<p>投资者关注沃伦·巴菲特的投资理念，因为这位亿万富翁常常能发现一些不为人知的机会。巴菲特并不随波逐流，而是寻找那些未必受到大众欢迎但能够随着时间提供优异回报的股票。这帮助巴菲特作为 <strong>伯克希尔·哈撒韦</strong> 的首席执行官，在数十年间实现了超越市场的表现。</p>
<p>而对于投资者来说，最近巴菲特的一项举动可能会带来一些启示。这位投资专家在第二季度增加了对一家市场地位强劲且有潜力提供稳定回报的公司的持股。而现在，这只股票的价格极其便宜。让我们仔细看看这只可能让巴菲特和你在未来几年变得更富有的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc0OTAvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc0OTAvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>游泳池行业的领导者</h2>
<p>我所说的公司是 <strong>Pool Corp.</strong>（POOL 0.56%），全球最大的游泳池设备和产品分销商。巴菲特在去年的第三季度首次建立了 404,057 股的持仓，并在此后大幅增加了持股。在第二季度，他将持股从最初的购买量增加了超过 750%，达到了 3,458,885 股。</p>
<p>巴菲特显然喜欢 Pool 的强大护城河或竞争优势，拥有稳固的分销网络，包括在北美、欧洲和澳大利亚的 450 多个销售中心，以及一系列竞争对手难以复制的产品和服务——包括游泳池维护。</p>
<p>需要注意的是，Pool 并不是一家高增长的企业，因此对于寻求爆炸性增长的投资者来说，Pool 并不是最佳选择。在利率上升和经济困境时期，该公司可能会感受到一些压力。天气也是一个风险，因为恶劣天气可能会减缓对游泳池的需求和建设。</p>
<h2>随时间的渐进增长</h2>
<p>但巴菲特可能喜欢的——也是使 Pool 成为一个有趣的购买选择的原因——是其领先的市场地位和提供渐进收益增长的能力。在下面的图表中，数据显示在 10 年期间，收入和净收入均实现了三位数的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/76beaa9d0c5b99eb5b0c4fe9f82990a8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="507" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/76beaa9d0c5b99eb5b0c4fe9f82990a8.png"/></p>
<p>POOL 年收入数据来源于 YCharts。</p>
<p>而且股价也随之上涨，在此期间上涨了超过 200%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9999bc054fca8483459d658760c33da4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9999bc054fca8483459d658760c33da4.png"/></p>
<p>POOL 数据来源于 YCharts。</p>
<p>合理预期这家市场领导者将继续沿着这条道路前进，并在困难时期应对挑战。游泳池维护业务是该公司的一个重要组成部分，因为在经济困难时期——当游泳池建设放缓时——它代表了一个持续的收入来源。例如，Pool 去年提到 “温和的可自由支配支出” 和 “受压的宏观环境”，但表示维护业务在全年保持稳定，支持了 53 亿美元的年销售额。</p>
<p>在最近的一个季度，该公司表示，维护产品持续增长，依赖于可自由支配支出的建筑材料等产品的销售也有所改善。Pool 报告销售额增长 1%，达到 18 亿美元，每股收益增长 4%，达到 5.17 美元，公司毛利率为 30%。所有这些都显示出一定的韧性，这是你希望在持有的股票中看到的特质，能够在多个投资周期中保持稳定。</p>
<h2>前景良好的环境</h2>
<p>展望未来，Pool 可能会受益于更好的利率环境；随着借贷成本降低，消费者和商业客户可能会感受到预算压力减轻，这对新游泳池项目的启动是有利的。但最重要的是，Pool 建立了一个能够承受经济下滑的业务，这使其成为谨慎投资者可能喜欢的投资。</p>
<p>现在，让我们考虑一下价格。今天，Pool 的交易价格为未来收益预期的 26 倍，低于一年前的 35 倍以上。随着经济环境的改善，Pool 可能会在游泳池建设和相关的可自由支配销售中看到增长，这应该会导致收益的增强，并最终推动股价和估值的提升。</p>
<p>所有这些使得现在成为跟随巴菲特并投资这只股票的绝佳时机。对于一只优质的长期投资者来说，它的价格看起来极其便宜，可能会让巴菲特和你随着时间的推移变得更富有。</p>

POOL

<p>沃伦·巴菲特显著增加了他在 Pool Corp.的股份，该公司是最大的游泳池设备分销商，他的持股从 404,057 股增至 3,458,885 股。尽管 Pool Corp.是一家稳定的非高增长企业，但在过去十年中显示出强劲的收入和盈利增长。预计该公司将受益于有利的利率环境，这可能会促进消费者在游泳池项目上的支出。目前该股的前瞻市盈率为 26 倍，被认为被低估，因此成为长期收益的有吸引力的投资机会</p>

<p>Investors look to Warren Buffett for investment ideas because the billionaire often uncovers under-the-radar opportunities. Instead of following the crowd, Buffett looks for value in stocks that haven't necessarily been popular with everyone else but have the ability to deliver excellent results over time. This has helped Buffett, as chief of <strong>Berkshire Hathaway</strong>, post market-beating performances over several decades.</p>
<div class="lb-trans"><p>投资者关注沃伦·巴菲特的投资理念，因为这位亿万富翁常常能发现一些不为人知的机会。巴菲特并不随波逐流，而是寻找那些未必受到大众欢迎但能够随着时间提供优异回报的股票。这帮助巴菲特作为 <strong>伯克希尔·哈撒韦</strong> 的首席执行官，在数十年间实现了超越市场的表现。</p>
