I continue to believe that one of the best ways to generate significant wealth is to buy quality shares and hold them for the long term.
You only need to look at how successful this strategy can be to see why it is used by many of the world's richest people. This includes legendary investor Warren Buffett.
With that in mind, here are three top ASX shares that I think would be quality buy and hold options:
Cochlear Limited (ASX: COH)
When looking for buy and hold investments I look for companies that have strong long-term growth potential. Given the ageing populations trend, I think Cochlear is a company which exemplifies this. According to the World Health Organization, it has forecast there to be 1.5 billion people over the age of 65 by 2050. This will be almost triple the 524 million over 65s recorded globally in 2010. I expect this to lead to growing demand for its high quality hearing solutions products over the next three decades.
Nanosonics Ltd (ASX: NAN)
Nanosonics could also be a great buy and hold option. At the moment the infection control specialists' industry-leading trophon EPR disinfection system for ultrasound probes is generating significant revenues. I believe this can continue for some time to come due to its best-in-class status and sizeable market opportunity. Supporting this growth will be the launch of several new products in the near term. These secretive products are targeting unmet needs. If they are half as successful as the trophon product, the future will be very bright for Nanosonics.
REA Group Limited (ASX: REA)
With the housing market looking as though it is at the start of a new cycle, this property listings giant could have a strong decade. This is because I believe the company's key local operations could soon experience a sharp rise in listings volumes. Combined with price increases, new revenue streams, and its international operations, I'm confident the company is positioned to deliver strong earnings growth over the next decade.
