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3 ASX shares I would buy and hold for the next 10 years

Probably the most well known buy and hold investor in the world is Warren Buffett. With a net worth of US$67 billion built up over time, it’s fair to say this investment strategy has served the legendary investor well.

Buying shares with strong long-term growth prospects at a fair price and holding tight to them is a great way for investors to produce returns which build up their wealth slowly and surely.

If I were looking at making an investment in three ASX shares today for the long-term, these three shares on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) would be at the top of my list:

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 a weak first quarter are largely to blame for the declines that have left its shares changing hands at around 23x FY 2017’s estimated earnings. However, I’m confident that this company could return to a steady growth trajectory thanks to the strong underlying demand from Asia. Whilst the China market is likely to be the key driver of growth, it’s certainly not going to be the only one among many others in Asia. The company has a more than 20-year track record of success listed on the stock market and should return to consistent growth.

Ramsay Health Care Limited (ASX: RHC)

This private hospital operator would have to be my favourite share in the healthcare sector. Through its 221 hospitals across six countries, Ramsay Health Care is in my opinion positioned perfectly to capture the growth in demand for hospital care services. With the number of people worldwide aged over 60 expected to triple by 2050, I expect demand for its hospitals is likely to grow at a fairly rapid pace for decades to come. This makes it a great candidate for a long-term buy and hold investment today as far as I’m concerned.

SEEK Limited (ASX: SEK)

SEEK is undoubtedly an outstanding Australian company with an equally outstanding management team led by chief executive and co-founder Andrew Bassat. With its 33% share of the Australian market, SEEK has been dominating the local job-listings space for years now. But its ambitions for world domination make it a great long-term buy and hold investment in my opinion. In its recently announced FY 2016 results its international segment grew sales by 18% year on year to $592.3 million. Furthermore, management has stated that it has exciting long-term growth plans and will continue its trend of re-investment for growth. This gives me the confidence to believe this growth can continue for many years to come, which makes it an ideal buy and hold investment today.

Finally, before adding any of these to your portfolio I would suggest taking a look to see if you have either of these three wealth-destroying ASX shares in it. Each could be holding back your portfolio and may be best swapped out if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Bellamy's Australia. 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.

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