2 No-Brainer Stocks to Buy Now With $100 and Hold Long Term

You don’t need to break the bank to own these two Canadian stocks.

| More on:
Hourglass projecting a dollar sign as shadow

Source: Getty Images

The Canadian stock market has been on a strong run over the past several weeks. The recent surge now has the S&P/TSX Composite Index up about 8% on the year, without even including dividends. 

Despite the bullishness that many investors might be feeling, there are still plenty of deals on the TSX to take advantage of right now. 

Long-term investing for the win 

Psychologically, it’s not easy to invest in a stock that’s spiralling downward when seemingly the rest of the market is surging upwards.

If you’re having a difficult time doing exactly that, I’d encourage you to look past any type of short-term volatility and instead look at the business itself.

Investors who are solely focused on chasing the hottest stock will miss out on screaming deals that are right in front of you.

With that in mind, I’ve reviewed two discounted TSX stocks that offer loads of long-term upside. 

Canadians can own this duo of stocks for less than $100 right now.

Stock #1: Toronto-Dominion Bank

Not many stocks on the TSX can rival the track record of the major Canadian banks. They might not be the most exciting stocks to own but they sure are dependable.

Steady returns and passive income are what make bank stocks such a great cornerstone to a long-term investment portfolio. They can help balance out any high-growth stocks that you’re taking a chance on.

You can’t go wrong with owning any of the Big Five today. Toronto-Dominion Bank (TSX:TD), though, is hard to compete with. 

It’s the bank’s U.S. exposure that sets it apart from its peers. Yes, TD Bank can provide steady returns and pays a juicy dividend, which is currently yielding above 5%. But with all of the growth potential from its U.S. operations, TD Bank is well-positioned to strive toward being Canada’s top-performing bank in the coming years.

With shares down nearly 30% from all-time highs, this could be an excellent time for a long-term investor to start a position. 

Stock #2: Lightspeed Commerce

Lightspeed Commerce (TSX:LSPD) has had its share of struggles over the past couple of years. At one point, the stock was up a whopping 400% from its pandemic lows. Today, shares are trading at just about the same place they were at the beginning of 2020.

As a high-growth tech stock, volatility is to be expected. But when many others in the sector have sky-rocketed to new all-time highs in 2024, as a Lightspeed shareholder myself, I can say that it’s been a disappointing year so far.

While the business itself has gone through some turbulence, I’d argue that it is in a far healthier shape than what the stock price may reflect. Revenue growth continues to soar in the double-digit range and the company has already established an international presence in a growing market.

Shares surged close to 20% when the company presented its fourth-quarter report in May.

If you’re looking to take a chance on a low-risk, high-reward growth stock, Lightspeed is the company for you.

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 Nicholas Dobroruka has positions in Lightspeed Commerce. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

More on Investing

think thought consider
Dividend Stocks

Restaurant Brands International: Buy, Sell, or Hold in 2025?

Investors should look more closely at QSR stock and potentially buy on the recent weakness.

Read more »

TFSA (Tax-Free Savings Account) on wooden blocks and Canadian one hundred dollar bills.
Dividend Stocks

Maximizing Returns with Your 2025 TFSA Contribution Room

The TFSA is a top tool for maximizing investment returns. Here are two stocks that could be a great buy…

Read more »

woman retiree on computer
Dividend Stocks

Should You Buy Telus Stock at $20?

Down 40% from all-time highs, Telus is a beaten-down TSX dividend stock that trades at a discount to consensus price…

Read more »

top TSX stocks to buy
Dividend Stocks

Here’s Exactly How $15,000 in a TFSA Could Grow Into $200,000

Canadians with sizeable TFSA balances today have utilized the full potential of the investment vehicle.

Read more »

clock time
Investing

Building Generational Wealth: Why Now Is Still the Time to Invest in Canadian Stocks

Here's why Canadian stocks should still be the core of your investment portfolio.

Read more »

TFSA (Tax-Free Savings Account) on wooden blocks and Canadian one hundred dollar bills.
Dividend Stocks

The 1 Canadian Stock I’d Buy and Hold Forever in a TFSA

Don't get complicated. Consider this Canadian stock as a long-time buy.

Read more »

Man data analyze
Dividend Stocks

A Top-Performing U.S. Stock That Canadian Investors Really Should Own

This top US tech stock is something you cannot miss out on, and there’s another from Canada that you need…

Read more »

how to save money
Dividend Stocks

3 Premium TSX Dividend Stocks Worth Loading Up On

These three premium TSX dividend stocks remain among the best bets for long-term investors seeking stable total returns.

Read more »