During a recent television appearance on CNBC, Warren Buffett once again reiterated his belief that the best investment strategy was to buy and hold. He also went on to advise investors to buy good companies and not watch the market too closely.

I believe this is sage advice from the billionaire investor that many consider to be the greatest of all time. Short-term fluctuations can make investors very nervous and prone to reckless decisions. I’m sure I am not alone in having regrets over shares I have sold in a panic.

When we look for buy and hold investments we want to know that the company is going to be doing fine in anything from 10 to 20 years’ time. Perhaps even further afield depending on your investment time horizon.

I have picked out two companies on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) which I believe could satisfy the requirement of a good buy and hold investment. They are as follows:

Love it or hate it, I believe Coca-Cola Amatil Limited (ASX: CCL) is going to be here for the long run. I must confess to not drinking sugary drinks myself, but I am still a regular consumer of a number of their products. These include drinks such as Mount Franklin Water and Zico Coconut Water.

It is this diverse and constantly evolving product range which I believe will ensure it is still at the top of the industry in 10 to 20 years. As well as this, it is on a long-term mission to remove sugar from its drinks and replace it completely with the the natural sweetener stevia without affecting the flavour.

We also must not forget the growing Indonesian market which the company operates in. The current population in Indonesia is approximately 250 million, and the U.N. has forecast for it to reach almost 300 million by 2030. I believe this market will fuel its growth for many years to come.

It is for these reasons that I think Coca-Cola Amatil is a good buy and hold investment today.

Global specialty biotherapeutics company CSL Limited (ASX: CSL) is another share I still expect to see at the very top of its industry decades from now.

Its market-leading position, together with its high levels of innovation, have enabled it to grow both its top and bottom lines each year for the last five years.

Last year the company acquired vaccines from Novartis and merged it with its bioCSL subsidiary to form Seqirus. This move made Seqirus the world’s second-biggest influenza vaccine manufacturer, and the future does look bright for the unit.

Although it is a loss-making unit at present, management expects it to become profitable in the next five years. This will complement the hugely profitable plasma therapy unit which doubled its sales in the most recent half-year report.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.