Corrections can be scary; stock prices can fall quickly. Yet they can offer incredible opportunities to long-term investors who keep their head. 

And while the saying goes, "Any port in a storm," I prefer to know which port to aim for -- before the storm arrives. That's why I want to cover two no-brainer stocks I'd be happy to buy more of if the market takes a swift move lower: Coca-Cola (KO -0.50%) and Visa (V 0.39%).

Declining stock chart in red and black.

Image source: Getty Images.

1. Coca-Cola

The first stock I want to buy in a correction is Coca-Cola. Why Coke? There are three big reasons:

  1. Legendary brand: Everyone knows Coca-Cola. No matter where you are in the world, chances are you can get an ice-cold Coca-Cola. The company's products, comprising more than 500 brands or licensed brands, are sold in over 200 countries around the world. What's more, people want Coca-Cola, the company's flagship drink, whether the economy is booming or not.
  2. Ample cash flow: Coca-Cola is a mature company with a history dating back almost 150 years. Nowadays, the company is a cash cow -- focused on converting profits into shareholder returns. Coca-Cola generated $9.5 billion of free cash flow over the last 12 months, equating to $2.19/share.
  3. Steady dividend: Abundant cash flow means Coca-Cola can continue to pay its famous dividend, which it has increased every year dating back to 1963. Overall, the company has paid a dividend for 103 consecutive years. Not too shabby.

The bottom line is this: If the stock market hits a rough patch or the overall economy takes a nosedive, some companies may take it on the chin; others may fold altogether. However, Coca-Cola, which has endured the Great Depression, the great financial crisis, and many other market downturns, is likely to survive and thrive.

2. Visa

There are two ways to handle a market correction: play defense or play offense. Buying Coca-Cola during a market correction is an example of playing defense. But buying shares of my second pick, Visa, is a case of playing offense. 

Consider this: Over the last 10 years, shares of Visa have returned a staggering 461%. To put that in context, Alphabet shares have returned 408% over the same period. To put it another way, owning shares of Visa has been a great investment -- and a much better investment than some people might imagine.

That said, buying shares today comes at a cost. Visa's stock trades at a hefty price-to-earnings (P/E) multiple of 31. And while that's lower than Visa's 10-year average of 34, it's still significantly higher than the overall S&P 500's current average of about 21. So investors are paying up for quality when they buy shares of Visa.

Nevertheless, what they get is a company with major advantages:

  1. Large moat: Visa's payment network is broad and deep -- entrenched with both merchants and consumers globally. The company takes a small percentage of each transaction it processes. Moreover, payment volumes continue to grow as more of the world's population grows prosperous and adopts e-commerce.
  2. Reliable growth: Visa has averaged double-digit revenue growth for the last decade. Few companies have matched or maintained this level of revenue growth. Setting aside the outlier quarters impacted by the COVID-19 pandemic, Visa has achieved positive revenue growth every quarter dating back to 2013.
  3. Asset light, cash rich, shareholders happy: Running a payment network is an efficient way to make money, but Visa has taken it to another level. Back in 2013, the company's free cash flow stood at just over $1 billion. Last year, it was $17.7 billion -- an increase of 1,640% in 10 years. With plenty of cash to burn, the company can afford to buy back enormous numbers of shares. The company currently has a $12 billion share repurchase program, and over the last 10 years, Visa has reduced its overall share count by about 20%.

In short, Visa is a great stock to own, but it is expensive. So, when the opportunity presents itself -- say in the form of a market correction -- smart investors are ready to snap up shares of great stocks at a discount. And that's exactly the case when it comes to Visa.