I've owned a position in Hershey (HSY) dating back to my first purchase in May 2016. Since then, I've added modestly on several occasions. While the price has never fallen far enough to make me take an aggressive holding, Hershey is one of the stocks that I intend to hold for decades. The average investor is likely to do well with Hershey stock, even if shares are purchased at a less than compelling price. I'd argue today, while no huge bargain, shares are fairly priced.

What makes Hershey great? I'll be frank - in recent years, it hasn't been their management team. They've made several outright mistakes in acquisitions, and investors have criticized other strategic moves as well.

Rather, the bullish case begins with the company's fantastic brand. Even within packaged foods stocks, a land of iconic labels and advertising campaigns, you'll find few superior to Hershey. That, in turn leads to the first main reason that I am a long-term buy and hold for decades investor in Hershey stock: Its profit margins.

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