3 No-Brainer Stocks to Buy and Hold for the Next Decade

These stocks have been growing at incredible rates for years, but you can still latch onto that growth on the TSX today for decades to come.

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Motley Fool investors love to find a deal on the TSX today. And it’s no wonder. You can find absolutely incredibly cheap stocks that can potentially give you amazing returns. However, that doesn’t mean investors should ignore the winners of today.

Stocks that have traditionally been winners tend to keep on winning. After all, the overall trend of the market goes upwards. So if you find companies with a long history of growth, picking up those stocks should be a no-brainer. Motley Fool investors can wait for a pullback, sure. But if your strategy is decades of growth, the time to pick up these three stocks is now.

Shopify

Sure, the growth of Shopify (TSX:SHOP)(NYSE:SHOP) has slowed as of late. Over the last three years, Shopify stock has grown almost 1,000%! Yet over the last year, shares are up just about 25%. But really, so what?

Shopify stock is a strong company on the TSX today. It’s managed to be a serious threat to e-commerce giant Amazon. So much so the company has an actual strategic task force designed specifically to take on Shopify. And despite all this, the company continues to bring in incredible returns year over year.

True, the pandemic was actually good for the company and e-commerce in general. But e-commerce was set to soar any way, the pandemic just sped things up, giving the company a big boost of income to provide it with more research and development opportunities. Shopify stock simply isn’t going away, making it a solid company to buy and hold for decades on the TSX today.

CP Stock

Shares of Canadian Pacific Railway (TSX:CP)(NYSE:CP) remained flat despite winning the war for Kansas City Southern this week. After Canadian National Railway dropped out of the race, CP stock got stuck with a $31 billion bill. But that bill sets it up for $1 billion in synergies within three years and massive returns in the future.

CP stock will become the largest railway in North America, adding 50% more rail lines to its tracks. It will stretch from Canada to Mexico, going through agriculture and oil and gas sectors that will increase revenue by an insane amount. In fact, analysts believe the company’s shares could rise by 255% in the next year alone!

Shares of CP stock have been strong for decades, up 801% in the last 10 years alone! Yet it remains near value territory with a P/E ratio of 18.16. So I would pick up this strong stock in bulk on the TSX today, with Motley Fool investors looking into incredible growth for decades to come.

Lightspeed

Finally, Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) may be similar to Shopify stock, but it’s not exactly the same. Rather than focus on North American markets, Lightspeed stock has gone global. The company has spent about US$2 billion on acquisitions since January 2020. That spending spree has seen revenue increase dramatically, providing it with solid organic and acquisition growth now and for the next few years.

Shares of Lightspeed stock are up 69% year to date, and analysts believe a pullback may come soon. However, remember Shopify stock a few years back? Analysts believed a market crash could destroy this stock. Instead, it powered through. As did Lightspeed stock. This could be the momentum that sends this stock to the stratosphere. And given the different path Lightspeed stock has taken toward growth, it’s a great option to get in at a cheaper level, holding on for decades.

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.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Amy Legate-Wolfe owns shares of Canadian Pacific Railway Limited, Lightspeed POS Inc, and Shopify. The Motley Fool owns shares of and recommends Amazon, Lightspeed POS Inc., and Shopify. The Motley Fool recommends Canadian National Railway and recommends the following options: long January 2022 $1,920 calls on Amazon, long January 2023 $1,140 calls on Shopify, short January 2022 $1,940 calls on Amazon, and short January 2023 $1,160 calls on Shopify.

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