While time in the market is more important than timing the market, sometimes being a little patient is the key to finding a bargain. Right now, you'll pay a pretty penny to invest in high-powered growth stocks, but if you're willing to watch carefully for a few months or even the better part of a year, it might be possible to find a better deal. Similarly, sometimes a company needs a little more time to cook before it's stable enough to be investable, and the only way to know when it's ready is by paying attention over time.

With that in mind, let's review three such growth stocks that I'll be watching very closely this year.

Eli Lilly's (NYSE: LLY) 2024 is going to be a bumper crop year. As a result of its hit type 2 diabetes drug Mounjaro and its twin sibling called Zepbound, which is indicated for weight loss, it's hard to see this pharma doing anything other than raking in loads and loads of money. The market's expectations for the success of those two medicines are so strong that even the company's explicit rejection of the idea of using either for "cosmetic" weight loss -- a gargantuan market -- did nothing to stop the upward march of its shares.

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Source Fool.com