If there’s a single investment that would be highly desirable for a buy and hold situation for decades to come, and if I could have a say in designing it – it would be Disney IP, based on Disney’s Consumer Products division (FY 2015 revenues $4.5B, operating income $1.7B), specifically on the licensing part of it (FY 2015 revenues $2.8B). It would be sort of like a MLP that owns and operates all the IP ever generated at the Walt Disney Company, with the WDC acting as a general partner.
All types of assets in the same asset class are not created equal. Although in general, markets tend to be more or less efficient (at least if you can wait by the river long enough), there are peculiarities in the efficiency. One of the most prominent of these peculiarities is the liquidity premium.