This is a list I usually make for myself each year, although not with the clever title. I try to make at least a watchlist of assets I want to invest in for the coming year. This year is no different and with so many different types of assets coming to the mainstream, I thought I’d start this list out with some alternative asset types. This list will include cryptos, stocks, ETFs, and anything else I am considering for the coming year. In Part 1, I spoke about Bitcoin, Solana, and SoFi (NASDAQ: SOFI).
4. Uber Technologies (NYSE: UBER)
Need a ride? Uber. Need a meal delivered? Uber. There is so much value in a strong brand that becomes the default verb for a certain process in our lives. Think Kleenex for tissues or Googling for search. Uber has become that for ride-sharing and deliveries and the company is finally becoming what early investors thought it would be. The knock against Uber for years has been a lack of profitability, similar to Amazon doubters in the early 2000s. But Uber has solved that issue and will look to continue growing its net income in 2024. Other headwinds for Uber include the sticky platform, user-friendly mobile app, and a surprisingly robust ad revenue network. The stock has seen a massive rally since late 2023 due to its inclusion in the S&P 500. I’ll be watching the company’s fourth-quarter earnings, but I firmly believe Uber’s stock can double from here over the next couple of years or sooner. It still has a low valuation for its growth rate and I have faith that management will continue to execute.
5. Coupang Inc (NYSE: CPNG)
I love searching for companies that are undervalued and little-known. A lot of investors on social media focus on companies like Sea Limited and I get it. But until Sea can get back consistent growth and execution, I’m eyeing Coupang as the best Asian eCommerce company to buy. Coupang is kind of like Amazon but only based in South Korea. It is a dense, wealthy market that Coupang has dominated and will continue to do so. The knock on the company has always been a lack of expansion. It has knocked on the door of Japan and other Asian countries, but they can be difficult markets to enter. Coupang recently purchased the luxury online marketplace Farfetch for just $500 million. Not only does this give them exposure to a market that is very popular in Asia, but it also provides them with global access without needing to invest in infrastructure. The stock is trading at 1 x 2024 sales which is dirt cheap for a “tech” company. Like Uber, don’t be surprised if Coupang is double this price a year from now.
6. Ethereum
It’s funny how much price can change sentiment. We were so quick to crown Solana as the new King of DeFi because of its mind-bending rally over the past few months. Meanwhile, Ethereum has been chugging along, powering the largest network of dApps in the world. I will be the first one to say that Ethereum is flawed. For the average person or new crypto user, Ethereum’s gas fees are inconceivable. Imagine paying upwards of 20-30% every time you bought or sold a stock. This is essentially what can happen with Ethereum transactions. The bull case here isn’t necessarily accelerated growth of the network but of mainstream adoption. Blackrock has already said a spot Ethereum ETF is likely the next step. Will you have your share when billions of dollars of ETH are bought up overnight?
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