ALL ROADS LEAD UP.

What's that adage, all roads lead to Rome? For long-term investors in the stock market, the destination of their portfolio points to growth--and more growth--despite the dips and detours along the way.

Many factors serve as road signs, among them a solid economy, a political wariness about offending the increasing number of market participants, statistical history, and growing numbers of potential investors. It's critical that investors dedicated to reaching Rome heed the permanent road signs instead of the temporary distractions that crop up here and there along the way.

The solid economy stems from rising corporate profits, relatively low interest rates, low unemployment, and high investment rates. Technological advances continue to fuel market advances. Each day seems to bring another breakthrough that leads to business growth, efficiency, and productivity. The pharmaceutical sector alone has the potential to drive the Dow forward as companies develop new drugs to cure the ailments of the nation's aging populace.

Add to the mix the expected recovery of foreign markets in Japan, Korea, and China. Look for them to make a strong comeback in the next 12 to 24 months, which will position them not only as formidable competitors to American companies but also as enthusiastic customers for American products.

Globally, currency consolidations will allow business to be conducted much more easily than in the past, and that will increase productivity and cooperative ventures. It's already happened in Europe. The Pacific Rim, Asia, and North and South America won't be far behind. And domestically, the Federal Reserve Board and the government continue to remain in tune about what's best for the economy.

What does that mean for the long-term investor? Simply that it does not matter whether Republicans or Democrats take the White House. The nation's politically controlled fiscal policy and Fed controlled monetary policy both recognize the U.S. cannot endure a long-term bear market or a long-term recession. "Surplus" has become a much more politically correct and fiscally prudent word than "deficit," and will remain so.

The Fed's decisions in recent years bolster that premise. By tinkering with interest rates just enough to keep inflation in check, the Fed through the years has supplied the marketplace with just enough liquidity that it needs to maintain economic growth. The nation, with inflation rates among the lowest in 50 years, continues to enjoy the longest peacetime expansion in history, and nobody--especially elected officials--wants to shoulder the blame for stopping the momentum.

Market history also rests on the side of long-term investors. Recently, I based predictions for the year 2016 on an annual growth of 9 percent--conservative, considering the Dow's average annual growth for the past 75 years has been 11 percent. Others have written the Dow will reach 100,000 by 2020 or even that the Dow currently should be at 36,000 based on an innovative method of valuing stocks. No matter the method, the message remains the same--all signs point to a continually rising market.

The increasing number of market participants buttresses the statistics. Politically speaking, 60 percent of the populace involved in the market carries a lot of weight at the voting booth. But that number figures to increase and, exponentially, fuel market advances in the future. Baby boomers nearing retirement age have contributed significantly to the jump in the number of investors, and look for more Americans to seek to make money from their money once the Social Security administration starts notifying them that Social Security is only meant to supplement a wage-earner's retirement. Americans will investigate other options. The market certainly offers a viable opportunity for building a retirement nest egg.

So which companies will benefit the long-term investors over the next 10 years, or more? The following recommendations cover various market sectors that have demonstrated over the years the ability to withstand the dips and detours the market takes: Citigroup, EMC Corp., General Electric Co., Home Depot, Intel Corp., and Wal-Mart Stores.

David Elias is president and chief investment officer of Elias Asset Management, a Williamsville, NY-based investment firm, and author of Dow 40,000...Strategies for Profiting from the Greatest Bull Market in History. Elias Asset Management's affiliates, directors, or stockholders may have positions in or may purchase or sell securities mentioned in this column.