Investing in speculative ASX shares can seem exciting. But time after time, investors that put their money into these types of companies end up getting burned.

And yet, that doesn't stop people from chasing the thrill — the next big tech stock, the hottest thematic, or the small cap with a game-changing product just around the corner.

A prime example of this is Brainchip Holdings Ltd (ASX: BRN).

Countless investors have put large sums of their hard-earned money into this speculative stock and have watched their investment become worth less and less. And unless the semiconductor company can actually start generating more revenue than a local cafe in the near future, those investments may eventually become worthless.

If your goal is to actually build wealth — not just accumulate war stories — the best path forward usually looks the same: buy great businesses, hold them for a long time, and ignore the noise.

The best ASX shares aren't always the loudest

Take a look at the ASX over the past 10 years and you will see something interesting. It is not the meme stocks that have done the business for investors. It is shares like Goodman Group (ASX: GMG) and TechnologyOne Ltd (ASX: TNE) — businesses that just keep doing what they do well.

Goodman has generated an average total return of 17.25% per annum since 2015 and TechnologyOne has delivered a 21.8% per annum return.

To put that into context, $10,000 invested in these ASX shares 10 years ago would now be worth approximately $52,000 and $80,000, respectively.

No drama, no hype. Just quietly compounding earnings and returning value to shareholders.

These companies don't make the news every day. But they often make millionaires over time.

Patience isn't passive

There's a misconception that long-term investing is just about set and forget. But that isn't quite true. Long-term investing is more like active patience.

It is about making intentional decisions, doing your research, and then sticking with it for as long as your investment thesis remains intact.

So what should you own?

A few quality ASX shares, like ResMed Inc (ASX: RMD) or Lovisa Holdings Ltd (ASX: LOV), combined with some global exposure via ASX ETFs like iShares S&P 500 ETF (ASX: IVV) or Betashares Global Quality Leaders ETF (ASX: QLTY), could give you a diversified, growth-focused portfolio that does most of the work for you.

It most probably won't double overnight. But it will grow. And in 10 or 20 years, you might just look back and realise that your boring investments were the smartest decisions you ever made.