There are a number of different investment strategies that investors can choose from. The simplest and arguably one of the most effective strategies is traditional buy and hold investing.

Buy and hold investors are in good company. One of its biggest advocates is legendary investor Warren Buffett, who has built up a fortune of over US$64 billion using the strategy.

By buying and holding quality companies you can let the power of compound interest do the work for you. A good example of this would be pizza chain operator Domino’s Pizza Enterprises Ltd. (ASX: DMP).

In the last 10 years its shares have provided investors with an average annual total return of 40.7%. This means that an investor that bought $20,000 worth of Domino’s shares in 2006 would have seen their investment grow in value to be worth a staggering $608,000 today.

Finding another Domino’s may be an almost impossible task. But by investing in companies with strong businesses and even stronger growth prospects I believe sets up investors for potentially lucrative returns in the future.

Three shares which I believe are great buy and hold investments today are as follows:

Appen Ltd (ASX: APX)

Technological advances have made it easier than ever for businesses to reach global markets. But with countless different languages across the world, businesses must adapt their products to make them look and feel native. Leading language services and technology company Appen is on hand to solve these problems. Currently it counts the United Nations, Facebook, and Microsoft amongst its growing client base.

Mayne Pharma Group Ltd (ASX: MYX)

I believe the pipeline of generic drugs that this growing pharmaceutical business has makes it a must buy. However as it is one of a number of pharmaceutical companies being investigated by the US Department of Justice regarding price-fixing, investors may want to wait for that matter to be resolved before jumping in. Though it is worth pointing out that management doesn’t believe any penalties imposed will be material to earnings.

Webjet Limited (ASX: WEB)

Although in the short term travel agencies are faced with a tough operating environment due to heavily discounted airfares, I believe in the long term things will balance out. So with Webjet’s shares down by around 22% in the last month, now could be an opportune time to make a buy and hold investment in this fast-growing company.

Finally, here are three potentially wealth-destroying ASX shares that you shouldn't buy and hold for the next decade.

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.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

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.