Growth Stocks: A Once-in-a-Decade Opportunity to Get Rich

Here’s a really attractive Canadian growth stock you can buy now and hold for the long term to see your money grow fast.

| More on:
Upwards momentum

Image source: Getty Images

While it’s always wise to keep a large portion of our portfolio invested in safe stocks with low volatility, it also makes sense to hold some fundamentally strong growth stocks in your portfolio to see your invested money grow fast.

On the one hand, most growth stocks tend to be highly volatile and difficult to predict in the short term, which may increase your risk profile. On the other hand, they can help you get eye-popping returns on your investments, especially if you pick stocks very carefully to hold for the long term.

In this article, I’ll highlight one of the best Canadian growth stocks you can buy on the TSX today to hold for the next decade.

One of the best Canadian growth stocks to buy now

When trying to pick the right growth stock for your portfolio, you should always keep your risk appetite in mind. Based on your risk appetite, you may want to adjust the amount of money you can invest in volatile growth stocks to avoid unnecessary big risks.

Keeping your risk tolerance in mind, you can consider buying BlackBerry (TSX:BB) stock that has the potential to multiply your money faster than most other growth stocks listed on the Toronto Stock Exchange today. This Waterloo-headquartered company currently has a market cap of $4 billion, as its stock trades at $6.88 per share after rallying by 56% in 2023 so far.

More about the company

Research in Motion, which was founded in 1984, was rebranded as BlackBerry in January 2013. It now operates as an enterprise software firm that mainly focuses on providing cybersecurity businesses to public and private organizations across the world. In addition, the immense popularity of its QNX operating system is helping BlackBerry expand its presence in IoT (Internet of Things) at a fast pace.

A key growth driver for the feature

Besides its industry-leading cybersecurity solutions, the company’s IoT segment has the potential to significantly accelerate its financial growth in the long run. Let me explain that with an example.

In December 2020, the Canadian software company joined hands with Amazon Web Services to develop BlackBerry IVY, an intelligent vehicle data platform that aims to allow automakers to collect and process data from in-vehicle sensors in real time.

The demand for such artificial intelligence (AI) and machine learning-powered data platforms is expected to skyrocket in the coming years as large global automakers race to deploy self-driving and connected vehicles on roads. This could be one of the key reasons why several large automakers have shown significant interest in the BlackBerry IVY platform.

Bottom line

While it’s true that the adverse macroeconomic environment has taken a big toll on BlackBerry’s cybersecurity business in the last year, these temporary challenges might not have a big impact on its long-term growth potential, especially on its IoT segment’s growth outlook.

As BlackBerry continues to innovate further to provide futuristic, easy-to-implement solutions to the auto industry, I expect its financials to witness exponential growth in the long term, which should help its stock soar. And given BB stock is still more than 75% off its all-time highs, it looks like a once-in-a-decade opportunity to get rich.

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, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool recommends The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

tsx today
Tech Stocks

TSX Today: What to Watch for in Stocks on Tuesday, November 28

Canadian bank earnings and the U.S. consumer confidence data could give further direction to TSX stocks today.

Read more »

A worker uses the cloud for paperless work. tech
Tech Stocks

Alibaba Just Became a Dividend Stock… Could This TSX Stock be Next?

Alibaba Group Holding (NYSE:BABA) recently became a dividend stock. Could Kinaxis Inc (TSX:KXS) be next?

Read more »

Business success with growing, rising charts and businessman in background
Energy Stocks

Rising From the Ashes: Canadian Stocks Bouncing Back Stronger

These two growth stocks have surged back after crashing and burning, and it doesn't look like they'll be slowing down…

Read more »

Growth from coins
Tech Stocks

3 Top TSX Growth Stocks to Buy for December

High-growth TSX stocks such as Lightspeed should help you generate market-beating returns over time.

Read more »

Shopping and e-commerce
Tech Stocks

TFSA Investors: Shopify Is a Top Stock That Could Soar in a Bull Market Rally

Shopify (TSX:SHOP) appears to be getting back on the right track, with shares starting to heat up again.

Read more »

Dividend Stocks

3 Stocks to Buy as Inflation (Finally) Cools!

As inflation cools, the market is bound to go up, which is why now is the time to get in…

Read more »

edit Women wearing red sweater shopping online and using credit card at home office
Tech Stocks

Up Over 35% This Month: Is Nuvei Stock a Buy Right Now?

Given its high growth prospects and cheaper valuation, the uptrend in Nuvei will continue.

Read more »

Businessman holding tablet and showing a growing virtual hologram of statistics, graph and chart with arrow up on dark background. Stock market. Business growth, planning and strategy concept
Tech Stocks

“We Are Greatly Undervalued”: Lightspeed CEO Says Expect Big Gains in 2024

Lightspeed (TSX:LSPD) stock hit profitability for the first time, and yet shares are still down. According to the CEO, it's…

Read more »