If you're weary of keeping constant tabs on the market and tired from constantly chasing the "next big thing," that's not necessarily bad. Ironically, it's this frequent trading of stocks in an effort to beat the market that often leads to subpar portfolio performance. You're usually better served by doing less, and simply standing pat with quality growth names.

Here's a closer look at three great growth stocks you can buy now and comfortably sit on for 10 years (or more).

1. Taiwan Semiconductor Manufacturing

You may not be familiar with the organization, but there's a good chance you're using a product containing semiconductor chips made by Taiwan Semiconductor Manufacturing (TSM -3.54%). TSMC (as it's better known) manufactures chips for chip design companies that aren't willing or able to make their own. Some of its biggest customers include Advanced Micro Devices, Qualcomm, and Apple.

If you've been paying close attention of late, you've likely noticed the global semiconductor shortage is motivating chip brands to take more of their manufacturing destinies into their own hands. Qualcomm, for example, is tightening its partnership with New York-based GlobalFoundries, assuring the contract manufacturer it will be buying an additional $4.2 billion worth of domestically made chips than it had initially planned on purchasing through 2028. Meanwhile, a $20 billion investment in an Ohio chip production facility is only a fraction of the up-to-$100 billion budget Intel has established to ensure it has all the silicon it needs when it needs it in the future. These are proxies for a much bigger movement within the semiconductor industry seemingly making contract manufacturers like TSMC less relevant.

The fact is, however, chip companies won't be able to build enough of their own production capacity to keep up with ever-growing chip demand anytime soon. Even with last year's disruptions and this year's demand headwinds, market research outfit McKinsey estimates the semiconductor market will grow by about 8% per year through 2030, when it becomes a $1 trillion market in and of itself.

And if that doesn't convince you, this might: Although Warren Buffett typically isn't a fan of tech stocks, Berkshire Hathaway is holding 60 million shares of TSMC, worth around $4 billion. TSMC's dividend -- currently yielding 2.25% -- may have something to do with that interest.

2. Shopify

Shopify (SHOP -1.11%) will eventually run out of room to grow. But that day isn't on the near-term or long-term radar. It's growth slowdown is certainly well beyond 10 years down the road.

Shopify helps small (and not-so-small) businesses build and maintain an effective e-commerce presence. It was largely founded as an alternative sales vehicle to Amazon, which was and is increasingly frustrating its third-party sellers. Not only do Amazon's marketplace vendors not "own" their customers, but they're also often competing with Amazon itself. With Shopify though, online businesses enjoy complete control of the sales process. They can also build a customer list of their own.

At more than 10 years old and with a few million stores up and running, it seems like this company should be running out of prospective users of its online shopping tools. That's far from the case, however.

The U.S. Small Business Administration reports there are nearly 32 million small businesses in the United States alone, and many of the country's medium-sized businesses are also interested in renting rather than building an online shopping platform. Some of Shopify's more recognizable clients include Kraft Heinz, Bombas, Staples, and Jenny Craig. Worldwide, the number of small and medium-sized enterprises explodes to more than 300 million; some estimates put the figure closer to 400 million. Many of them don't yet have any e-commerce presence, but they're increasingly developing them. That's a key reason the company's third-quarter revenue was able to grow another 22% year over year, contributing to full-year growth that should roll in somewhere around 20% before reaccelerating in 2023.

It's still just a taste of what awaits this company.

3. Palo Alto Networks

Finally, add Palo Alto Networks (PANW -1.14%) to your list of growth stocks to buy and hold for at least the next 10 years.

If you think the lack of chatter regarding data breaches and computer network hacking is a sign they're slowing down, think again. Worldwide personal account breaches were up 70% in the third quarter compared to the second quarter's levels, according to Surfshark, and at the enterprise level, Uber Technologies, Crypto.com, News Corp, Verizon Communications, and the Red Cross are just some of this year's high-profile hacking victims. In short, individuals and organizations alike are still plenty vulnerable within the digital realm.

Enter Palo Alto Networks.

There are oodles of cybersecurity stocks to consider adding to your portfolio. But Palo Alto Networks is one of the best, if not the best. It can do it all, but more than that, it can do it all via one integrated platform. Network security, cloud defense, login credentials, and threat detection are all part of its repertoire. The company also offers consulting services and breach-mitigation support. This robust suite of offerings is a key reason Palo Alto is estimated to report revenue growth of 25% in the current fiscal 2023 (ended July 31, 2023) and 21% growth in fiscal 2024 despite spending on other types of technology being culled. With an average estimated cost of between $5 million and $10 million per breach, according to a recent report from IBM, enterprises simply can't afford to let their cybersecurity guard down.

This of course will be the case as long as cybercriminals exist ... which is to say, forever.