One of the most important attributes investors need to have if they want to be successful is patience. For example, having patience is key when waiting for a top Canadian stock to be worth a buy. It’s also crucial to show patience when you buy a stock that’s undervalued and you’re waiting for it to recover.
Often, the more discipline you have when it comes to investing, the better the decisions you will make for your portfolio in the long term.
Sometimes, there are times when markets are becoming overbought, and there aren’t any stocks you want to buy. Or there are stocks you have your eye on, but the price they are currently trading at is above its fair value. Showing patience in times like these can go a long way.
While you want to avoid waiting forever to buy stocks, sometimes holding out and biding your time is the best thing you can do. And often, some of the best stocks you are watching will temporarily pull back for one reason or another, allowing savvy long-term investors to act quickly and get a great discount.
So, if you’re looking for some top Canadian stocks to add to your watchlist that could be worth a buy soon, here are two of the best.
The top crypto stock for long-term investors
One of the industries I’m most bullish on long term is the cryptocurrency industry. There are plenty of opportunities in cryptocurrency and plenty of top Canadian stocks to buy, offering exposure to this growth. That’s why one of the top stocks that I’m eagerly waiting to buy on a pullback is Galaxy Digital Holdings (TSX:GLXY).
Galaxy is a pioneer in the crypto space with an incredible business that has several segments and is integrated extremely well.
Because the industry is so volatile, Galaxy’s makeup of several different segments is crucial to mitigate short-term risk. This is what makes it one of the top Canadian stocks to buy.
The company has segments that will see tailwinds from the increased popularity of cryptocurrencies among investors and institutions. It will also, of course, do well as the price of cryptocurrencies rises. But even if the top cryptocurrencies are flat for an extended period, Galaxy can cash in on increased trading volume.
Plus, its principal investing division is continuously sourcing some of the best early-stage investments that offer tremendous growth potential.
There is a tonne of innovation going on in the cryptocurrency industry, and Galaxy is best positioned to benefit from all the developments.
So, if you’re looking for a top Canadian stock to buy on a pullback, Galaxy is one I’d put at the top of your watchlist.
A top Canadian infrastructure stock to buy
In addition to Galaxy, another top Canadian stock I’m eagerly waiting to buy more of is Brookfield Infrastructure Partners (TSX:BIP.UN)(NYSE:BIP).
Brookfield is an incredible long-term business with a portfolio of high-quality, long-life assets. It’s one of the top Canadian stocks to buy today and hold for the long term.
Not only does it own assets in several industries, but it also owns assets all over the world. This is crucial, because the diversification naturally helps to reduce risk. However, it also shows that Brookfield is searching all over the planet to ensure that it’s finding the best businesses possible to invest in.
The company is consistently buying businesses, especially ones where it can invest in upgrades to grow the value of the business and increase its cash flow. It then looks to recycle that capital into new, high-potential opportunities.
It’s this impressive and consistent strategy that makes Brookfield Infrastructure one of the top Canadian stocks to buy.
The fund has a long-term target of up to 15% annual growth for investors — an incredible amount. So, if you’re looking for a top business to buy and hold long term, Brookfield is one of the best Canadian stocks to consider during a pullback.
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 Daniel Da Costa owns shares of Brookfield Infra Partners LP Units and Galaxy Digital Holdings Ltd. The Motley Fool recommends Brookfield Infra Partners LP Units and Brookfield Infrastructure Partners.