3 ASX shares to buy for the next decade

I think that there are a few ASX shares that could be worth buying and holding for the next decade.

Not every business may be worth investing in right now, particularly because of low interest rates and COVID-19 impacts. But these three could be solid buys:

Xero Limited (ASX: XRO)

Xero is one of the highest quality ASX shares in my opinion.

It has a very high gross profit margin, which keeps going up. That means that a lot of the new revenue falls straight to the next profit line.

At the moment, Xero is investing heavily for growth, which should help it continue to grow rapidly. This is a key reason why I think Xero is a long-term buy. High quality, high-returning businesses that are investing heavily have very promising futures.

Eventually it could be generating so much cashflow that strong profit will be inevitable, but with such a large addressable market I think that Xero has a very long growth runway.

Collins Foods Ltd (ASX: CKF)

Collins Foods wouldn’t seem like a candidate for a long-term investment, but I think that it’s got a lot of compound growth potential.

It currently operates a large network of KFCs across Australia and Europe.

I think this COVID-19 period has shown that it’s actually a lot more defensive than many investors had given it credit for. We all need to eat food after all.

Its rapid growth of online sales sets it up to be a player in the food industry for many more years to come as food ordering patterns change.

It continues to add a few KFCs each year in Australia and Europe, and it’s also rolling out a Taco Bell network too.

Washington H Soul Pattinson and Co Ltd (ASX: SOL)

WHSP could be the best shout as a long-term idea as it has already been operating for over a century.

The investment house has a diversified portfolio of businesses including telecommunications, building products, resources and financial services.

WHSP’s management aim to be long-term investors into the businesses that are chosen. Indeed, its three biggest investments of Brickworks Limited (ASX: BKW), TPG Telecom Ltd (ASX: TPG) and New Hope Corporation Limited (ASX: NHC) have already been holdings for many, many years.

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Rask's top analyst has just identified his #1 'MedTech' stock idea for 2021 and beyond. This is a SERIOUS growth stock.

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At the time of publishing, Jaz owns shares of WHSP.

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