<p>投資者關注沃倫·巴菲特的投資理念，因為這位億萬富翁常常能發現一些不為人知的機會。巴菲特並不隨波逐流，而是尋找那些未必受到大眾歡迎但能夠隨着時間提供優異回報的股票。這幫助巴菲特作為 <strong>伯克希爾·哈撒韋</strong> 的首席執行官，在數十年間實現了超越市場的表現。</p>
<p>而對於投資者來説，最近巴菲特的一項舉動可能會帶來一些啓示。這位投資專家在第二季度增加了對一家市場地位強勁且有潛力提供穩定回報的公司的持股。而現在，這隻股票的價格極其便宜。讓我們仔細看看這隻可能讓巴菲特和你在未來幾年變得更富有的股票。</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>圖片來源：The Motley Fool。</p>
<h2>游泳池行業的領導者</h2>
<p>我所説的公司是 <strong>Pool Corp.</strong>（POOL 0.56%），全球最大的游泳池設備和產品分銷商。巴菲特在去年的第三季度首次建立了 404,057 股的持倉，並在此後大幅增加了持股。在第二季度，他將持股從最初的購買量增加了超過 750%，達到了 3,458,885 股。</p>
<p>巴菲特顯然喜歡 Pool 的強大護城河或競爭優勢，擁有穩固的分銷網絡，包括在北美、歐洲和澳大利亞的 450 多個銷售中心，以及一系列競爭對手難以複製的產品和服務——包括游泳池維護。</p>
<p>需要注意的是，Pool 並不是一家高增長的企業，因此對於尋求爆炸性增長的投資者來説，Pool 並不是最佳選擇。在利率上升和經濟困境時期，該公司可能會感受到一些壓力。天氣也是一個風險，因為惡劣天氣可能會減緩對游泳池的需求和建設。</p>
<h2>隨時間的漸進增長</h2>
<p>但巴菲特可能喜歡的——也是使 Pool 成為一個有趣的購買選擇的原因——是其領先的市場地位和提供漸進收益增長的能力。在下面的圖表中，數據顯示在 10 年期間，收入和淨收入均實現了三位數的增長。</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 年收入數據來源於 YCharts。</p>
<p>而且股價也隨之上漲，在此期間上漲了超過 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 數據來源於 YCharts。</p>
<p>合理預期這家市場領導者將繼續沿着這條道路前進，並在困難時期應對挑戰。游泳池維護業務是該公司的一個重要組成部分，因為在經濟困難時期——當游泳池建設放緩時——它代表了一個持續的收入來源。例如，Pool 去年提到 “温和的可自由支配支出” 和 “受壓的宏觀環境”，但表示維護業務在全年保持穩定，支持了 53 億美元的年銷售額。</p>
<p>在最近的一個季度，該公司表示，維護產品持續增長，依賴於可自由支配支出的建築材料等產品的銷售也有所改善。Pool 報告銷售額增長 1%，達到 18 億美元，每股收益增長 4%，達到 5.17 美元，公司毛利率為 30%。所有這些都顯示出一定的韌性，這是你希望在持有的股票中看到的特質，能夠在多個投資週期中保持穩定。</p>
<h2>前景良好的環境</h2>
<p>展望未來，Pool 可能會受益於更好的利率環境；隨着借貸成本降低，消費者和商業客户可能會感受到預算壓力減輕，這對新游泳池項目的啓動是有利的。但最重要的是，Pool 建立了一個能夠承受經濟下滑的業務，這使其成為謹慎投資者可能喜歡的投資。</p>
<p>現在，讓我們考慮一下價格。今天，Pool 的交易價格為未來收益預期的 26 倍，低於一年前的 35 倍以上。隨着經濟環境的改善，Pool 可能會在游泳池建設和相關的可自由支配銷售中看到增長，這應該會導致收益的增強，並最終推動股價和估值的提升。</p>
<p>所有這些使得現在成為跟隨巴菲特並投資這隻股票的絕佳時機。對於一隻優質的長期投資者來説，它的價格看起來極其便宜，可能會讓巴菲特和你隨着時間的推移變得更富有。</p>

