3 top ASX shares I would buy and hold for a decade

The Aristocrat Leisure Limited (ASX:ALL) share price is one of three which I think has a lot of upside potential over the next decade…

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Arguably one of the simplest and most effective investment strategies is the buy and hold strategy.

It is a strategy that has been used to great effect for decades by investment legend Warren Buffett. Considering the vast wealth he has accumulated during his career, I think it is fair to say it can work.

With that in mind, here are three shares that I would consider buying and holding for the next decade:

Aristocrat Leisure Limited (ASX: ALL)

While Aristocrat Leisure is perhaps best known for its pokie machine business, it is its fast-growing digital gaming business that I'm most excited about. The company has been delivering exceptionally strong growth thanks to the perfect mix of increases in average daily active users and average revenue per user. Thanks to the recent acquisition of gaming company Plarium for US$500 million, I believe these metrics will get a significant boost over the next few years.

Domino's Pizza Enterprises Ltd. (ASX: DMP)

Although this leading pizza operator is going through a period of negative investment sentiment following an earnings miss in FY 2017, I believe this is just a short-term headwind and investors should focus on its long-term plans. At present Domino's has 2,135 stores in operation, but the company aims to more than double its footprint to 4,650 stores by 2025. Furthermore, thanks to its focus on technology, management believes that it can increase its margins significantly as well. I expect this to result in bumper profit growth over the next eight years.

Ramsay Health Care Limited (ASX: RHC)

Due to ageing populations, increased chronic disease burden, and innovation in treatments and technologies, demand for healthcare services is expected to rise strongly over the next few decades. I believe Ramsay and its global network of private hospitals stand to profit greatly from this organic growth. Furthermore, the company has a strong balance sheet and the ability to accelerate its growth through acquisitions or expansions.

Motley Fool contributor James Mickleboro has no position in any of the 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.

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