There are plenty of bargains in the stock market for long-term investors with some patience. If you can look past short-term troubles and identify stocks with long-term potential, you can produce solid investment results.

I bought shares of Walt Disney (DIS 0.20%) and American Tower (AMT -0.98%) last week, adding to existing positions in both cases. Neither stock has done well over the past year, and both companies are facing significant challenges. While the short-term pictures aren't pretty, I think both stocks will work out just fine in the long run.

Walt Disney

Disney has a lot to figure out. The company's parks and cruises are doing well, so much so that Disney will double its capital investments over the next decade to $60 billion. But everything else is a mess.

The streaming business has gained a huge number of subscribers, but subscriber growth has now stalled, and the company needs to find a way to turn the business profitable. The linear TV business, long a cash cow for Disney, might be in permanent decline as consumers ditch cable. Disney is reportedly looking to sell ABC, and it's weighing options for its 80% stake in sports network ESPN.

Disney stock has not fared well in this highly uncertain environment, with shares down nearly 30% from their 52-week high. While traditional valuation metrics don't paint a compelling picture, given that Disney's profits are depressed, the core reason to own Disney stock has not changed. The company's vast trove of intellectual property and its track record of leveraging those assets across its entire business are its key competitive advantages.

Exactly what that looks like has changed in the past and will change again in the future. Linear TV is out, streaming is in, and Disney still has work to do to adapt. But I'm betting that Disney will make it work and drive profits much higher in the years ahead.

American Tower

For the most part, wireless operators rely on third-party telecom towers to house their equipment. American Tower is a leader in this industry, with roughly 226,000 sites across the world. Towers cost little to maintain and run, so once American Tower snags a few tenants on a tower, the return on investment is exceptional.

There are other things to like about American Tower's business model. Contracts tend to be long-term and non-cancellable with built-in lease escalators. This gives the company a high level of visibility into future revenue. Churn is low, typically between 1% and 2%. Tower sites can be expanded to accommodate additional tenants or more equipment, and the barrier to entry is high thanks in part to complex zoning restrictions.

While American Tower's revenue is predictable, the company is not immune to the macroeconomic environment. During slowdowns in the wireless industry, wireless providers may pull back on capital investments. This means less equipment being installed on American Tower's sites and slower revenue growth. This is one reason why American Tower stock has tumbled nearly 30% from its 52-week high.

U.S. wireless carriers are also at the tail end of the 5G investment cycle, so capital spending is likely to cool a bit regardless of the economic backdrop. AT&T, for example, expects this year to mark the peak of its capital spending spree.

Despite these headwinds, the long-term picture still looks just fine. Mobile data usage continues to explode, and American Tower still has solid growth opportunities in international markets. With American Tower's dividend that now yields close to 4%, it's a great time for patient investors to stock up on shares of the company.