When it comes to investing, there are many suggestions and guidelines to follow, but nothing will ever be straightforward. Although we’ll often look for TSX stocks that we can buy and hold for years and even decades to come, sometimes there will be stocks you buy that will return money quickly and then, for one reason or another, will no longer be worth owning for the long haul.
Therefore, it’s crucial to have the discipline to buy these long-term stocks in the first place. But it’s also crucial to recognize when stocks aren’t worth an investment anymore and recycle that cash into assets that offer much more opportunity.
However, for the most part, the best stocks to buy are ones you can hold for decades to come. As Warren Buffett, one of the best investors of all time, once said, “Our favourite holding period is forever.” And another of his famous quotes says, “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”
With that in mind, here are three high-quality TSX stocks that you can buy while they’re cheap in this environment and hold for decades to come.
One of the best TSX stocks to buy and hold for decades
There’s no question that some of the best long-term stocks to buy now and hold for several decades are green energy companies. That’s why Brookfield Renewable Partners (TSX: BEP.UN)(NYSE: BEP), the largest renewable energy stock in Canada by far, is one of the best TSX stocks to consider today.
Brookfield already has a massive portfolio of green energy-generating assets, with a massive pipeline of growth over the coming years. In addition to all this potential, though, there are many reasons why Brookfield is one of the best green energy stocks to buy.
First, due to its massive size, the company has access to more deal flow and, therefore, more potential to find projects that can earn the highest return on investment. Furthermore, its significant size allows the company to have operations all over the world. This helps to reduce its risk while also giving Brookfield exposure to more opportunities for growth.
So, it’s no surprise that Brookfield aims to earn investors returns of 12-15% annually while also aiming to increase its distribution by 5-9% each year.
Therefore, Brookfield Renewables is a top choice if you’re looking for TSX stocks you can buy and hold for decades.
A top Canadian healthcare tech stock
Many tech stocks have underperformed this year and are still well out of favour, creating a significant opportunity for savvy investors who are investing for the long haul.
There are numerous opportunities to consider, but one of the very best has to be WELL Health Technologies (TSX: WELL).
WELL has built an impressive portfolio of healthcare businesses over the past few years that leverage the power of today’s technology. From telehealth business to digital health apps, WELL is helping to modernize the healthcare industry, which has a tonne of potential, especially over the long haul.
But even in the short term, despite its stock price consistently falling, its business continues to expand. This makes WELL one of the top TSX stocks to buy and hold for decades, as it’s ultra-cheap today and has a massive runway for growth over the coming years.
With the stock now trading cheaper than it was two years ago yet having sales that are more than 10 times greater than they were two years ago, it’s clear just how undervalued it is and why it’s one of the top TSX stocks to buy and hold for decades.
A top core portfolio stock
In addition to these high-potential growth stocks, reliable core portfolio stocks are also worth owning for years to come, such as Nutrien (TSX: NTR)(NYSE: NTR).
Nutrien is an excellent investment because it’s one of the agriculture industry’s largest and most dominant stocks. And considering how important agriculture is, and the fact that it continues to see an increase in demand, Nutrien is one of the best TSX stocks to buy and hold for decades.
It’s vertically integrated, has years of growth potential, and, after 2022’s selloff, trades roughly 25% off its highs.
