Stan Wong’s Top Stock Picks for September 2024: A Deep Dive

Stan Wong’s Strategic Picks: Navigating Market Volatility with Alphabet, Dollarama, and Eli Lilly

Editorial Team (ET)June 28, 2025

Global equities have faced significant headwinds this September, a month historically known for its market downturns. Over the past decade, the S&P 500 Index has averaged a 2.3% decline during September, with negative performance in seven out of the last ten years. This year, the volatility is compounded by concerns over the U.S. Federal Reserve’s monetary policy, the upcoming U.S. elections, and the broader economic outlook.

However, for seasoned investors like Stan Wong, these turbulent times offer a unique opportunity. With U.S. money market assets hitting a record US$6.3 trillion, substantial liquidity could fuel a market recovery, especially if the Fed begins monetary easing as expected.

The Soft Landing Hypothesis

Stan Wong’s investment strategy is grounded in the belief that the U.S. economy will likely experience a soft landing, avoiding a severe recession. Historically, equities tend to perform well following the first rate cut of a cycle, provided that a full-blown recession does not follow. The influx of liquidity in money markets is also expected to support ongoing investment in equities, as investors shift from cash reserves into more lucrative assets.

Wong's approach focuses on high-quality, secular growth companies, particularly in healthcare, consumer discretionary, financials, and technology. His emphasis on well-diversified portfolios is aimed at maximizing returns while mitigating risks in these volatile times.

Wong’s Investment Strategy

Wong's portfolio management strategy hinges on identifying companies with strong competitive positions, reliable earnings streams, and attractive valuations. His focus sectors—healthcare, consumer discretionary, financials, and technology—offer long-term growth potential. This diversification helps manage risk while seeking high returns for his clients.

Top Pick 1: Alphabet (GOOGL NASD)

Alphabet, the parent company of Google, stands as a global leader in digital advertising and search engine dominance. Alphabet commands over 90% of the global market share in search, generating substantial cash flow from digital advertising, which constitutes over 75% of its total revenue. With projected fiscal 2024 revenue exceeding US$323 billion, Alphabet’s future looks promising.

The company’s growth is further propelled by its ventures into Google Cloud and YouTube, both of which continue to gain traction. Alphabet’s hardware segment, including Chromebooks, Pixel smartphones, and smart home devices, contributes to a diversified revenue stream.

Alphabet’s shares are trading at a favorable 1.2 times price/earnings to growth (PEG) ratio, making it one of the most attractive technology stocks. Analysts project an average annual earnings growth rate of over 15% for the next few years. With quarterly results expected on Oct. 24, investors are eager to see whether the company can meet or exceed expectations.

Alphabet’s Core Strengths

Dominance in digital advertising.
Diversified revenue streams through Google Cloud, YouTube, and hardware sales. Risks and Opportunities for Alphabet
Challenges in global advertising markets.
Potential growth in cloud computing and hardware divisions.

Top Pick 2: Dollarama (DOL TSX)

As Canada’s largest discount retailer, Dollarama has consistently delivered strong revenue growth and profitability. With over 1,500 locations and a projected fiscal 2025 revenue of $6.4 billion, Dollarama’s expansion plans aim to reach 2,000 stores by 2031. This steady growth, combined with a resilient business model, has allowed Dollarama to thrive in both strong and weak economic environments.

Dollarama’s focus on low-cost merchandise appeals to cost-conscious consumers, especially during economic uncertainty. With inflation concerns rising, consumers are turning to discount retailers for affordable alternatives. The company is forecasted to achieve an average annual earnings growth rate of more than 15%, with the next quarterly results due on Nov. 28.

Dollarama’s Competitive Edge

Broad range of low-priced products.
Strong brand loyalty among cost-conscious consumers. Challenges Facing Dollarama
Supply chain disruptions.
Competition from other discount retailers and e-commerce platforms.

Top Pick 3: Eli Lilly & Co (LLY NYSE)

Eli Lilly, a pharmaceutical giant, is a leader in developing medicines for diabetes, obesity, oncology, and neuroscience. With projected fiscal 2024 revenue of over US$46 billion, Eli Lilly’s strong pipeline of new drugs, particularly in the diabetes and obesity markets, positions the company for robust growth in the coming years.

The pharmaceutical sector is benefiting from global demographic trends, including an aging population and rising obesity rates, both of which create long-term demand for Eli Lilly’s treatments. Eli Lilly’s gross and operating margins exceed 30%, reflecting the company's strong profitability. Analysts project an extraordinary average annual growth rate of 30% for Eli Lilly from 2025 onwards. Investors will be keen to watch the company’s quarterly results, expected on Oct. 30.

Eli Lilly’s Growth Drivers

Leadership in diabetes and obesity treatments.
Promising drug pipeline and favorable demographic trends. Risks and Challenges for Eli Lilly
Regulatory approval hurdles.
Intense competition within the pharmaceutical industry.

Conclusion

Stan Wong’s top picks—Alphabet, Dollarama, and Eli Lilly—reflect a balanced strategy that focuses on growth, diversification, and resilience in uncertain market conditions. By identifying companies with strong fundamentals and long-term growth potential, Wong’s approach aims to provide his clients with solid returns even amid market volatility. As the year progresses, these three companies are well-positioned to deliver exceptional performance, making them compelling investments for the months to come.

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