2 No-Brainer Stocks to Buy Now and Hold Forever

These two Canadian stocks offer incredible long-term growth potential, and both trade at attractive prices, making them some of the best stocks to buy now.

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When it comes to finding high-quality stocks that you can buy and hold forever, with the confidence that they will grow your money, looking for industries with a tonne of opportunities for growth is ideal.

We want stocks that will grow for years, and one of the easiest ways to do that is to be in an industry that’s naturally growing.

It doesn’t automatically guarantee success by any means. However, it’s naturally much easier to grow your operations if your entire industry is experiencing significant growth.

So with that in mind, here are two no-brainer stocks to buy now and hold forever.

A top Canadian tech stock to buy now at this significant discount

One of the best stocks you can buy for the long term, especially at the bargain it trades at now, is WELL Health Technologies (TSX:WELL).

WELL Health trades over 35% off the highs it reached earlier this year. One of the reasons WELL Health has fallen out of favour is that it saw such a strong tailwind from the pandemic. So investors think that its growth potential could slow as the pandemic winds down.

And while it did see a tailwind, that doesn’t mean that it can’t continue to grow at a rapid pace as the pandemic ends. Our lives are only going to get more consumed by technology as the industry grows through constant innovation and continues to offer services that are convenient for the consumer.

Plus, WELL has proven it can continue to find high-quality businesses that offer attractive synergies, allowing it to grow its revenue and, more importantly, its EBITDA at an impressive rate.

So with the stock trading at a forward enterprise value to sales ratio of just 3.6 times, and an average analyst target price of roughly $12.50, which is almost double where WELL Health stock trades today, it’s one of the biggest no-brainer investments you can make in my opinion.

With the stock at the bottom of its 52-week range, it hasn’t been this cheap in a year. So if you’re looking for a high-quality Canadian stock to buy today, I’d look to gain exposure to WELL while it’s still ultra-cheap and then hold the high-growth tech stock for years.

One of the best long-term crypto stocks you can own

Another high-quality Canadian stock to buy now is Galaxy Digital Holdings (TSX:GLXY), an impressive financial services stock serving the growing cryptocurrency industry.

Galaxy is another great investment because, like WELL, it’s a high-quality growth stock that you can plan to hold forever. With other cryptocurrency investments, such as exposure to Bitcoin, it could be a great investment for 10 years. However, there is the potential for other cryptocurrencies to take over.

A stock like Galaxy, though, already has multiple segments and serves the entire industry. So as cryptocurrencies and blockchain technology get more popular, Galaxy should only continue to see its operations expand.

So as long as it stays the dominant company in the industry and continues making prudent investments in the space, it will be a stock to hold forever.

Right now, it’s attractive because several of its segments are seeing strong growth each quarter, such as its asset management, trading, and investment banking divisions. Plus, it also has a segment such as its principal investments, which aims to find high-potential, up-and-coming businesses that Galaxy can invest in on the ground floor.

So while its business is already growing well today, over the years, as these projects develop and expand, I’d expect Galaxy’s investments to gain in value quite considerably.

This makes Galaxy a no-brainer buy, in my opinion. And with the stock trading more than 20% off its high after last week’s selloff, now is a great time to buy the high-quality Canadian stock. With all the potential the industry has, it might not be this cheap for long.

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 Galaxy Digital Holdings Ltd. and WELL Health Technologies Corp. The Motley Fool has no position in any of the stocks mentioned.

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