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Forget Dogecoin: 1 Canadian Growth Stock to Buy in May 2021 for Big Gains

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Dogecoin has been white-hot of late. The cryptocurrency, which was originally created as a joke, continues to pick up traction, as tulip bulbs did back in the frenzy of the 1600s. The Dogecoin rally will probably lure in more momentum investors with delusions of quick riches. But Canadians would be wise to steer clear of the mania, unless, of course, they’re looking to gamble by playing the game of greater fools (that’s based on the greater fool theory, which has nothing to do with us Motley Fools).

Just because somebody you know has gotten rich off Bitcoin, Dogecoin, NFTs (Non-Fungible Tokens), or any other cryptocurrency or blockchain product doesn’t mean it’s right for you. Bubbles are floating around this market, and I believe the biggest lies within the cryptocurrency market.

If big gains are what you seek, I’d encourage you to extend your time horizon. Nobody knows how to get rich quickly. Not even Warren Buffett knows how to do this. What he and many other genius investors know how to do is to build wealth at an above-average rate over a prolonged period of time. We’re talking about building wealth, not over the course of weeks or months, but over the next 10, 20, or even 30 years. Such a long investment horizon is what’s needed to build real wealth.

Forget speculative: Consider a hyper-growth stock instead

If you’re keen on gambling on Dogecoin or Bitcoin, feel free to speculate with what you’re willing to lose. But please understand that you are speculating and not investing. At the end of the day, hoping that the price of an asset in your portfolio goes up is not investing. Just ask Warren Buffett. If you’re not licking your chops at the thought of buying more of a said asset on weakness, then you could be in a spot to lose and no make money in the investment you have your sights set on.

In this piece, we’ll have a look at two Canadian growth stocks that I believe will outperform Dogecoin and all the sort over the next five years. So, if you’re looking to build a nest egg over the long term, consider Docebo (TSX:DCBO)(NASDAQ:DCBO), one work-from-home (WFH) or remote learning play that investors should keep an eye on, as their respective pandemic tailwinds look to fade over the coming months.

Still a hot Canadian growth stock to buy on weakness

Docebo is the ultimate WFH play. The company has an incredible AI-leveraging technology that helps workforces remain productive amid COVID-induced shutdowns. The stock is a major multi-bagger, having soared over 600% from trough to peak over the past year. Despite the run, I still think the name is in the early innings of its long-term growth story.

Few heard of the Learning Management System (LMS) market before the pandemic struck. Now, it’s slowly becoming a must-have for firms like Amazon.com Web Services looking to accelerate their digital transformation. Just because the pandemic is ending doesn’t mean we’ve seen the last of remote learning and WFH. As such, I think Docebo stock is a great buy on its recent dip because it looks like a winner that will keep on winning.

Like Dogecoin, Docebo stock is going to be an extremely volatile investment with massive ups and downs. However, at least the company will be around in 10 years from now. I can’t say the same about Dogecoin or any other cryptocurrency, for that matter.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Joey Frenette has no position in any of the stocks mentioned.

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