Rather than trying to get rich quickly through investments in speculative shares like BrainChip Holdings Ltd (ASX: BRN), I think investors should focus on growing their wealth over the long term
Arguably the best way to do this is through buying and holding the shares of quality companies.
But which ASX shares would be great buy and hold candidates? Here are three to consider:
Cochlear Limited (ASX: COH)
The first option for a buy and hold investment is Cochlear. I believe the hearing solutions company is well-positioned to be a market beater over the 2020s thanks to its exposure to the ageing populations tailwind. By 2050 there are forecast to be 1.5 billion people over the aged of 65. This will be almost triple the number of over 65s in 2010. I expect this population shift to drive increasing demand for its high quality product portfolio in the future. Another positive is the industry's high barriers to entry, which should limit competition in the future.
Nearmap Ltd (ASX: NEA)
Another option to consider buying and holding is Nearmap. It is an aerial imagery technology and location data company with operations in the ANZ and North American markets. I think it could be a great long term option due to its sizeable opportunity in these markets. It also has the option to accelerate its growth in the future by expanding into new geographies.
Pushpay Holdings Group Ltd (ASX: PPH)
A final ASX share to consider as a buy and hold option is Pushpay. Over the last few years Pushpay has evolved into a full engagement solution that now serves almost 11,000 customers around the world. The increasing demand for its platform, which has accelerated during the pandemic, has resulted in stellar operating revenue and profit growth. The good news is that the company is still only serving a small portion of its market and has bold plans to grow its share in the future. I believe this means it still has a very long runway for growth.
