Best Stocks to Invest in August 2024: Chris Blumas’s Recommendations

Navigating Market Uncertainty: Chris Blumas Highlights Top Stock Picks for August 2024

Editorial Team (ET)February 16, 2026

As the summer of 2024 unfolds, investors find themselves navigating a complex economic landscape. Inflation, once a looming threat across North America, is now showing signs of cooling, offering some relief to markets that have been under pressure. However, the big question remains: when will the U.S. Federal Reserve begin to cut interest rates, and how aggressive will those cuts be?

Central banks, including the Fed, are known for their data-dependent and cautious approach. They understand the risks of acting too soon or too late, especially when it comes to interest rate adjustments. While the market eagerly anticipates these cuts, the timing is uncertain. What is clear, however, is that North American economies are feeling the strain of higher interest rates, with various indicators pointing to slowing economic growth.

In this environment, stock market valuations tell an interesting story. High-growth, large-cap companies seem to have already priced in a declining interest rate scenario, anticipating a soft landing for the economy. On the other hand, sectors more sensitive to interest rates, often considered defensive, show more reasonable valuations and robust dividend yields. This dichotomy highlights the importance of a well-diversified and defensively positioned portfolio, a strategy that Chris Blumas, portfolio manager at Raymond James Investment Counsel, strongly advocates.

Top Picks

Brookfield (BN TSX)

Brookfield stands out as a top pick for August 2024, and for good reason. The company is a global powerhouse in real assets and private equity, with a business model that sets it apart from many of its peers. Brookfield operates both as a direct investor and a third-party asset manager, holding controlling interests in its publicly traded affiliates and maintaining a diverse portfolio of private investments.

What makes Brookfield particularly appealing is its ability to raise large amounts of capital from institutional clients, especially as these clients shift more of their portfolios toward private markets. With around $150 billion in group liquidity, Brookfield is uniquely positioned to capitalize on opportunities in a weakening global macroeconomic environment. The company’s shares currently trade at approximately 12 times distributable earnings, with a core free cash flow yield of about six percent. This combination of financial strength and strategic positioning makes Brookfield a solid choice for investors looking to navigate uncertain times.

Abbott Laboratories (ABT NYSE)

Abbott Laboratories, a leader in the medical equipment industry, is another top pick from Chris Blumas. Known for its strong international presence, Abbott’s business is anchored by two main profit centers: medical devices and diagnostic testing. These sectors accounted for more than 80 percent of the company’s operating profit last year, underscoring their significance.

In the wake of the pandemic, Abbott has seen a decline in demand for its pandemic-related diagnostic equipment. While this has impacted top-line revenue growth, it doesn’t detract from the company’s underlying strength. Abbott’s core business remains robust, with organic sales growth continuing to reflect its long-term potential.

Financially, Abbott is in a strong position. The shares are currently trading at around 22 times forward earnings, with a trailing free cash flow yield of nearly 3 percent. This valuation, coupled with the company’s strategic focus on innovation and expansion in its key markets, makes Abbott a compelling choice for investors.

Great-West Lifeco (GWO TSX)

Rounding out the list of top picks is Great-West Lifeco, a financial services holding company with a focus on insurance, investment management, and retirement services. Great-West operates primarily in mature markets such as Canada, the U.S., and Europe, generating the bulk of its profits from these regions.

In recent years, Great-West has made several strategic acquisitions in the U.S. retirement services market, part of its broader strategy to drive earnings growth and enhance shareholder value. This focus on expansion, combined with the stability of its operations in Canada and Europe, positions Great-West for continued growth.

From an investment perspective, Great-West offers an attractive proposition. The shares currently trade at about 10 times forward earnings, with a dividend yield of 5.3 percent. This combination of earnings growth potential and strong dividend yield makes Great-West a solid pick for investors seeking both income and capital appreciation.

Conclusion

Chris Blumas’s top picks for August 2024—Brookfield, Abbott Laboratories, and Great-West Lifeco—reflect a strategy grounded in diversification, defensive positioning, and careful valuation assessment. As the economic landscape continues to evolve, these companies offer a blend of stability, growth potential, and attractive returns, making them strong candidates for any well-balanced investment portfolio.

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