The share market naturally draws attention towards businesses promising rapid growth or the next major breakthrough.
But building wealth does not always require that sort of excitement.
I think some of the best long-term investments can be companies doing fairly ordinary things, provided they keep doing them well for many years.
Coles Group Ltd (ASX: COL)
Selling groceries is hardly a new business idea.
But that is one reason I like Coles as a long-term investment. Australians need food regardless of which technology trend is dominating the headlines or where we are in the economic cycle.
The opportunity comes from improving a huge existing operation.
Coles has invested heavily in automated distribution and fulfilment centres, which can help move products more efficiently through its network and support the continued growth of online shopping.
Even modest improvements can become meaningful when they are applied across hundreds of stores and millions of customer visits.
I think Coles can continue growing earnings by making its operations more efficient, improving the shopping experience, and serving a gradually expanding Australian population.
Transurban Group (ASX: TCL)
Toll roads are another business that may not generate much excitement, but I think the economics can be attractive over long periods.
This ASX share owns and operates major roads in Australia and North America.
These are pieces of infrastructure used by commuters and businesses every day, often in cities where congestion makes additional road capacity valuable.
Traffic can grow as populations increase, while toll prices generally rise according to agreements attached to each road.
Transurban can also invest in expansions and new projects when suitable opportunities arise.
I think that gives the business a fairly straightforward way to become more valuable over time.
For shareholders, dividends can provide income along the way, while the underlying road network remains difficult for competitors to recreate.
Sonic Healthcare Ltd (ASX: SHL)
Sonic Healthcare provides pathology and diagnostic services across several countries. Again, I wouldn’t say there is anything fashionable about this.
Doctors need tests to diagnose illnesses, monitor patients, and make treatment decisions. As populations grow and age, I think the amount of diagnostic testing required over time should increase.
This ASX share has built a large global network of laboratories and medical professionals, allowing it to serve healthcare systems at significant scale.
The company can also continue expanding through M&A, an approach it has used for many years.
For me, this is the sort of business that does not require extraordinary assumptions about the future. If demand for healthcare keeps increasing and Sonic continues operating well, there should be opportunities to grow.
Foolish takeaway
I would never dismiss an ASX share investment simply because the underlying business sounds boring.
Groceries, toll roads, and pathology testing all solve needs that are unlikely to disappear anytime soon.
If a company can keep serving those needs, reinvest sensibly, and increase earnings over many years, shareholders can still end up with an excellent result.
That is the type of quiet compounding I would be happy to have working in my portfolio.
The post Why I think these boring ASX shares could build serious wealth appeared first on The Motley Fool Australia.
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Motley Fool contributor Grace Alvino has positions in Transurban Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Transurban Group. The Motley Fool Australia has positions in and has recommended Transurban Group. The Motley Fool Australia has recommended Sonic Healthcare. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.