These Stocks Provide a Once-in-a-Decade Chance to Get Rich

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When it comes to stocks that can provide you with a solid chance at riches, you need to think big — like, enormous. And that means taking a hard look at blue-chip companies. The thing is, right now, stocks are down across the board. That means there is an excellent chance of creating riches far sooner than normal.

With the TSX today still down by a significant amount from 52-week highs, it’s a great time to lock up safe stocks. Today, we’ll look at the top blue-chip stocks that provide this once-in-a-decade chance at getting rich.

BCE stock

First up, we have BCE (TSX:BCE), better known as The Bell Company. BCE stock has been around for decades on the market, but its company goes back over 100 years to when the telephone first arrived on the scene. This alone provides investors with the security to know that the stock is likely to be around for decades more.

That’s especially true since BCE stock remains the top telecommunications company in Canada. It holds 60% of the market, has the fastest internet speeds, and continues to expand its 5G and 5G+ network. Yet because of a potential merger in the market and poor earnings in this economy, shares are down 15% in the last year.

This provides an opportunity. You can bring in a dividend yield of 7.51% as of writing. Further, shares trade at a historically valuable 20.25 times earnings. Given that the stock has a long history of quick recoveries, it’s an excellent stock to consider for riches in the next decade.

CIBC stock

Banking institutions are another key area to look for stocks that could make you rich. While in the United States, there is a lot of competition, in Canada, we have an oligopoly of Canadian banks. These banks have a history of not just remaining strong in the market but booming back to 52-week highs after hitting 52-week lows during market downturns within a year.

Such is the case with Canadian Imperial Bank of Commerce (TSX:CM), and there are many benefits to this stock. CIBC stock went through a stock split before the fall in the market. This also made it easier to buy on the TSX today. Yet shares have also dropped significantly by 19% as of writing. This is mainly due to more exposure Canadian housing than other banks.

Yet again, for patient investors, this is the time to buy. CIBC stock will recover just as the other banking stocks will. So, that means you can bring in a dividend yield of 7.15% as of writing, while it trades at just 10.01 times earnings.

BMO stock

Yes, I’m looking at two banks here. That’s because while CIBC stock is great for long-term value, Bank of Montreal (TSX:BMO) stock is fantastic for safety and growth. The bank is the oldest of the Big Six, with 200 years of history behind it; it’s gone through both recessions and depressions. That’s a long time to remain steady on the market.

Yet BMO stock is still expanding. The company’s purchase of Bank of the West in the United States offers a huge opportunity for growth for the stock. Yet it’s been focusing on the constant growth of its dividend for investors, as well as its exchange-traded funds. With so many investment options, BMO stock is a strong choice for those seeking growth.

So, while BMO stock trades at just 10.57 times earnings and holds a 5.53% dividend yield, it’s a great time to snap it up. Shares may be down by 14% in the last year, but with such a long history, you can be sure it’ll bounce right back.

The post These Stocks Provide a Once-in-a-Decade Chance to Get Rich appeared first on The Motley Fool Canada.

Should You Invest $1,000 In BCE?

Before you consider BCE, you’ll want to hear this.

Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in October 2023… and BCE wasn’t on the list.

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See the 5 Stocks
* Returns as of 10/10/23

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Fool contributor Amy Legate-Wolfe has positions in Canadian Imperial Bank Of Commerce. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.