Warren Buffett is perhaps the most well known buy and hold investor in the world. With a net worth of almost $US67 billion he is clearly doing well with this strategy.

By buying at a fair price and having a long-term investment outlook, I believe investors can produce strong returns that help build up their wealth slowly and surely.

At present I believe these four shares on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) are great candidates for a long-term buy and hold investment today.

Ansell Limited (ASX: ANN)

This leading provider of health and safety protection solutions has had a disappointing 12 months that has seen its share price decline almost 28%. But that could be about to change due to the fact it was recently picked out by Deutsche Bank as being a value investment not to miss out on. With operations across the world and products that require regular replenishment, I believe the company will grow steadily over the next 10 years. This for me makes it an ideal candidate for a buy and hold investment.

Caltex Australia Limited (ASX: CTX)

The share price of fuel retailer Caltex is down by almost 11% so far in 2016, putting it at a good entry price for a long term investment in my opinion. In recent times the company has been enjoying record high gross retail margins despite operating in a fiercely competitive industry. Being the market leader with an estimated 33% market share, I believe Caltex is well positioned to grow its earnings consistently for a good number of years.

Flight Centre Travel Group Ltd (ASX: FLT)

The thought of holding the shares of Flight Centre might not appeal to some investors who are fearful of its business model becoming antiquated. Whilst this may one day prove to be the case, the company is not resting on its laurels. It has been busy building its online offering and we have high hopes that its recently acquired BYOjet will grow to become a force in online travel bookings. Flight Centre’s share price is down almost 26% in the last 12 months. At just 12x estimated FY 2016 earnings, I believe it looks like a great time to pick up shares.

Telstra Corporation Ltd (ASX: TLS)

Telstra shareholders are another group which have seen declines in the value of their holdings in the last 12 months. The company’s share price has lost 9% of its value during this time, leaving it trading at 16x estimated FY 2016 earnings and paying a fully franked 5.5% dividend yield.  I believe Telstra will provide shareholders with steady revenue growth and a consistently strong dividend yield for the next decade at least. This makes it a great long-term buy and hold investment today in my view.

Foolish takeaway

I expect all four shares will provide solid returns for their respective shareholders in the next few years. Whilst they may not provide incredible earnings growth like a company such as Blackmores Limited (ASX: BKL), I do believe their current share prices represent bargain buying opportunities with the potential for reasonable upside this year.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.