If you're looking at following in the footsteps of Warren Buffett by making buy and hold investments, then you might want to look at the shares listed below.
Both have strong market positions and long runways for growth over the next decade. Here's what you need to know:
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Nanosonics Ltd (ASX: NAN)
The first option to consider as a buy and hold investment is Nanosonics. It is a leading medical device company with a focus on infection prevention.
Nanosonics is the company behind the trophon EPR disinfection system for ultrasound probes. This technology is regarded as the best in its class and has been consistently winning market share in the United States and globally over the last decade.
In fact, at the last count, the company estimates that 80,000 patients are protected from the risk of cross contamination everyday thanks to its Trophon product.
Looking ahead, the company still has a large market opportunity to grow into for the trophon product. However, management isn't settling for that. It is aiming to expand its portfolio in the coming years with the launch of new products targeting unmet needs.
One broker that is positive on the company is UBS. It currently has a buy rating and $7.00 price target on its shares
Temple & Webster Group Ltd (ASX: TPW)
Another ASX growth share that could be a good long term option is Temple & Webster. It is Australia's leading online furniture and homewares retailer.
Temple & Webster was growing at a rapid rate before the pandemic, during it, and is expected to continue doing so after it. This is thanks to its strong market position and the shift to online shopping. The latter is largely in its infancy for furniture and homewares.
Credit Suisse is very positive on the company and is forecasting rapid sales growth over the coming years. It believes online penetration in the industry will grow strongly over the coming years.
As a result, the broker recently put an outperform rating and $12.54 price target on its shares.
