2 TSX Stocks That Could Grow Your Portfolio Over the Next Decade

Are you looking for TSX stocks to power you through the next decade? At such low prices, you can’t go wrong with these two.

| More on:
A plant grows from coins.

Source: Getty Images

If you’re a Motley Fool investor that’s read basically any of my hundreds (thousands? It feels like thousands) of articles, you’ll know I’m into long-term investing. And there’s a solid reason.

It’s been proven time and again that investing in TSX stocks for years, over a decade or more, is far more effective than investing in a growth stock again and again. Unless you’re watching your investments as a full-time job day after day after day after … you get it. Even then, there is certainly no guarantee.

And since you’re not a stock-watching zombie (I hope), then these two TSX stocks are much better long-term options. In fact, they could make your portfolio absolutely explode in the next decade.

AutoCanada

You know what you need? A new car. No? You don’t right now? Alright, that’s cool. But you will. Sooner or later, you’ll need a new car, and it could be one of the many locations owned by AutoCanada (TSX:ACQ). The auto dealer owns 63 locations across Canada, consisting of 25 brands, at the time of writing. And that’s going to be huge over the next decade.

That’s because it’s one of the TSX stocks that will certainly be effected by the growth in electric vehicles. AutoCanada is already doing really well, expanding and acquiring new businesses across the country. But when there’s a mass move towards electric vehicles, expect this stock to soar even further.

Even now, Motley Fool investors can look back on growth of 153% in the last decade, which includes the recent fall. If you don’t include the fall, the climb reached 423%! And that could easily happen again. So, while it trades at just 5.66 times earnings, I’d snap up this company while it’s so cheap.

Canopy Growth

You know what else we’re bound to see more use of? Pot. Cannabis. Marijuana. Weed. Whatever you call it, it’s out there, and it isn’t going anywhere. Not when it has the ability to make governments so much money. And while there might be a stall in the United States, that won’t last forever. Every analyst out there has said as much.

And that’s why Canopy Growth (TSX:WEED)(NASDAQ:CGC) should still be on you buy list among TSX stocks. Sure, it’s fallen to single digits after reaching heights in the $70 range. And if you bought there, that’s brutal. But you could make it all back by buying at these incredibly low prices and holding on for the next decade.

True, it will be a volatile time. But the company is still large and in charge. In charge of a massive market opportunity in the U.S. that is, thanks to acquisitions set to take hold when legalization happens. So, yeah, shares are down 63% year to date, but those shares are also up 28% in the last month. At $4 per share, it looks like just about anyone can afford even a small stake in this for the next 10 years.

Foolish takeaway

Long-term investing has been proven time and again to be what Motley Fool investors should first consider when buying stocks. If these fit into your financial goals and plans, then all the power to you. Because these TSX stocks could be some of the biggest winners at these prices in the next decade and beyond.

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 Amy Legate-Wolfe has positions in Canopy Growth Corp. The Motley Fool has no position in any of the stocks mentioned.

More on Investing

Businessperson's Hand Putting Coin In Piggybank
Dividend Stocks

RRSP Wealth: 2 Undervalued TSX Stocks to Buy Now and Own for 25 Years

RRSP investors can now buy top TSX stocks at discounted prices.

Read more »

Investing

Why Canadian REITs Are Some of the Best Stocks to Buy Now

Canadian REITs offer tremendous value, and considering that many are resilient businesses, they're some of the best stocks to buy…

Read more »

oil and gas pipeline
Energy Stocks

Market Selloff: Enbridge (TSX:ENB) Could Be the Best Dividend Stock to Buy on the Dip

Here are key reasons why Enbridge could arguably be the best Canadian dividend stocks to buy amid the ongoing market…

Read more »

oil tank at night
Energy Stocks

Oil Below $80: Is Suncor Energy Still a Bargain?

Oil prices could drop further, but Suncor Energy (TSX:SU)(NYSE:SU) would still be undervalued.

Read more »

Pixelated acronym REIT made from cubes, mosaic pattern
Investing

TFSA Passive Income: Is RioCan (TSX:REI.UN) a Good Stock to Buy Now?

RioCan is down considerably from the 2022 high. Is this top Canadian REIT now a buy?

Read more »

cryptocurrency, crypto, blockchain
Tech Stocks

Sinking Crypto Stock: Is Hut 8 (TSX:HUT) Worth Buying at $2.30?

A prominent crypto stock trading at an absurdly cheap price, but you must have a high-risk appetite to consider buying…

Read more »

oil and natural gas
Energy Stocks

3 Energy Stocks Fell More Than 10% But Are Still Beating the Market

Three energy stocks continue to beat the market, despite dropping more than 10% during the sector’s pullback last week due…

Read more »

Hand holding smart phone with online shop concept on screen
Tech Stocks

Nasdaq Bear Market: Is Amazon Stock a Buy in Q4 2022?

Amazon stock is down 40% from record highs. But the trillion-dollar tech giant remains a compelling bet for long-term investors.

Read more »