When it comes to investing, I'm a big advocate of being patient and buying the crème de la crème of ASX shares when opportunities arise and then holding on for the long-term.
This is instead of building a portfolio filled with so-so companies just because they were looking cheap at the time.
Warren Buffett has previously highlighted his success with this approach. In fact, over an investment period of almost 60 years, Buffett suggested that there are approximately 12 great investment decisions that are responsible for his success. He said:
Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire.
Given how Buffett has delivered an average annual return almost double what the market has achieved since 1965, it's fair to say that he knows what he's talking about.
Images source: Getty Images
ASX shares to buy and hold
The good news for investors is there are a couple of high-quality ASX shares that analysts believe are trading at very attractive prices today.
The first is biotechnology company CSL Ltd (ASX: CSL), which is the name behind the CSL Behring, Seqirus, and CSL Vifor businesses.
CSL Behring is a global biotherapeutics leader focused on using the latest technologies to discover, develop, and deliver innovative therapies for people living with conditions in the immunology, hematology, cardiovascular and metabolic, respiratory, and transplant therapeutic areas.
Whereas Seqirus is a global leader in influenza protection and CSL Vifor is a global leader in iron deficiency and iron deficiency anaemia therapies.
The team at UBS is very positive on the company's outlook and has a buy rating and $330.00 price target on its shares. It believes the company could deliver double-digit earnings growth over the medium term.
Another ASX share that analysts rate extremely highly is ResMed Inc. (ASX: RMD). It is the world's leading sleep disorder treatment company with a collection of highly regarded medical devices and software solutions.
Due to concerns over the threat of weight loss drugs, its shares are down meaningfully from their highs. Morgans doesn't believe these drugs are a threat and sees the weakness as a buying opportunity.
It has an add rating and $32.82 price target on its shares. It notes that the "company remains well placed and uniquely positioned as it builds a patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain."
