Some ASX 200 shares earn a place in a portfolio because they look cheap.
Others earn a place because the quality of the business is hard to ignore.
That is the way I see the two shares below. They are rarely available at bargain prices, but I think both have the kind of long-term strengths that can make them valuable holdings for patient investors.
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Commonwealth Bank of Australia (ASX: CBA)
CBA is not usually the cheapest bank on the ASX, and I would not expect that to change.
But I still think it is one of the highest-quality blue-chip shares on the market.
The reason is quality. CBA has a leading retail banking franchise, a huge customer base, a strong deposit position, and one of the best digital banking platforms in the country. Those advantages can be easy to underappreciate when investors are focused only on valuation.
Banking is never risk-free. Bad debts, housing market weakness, competition, and regulation can all affect earnings.
Even so, I think CBA remains the strongest bank in Australia. It has scale, brand strength, customer trust, and a long record of navigating different economic conditions.
For investors wanting exposure to the banking sector, I would rather own the business I think is best positioned than simply chase the cheapest option.
That is why I would want CBA in my portfolio.
TechnologyOne Ltd (ASX: TNE)
TechnologyOne is another ASX 200 share I would want to own for the long term.
The company provides enterprise software to customers such as councils, government departments, universities, and large organisations. These customers need reliable systems to run important operations, from finance and payroll to property, student administration, and compliance.
That gives TechnologyOne a useful kind of resilience. Its customers are not buying software for fun. They are using systems that help them operate properly. Once those systems are embedded, they can be difficult and disruptive to replace.
I also like the long-term shift toward cloud-based software. If TechnologyOne can keep improving its platform and expanding in markets such as the UK, I think it has room to grow annual recurring revenue (ARR) at a strong clip for years to come.
The shares can trade at a premium, so valuation is important. But I think world-class businesses are often worth considering even when they are not obviously cheap.
For me, TechnologyOne has the product quality, customer relevance, and growth runway to be a long-term winner.
Foolish takeaway
I think CBA and TechnologyOne are two ASX 200 shares I would be happy to own in my portfolio.
What I like about both is that their strengths are not built on short-term excitement. They come from scale, trust, customer relationships, and products or services that are deeply woven into daily activity.
Both companies can look expensive at times, and neither is without risk. But I think the best portfolios should include businesses with durable advantages, long-term relevance, and the ability to keep compounding value.
That is why these two world-class ASX 200 shares stand out to me.
