Two things matter when you're considering a long-term investment: Does the company have durable advantages? And is the valuation reasonable?

For telecom giant AT (NYSE: T) and semiconductor manufacturer (NASDAQ: INTC), the answers are "yes" across the board. Here's why investors should consider buying and holding these stocks for the long run.

There are only three major wireless carriers in the United States, and that's unlikely to change anytime soon. Building out a wireless network and continually upgrading it to support the latest technology like 5G is a capital-intensive affair.

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Source Fool.com