Trying to predict what the share market will do next week, next month, and next year is hard enough. Trying to forecast the next two decades can feel impossible.
That's why long-term investing is often about identifying businesses with sustainable advantages, massive addressable markets, and management teams that know how to compound value over time. If you get those elements right, short-term volatility becomes little more than background noise.
With that in mind, here are two ASX giants that I believe have the qualities required to still be thriving and potentially much larger 20 years from now.
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CSL Ltd (ASX: CSL)
CSL might have been out of form in 2025, but it remains one of Australia's greatest corporate success stories and its long-term investment case remains compelling.
The company sits at the centre of global healthcare, specialising in plasma-derived therapies, vaccines, and biotechnology. Demand for CSL's products is driven by powerful structural trends, including ageing populations, improving diagnosis rates, and rising healthcare spending across developed and emerging markets.
What makes CSL especially attractive for long-term investors is its ability to reinvest heavily while still generating strong cash flows. The company consistently pours billions into research and development, facilities, and acquisitions to strengthen its pipeline and widen its moat. Importantly, these investments are designed to deliver returns over decades, not quarters.
While CSL's share price can go through periods of consolidation or weakness, such as in 2025, its underlying business has proven remarkably resilient across economic cycles. Over a 20-year timeframe, that consistency, combined with compounding earnings growth, is exactly what patient investors should be looking for. So, with its shares down heavily over the past 12 months, I think now could be an opportune time to make a long-term investment.
Goodman Group (ASX: GMG)
Goodman Group may be classified as a property stock, but it operates very differently to traditional real estate businesses.
Rather than shopping centres or offices, this ASX giant focuses on high-quality industrial property, logistics hubs, and data-enabled warehouses. These assets sit at the heart of global supply chains and are critical infrastructure for e-commerce, automation, and artificial intelligence.
Goodman's edge comes from its development expertise and global footprint. It works closely with major customers to design and build customised facilities, locking in long-term relationships while earning development profits and recurring rental income. This capital-light model has allowed the company to grow rapidly without overloading its balance sheet.
An example of this is the agreement it signed with the Canada Pension Plan Investment Board this month. This will see it establish a A$14 billion European data centre partnership comprising four projects totalling 435 MW of primary power and 282 MW of IT load.
Looking ahead, the growth of online retail, cloud computing, and AI-driven logistics should keep demand for Goodman's assets strong for many years. Its exposure to data centres adds another long runway, as digital infrastructure becomes as essential as roads and ports.
