There are many different 'types' of shares on the ASX. There are slow-growing income shares, there are fast-growing hot stocks and some are just rubbish.
It's rare to find a share that should be in every investor's portfolio but I think the following three could be suited for many:
Challenger Ltd (ASX: CGF)
Challenger is Australia's leading annuity provider. It aims to provide retirees a guaranteed source of income for their capital.
The business has already generated lots of growth and there could be a lot more to come as the over-65 population is expected to grow by 75% over the next 20 years. This would be a large increase of Challenger's key target market.
I think Challenger has a lot of growth potential and could be a decent income choice too with its growing grossed-up dividend yield of 4%.
Challenger is currently trading at 18x FY18's estimated earnings.
BETANASDAQ ETF UNITS (ASX: NDQ)
The NASDAQ is home to some of the world's largest and best technology businesses like Apple, Microsoft, Alphabet, Facebook and Amazon.
These businesses show no sign of slowing growth as they expand into other areas and industries. I think they are a key holding for every investor whether you invest directly or through a fund.
I expect the big businesses on the NASDAQ will be the best performing blue chip shares in the world over the next decade.
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
Soul Patts management have shown decade after decade that they have the skills and experience to outperform the ASX200 index whilst paying an increasing dividend.
Soul Patts is so big that it can create opportunities by being able to buy large stakes in businesses like TPG Telecom Ltd (ASX: TPM) not available to the rest of the market. It also has the ability to buy businesses outright.
Soul Patts is currently trading at 15x FY18's estimated earnings with a grossed-up dividend yield of 4.8%.
Foolish takeaway
It's hard to say what price to buy the NASDAQ index at because technology shares are always trading expensively, slowly accumulating on any weakness would probably be the way to go.
However, both Challenger and Soul Patts look like they're trading at a good price today for a long-term investor.
