Remember the meme stock craze that took place in 2021? If so, you probably remember companies like GameStop and AMC Entertainment multiplying in value several times in a short period of time, only to come crashing back down when the frenzy cooled off.

However, many investors might not remember that there were dozens of stocks that were caught up in the meme stock frenzy for one reason or another. Maybe they had been heavily shorted or were tech stocks with lots of growth momentum.

While virtually all meme stocks ended up falling significantly from the highs, there are some that are excellent businesses with real upside potential for long-term investors. Here are two in particular that could be worth a look for patient investors.

A disruptor in a trillion-dollar industry

Lemonade (LMND -4.27%) went public in mid-2020 at a price of $29 per share and reached a high of more than $168 in January 2021 during the meme stock frenzy. As of this writing, it trades for about $18. Lemonade isn't a profitable insurance company, and to be fair, its underwriting results haven't exactly been impressive for much of the past couple of years.

However, the business is moving in the right direction, and if Lemonade can continue to grow its fiercely loyal customer base, this could end up being a serious disruptor in the massive insurance industry. In the first quarter, Lemonade's customer base grew 23% year over year to nearly 1.9 million, and the average customer's premium is 26% higher than a year ago.

Profitability is gradually trending in the right direction, and in-force premium has increased by 159% over the past two years. With nearly $1 billion in cash and investments, Lemonade has plenty of runway to achieve profitability, so if the numbers continue to move in the right direction, this could be a company to watch.

Could this be the next big conglomerate?

Boston Omaha (BOC -2.31%) didn't have as much of a meme stock move as the other two and isn't often thought of in the same context as most other meme stocks. However, it rapidly doubled during the frenzy as traders circulated (true) stories about how one of the company's co-CEOs is Warren Buffett's grandnephew.

To be sure, there are some similarities between Boston Omaha and an earlier-stage Berkshire Hathaway (BRK.A -0.23%) (BRK.B -0.28%). Management is using some of the same principles Warren Buffett used to grow Berkshire into a massive conglomerate. It owns three subsidiary businesses in industries (billboards, insurance, and broadband internet) that have fantastic unit economics, and it is willing to make minority investments in businesses it doesn't own.

While Boston Omaha won't become the next Berkshire quickly, as the meme stock traders seem to believe, it does have a lot of long-term potential. After underperforming the market so far in 2023, several insiders have recently bought shares, and there's a lot to like about this business and the direction it is heading.

Don't expect the meme stock highs, but...

As a final thought, I own both of these and love them as long-term investments but have no expectations of Lemonade surpassing $160 per share again anytime soon or Boston Omaha breaking through its meme stock-era high in the next couple of years. It may happen eventually, but I own these stocks because I believe they'll be big winners over the long run, not because I'm hoping for another parabolic upswing.