Bank of America believes these 9 stocks can thrive in any market environment, according to Business Insider.

Jard Woodard, head of Bank of America's research investment committee, believes that companies spending money now to innovate will be the best long term growth candidates. His research team has identified companies whose revenue growth over the last eight years can be dumbed down to three types of spending: capital equipment, selling, general and administrative, and research and development.

It helps that these stocks have done extremely well in the past, with the top nine returning an average of 60.4 percent over the past year. "Regardless of the policy environment, history shows strong outperformance for the stocks of companies that show a strong link between higher capex or R&D and higher revenue. It tends to be an all-weather market theme," he said. 

The nine stocks listed below are ranked from lowest to highest based on how much revenue goes to one of the three types of spending listed above.

  1. Micron Technology (MU)
  2. Cadence Design Systems (CDNS)
  3. Cirrus Logic (CRUS)
  4. BioCryst Pharmaceuticals (BCRX)
  5. KLA-Tencor (KLAC)
  6. Advanced Micro Devices (AMD)
  7. Lam Research (LRCX)
  8. Applied Materials (AMAT)
  9. Immunomedics (IMMU)

Bank of America has a buy rating for all of these stocks.

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