According to the analysts at Crestmont Research, there hasn't been a rolling 20-year period in the benchmark S&P 500 that didn't generate a positive total return, including dividends, dating back more than 100 years.

However, Wall Street isn't quite as predictable over shorter timelines. All three of the major stock indexes have oscillated between bear and bull markets in successive years since the start of the decade.

But therein lies the opportunity for long-term investors. Since every notable drop in the major indexes throughout history has eventually been cleared away by a bull market rally, corrections and bear markets have always been blessings in disguise. Even with the major indexes at or near all-time highs, discounts on high-quality stocks can still be found.

Two slightly curled one hundred dollar bills set on a flat surface.

Image source: Getty Images.

Best of all, online brokerages have largely done away with minimum deposit requirements and commission fees for stock trades on major U.S. exchanges. In other words, any amount of money -- even $200 -- can be the perfect amount to put to work.

If you have $200 that's ready to invest, and you're absolutely certain this isn't cash you're going to need to pay bills or cover emergency expenses, the following three stocks stand out as no-brainer buys right now.

NextEra Energy

The first spectacular stock that you can confidently scoop up with $200 right now is none other than the largest electric utility by market cap, NextEra Energy (NEE -1.26%).

Following a virtually unstoppable two-decade stretch for NextEra, shares of the company were clobbered in 2023 as interest rates rapidly rose and short-term Treasury yields soared to more than 5%. Investors typically flock to utility stocks for their low volatility and market-topping yields. But if they can get similar or higher yields from Treasury bonds, it leads to far less interest (pardon the pun) in utility stocks.

The good news is that 2024 (and beyond) holds a number of catalysts for NextEra Energy. For instance, the nation's central bank is expected to begin a rate-easing cycle this year. Treasury bond yields have responded by moving well off of their highs from 2023. This is going to make utility stocks more attractive to income investors.

But macro factors aside, the real reason to be excited about NextEra Energy is its focus on renewable energy. As of the end of September, NextEra had 70 gigawatts (GW) of capacity in operation, with 34 GW tracing back to renewable sources. The 23 GW from wind and 6 GW from solar are the highest marks in the world among electric utilities.

While these projects weren't cheap, they've helped to meaningfully lower electricity costs and have fueled a nearly double-digit adjusted annual earnings growth rate since 2012. For context, most utilities grow their year-over-year earnings by a low-single-digit percentage.

I'll also add that utilities provide a basic need. Homeowners and renters are going to need electricity to power their appliances and/or HVAC systems. Since demand for electricity doesn't change much one year to the next, and most utilities operate as monopolies or duopolies in the areas they service, the cash flow NextEra generates is highly predictable.

Shares of NextEra Energy can be purchased right now for below 16x forward-year earnings. This represents its lowest forward-year multiple in at least a decade, and a 40% discount to its five-year average forward price-to-earnings (P/E) ratio.

BioMarin Pharmaceutical

The second no-brainer stock that's begging to be bought with $200 right now is specialty biotech BioMarin Pharmaceutical (BMRN 0.88%).

If there's a knock against BioMarin, it'd likely be the company's valuation. With the stock market being especially volatile over the past couple of years, paying more than 110 times trailing-12-month earnings may not be everyone's cup of tea. Thankfully, Wall Street tends to be forward-looking, and that's where BioMarin shines.

One of the most unique aspects about this company is that it exclusively targets orphan and ultrarare diseases. Although focusing on treatments for small patient pools does come with risk, there's plenty of reward for successful trials and approved therapies. In addition to improving the quality of life for patients who previously had few (if any) available treatment options, orphan and ultrarare novel drugs face minimal pushback from insurers on their high list prices, and they typically have limited or no competition. In short, approved ultrarare drugs can have a wide-open pathway to success.

Among BioMarin's eight approved novel therapies, dwarfism drug Voxzogo has the most promising future. Sales of the drug more than tripled to roughly $324 million through the first nine months of 2023, and have the potential to eventually top $1 billion annually.

Further, in December, BioMarin appeased activist investor Elliott Investment Management by agreeing to expand the company's board of directors by four seats to 15, and adding a new review committee. While activist investors don't have a perfect track record of increasing the value of everything they invest in, their presence often signifies the possibility of value being unlocked in the future.

Additionally, healthcare is a defensive sector. Demand for prescription drugs tends to be stable in any economic climate, which is excellent news for the company's operating cash flow.

Lastly, BioMarin is a lot cheaper than investors may realize. Earnings per share are on track to quadruple from a little over $1 in 2023 to more than $4 by 2026. All the while, sales are expected to shoot up more than 50%.

A small pyramid of tobacco cigarettes set atop a thin bed of dried tobacco.

Image source: Getty Images.

Philip Morris International

The third no-brainer stock to buy with $200 right now is global tobacco powerhouse Philip Morris International (PM -1.46%).

The front-and-center headwind for tobacco companies is that consumers have become increasingly aware of the dangers of long-term tobacco use. This education, coupled with warnings on packaging in most markets, has led to a decline in adult cigarette smoking rates in some developed countries.

There's no doubt that the best days are in the rearview mirror for the traditional tobacco industry. However, this doesn't mean tobacco stocks can't make patient investors richer.

This first factor working in Philip Morris' favor is its virtually unparalleled geographic diversity. It sells tobacco products in more than 180 countries. If adult smoking rates are declining in developed markets, there's a reasonable chance the company can offset shipment declines with growing demand in emerging markets.

This is a good time to mention that tobacco contains nicotine, which is an additive chemical. The addictive lure of tobacco products often allows the big players, such as Philip Morris, to pass along price increases that more than offset inflation and/or outpace the rate of cigarette shipments declines in select markets.

But the biggest catalyst of all for Philip Morris International is the company's smokeless tobacco push via its Iqos heated tobacco system. In the September-ended quarter, the company notes that heated tobacco unit (HTU) shipments rose 18% to 32.5 billion from the prior-year period, with total market share of HTUs rising by 120 basis points to 9%. Philip Morris is still in the very early innings of its smokeless products expansion.

Tobacco stocks are also known for their generous capital-return programs. With the understanding that their supercharged growth days are in the rearview mirror, tobacco companies usually offer robust dividends and/or hearty buyback programs. Though Philip Morris hadn't repurchased any shares in 2023 (through September), it is doling out $5.20 per share in dividends. That's good for a market-crushing 5.6% yield.

To round things out, Philip Morris' stock is cheaper than it's been in six years. Shares are trading at 14x consensus earnings in 2024, which is an 8% discount to its average forward-year multiple over the past five years.