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Quality stocks can help investors create game-changing returns for long-term shareholders. You basically need to identify a portfolio of companies that are positioned to grow their earnings at a steady pace each year, resulting in a higher valuation over time.
Here are three of the best Canadian stocks I plan to hold forever.
Shopify stock
Valued at $138 billion by market cap, Shopify (TSX:SHOP) stock is a Canada-based company trading 50% below all-time highs. Despite the pullback, the TSX tech stock has returned over 3,000% to shareholders since its initial public offering, or IPO, in 2015.
In the last two years, Shopify has trimmed its workforce and exited the capital-intensive fulfillment centre business to expand its profit margins amid a challenging macro backdrop. While Shopify stock is priced at a steep forward price to earnings multiple of more than 100 times, it is forecast to increase adjusted…
