Last night three lucky people shared the $110 million Powerball jackpot and countless others won smaller prizes.
Whilst some of these winnings will no doubt be spent on new cars, holidays, and mortgage payments, I suspect that some winners will look to invest at least some of the funds into the share market.
Here are three top shares that I think would be great investment options today:
Altium Limited (ASX: ALU)
Altium is a leading printed circuit board (PCB) design software provider which I think would be an excellent long term investment. This is due to the company’s industry-leading design software which is exposed to the fast-growing Internet of Things (IoT) market. With the IoT market tipped to explode over the next decade, I expect demand for its software to continue rising strongly. I believe this will lead to above-average profit growth over the next decade as the company scales.
ResMed Inc. (ASX: RMD)
I think this medical device company has the potential to deliver strong returns for investors over the long term. This is because the global developer of sleep treatment products has carved out a leading position in a lucrative market that continues to grow in size. Furthermore, I expect the company’s software business could be another key driver of growth over the next decade and support its core business.
Webjet Limited (ASX: WEB)
Another high quality share to consider buying is this online travel agent. Webjet has been an impressive performer over the last decade, growing its earnings at a very strong rate thanks to its expanding footprint and the shift to online travel booking. The good news is that I believe this strong growth can continue over the next few years at least thanks to the growing popularity of its many brands, its focus on margin improvement, and acquisition opportunities in a highly fragmented market.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended ResMed Inc. and Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.