Volatility, schmolitility.
I don't care for it one bit.
Earlier today, I again took advantage of the market's wacky week to add another great Australian business to my share portfolio.
In fact, I've now pulled the trigger on THREE quality ASX stocks this week alone.
One of them I've had a (large) exposure to for some time, but I simply couldn't resist the opportunity to buy again – given how cheap it is.
The second one is a retailer that I consider to be one of the best on the ASX (I'm usually reluctant to hold retail stocks, but for this one I've made an exception).
Finally, earlier this week, my portfolio welcomed some shares (and options) in a funds management business.
Given The Motley Fool's strict trading and disclosure requirements, I can't mention their names here for a few days.
However, there are another three spectacular businesses I've got my eye on. The first two I already own, but would gladly buy again at today's prices, while the third was in my portfolio years ago but looks oh so tempting at today's discounted prices.
- ResMed Inc. (CHESS) (ASX: RMD)
ResMed is the global leader in the development of devices for sufferers of sleep apnoea and related respiratory disorders. Like the other two businesses on this list, ResMed generates a growing proportion of revenue from overseas markets.
Not only does ResMed report in US dollars, but its expanding portfolio of products will also benefit from the tailwind of an aging population and fuse with the ever-increasing developments in communications technology. And to top it all off, ResMed shares look cheap!
- Cochlear Ltd (ASX: COH)
Cochlear is much the same as ResMed – it's also a stock I currently own – it has long-term tailwinds, US dollar earnings and is at the forefront of its industry. Despite reporting (insert sarcasm) a 'modest' 56% jump in annual net profit in 2015, Cochlear continues to be one of the ASX's most unloved stocks.
According to Dow Jones Newswires, however, investment bank Goldman Sachs recently put a $95 price target on Cochlear shares that currently change hands for $82. My estimate of their fair value is even higher!
- SEEK Limited (ASX: SEK)
The latest read of unemployment pointed downwards, to 6.2%, but according to some experts wage growth is going to slow in coming years, and unemployment will rise. Then, there's the introduction of LinkedIn and other job ad sites which are purportedly going to end the dominance of Australia's most profitable job site. Unfortunately, someone forgot to tell SEEK.
Although the company continues to go from strength to strength both locally and abroad, investors have discounted its shares by more than 30% in the past year. So as you can imagine, I think its price looks very compelling at today's levels.
