Here’s a look at seven stocks to buy and hold onto for the long haul. Tech stocks aren’t the only drivers of wealth in today’s economy, although many may be quick to tell you otherwise. Instead, investors should seek diversification wherever possible — across industries, geographic locations, size, scale, and more. A well-balanced portfolio is a healthy portfolio positioned to stand the test of time.

Of course, that doesn’t mean you should throw darts at a wall full of penny stocks and hope a few hit. Due diligence is critical on long timeframes, and ensuring a company has a strategic, long-term vision with actionable plans to achieve goals is critical. At the same time, financial fundamentals and strength matter today. The best-laid plans won’t go far if the company bankrupts itself, so digging into underlying structures is essential. 

To that end, these seven stocks to buy and hold meet the mark. Each has solid financial footing, with long-term prospects brighter than the rest of the market. 

Stocks to Buy and Hold: General Motors (GM)

General Motors (NYSE:GM) is having a tough year as supply chain crunches, tightened consumer budgets, and labor union clashes conspire to keep the stock fairly flat year-to-date. But GM’s recent earnings beat and bright outlook mean this vehicle stock has a place in your long-term portfolio. 

Although GM’s gas-powered vehicles still form the company’s operational foundation, its strategic shift toward electric mobility is well underway. GM already produced 50,000 electric vehicles (EVs) in North America during the first half of 2023 and plans to double production by December. These ambitious plans, reinforced by quantifiable delivery, cement GM’s position as the second-largest EV maker in the U.S.

In addition to capitalizing on a growing sustainability trend, GM expects a substantial revenue boost through software subscriptions. By 2030, the company anticipates generating $25 billion annually from in-car subscription services. This aligns with the broader industry trend of EV manufacturers monetizing software subscriptions to create a luxury driving experience and highlighting potential recurring revenue for the automotive sector.

The coming years will see GM roll out the Silverado EV, Blazer EV, and Equinox EV. Likewise, the next few years will likely prove fruitful for investors getting in on GM today.

Fair Isaac Corp (FICO)

Fair Isaac Corp (NYSE:FICO), a data analytics company known for its consumer credit risk measurement system (FICO score), posted a 50% stock price jump since January. But the consumer credit company is just getting started. As revolving consumer credit climbs to all-time highs and society eschews cash, FICO stands to gain as a pivotal part of the changing economy. 

But, among all data analytics firms positioned to capitalize on AI in the coming years, FICO stands out. As CEO Will Lansing said in a recent interview, FICO has leveraged AI and machine learning for the past twenty years — it’s the rest of the world catching up, not a case of FICO adapting to new trends. But as technology advances, FICO’s data analytics expertise positions it favorably to explore innovative AI applications and expand its market reach. This potential for AI-driven advancements suggests a promising future for the company.

Lowe’s (LOW)

Lowe’s (NYSE:LOW) is well-situated to cement its position as a construction and homebuilding American mainstay, particularly as it catches up to competition in the professional contracting markets. Despite recent mixed earnings, Lowe’s “pro” sales exploded in the past quarter. This market segment is crucial because it tends to be steadier and more reliable than DIY consumers buying tools and equipment for weekend projects. 

Although existing home sales are falling, primarily due to increased mortgage rates, an uptick in home renovation projects is sufficient to buffer Lowe’s during today’s lean times. By cultivating the “pro” market alongside existing consumers, Lowe’s stands ready to be the first choice when market forces rebound. When mass-scale construction picks back up, Lowe’s will be top of mind for consumers and contractors alike. 

As CEO Marin Ellison said in a recent call, “The aging housing stock will also drive remodel and repairs, combined with other favorable trends like millennial household formation, aging-in-place, and persistent remote work.” That’s a cautiously bullish statement, and analysts agree. Alliance Bernstein recently increased Lowe’s rating to “outperform” and pinned a 12% price target on the stock. By positioning itself well in a rocky economy,  Lowe’s stands ready to form the foundation of your long-term portfolio. You’ll definitely want to add it to your list of stocks to buy and hold now. 

Allegion (ALLE)

Allegion (NYSE:ALLE) demonstrated strong financial health and performance in a recent earnings report. The less-well-known security device company reported net EPS of $1.61, marking a 23.1% rise compared to last year. Additionally, revenues reached $912.5 million, reflecting an 18.0% increase. The company also improved its operating margin to 20.2%. With such solid reporting in the books, Allegion might be the security your portfolio needs to protect long-term gains. 

Allegion’s strength is evident in its American electronics segment, which saw an impressive 40% net growth. A notable aspect of Allegion’s resilience and long-term stability is its exposure to institutional end markets like healthcare and education. Even as more volatile and challenging markets lag, like corporate real estate, these lynchpin markets form a steady and reliable long-term demand for Allegion.  

Blackstone (BX)

It’s a great year for Blackstone (NYSE:BX) investors as the stock stands ready to join the S&P 500’s illustrious ranks later this month. The stock jumped on the news, but short-term excitement should make way for long-term bullishness. And, as retail and institutional investors cycle into alternative assets more aggressively, this investment management service stands to benefit. 

Blackstone is the first alternative asset firm to join the index, although some expect that others will follow as rockier economic conditions increase non-standard investment appeal. As Wells Fargo analysts said in their recent “overweight” reiteration, “Alts have impressive track records for high-growth fee-related earnings, powerful diversification, and stock outperformance.” In today’s economy, as equities remain volatile and bond markets collapse in the face of continued yield inversion, alternative assets are a Holy Grail for investors. Blackstone’s S&P 500 inclusion is likely just the beginning of a long bull run for this firm. 

Ford (F)

Next on the list of stocks to buy and hold is Ford (NYSE:F). Ford made a strategic decision in recent years that’s paid off big time — and will likely continue to do so for the foreseeable future. Pivoting towards an enterprise-level target market, Ford Pro is a commercial division that sells directly to companies operating large vehicular fleets (think construction and similar). Ford started reporting results from the new spin-off division at the beginning of the year, which should put any bearishness to rest.

The segment hit $2.4 billion in revenue last quarter, more than $100 million beyond its standard retail car sales. Likewise, operating margins are better because Ford is cutting out the car dealer middlemen. Ford Pro’s margin hit 15.3% in the same quarter, compared to a slim 9% margin on dealer-facilitated sales. 

As Ford Pro matures, management expects recurring revenue to explode from subscriptions, parts, and services. Ford Pro’s division head expects 20% of its revenue to come from these segments by 2026, marking a long-term recurring revenue source that will serve Ford well in the future. 

L3Harris Technologies (LHX)

L3Harris Technologies Inc (NYSE:LHX) is a viable long-term stock on its own, but recent forays into the stock space race may mean a massive upside. The defense contracting giant recently bought Aerojet Rocketdyne in a bid to expand beyond its existing products into “the missiles and munitions market, an area that L3Harris didn’t have a footprint.”

Beyond the space sector’s multi-trillion-dollar prospects, there’s plenty to like about LHX today. Despite a stagnant economy, LHX’s recent earnings posted 13% year-over-year revenue. Counterintuitively, the stock is down 16% since January despite solid earnings and a bright future. Savvy investors should recognize LHX as the value play it is, and let it play defense for your portfolio while waiting for its space sector to skyrocket. 

On the date of publication, Jeremy Flint held a long position in GM. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.