POOL

<p>沃倫·巴菲特顯著增加了他在 Pool Corp.的股份，該公司是最大的游泳池設備分銷商，他的持股從 404,057 股增至 3,458,885 股。儘管 Pool Corp.是一家穩定的非高增長企業，但在過去十年中顯示出強勁的收入和盈利增長。預計該公司將受益於有利的利率環境，這可能會促進消費者在游泳池項目上的支出。目前該股的前瞻市盈率為 26 倍，被認為被低估，因此成為長期收益的有吸引力的投資機會</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>投資者關注沃倫·巴菲特的投資理念，因為這位億萬富翁常常能發現一些不為人知的機會。巴菲特並不隨波逐流，而是尋找那些未必受到大眾歡迎但能夠隨着時間提供優異回報的股票。這幫助巴菲特作為 <strong>伯克希爾·哈撒韋</strong> 的首席執行官，在數十年間實現了超越市場的表現。</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>而對於投資者來説，最近巴菲特的一項舉動可能會帶來一些啓示。這位投資專家在第二季度增加了對一家市場地位強勁且有潛力提供穩定回報的公司的持股。而現在，這隻股票的價格極其便宜。讓我們仔細看看這隻可能讓巴菲特和你在未來幾年變得更富有的股票。</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>圖片來源：The Motley Fool。</p>
</div><h2>The swimming pool leader</h2>
<div class="lb-trans"><h2>游泳池行業的領導者</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>我所説的公司是 <strong>Pool Corp.</strong>（POOL 0.56%），全球最大的游泳池設備和產品分銷商。巴菲特在去年的第三季度首次建立了 404,057 股的持倉，並在此後大幅增加了持股。在第二季度，他將持股從最初的購買量增加了超過 750%，達到了 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>巴菲特顯然喜歡 Pool 的強大護城河或競爭優勢，擁有穩固的分銷網絡，包括在北美、歐洲和澳大利亞的 450 多個銷售中心，以及一系列競爭對手難以複製的產品和服務——包括游泳池維護。</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 並不是一家高增長的企業，因此對於尋求爆炸性增長的投資者來説，Pool 並不是最佳選擇。在利率上升和經濟困境時期，該公司可能會感受到一些壓力。天氣也是一個風險，因為惡劣天氣可能會減緩對游泳池的需求和建設。</p>
</div><h2>Progressive growth over time</h2>
<div class="lb-trans"><h2>隨時間的漸進增長</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>但巴菲特可能喜歡的——也是使 Pool 成為一個有趣的購買選擇的原因——是其領先的市場地位和提供漸進收益增長的能力。在下面的圖表中，數據顯示在 10 年期間，收入和淨收入均實現了三位數的增長。</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 年收入數據來源於 YCharts。</p>
</div><p>And the stock price has followed, climbing more than 200% over that time.</p>
<div class="lb-trans"><p>而且股價也隨之上漲，在此期間上漲了超過 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 數據來源於 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>合理預期這家市場領導者將繼續沿着這條道路前進，並在困難時期應對挑戰。游泳池維護業務是該公司的一個重要組成部分，因為在經濟困難時期——當游泳池建設放緩時——它代表了一個持續的收入來源。例如，Pool 去年提到 “温和的可自由支配支出” 和 “受壓的宏觀環境”，但表示維護業務在全年保持穩定，支持了 53 億美元的年銷售額。</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>在最近的一個季度，該公司表示，維護產品持續增長，依賴於可自由支配支出的建築材料等產品的銷售也有所改善。Pool 報告銷售額增長 1%，達到 18 億美元，每股收益增長 4%，達到 5.17 美元，公司毛利率為 30%。所有這些都顯示出一定的韌性，這是你希望在持有的股票中看到的特質，能夠在多個投資週期中保持穩定。</p>
</div><h2>A favorable environment ahead</h2>
<div class="lb-trans"><h2>前景良好的環境</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>展望未來，Pool 可能會受益於更好的利率環境；隨着借貸成本降低，消費者和商業客户可能會感受到預算壓力減輕，這對新游泳池項目的啓動是有利的。但最重要的是，Pool 建立了一個能夠承受經濟下滑的業務，這使其成為謹慎投資者可能喜歡的投資。</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>現在，讓我們考慮一下價格。今天，Pool 的交易價格為未來收益預期的 26 倍，低於一年前的 35 倍以上。隨着經濟環境的改善，Pool 可能會在游泳池建設和相關的可自由支配銷售中看到增長，這應該會導致收益的增強，並最終推動股價和估值的提升。</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>所有這些使得現在成為跟隨巴菲特並投資這隻股票的絕佳時機。對於一隻優質的長期投資者來説，它的價格看起來極其便宜，可能會讓巴菲特和你隨着時間的推移變得更富有。</p>
</div>

這隻價格極低的沃倫·巴菲特股票可能會讓你更加富有