There are a select few stocks that can be prudently owned for decades. These exceptional companies are built to last -- and they excel at delivering wealth-building gains to their shareowners over many years.

Here are two stocks that have earned a place on this elite list.

1. Berkshire Hathaway

Few businesses are built to withstand the test of time as well as Berkshire Hathaway (BRK.A 2.24%) (BRK.B 1.99%). Warren Buffett's masterpiece is a well-diversified conglomerate that should continue to generate solid returns for its shareowners long after the legendary investor retires.

Berkshire possesses an unrivaled collection of cash-producing assets, including more than 60 operating subsidiaries. These high-quality enterprises operate in a wide variety of industries. Examples include leading freight railroad BNSF, retailers like Dairy Queen and See's Candies, and insurance providers like Geico and General Re.

With its eggs spread across many baskets, Berkshire is built to thrive in nearly all economic settings, making it one of the lowest-risk investments available in the stock market today.

Moreover, Berkshire's subsidiaries tend to generate bountiful profits, which Buffett and his investment team use to purchase other cash-producing assets. This can include entire companies or their publicly traded shares. Berkshire has built massive stakes in elite enterprises like Apple and Coca-Cola, which have collectively delivered exceptional returns to Berkshire and its shareholders for decades. 

Even after Buffett eventually steps down, Berkshire should remain in good hands. Buffet has already picked his successors. Berkshire Vice Chair Greg Abel will take on the CEO role, while Buffett's lieutenants Todd Combs and Ted Weschler stand ready to oversee the company's investments. All three are highly competent and steeped in Berkshire's core principles. This well-crafted succession plan is also one of the reasons why Buffett is adamant that "[a]t Berkshire, there will be no finish line." 

2. Walt Disney

Like Berkshire, Walt Disney (DIS 1.62%) is an enduring company that investors can buy and confidently hold for many years. The entertainment giant's film studios, theme parks, cruise ships, and streaming services give its shareholders many ways to win.

Disney's timeless characters and storylines are an unmatched collection of intellectual property. The media juggernaut excels at monetizing these valuable assets as it adapts to changing times.

That adaptability will be vital as CEO Bob Iger seeks to transition Disney to its streaming-based future. Iger has some big decisions to make. Cable bundles still generate a lot of cash for the company. But cord-cutting is taking a toll. Meanwhile, Disney's streaming services are growing steadily.

Iger could look to sell Disney's 80% stake in ESPN. Apple has been rumored to be a potential suitor. A sale could bring as much as $40 billion into Disney's coffers, according to Morgan Stanley. Those funds could be used to pay down Disney's $47 billion debt load, as well as return capital to shareholders via stock buybacks and dividends.

Regardless of what Iger decides to do with ESPN, streaming will remain a key part of Disney's growth strategy. Disney+ already has more than 105 million subscribers. The company also owns two-thirds of Hulu, which has another 48 million subscribers. 

Iger is reportedly also considering an acquisition of Comcast's one-third stake in Hulu. A deal could make it easier to combine Disney+ and Hulu into a more integrated offering. It could also accelerate Disney's efforts to achieve profitability across its streaming operations.

With multiple ways to create value for its long-term shareholders, Disney is an intriguing buy today.