Got $3,000? 3 Top Financial Stocks to Buy For the Long Term
Uncertainty is the bane of Wall Street, and the one thing that most investors can agree on at the moment is that the future is far from clear right now. There's rampant inflation, geopolitical tensions, and valid concerns about whether we are already in a recession.
Individuals can't do much to control any of these macroeconomic issues, but they can focus on buying companies that have a track record of managing prior periods of tough economic times. If you've got $3,000 or more available to invest right now, you would do well to take a close look at long-term stalwarts like Franklin Resources (NYSE: BEN), Toronto Dominion Bank (NYSE: TD), and Realty Income (NYSE: O). These are three stocks worth considering for your long-term portfolio.
Asset manager Franklin Resources is getting hit hard today, but that makes complete sense. It basically charges fees on the financial assets it manages for others (known in the industry as assets under management (AUM)). When stock markets are weak, Franklin Resources and its peers get hit twice. First, asset depreciation reduces AUM. Second, scared investors often pull cash out of the market, further reducing AUM. The weak market has led to the stock price falling more than 20% so far in 2022.
Source Fool.com
