3 Stocks I Would Buy Soon

Are you struggling to think of places to park your money? Here are three stocks I would buy soon.

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As an active investor, I’m always looking for places to put my money. Because of the size of my portfolio, I feel like strengthening certain positions is more appealing than adding new companies. However, there is one stock that I’ve had my eye on for over a year. It remains my third priority, as you’ll see in this article. With that said, here are three stocks I would buy soon.

If I could only buy one stock

If there was only one stock that I would buy for the rest of my life, it would be Shopify (TSX:SHOP)(NYSE:SHOP). Many investors point to the massive gains that Shopify stock has produced and believe that the company’s best days are behind it. However, I strongly disagree. Although Shopify stock may not be 10 times over the next decade, in the long run, its growth potential remains spectacular. The company is a leading player in a massive and emerging e-commerce industry.

From an investment point of view, Shopify checks off a lot of boxes. The company remains led by its founder who owns a large stake in the company. In addition, Shopify’s revenue and market share continue to grow at impressive rates. Finally, I don’t see a single competitor in its space that poses a risk to Shopify in the foreseeable future. Even top competitors like BigCommerce don’t have as impressive of a customer base as Shopify. This company will remain a top stock for years to come.

This is a top dividend company

Readers of the Motley Fool who are familiar with my writing will know that my portfolio is very aggressively geared toward growth. Because of this, I’ve recently attempted to balance it out with blue-chip dividend companies. One stock that I’ve added this year is Bank of Nova Scotia (TSX:BNS)(NYSE:BNS). It is a Canadian Dividend Aristocrat and a top dividend payer.

What interests me the most about the Bank of Nova Scotia is its combination of growth potential and reliable dividends. In terms of growth, the company’s exposure to the Pacific Alliance could push the stock to new heights. In terms of dividends, the Bank of Nova Scotia maintains a nine-year dividend growth streak and offers a forward yield of 4.36%. This is a stock that could appeal to a wide range of investors and one that I could see myself adding to soon.

I won’t be ignoring this proven winner for much longer

One stock that I’ve wanted to add to my portfolio for over a year is Brookfield Asset Management (TSX:BAM.A)(NYSE:BAM). It is one of the largest alternative asset management firms in the world, with nearly $625 billion of assets under management. Despite not being the flashiest of companies, Brookfield has managed to generate excellent growth. Since August 1995, Brookfield stock has produced an average annual return of 16%. This outpaces the TSX, which has grown by an average of 6% per year over the same period.

Brookfield is led by Bruce Flatt, who is often compared to Warren Buffet. Both are considered among the top investors of their generation and draw similarities for their long tenure as CEO and a value style of investing. In July, Brookfield announced that it would be developing a large-scale sustainable neighbourhood alongside Tesla. If that project proves successful, it could be an excellent catalyst for Brookfield stock.

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 Jed Lloren owns shares of BANK OF NOVA SCOTIA, Shopify, and Tesla. The Motley Fool owns shares of and recommends Shopify. The Motley Fool recommends BANK OF NOVA SCOTIA, Brookfield Asset Management Inc. CL.A LV, and Tesla.

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