These high-quality growth stocks are companies with strong competitive advantages, exposure to powerful secular trends, and are led by management teams that consistently reinvest profits to compound value.
So if you’re buying these types of stocks for the long term, the more patient you can be and the longer you can own them, the more compounding works in your favor.
In fact, for many high-quality growth stocks, revenue grows at double-digit rates, margins continue to grow, and share price appreciation over decades can deliver huge total returns.
And right now, with markets still digesting higher interest rates and economic uncertainty, many high-quality growth stocks that can be bought for the long term have retreated or traded sideways.
So if you’re looking for a monster growth stock to buy now, this is it Brookfield Corporation (TSX:BN) and GFL Environment (TSX:GFL) are two of the top picks on the TSX.
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Brookfield is one of the best long-term growth stocks you can buy right now
When it comes to finding high-quality stocks that offer years of growth potential, diversified businesses, and a management team with a long-term growth strategy, Brookfield is easily one of the best choices.
As a global alternative asset manager with a vast portfolio of real assets spanning multiple sectors and regions, Brookfield has tremendous exposure to reliable industries with long-term growth potential.
For example, Brookfield has investments in sectors such as infrastructure, such as utilities, transportation, pipelines and data centers, renewable energy, real estate, including offices, logistics and residential, private equity in operating businesses, and a growing insurance business that generates low-cost float for reinvestment.
So what makes Brookfield one of the best growth stocks to buy right now is its powerful combination of diversification and long-term tailwinds.
The company has the potential to benefit from multiple tailwinds such as the transition to renewable energy, digitalization, AI-driven demand for data centerspopulation growth and urbanization.
Moreover, its geographical diversification is essential. Having assets in North America, Europe, Asia Pacific, South America and more is critical because when one region slows down, others can often help offset the slowdown.
So if you’re looking for a top Canadian growth stock to buy now and hold for years, there’s no doubt that Brookfield is among the best of the best.
GFL Environmental is positioned for explosive growth in a vital industry
Besides Brookfield, GFL Environmental is another high-quality growth stock to consider adding to your buy list.
GFL is one of Canada’s leading waste management and environmental services companies. That means it generates revenue by providing collection, recycling, treatment and disposal services for residential, commercial, industrial and municipal customers in North America.
That may not seem like the most exciting thing. However, it is an excellent sector to invest in for the long term because the business is essential. Waste doesn’t stop no matter what the economy does.
Besides how reliable its operations are, the growth strategy is what makes GFL one of the best growth stocks to buy and hold for the long term. For years, the company has grown rapidly through acquisitions, consolidating a fragmented industry and significantly increasing its scale.
These acquisitions have resulted in GFL now operating one of the largest networks in Canada and a growing U.S. footprint. Additionally, as the company continues to scale operations, it will deliver better margins through route optimization, higher facility utilization and stronger pricing power.
Furthermore, like Brookfield, GFL has tremendous growth potential in the coming years due to strong tailwinds such as population growth, urbanization and increasing environmental regulations.
So if you have money you want to put to work, there’s no doubt that GFL is one of the best TSX growth stocks to buy now and hold for years or even decades to come.
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