The top ASX shares I'd buy with $500 right now

I think putting $500 into any of these ASX shares today would be a great move.

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I'm a firm believer in the philosophy that the best time to invest in ASX shares was probably yesterday. Most of us like to think that we can be successful with investing by buying low and selling high. But the reality is that trying to time the market in this way is incredibly difficult.

Unless you're a seasoned value investor, 'low' and 'high' are too often subjective terms that most of us determine by anchoring to past share prices. As such, I think a better way to decide when to invest is by buying "wonderful companies at fair prices", as Warren Buffett would say.

I've bought many of my own favourite shares at prices that in hindsight could have been lower. But I don't regret most of my decisions, as these companies have continued to grow their earnings and as a result, their share prices have climbed over time.

So today, with that in mind, let's discuss three top ASX shares that I would happily buy with $500 right now.

3 top ASX shares to buy today

Endeavour Group Ltd (ASX: EDV)

First up is Endeavour, the pubs and bottle shop operator behind Dan Murphy's and BWS. The Endeavour share price has had a tough few months, falling to pre-float prices back in August, and subsequently exploring levels under $5.

Sure, the company is facing some turmoil at its highest echelons right now, which is probably one of the reasons why investors are sending these shares lower. However, I think this has created a buying opportunity here.

Endeavour is a top ASX share that has absolute dominance when it comes to the most popular places to obtain beverages of an intoxicating nature — as I'm sure anyone who likes to sniff out cheap drinks would know. Therefore, I think Endeavour shares are a top candidate for our $500 today.

iShares Global Consumer Staples ETF (ASX: IXI)

Our second top ASX share up today isn't really a share, but rather an exchange-traded fund (ETF). This fund is one that focuses on giving exposure to some of the largest consumer staples companies in the world, most of which aren't to be found on the ASX.

I love a powerful brand, and this ETF provides those in spades.

Like Ben & Jerry's ice cream, Lipton tea, or Hellman's mayonaise? Well, their collective owner Unilever is in IXI.

What about Doritos, Smiths Chips, Gatorade, or Mountain Dew? PepsiCo can be found here as well. So can the owner of Cadbury, Ritz, Oreos, Philadephia Cheese, and Toblerone – Mondelez International.

And KitKat, San Pellegrino, Milo, Maggi, and Nespresso owner Nestle is the Global Consumer Staples ETF's largest holding at present.

This ETF's share price hasn't really gone anywhere over the past 12 months. As such, I would be happy to use our $500 to pick up some units.

Lottery Corporation Ltd (ASX: TLC)

Finally, let's talk about Lottery Corporation. This company is a relatively recent newcomer to the ASX. But it is still one of the strongest businesses, and thus top ASX shares, on the market in my view. It owns exclusive licenses to operate lotteries and Keno in most Australian states and territories. In some cases, these licenses only expire in decades' time.

Lotteries and Keno tend to be services that customers use in good times and in bad. The allure of that potential jackpot is a strong one. As such, I think Lottery Corp is a company that has the potential to provide strong returns in all kinds of economic weather. It finds itself on this list today thanks to recent share price weakness.

Lottery Corp shares are down around 2.2% over 2023 so far and down almost 17% since the August 52-week high of $5.35. The company is still by no means cheap but quality rarely is, and this might prove to be a great time to make a $500 investment.

Motley Fool contributor Sebastian Bowen has positions in Endeavour Group, Mondelez International, PepsiCo, and iShares International Equity ETFs - iShares Global Consumer Staples ETF. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Lottery. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Nestlé and Unilever Plc. The Motley Fool Australia has positions in and has recommended iShares International Equity ETFs - iShares Global Consumer Staples ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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