by Jitendra Parashar at The Motley Fool Canada
While it’s always wise to keep a large portion of our portfolio invested in safe stocks with low volatility, it also makes sense to hold some fundamentally strong growth stocks in your portfolio to see your invested money grow fast.
On the one hand, most growth stocks tend to be highly volatile and difficult to predict in the short term, which may increase your risk profile. On the other hand, they can help you get eye-popping returns on your investments, especially if you pick stocks very carefully to hold for the long term.
In this article, I’ll highlight one of the best Canadian growth stocks you can buy on the TSX today to hold for the next decade.
One of the best Canadian growth stocks to buy now
When trying to pick the right growth stock for your portfolio, you should always keep your risk appetite in mind. Based on your risk appetite, you may want to adjust the amount of money you can invest in volatile growth stocks to avoid unnecessary big risks.
Keeping your risk tolerance in mind, you can consider buying BlackBerry (TSX:BB) stock that has the potential to multiply your money faster than most other growth stocks listed on the Toronto Stock Exchange today. This Waterloo-headquartered company currently has a market cap of $4 billion, as its stock trades at $6.88 per share after rallying by 56% in 2023 so far.
More about the company
Research in Motion, which was founded in 1984, was rebranded as BlackBerry in January 2013. It now operates as an enterprise software firm that mainly focuses on providing cybersecurity businesses to public and private organizations across the world. In addition, the immense popularity of its QNX operating system is helping BlackBerry expand its presence in IoT (Internet of Things) at a fast pace.
A key growth driver for the feature
Besides its industry-leading cybersecurity solutions, the company’s IoT segment has the potential to significantly accelerate its financial growth in the long run. Let me explain that with an example.
In December 2020, the Canadian software company joined hands with Amazon Web Services to develop BlackBerry IVY, an intelligent vehicle data platform that aims to allow automakers to collect and process data from in-vehicle sensors in real time.
The demand for such artificial intelligence (AI) and machine learning-powered data platforms is expected to skyrocket in the coming years as large global automakers race to deploy self-driving and connected vehicles on roads. This could be one of the key reasons why several large automakers have shown significant interest in the BlackBerry IVY platform.
Bottom line
While it’s true that the adverse macroeconomic environment has taken a big toll on BlackBerry’s cybersecurity business in the last year, these temporary challenges might not have a big impact on its long-term growth potential, especially on its IoT segment’s growth outlook.
As BlackBerry continues to innovate further to provide futuristic, easy-to-implement solutions to the auto industry, I expect its financials to witness exponential growth in the long term, which should help its stock soar. And given BB stock is still more than 75% off its all-time highs, it looks like a once-in-a-decade opportunity to get rich.
The post Growth Stocks: A Once-in-a-Decade Opportunity to Get Rich appeared first on The Motley Fool Canada.
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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool recommends Amazon.com. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.
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