Why I would invest $10,000 in these 3 ASX shares

Here's why I think these could be some of the best shares to buy…

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While I think the market volatility could continue for a little while to come as investors wait to see if interest rate hikes cause the global economy to fall into a recession, it could still be a good time to start looking at the ASX shares you would want to own when the rebound inevitably comes.

Among the many options out there, three stocks stand out for me. These are the shares that I believe could generate strong returns for investors over a period of three to five years.

Here's why I think they would be top options for a $10,000 investment when the market volatility eases:

CSL Limited (ASX: CSL)

The first ASX share I would invest $10,000 into is CSL. I believe it is Australia's highest-quality company and a great long-term pick for investors.

This is due to the biotherapeutics giant's world-class portfolio of plasma therapies and vaccines and its huge ongoing investment in research and development. Combined with the impending acquisition of Vifor Pharma, strong demand for immunoglobulins, and major improvements in plasma collections, CSL's outlook appears very positive.

So with its shares trading below historical averages at 20x enterprise-value-to-EBITDA (earnings before interest, taxes, depreciation, and amortisation), it could be an opportune time to invest.

Goodman Group (ASX: GMG)

Another ASX share to consider buying when the market settles is Goodman.

It is one of the world's leading integrated industrial property companies. Over the last three decades, Goodman has grown from one industrial building in South Sydney to 400 properties in 14 countries across the world.

Pleasingly, demand for its properties remains as strong as ever, thanks to structural drivers. This is supporting stellar rental growth and underpinning a huge development pipeline valued at $13.4 billion across 89 projects.

Given this positive outlook, I think Goodman's shares look great value at 18x estimated FY 2023 earnings. Especially in comparison to its five-year forward average of approximately 24x earnings.

ResMed Inc (ASX: RMD)

A final option for that $10,000 investment could be ResMed. This ASX share is one of the world's leading sleep treatment-focused medical device companies. This is a great side of the healthcare sector to be in, with studies estimating that there are likely to be almost one billion people suffering from sleep apnoea globally.

This means that ResMed's industry-leading products have a huge market opportunity to grow into over the next decade and beyond as more and more sufferers are diagnosed and seek treatments.

And, as with the others, the ResMed share price is trading on below-average multiples at present. Its shares are changing hands for 28x estimated FY 2024 earnings, which is lower than its historical average of 32x forward +2 earnings.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. and ResMed Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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