Are you looking for growth shares that you can buy and hold? Then you might want to consider the two listed below.
I believe both have the potential to grow very strongly over the next decade and could provide market-beating returns for investors.
Here’s why I would buy these stunning ASX growth shares:
Afterpay Ltd (ASX: APT)
The first growth share I would buy is Afterpay. I think the buy now pay later giant would be a quality long term option thanks to its leading position in an industry growing rapidly. More and more consumers, particularly younger ones, are turning away from credit cards in favour of buy now pay later products. And while this has unsurprisingly led to increasing competition in the industry, I believe Afterpay’s first-mover advantage and strong brand have given it an almost unassailable lead.
Another positive is that despite Afterpay’s incredible growth over the last few years, it is still barely even scratching at the surface of its overall market opportunity. The company has a $5 trillion opportunity in the United States market and has recently announced plans to expand into Europe and test the waters in Asia. If everything goes to plan, I believe Afterpay has the potential to become a giant of the payments industry in the future.
Appen Ltd (ASX: APX)
Another stunning ASX growth share that I would buy is Appen. It is the global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. It has over 1 million crowd-sourced workers globally collecting and labelling high volumes of image, text, speech, audio, and video data. This data is then used to build and improve artificial intelligence models.
Artificial intelligence is arguably the next big thing in technology. Unsurprisingly, this means that billions and billions of dollars are being invested into the space by businesses and governments. This bodes very well for Appen, given its leadership position in its field. As a result, I believe it is perfectly positioned to continue growing its earnings at a strong rate long into the future.
Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.