Two stocks to buy for the long term

Some of the best drivers of growth can take years to play out. Professional investor Marcus Morris-Eyton tips two stocks for patient investors.

Many fund managers talk about investing for the long term', but very few stick to it over the course of a full economic cycle. At a time when fewer managers are beating their benchmarks and demand for passive funds is growing, we believe that time' remains one of the best tools a manager can use to generate alpha returns over and above the return on the market.

We live in a world that is increasingly driven by the need for immediate returns, and this shines through in stockmarket behaviour. Most investors seem so focused on the here and now, particularly on the next quarter's earnings results, that they neglect the longer run.

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Marcus Morris-Eyton of Europe Equity Growth at Allianz Global Investors.