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

Are you looking for an opportunity to get rich? It’s time you focus on growth stocks!

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If you’re looking for a stock that could give you home-run returns, then it’s imperative that you focus on growth stocks. These stocks are often once-in-a-decade opportunities to get rich. For example, Constellation Software would’ve been a great stock to hold in the 2010s. In that decade, the stock gained about 3,500%! In this article, I’ll discuss three great growth stocks that investors should consider buying today.

One of my favourite growth stocks

When it comes to growth stocks, Shopify (TSX:SHOP) seems like a no-brainer to hold in a portfolio. This company is a leading player in the global e-commerce industry, a space that is poised to continue growing for years to come. What separates Shopify from its competitors is the breadth of its service offering. Shopify offers a variety of solutions which cater to everyone from the first-time entrepreneur to large-cap enterprises.

In Shopify’s most recent earnings presentation, the company reported US$1.7 billion in quarterly revenue. That represents a 31% year-over-year increase in that metric. As younger consumers continue to increase demand in online shopping, I imagine that revenue could continue to climb at a fast rate over the next decade. Shopify is a stock that has faced adversity within the past couple of years, but I still have a hard time seeing this stock do anything but grow for the next 10 years.

An underappreciated market winner

When people talk about home run stocks, rarely do they mention Alimentation Couche-Tard (TSX:ATD). However, in my opinion, that’s exactly what this company is. For those who aren’t familiar, Alimentation Couche-Tard operates convenience stores. It operates under many banners, including its namesake stores, Mac’s, Circle K, On the Run, and many others. All considered, Alimentation Couche-Tard operates more than 14,000 locations across 25 countries and territories.

Over the past five years, Alimentation Couche-Tard stock has gained more than 130%. To put that into perspective, the TSX has gained just north of 20% over the same period. At a market cap of just $72 billion, you have to think this company still has tons of room to grow. As an added incentive, Alimentation Couche-Tard offers investors a small dividend. However, that distribution has grown at a compound annual growth rate of about 27% over the past 10 years.

The ultimate home-run stock

If you’re truly interested in swinging for the fences, then WELL Health Technologies (TSX:WELL) may be the right stock for you. I should warn you, however. As you’d see in any baseball game, anyone swinging as hard for the fences as they can is likely to miss a lot of the time. However, if that’s a risk you can stomach, then investing in this company could pay off.

The reason investing in WELL Health is such a risk isn’t because it’s a bad company. It’s because the telehealth industry is still so new. That means there are many hurdles that the company could face in the future. That includes everything from legislation to market fit and even competitive pressure. Thus far, WELL Health has done an excellent job of expanding within and outside Canada. This company is my bet to become a major player in the growing telehealth industry.

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 has positions in Constellation Software and Shopify. The Motley Fool has positions in and recommends Alimentation Couche-Tard and Shopify. The Motley Fool recommends Constellation Software. The Motley Fool has a disclosure policy.

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