3 no-brainer ASX 300 shares I'd buy right now without hesitation

I don't like buying shares near record highs, but I'd make an exception for these three…

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As most ASX investors would be aware, the S&P/ASX 200 Index (ASX: XKO) and the broader Australian share market have been on a bit of a tear of late.

Since the beginning of November, the ASX 300 Index has risen by a healthy 11% or so – more than its average annual gain. This puts the share market within a whisker of its all-time high as we speak.

Normally, I am more reluctant to spend big on ASX shares when the market is this close to a new all-time record.

However, I still believe in investing for investing's sake. After all, shares have historically been the best asset to invest in if you want the best returns possible.

So today, let's discuss three no-brainer ASX shares I would be happy to buy right now with absolutely no hesitation.

3 ASX no-brainer shares I wouldn't hesitate to buy now

Wesfarmers Ltd (ASX: WES)

Wesfarmers shares have coincidentally just hit a new 52-week high. But I'd still happily invest in this ASX 200 conglomerate today. I regard Wesfarmers as one of the strongest businesses on the ASX.

It owns a bevvy of famous retailers, including Kmart, OfficeWorks, target, and its crown jewel, Bunnings. That's in addition to a huge array of other interests. These include Kleenheat Gas, Covalent Lithium and the Priceline pharmacy chain.

Wesfarmers has a long history of delivering both healthy capital growth and chunky dividends to investors over many decades. With these quality assets under its hood, I see no reason why this won't continue.

Washington H. Soul Pattinson and Co Ltd (ASX: SOL)

Next up we have investing house Soul Patts. Soul Patts is my favourite ASX share on our stock market. For one, its shares give us instant diversification, given Soul Patts owns a vast portfolio of underlying investments that it manages on behalf of shareholders. These include major ASX blue chips, massive stakes in companies like TPG Telecom Ltd (ASX: TPG) and New Hope Corporation Limited (ASX: NHC), as well as unlisted assets.

Soul Patts has historically delivered market-smashing returns. Recently, it confirmed investors enjoyed an annual average return of 12.5% per annum over the 20 years to 31 July 2023. That includes a 23-year streak of annual dividend pay rises too. You could do far worse than investing in this company today.

Vanguard Australian Shares Index ETF (ASX: VAS)

Finally, let's talk about this index fund from Vanguard. Although not an ASX share, VAS represents an investment in the largest 300 shares on our stock market. That includes everything from Commonwealth Bank of Australia (ASX: CBA) to Coles Group Ltd (ASX: COL), as well as the two companies I've already mentioned.

Since investing in an index fund like this is arguably akin to investing in the Australian economy itself, I don't believe there's ever a bad time to put money into VAS units. You get loads of diversification here too, as well as a decent dividend yield that is paid out quarterly.

Motley Fool contributor Sebastian Bowen has positions in Wesfarmers, Vanguard Australian Shares Index ETF and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Washington H. Soul Pattinson and Company Limited and Wesfarmers. The Motley Fool Australia has positions in and has recommended Coles Group, Washington H. Soul Pattinson and Company Limited, and Wesfarmers. The Motley Fool Australia has recommended Tpg Telecom. 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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