If you are lucky enough to have $10,000 sitting in your savings account, I would suggest you consider putting it to work in the share market.
Especially after the market meltdown, which has left a number of high quality shares trading at attractive prices.
But where should you invest these funds? I think these high quality shares would be great options:
Nanosonics Ltd (ASX: NAN)
The first share to consider buying with these funds is Nanosonics. It is the infection control specialist behind the industry-leading trophon EPR disinfection system. This system is used for disinfecting ultrasound probes and has proven very popular with end users. As a result, it has been growing its installed base at a solid rate over the last decade. This is good for two reasons. As well as generating revenue from unit sales, the company benefits from the recurring revenues generated by the consumables it requires. Another positive is that soon Nanosonics will be more than a one trick pony. It has a number of new products in its pipeline that are expected to be launched in the near future.
ResMed Inc. (ASX: RMD)
Another quality share to consider buying with that $10,000 is ResMed. It is a global medical device company which has a focus on the sleep treatment market. It has been growing its earnings at a consistently solid rate over the last decade thanks to strong customer demand for its products. In FY 2020 this has particularly been the case with its masks and accessories, which recently recorded another quarter of high-teens growth. This was supported by strong growth from its software business. Due to the proliferation of sleep apnoea, I expect more of the same over the next decade.
Xero Limited (ASX: XRO)
A final quality share to buy is Xero. I think the market volatility has created a buying opportunity for investors that are willing to make a long term investment in its shares. This is because this cloud-based business and accounting software provider appears perfectly positioned to deliver strong earnings growth over the next decade thanks to the quality and stickiness of its product, its strong pricing power, and its massive market opportunity. In respect to the latter, although it now has over 2 million subscribers on its platform, this is still only scratching at the surface of its global opportunity.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended ResMed Inc. 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.