The Top Stocks to Buy With $300 Right Now

Despite all of the volatility this year, the S&P/TSX Composite Index is just about flat in 2023. The index has experienced all kinds of surges over the past 10 months, leaving investors with plenty of question marks as to what will happen in the last two months of the year. 

One thing that’s for sure is that there’s no shortage of discounted stocks trading on the TSX today. There are a select few stocks trading near all-time highs, but it’s not difficult to find a company that’s priced far below all-time highs right now. 

With that in mind, I’ve reviewed two Canadian stocks that long-term investors should have on their radar. Together, investors can own both picks for less than $300 today.

If you’ve got a little extra cash to spare and are willing to be patient, now could be a great time to load up on either one of these two TSX stocks.

TSX stock #1: Descartes Systems

Descartes Systems (TSX:DSG) is one of the few companies on the TSX trading near all-time highs. The stock is down about 5% from highs set in late 2021, which was a time when many other tech companies were also peaking. 

Where Descartes Systems stood out from its peers was in its performance in 2022. When many other tech stocks plummeted last year, Descartes Systems managed to put together a massive rally in the second half of 2022.

Shares of Descartes System are up more than 40% since mid-2022 and up 180% over the past five years. In comparison, the S&P/TSX Composite Index has returned just 30% since November 2018, excluding dividends. 

Investors looking for a bargain understandably might not be all that interested in Descartes Systems. However, if you’re waiting for a pullback to load up on this tech stock, you’ll likely be waiting a while. 

This is a premium company that you can be confident buying even when it’s trading this close to 52-week highs.

TSX stock #2: goeasy

goeasy (TSX:GSY) is another TSX stock that owns an impressive track record of returning market-crushing gains. Over the past five years, the growth stock has returned more than 200%. And that’s even with shares down more than 40% from all-time highs set in 2021.

With interest rates as high as they are today, it’s not all that surprising to see goeasy trading at a massive discount. After all, the company is a consumer-facing financial services provider, offering Canadians a wide selection of loan options. The sharp drop in demand is certainly one reason for the stock’s negative performance over the past two years.

If you’re willing to wait out these high interest rates, this is a growth stock worth loading up on at these discounted prices.

Foolish bottom line

Don’t let the volatility keep you on the sidelines today. As long as you’ve got a long-term time horizon and are willing to be patient, I’d urge you to look past the short-term uncertainty and instead focus on which TSX stocks you should be adding to your watch list.