</div><p>And, in some good news for investors, Buffett recently made a move that could offer some inspiration. This investing expert in the second quarter increased his position in a company with a strong market position and the potential to deliver solid returns over time. And right now, this stock is ridiculously cheap. Let's take a close look at this Buffett stock that could make him -- and you -- richer in the years to come.</p>
<div class="lb-trans"><p>而对于投资者来说，最近巴菲特的一项举动可能会带来一些启示。这位投资专家在第二季度增加了对一家市场地位强劲且有潜力提供稳定回报的公司的持股。而现在，这只股票的价格极其便宜。让我们仔细看看这只可能让巴菲特和你在未来几年变得更富有的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc0OTAvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837490%2Fbuffett11-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>The swimming pool leader</h2>
<div class="lb-trans"><h2>游泳池行业的领导者</h2>
</div><p>The company I'm talking about is <strong>Pool Corp.</strong>(POOL 0.56%), the world's biggest distributor of swimming pool equipment and products. Buffett initiated the position in last year's Q3 with 404,057 shares and has significantly increased the holding since. In Q2, he boosted it more than 750% from that initial purchase to 3,458,885 shares.</p>
<div class="lb-trans"><p>我所说的公司是 <strong>Pool Corp.</strong>（POOL 0.56%），全球最大的游泳池设备和产品分销商。巴菲特在去年的第三季度首次建立了 404,057 股的持仓，并在此后大幅增加了持股。在第二季度，他将持股从最初的购买量增加了超过 750%，达到了 3,458,885 股。</p>
</div><p>Buffett surely likes Pool's fantastic moat, or competitive advantage, with its solid distribution network, including more than 450 sales centers in North America, Europe, and Australia, and an array of products and services -- including pool maintenance -- that rivals would have difficulty replicating.</p>
<div class="lb-trans"><p>巴菲特显然喜欢 Pool 的强大护城河或竞争优势，拥有稳固的分销网络，包括在北美、欧洲和澳大利亚的 450 多个销售中心，以及一系列竞争对手难以复制的产品和服务——包括游泳池维护。</p>
</div><p>It's important to keep in mind that Pool isn't a high-growth business, so Pool isn't the best choice for investors looking for the possibility of explosive growth. In times of higher interest rates and economic troubles, the company is likely to feel some pressure. Weather also has been -- and will continue to be -- a risk for growth as difficult weather may slow demand for and construction of pools.</p>
<div class="lb-trans"><p>需要注意的是，Pool 并不是一家高增长的企业，因此对于寻求爆炸性增长的投资者来说，Pool 并不是最佳选择。在利率上升和经济困境时期，该公司可能会感受到一些压力。天气也是一个风险，因为恶劣天气可能会减缓对游泳池的需求和建设。</p>
</div><h2>Progressive growth over time</h2>
<div class="lb-trans"><h2>随时间的渐进增长</h2>
</div><p>But what Buffett probably likes -- and what makes Pool an interesting buy -- is its leading market position and ability to offer progressive earnings growth over time. In the chart below, the figures reflect triple-digit gains in revenue and net income over a 10-year period.</p>
<div class="lb-trans"><p>但巴菲特可能喜欢的——也是使 Pool 成为一个有趣的购买选择的原因——是其领先的市场地位和提供渐进收益增长的能力。在下面的图表中，数据显示在 10 年期间，收入和净收入均实现了三位数的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/76beaa9d0c5b99eb5b0c4fe9f82990a8.png" alt="" original-src="https://media.ycharts.com/charts/76beaa9d0c5b99eb5b0c4fe9f82990a8.png"/></p>
<p>POOL Revenue (Annual) data by YCharts.</p>
<div class="lb-trans"><p>POOL 年收入数据来源于 YCharts。</p>
</div><p>And the stock price has followed, climbing more than 200% over that time.</p>
