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Are Afterpay and these shares the best buy and hold options on the ASX?

I think that one of the best ways for investors to beat the market over the long-term is to invest in quality shares with strong businesses and equally strong growth prospects.

The good news for investors is that there are a number of shares that tick these boxes right now. Three ASX shares that I think would be great buy and hold options are listed below. Here’s why I would buy them:

Afterpay Touch Group Ltd (ASX: APT)

I think Afterpay Touch’s shares could be a fantastic buy and hold investment option for investors with a high tolerance for risk. I’ve been very impressed at the way the company’s buy now, pay later platform has started life in the U.S. and believe it is a sign that the platform could replicate its Australian success in a market which is many, many times larger. If the company can build on this and succeed in the UK market as well, then I believe there’s a strong probability that its shares will generate above-average returns for shareholders over the next decade.

CSL Limited (ASX: CSL)

I would class CSL as the ultimate buy and hold share on the Australian share market. The biotherapeutics giant has been one of the best performers on the market over the last decade, providing investors with an average annual total return of 21.9%. Pleasingly, I believe the company is well-positioned to continue this positive form over the next decade thanks to its strong core business, expanding plasma collection network, and lucrative pipeline of products under development.

ResMed Inc (ASX: RMD)

Another top buy and hold option could be this medical device company. ResMed is focused on creating innovative solutions that treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. The company aims to achieve this through its portfolio of cloud-connected medical devices which care for people with sleep apnoea, chronic obstructive pulmonary disease, and other chronic diseases. Like CSL, ResMed has been an impressive performer over the last 10 years and provided an average total return of 19.7% per annum. Due to the quality of its products and the expanding addressable market, I believe ResMed is well-positioned to continue being a market beater over the next decade.

And finally, here are three more buy-rated shares that could be great long term investments.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended ResMed Inc. 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 Scott Phillips.

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