For investors looking to create life-changing wealth, the best way to achieve this goal is often through a simple buy-and-hold strategy. For example, if you invested $10,000 in Microsoft 10 years ago, you would now own more than $97,000 – almost 10 times the return on your money. If you can find quality companies and hold them consistently – even in tough times and recessions – you have the opportunity to add significant wealth to your holdings.

You can adopt this strategy today and begin a potentially fruitful journey. Nvidia (NASDAQ: NVDA), Doximity (NYSE: DOCS) and fuboTV (NYSE: FUBO) have extremely large potential markets and rock-solid competitive advantages over their competitors, and I think these companies are likely to thrive over the next 13 years.

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NVIDIA

As the market leader in high-performance graphics processing units (GPUs), Nvidia's chips are used in virtually all areas, including gaming, fully autonomous vehicles, data centers and even for building virtual worlds. This broad range of options and its leadership in the field enabled the company to report third quarter revenues of $7.1 billion, net income of $2.5 billion and free cash flow of $1.3 billion.

Demand for chips is currently very high and will only increase over the next decade as more and more artificial intelligence, data and other new technologies enter the world. Most of these systems require hundreds of chips to run, and Nvidia is leading the way in the production of these chips, quickly gaining market share. In fiscal 2019 (calendar year 2018), the company brought in $11.7 billion in revenue, but this fiscal year, the company expects to bring in $26.7 billion – up 128 percent over that period.

However, this growth comes at a high price. NVIDIA stock has a P/E ratio of 69x and a free cash flow of 78x, which is a very high multiple. NVIDIA's market cap is currently over $600 billion, so 10Xing over the next 13 years is no easy task. However, given the company's past dominance and how NVIDIA's chips will play an important role in the future, the company has the potential to generate incredible returns over the next decade.

The data center market is expected to be worth $65 billion by 2026, and the gaming GPU market will be worth $54 billion by 2025. With Nvidia dominating both of these industries, I wouldn't be surprised if Nvidia can continue to dominate these industries for years to come as it becomes a major part of the technology.

Effectiveness

Doximity has become the primary social media and work platform for healthcare professionals, enabling them to provide telemedicine services, talk to patients and other physicians, and learn about the latest medications and practices in their field. This makes Doximity the all-in-one app healthcare professionals need for their careers. As a result, more than 80 percent of physicians and 90 percent of medical students are using Doximity.

Like Nvidia, Doximity's P/E ratio is as high as 31 times sales – even though the company is down 58% from its all-time high. However, this extremely high multiple may be justified. Doximity has the dominant market share in the space, but the company is growing rapidly and profitably. In the most recent quarter, the company's revenue grew 76 percent year-over-year to $79 million, 45 percent of which turned into net income for the quarter.

Doximity has little room for future growth in terms of adding users to its platform, but the expansion of the number of advertisers on the platform – a source of revenue for Doximity – has a lot of potential for growth. Drug manufacturers and healthcare companies looking to hire medical professionals advertise on Doximity, and the company estimates that it has a $7.3 billion market opportunity simply by increasing the number of advertisers on the platform. With a total market value of $18.5 billion, the company has a lot of room to grow over the next decade, considering that it expects full-year revenues of only $327 million.

FuboTV

One of the main reasons consumers still have cable is the inability to stream live sporting events or news on popular services like Netflix, but fubo is trying to change that. It is becoming a pure service that focuses exclusively on streaming live sporting events of all kinds, and is gaining rapid adoption as a result. In the third quarter of 2021, the company reported 945,000 subscribers, up 108 percent year-over-year.

That's small, especially when compared to other streaming stocks like Netflix, which has nearly 222 million subscribers worldwide. Despite this huge opportunity, the company is not being taken seriously for its future success. Fubo's P/E ratio is only 2.4 times sales – a minimal multiple, especially for a company growing at a triple-digit rate. This is low compared to streaming services like Netflix, which, despite slower growth, is at 5.6 times sales.

With 56% of Americans in a Pew Research Center poll saying they have cable TV, the cord-cutting trend is still in full swing. If fubo can become the primary streaming service for these Americans to switch to live TV, then fubo has a rare opportunity to expand their customer base. With fewer than 1 million subscribers today and trying to attract about 100 million consumers, the market opportunity for fubo is huge, to say the least. If it can successfully break into this market, this huge growth potential could allow fubo to grow more than 10x, and as one of the only providers focused on live TV, fubo looks poised to do just that, which is why I think it could grow 10x from here by 2035.