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Buy and hold Cochlear and these ASX shares for strong long term returns

There are a number of investment strategies for investors to choose from, but my favourite remains buy and hold investing.

It is one of the simplest investment strategies and sees investors buy high quality shares that have solid long term outlooks. They then hold onto these shares for long periods of time (unless the investment thesis breaks) and let the power of compounding work its magic.

With that in mind, here are three quality ASX shares that I think would be great buy and hold options:

Cochlear Limited (ASX: COH)

Cochlear is a global developer, manufacturer, and distributor of cochlear implantable devices for the hearing impaired. I think Cochlear would be a great buy and hold option due to the ageing populations tailwind. The World Health Organization estimates that there will be almost three times more people over the age of 65 by 2050 than there were in 2010. As hearing fades as we age, I expect this to lead to demand for its industry-leading cochlear implantable devices growing strongly over the next three decades.

IDP Education Ltd (ASX: IEL)

I think it would be worth buying and holding IDP Education shares. It is a provider of international student placement services and English language testing services. I’ve been very impressed at the way the company has been performing over the last few years and expect more of the same over the next decade once the pandemic passes and the industry returns to normal.

SEEK Limited (ASX: SEK)

I think that SEEK could be a fantastic buy and hold investment option. I’m very positive on the job listings company’s long term outlook due to the strength of its core ANZ business and the growth potential of its international operations. This is particularly the case with its China-based Zhaopin business. Given its strong position in a massive market, I believe Zhaopin has the potential to underpin strong earnings growth over the next decade.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and Idp Education Pty Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and SEEK Limited. 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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