Legendary investor Warren Buffett didn’t get where he is today by day trading. He accumulated his estimated US$64.8 billion wealth slowly and methodically through smart buy and hold investments.

I believe that buying shares with strong long-term growth prospects at a reasonable price and then holding tight to them is a great way for investors to produce returns which build up their wealth slowly and surely.

In my opinion the following three shares represent great buy and hold investments today:

Blackmores Limited (ASX: BKL)

As the health supplements company’s shares are down 45% year to date, there might not be a better time to start a long-term investment in Blackmores. Valuation concerns and the prospect of a weak first quarter are largely to blame for the declines which have left its shares changing hands at just 17x estimated FY 2017 earnings. Although the first quarter is expected to be weak due to retailers destocking, management is confident that sales will pick up as the year goes by. Whilst the China market is likely to be the key driver of growth, it’s certainly not going to be the only one. Blackmores has recently announced its intention to expand into the potentially lucrative Iran market.

Mayne Pharma Group Ltd (ASX: MYX)

I believe Adelaide-based Mayne Pharma has the potential to become a pharmaceutical giant in the next decade. This is thanks largely to the portfolio of drugs it recently acquired from industry behemoths giants Teva Pharmaceuticals and Allergan. Management has advised that it expects this acquisition to be significantly accretive to earnings in FY 2017, which should go some way to helping Mayne Pharma continue its impressive growth. In FY 2016 the company delivered a massive 379% increase in full year net profit after tax.

Ramsay Health Care Limited (ASX: RHC)

Although it may be a little on the expensive side at 30x estimated FY 2017 earnings, I believe this private hospital operator is worth paying a premium to own. With the number of people worldwide aged over 60 expected to triple by 2050, I expect that demand for its 221 hospitals across six countries will remain strong for decades. The company also has its eyes on the China market. Whilst it may have pulled out of a joint venture there this year, I don’t believe it will be too long before we see Ramsay operating in the world’s second-largest economy.

On the other hand, three ASX shares which could destroy your portfolio over the next decade are here.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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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.