Imagine you could go back in time to find last decade’s long-term stocks to buy. Nvidia (NASDAQ:NVDA) returned nearly 20,000% growth since 2014. Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) returned just under 1,000% each.
If you could fast-forward another 10 years, what long-term stocks top 2034’s list of best-performing stocks? While not guaranteed, these stocks will be a time traveler’s best friend and may present the best opportunity to capture the next decade’s top growth opportunities today.
Mind Medicine (MNMD)
Like many speculative growth stocks, psychedelics stocks peaked around 2021 before snapping back to reality. However, despite their decline from past highs, small-cap psychedelic therapy company Mind Medicine (NASDAQ:MNMD) quietly positions itself as a major competitor in the broader pharmaceutical space, creating an opportunity as a long-term stock to snag the future of depression and anxiety treatment.
Most notably, Mind Medicine recently received breakthrough therapy designation from the Food & Drug Administration for its LSD-based anxiety disorder treatment protocol. Initial testing indicated that a single dosage improved patient outcomes by 65% after 12 weeks. In comparison, Johnson & Johnson’s (NYSE:JNJ) ketamine-based anxiety treatment requires multiple dosages from the outset and appears to have a wider range of negative side effects during treatment.
Like many small-cap biotech stocks, Mind Medicine isn’t yet profitable. However, with plans to advance its LSD anxiety treatment into Phase III trials later this year and a range of additional treatments in its pipeline, Mind Medicine stands out as a top small-cap stock to buy now if you’re looking to diversify your portfolio beyond legacy pharma stocks.
Desktop Metal (DM)
Desktop Metal (NYSE:DM) trades firmly within the small-cap and penny stock territory, priced below $1 per share with a market cap below $200 million. Despite its size, this 3D printing stock has significant bullish tailwinds, positioning it for rapid expansion and long-term pricer appreciation.
Desktop Metal’s healthcare-focused subsidiary, Desktop Health, recently launched a wide-ranging initiative targeting dental professionals. The subscription-based platform, called ScanUp, aims to elevate dental practices to the digital age. This segment represents a surprisingly large market, considering that “half of the dentists in the United States have not yet adopted intraoral scanning,” a foundational step in dental digitization. Desktop Metal targets this untapped market with a recurring revenue subscription plan, generating more predictable cash flow through an initial 36-month structure.
This practical, common-sense approach to 3D printing sets Desktop Metal apart and could create multiple new market opportunities that, in turn, offer shareholders long-term price appreciation.
Tesla (TSLA)
I’m an Elon Musk perma-bull, which is why I think buying Tesla (NASDAQ:TSLA) at today’s pricing represents one of the best opportunities for long-term investing despite recent troubles.
Regardless of personal opinions, Musk’s indomitable spirit and force of will have driven the company’s success thus far. I have little doubt he can keep Tesla on a growth trajectory despite short-term setbacks.
Second, the company’s current prospects are better than many suggest. While car sales have slumped, this reflects the broader economic landscape more than Tesla’s potential. Additionally, Tesla is maturing and diversifying its revenue streams, similar to legacy automakers. In its most recent filing, Tesla posted a 25% increase in services and a 7% rise in energy generation and storage sales. Although these top-line increases often go unnoticed, they are crucial. As Tesla’s market matures, early forays into alternative revenue streams will be essential for its long-term positioning.
Finally, I think Musk’s promises of developing artificial intelligence and robotics within the wider Tesla ecosystem has real potential — it may just take another decade to realize those gains, much as Tesla stock did itself over the past ten years.
On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.