<div class="lb-trans"><p>而且股价也随之上涨，在此期间上涨了超过 200%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9999bc054fca8483459d658760c33da4.png" alt="" original-src="https://media.ycharts.com/charts/9999bc054fca8483459d658760c33da4.png"/></p>
<p>POOL data by YCharts.</p>
<div class="lb-trans"><p>POOL 数据来源于 YCharts。</p>
</div><p>It's reasonable to expect this market leader to continue along this path and manage difficult times as they arise. The pool maintenance business is an important element for the company because during tougher economic moments -- when pool constructions have slowed -- it represents an ongoing source of revenue. For example, Pool spoke of &#34;tempered discretionary spending&#34; last year and a &#34;pressured macroenvironment&#34; but said the maintenance business remained stable throughout the year, supporting annual sales of $5.3 billion.</p>
<div class="lb-trans"><p>合理预期这家市场领导者将继续沿着这条道路前进，并在困难时期应对挑战。游泳池维护业务是该公司的一个重要组成部分，因为在经济困难时期——当游泳池建设放缓时——它代表了一个持续的收入来源。例如，Pool 去年提到 “温和的可自由支配支出” 和 “受压的宏观环境”，但表示维护业务在全年保持稳定，支持了 53 亿美元的年销售额。</p>
</div><p>In the most recent quarter, the company said it saw both ongoing growth in maintenance products and improvement in sales of products like building materials that rely on discretionary spending. Pool reported a 1% increase in sales to $1.8 billion and a 4% increase in earnings per share to $5.17, and the company's gross margin came in at 30%. All of this shows a certain resilience, something that you'll want to see in a stock you hold onto through many investment cycles.</p>
<div class="lb-trans"><p>在最近的一个季度，该公司表示，维护产品持续增长，依赖于可自由支配支出的建筑材料等产品的销售也有所改善。Pool 报告销售额增长 1%，达到 18 亿美元，每股收益增长 4%，达到 5.17 美元，公司毛利率为 30%。所有这些都显示出一定的韧性，这是你希望在持有的股票中看到的特质，能够在多个投资周期中保持稳定。</p>
</div><h2>A favorable environment ahead</h2>
<div class="lb-trans"><h2>前景良好的环境</h2>
</div><p>Moving forward, Pool could benefit from a better interest rate environment; with lower borrowing costs, consumers and commercial customers may feel less pressure on their budgets, and this is favorable for the launch of new pool projects. But, most importantly, Pool has built a business that can withstand downturns as well, making it an investment that cautious investors may like.</p>
<div class="lb-trans"><p>展望未来，Pool 可能会受益于更好的利率环境；随着借贷成本降低，消费者和商业客户可能会感受到预算压力减轻，这对新游泳池项目的启动是有利的。但最重要的是，Pool 建立了一个能够承受经济下滑的业务，这使其成为谨慎投资者可能喜欢的投资。</p>
</div><p>Now, let's consider price. Today, Pool trades for 26x forward earnings estimates, down from more than 35x about a year ago. As the economic environment improves, Pool could see growth ahead in pool constructions and related discretionary sales, and this should lead to earnings strength and could eventually boost the stock price and valuation.</p>
<div class="lb-trans"><p>现在，让我们考虑一下价格。今天，Pool 的交易价格为未来收益预期的 26 倍，低于一年前的 35 倍以上。随着经济环境的改善，Pool 可能会在游泳池建设和相关的可自由支配销售中看到增长，这应该会导致收益的增强，并最终推动股价和估值的提升。</p>
</div><p>All of this makes now a great time to follow Buffett and get in on the stock. It looks ridiculously cheap for a quality, long-term player that could make Buffet and you richer over time.</p>
<div class="lb-trans"><p>所有这些使得现在成为跟随巴菲特并投资这只股票的绝佳时机。对于一只优质的长期投资者来说，它的价格看起来极其便宜，可能会让巴菲特和你随着时间的推移变得更富有。</p>
</div>

这只价格极低的沃伦·巴菲特股票可能会让你更加富有