Investing in These 2 Top Stocks Could Make You Richer Over the Next 10 Years
It's possible to get rich quickly by investing in stocks, but it isn't very likely to happen. In the stock market, time is one of investors' greatest allies. Thanks to the magic of compounding, a relatively modest sum can turn into something much more substantial in just 10 years -- provided of course that this money is invested shrewdly.
One key factor to consider before putting your hard-earned money into any company is whether it benefits from a competitive edge. Only under this condition can a stock deliver above-average returns in the long run. Two stocks that I believe have what it takes are Bristol Myers Squibb (NYSE: BMY) and Shopify (NYSE: SHOP). Let's see why these two companies could make you richer in the next decade.
New York City-based Bristol Myers is one of the largest pharmaceutical companies in the world. And like its peers in the industry, its competitive advantage stems primarily from intellectual property rights, especially patents. These patents grant the company some degree of pricing power and protect its lifesaving medicines from biosimilar competitors. The drugmaker boasts a rich lineup, including no fewer than eight blockbuster products.
Source Fool.com
