2 ASX 200 shares to buy in 2024 and hold for the next 10 years

Much can happen in a decade, but these are the businesses I believe are well set to grow over that time.

| More on:
A businessman hugs his computer and smiles.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Ten years is a long time.

A lot can happen in a decade — recessions, wars, elections. So there are no guarantees, especially in investing.

However, there are some S&P/ASX 200 Index (ASX: XJO) businesses that have shown a consistent history of growth and have favourable structural drivers supporting their cause.

So investors can take some educated guesses as to which ASX shares to buy now that they can put away in the bottom drawer for the next 10 years.

Many experts would argue that every stock purchase should go through such a long-term filter anyway.

Indulge me as I pick out two ASX 200 stalwarts that are excellent candidates for locking away:

Will diet drugs suppress sleep apnoea?

Sleep apnoea device maker Resmed CDI (ASX: RMD) had well-publicised battles with critics last year.

The doubters put questions in investors' minds about how much business ResMed would lose due to the reduction in obesity brought on by new GLP-1 weight loss drugs.

The reasoning is that, as excessive weight is one of the major contributors to sleep apnoea, those diet drugs, of which Ozempic is one, could dramatically shrink ResMed's addressable market.

As such, the ResMed share price is still 20.7% down from the August reporting season.

However, this could merely represent an outstanding buying opportunity for shrewd long-term investors.

That's because multiple experts, including Shaw and Partners senior investment advisor Jed Richards, have insisted that the Ozempic fear is overstated.

"Several structural themes continue to support ResMed's growth in the medium to longer term, such as an ageing global population and an increasing awareness of sleep apnoea," Richards told The Bull earlier this month.

"Government regulation expanding the use of digital health applications provide[s] a compelling backdrop for ResMed to continue growing resiliently."

The numbers don't lie. According to CMC Invest, 18 out of 24 analysts currently believe ResMed shares are a buy.

Despite the 2023 troubles, the stock's long-term track record is impeccable. Over the past 10 years, Resmed has returned an impressive 439%.

The company delivers its latest quarterly results on Thursday.

Shares to buy if climate change can't be stopped in 10 years

Johns Lyng Group Ltd (ASX: JLG) is one of those businesses that will potentially have more work the worse climate change gets.

So that, unfortunately, means it has a strong structural driver for investors thinking of holding the stock for the next decade.

The company provides repair and reconstruction services for insurance claims.

And the wild weather of recent years has led to explosive growth in its earnings.

Earlier this month, Medallion Financial Group portfolio manager Stuart Bromley recommended Johns Lyng as a buy.

"Management has a history of exceeding expectations, with fiscal year 2023 net profit after tax (NPAT) of $62.8 million above consensus forecasts of $50 million," Bromley told The Bull.

"We expect an already strong pipeline of work to be bolstered from recent storm damage in Queensland and Victoria."

The Johns Lyng share price, accordingly, has rocketed more than 570% over the past five years.

Nevertheless, the stock is going for about 24% lower than its April 2022 peak, giving long-termers an excellent look-in right now.

Four out of six analysts currently rate Johns Lyng as a buy, as shown at the moment on CMC Invest.

Should you invest $1,000 in Polynovo Limited right now?

Before you buy Polynovo Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Polynovo Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Tony Yoo has positions in Johns Lyng Group and ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Johns Lyng Group and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Johns Lyng Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Growth Shares

Happy young couple saving money in piggy bank.
Growth Shares

Where to invest $2,500 into ASX 200 shares today

Analysts think these shares could be top buys for investors with money to invest.

Read more »

Two people having a meeting using a laptop and tablet to discuss Seven West Media's balance sheet
Growth Shares

3 excellent ASX shares to buy for your SMSF

Analysts think these shares could be top picks for SMSF investors. Let's find out why.

Read more »

A woman presenting company news to investors looks back at the camera and smiles.
Growth Shares

2 ASX growth shares to supercharge your portfolio

Analysts think these shares could be in the buy zone for growth investors right now.

Read more »

A group of people gathered around a laptop computer with various expressions of interest, concern and surprise on their faces. All are wearing glasses.
Growth Shares

Turn $300 into significant wealth: 3 explosive ASX opportunities for Aussie investors

Analysts think these shares could be great picks for growth focused investors.

Read more »

A man looking at his laptop and thinking.
Growth Shares

What I'd buy with $2,000 on the ASX right now

Here are three options for investors to look at this month.

Read more »

Silhouette of CEO standing in conference room looking out at cityscape.
Growth Shares

3 founder-led ASX 200 shares with serious long-term upside

Let's see what makes these shares top picks according to analysts.

Read more »

Man holding out Australian dollar notes, symbolising dividends.
Growth Shares

Where to invest $5,000 in ASX 200 shares in May

Analysts think that these shares could be top picks for Aussie investors next month.

Read more »

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Growth Shares

3 fantastic ASX growth shares to buy with $2,000 in May

Analysts think these shares would be top picks for growth investors right now.

Read more »