The past two years have been a chaotic time for investors. The market crashed at the onset of the COVID-19 pandemic in March 2020, rebounded sharply the following 12-18 months, and is now in a new round of steep declines to start 2022. With the Federal Reserve Should interest rates rise and the economic fallout from the Russian invasion of Ukraine, we could be near the start of another bear market.

No one can predict with 100% certainty where the market will be in a few months or a year from now. But anyone can put together a watchlist of stocks they’re ready to buy when volatility inevitably emerges. Matching group (MTCH -2.59% ) and Airbnb (ABNB -3.11% ) are two growth stocks you’ll regret not buying if we head into an extended bear market. Here’s why.

1. Match Group

Match Group has a portfolio of online dating websites and apps and is the market leader in the emerging industry. The best known of these is Tinder, the world’s leading dating app which generated $1.65 billion in revenue in 2021. Other prominent services include Hinge (a rapidly growing dating app focused on relationships and an older demographic), Match.com (the original online dating site) and a group of smaller dating apps focused on different cultural niches.

Since 2017, Match Group has grown its revenue by 124%, riding the tailwind of online dating as it becomes more normalized around the world. In 2021, the company had $2.98 billion in revenue, more than half of the $5.6 billion in overall spending on online dating last year. Although the growth has been rapid, it does not appear that these applications are close to market saturation. According to third-party estimates, there are 323 million online dating app users worldwide. That may seem like a lot, but considering that over 6 billion people now own a smartphone and have access to these services, I think the industry has a long streak ahead of it.

As of this writing, Match Group shares trade at a market capitalization of $29 billion. Last year, it generated $851 million in operating revenue. This gives the stock a price to operating income (P/OI) ratio of 34, which is a healthy premium to the market average. If stocks continue to fall in 2022, Match Group’s P/OI could become much more attractive, which is why it should be high on your watch list right now.

2.Airbnb

Airbnb is a travel agency that allows people to rent out their homes and other accommodations through its online marketplace. The company was founded in 2008 in San Francisco and is one of the most famous start-ups to emerge from Silicon Valley in the past 15 years. At the end of 2020, Airbnb decided to go public through an initial public offering (IPO), and it is now one of the largest technology companies in the world with a market capitalization of $102 billion.

In 2021, Airbnb guests booked 300 million nights and experiences on the platform (experiences are activities a host can offer to guide a guest through a stay). This is a 56% increase from 2020, which was hit hard by the pandemic travel slowdown. However, it is still down 8% from two years ago, showing that the platform is still facing headwinds on demand, especially with international travel. Eventually, once COVID-19 is in the rearview mirror, those headwinds will subside and Airbnb’s platform will get a nice boost in demand.

Moving on to finance, the company recorded $47 billion in gross booking value (GBV) last year, the total amount of money that passed through the Airbnb platform. That GBV number turned into $6 billion in revenue, up 77% year over year, and $1.6 billion in adjusted earnings before interest, taxes, depreciation and amortization ( EBITDA), up from an adjusted EBITDA loss in 2020.

There are several ways Airbnb can continue to increase GBV, revenue, and profit over the next few years. One is to continue to gain market share from global tourism spending, which stood at $1.9 trillion in 2019 (the last full year before the pandemic) and $1.3 trillion in 2021. This is expected to also see an increase in the growth of remote work. According to management, stays on Airbnb of 28 days or more are its fastest growing category, with one in five nights now booked for trips of a month or more. If this trend continues, Airbnb has a great opportunity to become the platform of choice when people go on long-term remote work trips.

Like Match Group, Airbnb stock has a superior valuation, with a price/earnings ratio (P/E) of 64 based on its 2021 adjusted EBITDA. I am confident that Airbnb can continue to grow revenue and earnings over the next few years, but until the rating becomes a little more palatable, it will remain on the watch list. If the bear market pullback continues, it could become an attractive buying opportunity at some point over the next year.