Top Stock Picks for 2024

As we prepare to turn the page on another year, investors are setting their sights on the potential opportunities that 2024 may hold.

In the ever-changing world of finance, finding the right stocks to invest in can be akin to navigating a maze.

Fortunately, The Insider Insider Memo, with its distinguished track record and proprietary Alpha Algorithm®, is here to provide guidance.

Let's dive into The Insider Memo’s top 10 stock picks for 2024 and distil the key takeaways for investors.

1. Alibaba Group Holding (BABA)

• Valued at just eight times projected earnings for the fiscal year ending in March.

• Sits on a substantial cash reserve, approximately one-third of its current market value.

• Offers exposure to various sectors, including e-commerce, cloud computing, logistics, and fintech.

2. Alphabet Inc. (GOOGL)

• Expected to grow earnings by 15% in 2024.

• Trades at a discount compared to tech peers like Microsoft and Apple.

• Possesses a robust balance sheet with over $100 billion in net cash.

3. Barrick Gold Corporation (GOLD)

• Aims to increase mine output by 30% by the end of the decade.

• CEO Mark Bristow is renowned for effective management and international relations.

• Offers a well-covered 2.3% dividend yield.

4. Berkshire Hathaway Inc. (BRK.B)

• Warren Buffett's leadership and "Fort Knox" balance sheet provide stability.

• After-tax operating profits grew nearly 20% in 2023.

• Valued at 1.4 times the estimated year-end 2023 book value.

5. BioNTech SE (BNTX)

• Expected to remain profitable in 2024, despite concerns about Covid-19 vaccine demand.

• Substantial cash reserves make it a value play.

• Oncology-focused pipeline holds promise.

6. Chevron Corporation (CVX)

• Well-regarded for its oil assets, effective leadership, and balance sheet.

• Trades at an attractive valuation of 10.7 times projected 2024 earnings.

• Offers a compelling 4.2% dividend yield.

7. Hertz Global Holdings, Inc. (HTZ)

• Despite EV setbacks, the rental-car industry's oligopolistic nature promises stability.

• Low valuation at 8.6 times projected 2024 earnings.

• Potential for a buyout by controlling investor group.

8. Madison Square Garden Sports Corp. (MSGS)

• Owns highly valuable sports teams, including the New York Knicks and Rangers.

• Trades at a discount, presenting an opportunity for investors.

• The Dolan family's controlling stake could lead to strategic moves.

9. PepsiCo, Inc. (PEP)

• Home to a robust snack-food franchise with brands like Doritos and Lay's.

• Anticipates per-share earnings growth in 2024 and a 10% dividend increase.

• Trades at a reasonable valuation of 20.6 times next year's projected earnings.

10. U-Haul Holding Corporation (UHAL.B) 

• Dominates the do-it-yourself moving industry with a vast fleet and self-storage business.

• Attractive valuation, trading at about 14.1 times earnings.

• A market leader with a bright long-term outlook.

Key Takeaways for Investors

• Diversify Your Portfolio: Consider a mix of these top 10 stocks to mitigate risk and capture potential returns.

• Assess Risk Tolerance: Evaluate your risk tolerance and investment horizon before making decisions.

• Stay Informed: Keep abreast of market developments and company news that may impact your investments.

• Consult a Financial Advisor: Seek professional advice to align your investments with your financial goals.

• Stay Patient: Remember that successful investing often involves a long-term perspective.

Investing always carries inherent risks, so it's crucial to conduct thorough research and, if necessary, seek advice from financial professionals.

As we step into 2024, these top stock picks from The Insider Memo offer a starting point for building a well-rounded investment portfolio.