There is no doubt 2022 was a turbulent year with war, inflation, and interest rate rises.
Unfortunately, many experts are expecting more volatility to follow this year, with the Russia-Ukraine conflict dragging on and inflation still raging.
In such uncertain times, it might be worth retreating from the smaller, riskier plays and relying on the old favourites that Australian consumers might stick with through a downturn.
Catapult Wealth portfolio manager Tim Haselum this week named two ASX shares to buy that precisely fit that bill.
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'We like its outlook'
As the leading telecommunications company in Telstra Group Ltd (ASX: TLS), its shares should be more pleasurable to own.
But it has been a bane in many investors' portfolios for decades now.
Sure, it pays out a reasonable 3.3% dividend yield, but its capital growth has been anaemic, even for the most patient long-term investor.
Over the past five years, the Telstra share price has only grown 11.7%.
Haselum, though, feels like the telco giant has turned a corner and is worth picking up right now.
"Asset sales have reduced debt," Haselum told The Bull.
"It increased its dividend and forecast earnings growth should be met."
The portfolio manager labelled Telstra "a fierce competitor".
"The company has forecasted total income of between $23 billion and $25 billion in fiscal year 2023," he said.
"We like its outlook."
Many of Haselum's peers agree with him. According to CMC Markets, eight out of the 11 analysts that cover the stock currently rate it as a buy.
Pounce on this one when it dips
Regardless of whether the unemployment rate is rising or if the economy is slipping into recession, people have to eat.
That's why during turbulent times, many may find supermarket giant Woolworths Group Ltd (ASX: WOW) a comforting investment.
In addition to a handy 2.64% dividend yield, the Woolworths share price has gained almost 50% over the past five years — through COVID-19 and the inflation surge.
Haselum reckons it is at a particularly interesting time to buy in right now.
"Several disruptions and abnormal costs during the past two years appear to be ending," he said.
"We expect COVID-19 costs to continue falling."
The supermarket chain has "a strong balance sheet", he added.
"The shares also appeal for their defensive qualities. Any price weakness represents a buying opportunity, in our view."
Other professionals are somewhat divided on Woolworths shares. Nine out of 16 analysts surveyed on CMC Markets rate the stock as a buy, while five think it a hold, and two are even suggesting a strong sell.
