Buy low and sell high. You've no doubt heard that advice at some point. However, the old investing adage misses an important fact: The best stocks hit their previous peaks, then keep going even higher.

To be sure, there are some high-flying stocks that are riskier propositions because of their increased valuations. However, that doesn't mean that all stocks fall into that category. Here are three growth stocks to buy that are near all-time highs right now.

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Innovative Industrial Properties

Innovative Industrial Properties (IIPR 0.33%) shares are up 25% year to date and now stand near their highest level ever. That's an impressive feat considering that the stock skyrocketed more than 580% over the last three years.

The company is organized as a real estate investment trust (REIT). IIP isn't an ordinary REIT, though: It focuses on the U.S. medical cannabis industry. Medical cannabis operators needing additional capital sell their properties to IIP, which then leases those properties back to them.

IIP isn't anywhere close to maxing out its potential. The company currently owns 73 properties in 18 states. Those states include some of the fastest-growing cannabis markets in the U.S. There are another 17 states (and likely more on the way) that IIP could expand into as well. 

In addition to its great growth prospects, IIP also offers an attractive dividend. Its dividend yield stands at nearly 2.5% and would be a lot higher were it not for IIP's share price rising so much. The company has quadrupled its dividend payout over the last three years. More dividend hikes could be in store.

Intuitive Surgical

Shares of Intuitive Surgical (ISRG 0.68%) have also jumped more than 20% this year to an all-time high. And this is a stock that has delivered a lifetime gain so far of well over 16,600%.

It's possible that Intuitive Surgical could pull back somewhat over the near term. CEO Gary Guthart acknowledged in the company's Q2 conference call: "The pandemic is not behind us, and additional infection growth may again strain hospital resources and impact our results in the future."

However, Intuitive's long-term prospects remain as strong as ever. The company's robotic surgical systems will likely be used in more than 1.5 million procedures this year. But that's still only one-fourth of the number of procedures performed annually for which Intuitive already has products and regulatory clearances. 

Intuitive Surgical's growth prospects should expand as it rolls out new technology and obtains additional regulatory clearances. The company estimates that there are 20 million soft tissue surgeries performed each year that are candidates for robotic assistance. 


Nvidia (NVDA 1.75%) ranks as the biggest winner of these three high-flying growth stocks. The chipmaker's shares have vaulted more than 50% year to date and are close to the all-time high set last month. The stock has risen nearly 48,700% since its initial public offering in 1999.

Sure, there are a couple of potential issues that could temporarily derail Nvidia's impressive streak. A cryptocurrency crash could cause graphics processing unit (GPU) prices to tumble. Nvidia's pending acquisition of ARM Holdings also faces some regulatory hurdles.

Still, though, Nvidia claims multiple long-term tailwinds. Online gaming systems continue to demand more processing power, which creates a recurring market for new GPUs. Increasingly more apps use artificial intelligence, presenting another great growth opportunity for Nvidia.

Over the next decade and beyond, we could see more significant adoption of self-driving cars that rely on Nvidia's technology. In Facebook's Q2 conference call, CEO Mark Zuckerberg specifically mentioned Nvidia as a company that could benefit from the development of Facebook's metaverse. Nvidia stock should have plenty of room to run in the future.