3. Pool公司

????Pool 公司（Pool）并不過度依賴經濟增長。它75%的收入來自游泳池維護和維修。“泳池業(yè)主總需要利用化學品對池水進行處理，而且需要一些維修，”維勒爾均衡基金（Villere Balanced Fund）的經理桑迪?維勒爾稱?！按蠹叶嫉没ㄟ@筆錢，跟有線電視費和電費差不多?！保ňS勒爾均衡基金過去十年的年均回報率為10.5%。）這使得這家以泳池直接命名的公司在前幾年美國住房市場低迷之際成功避開了風險。Pool公司行業(yè)中占據著霸主地位：2010年的年收入約為20億美元，是53家領先競爭對手的收入總和。Pool公司也因此具備議價能力。隨著住房市場初步復蘇，更多游泳池將會建成，將會繼續(xù)提振Pool公司的收入。它的動態(tài)市盈率為21倍，高出標準普爾500指數的估值倍數。不過維勒爾稱，考慮到這家公司的前景，有這樣的定價也無可厚非。Pool公司管理層預計，未來五年的利潤增速為20%，且計劃增派股息（目前股息率為1.4%）。

——凱蒂?貝納

3. Pool Corp.

????Pool (POOL) isn't overly dependent on an expanding economy. The company makes 75% of its revenues on swimming-pool maintenance and repair. "Pool owners will always treat their water with chemicals and need repairs," says Sandy Villere of the Villere Balanced Fund(VILLX), which has delivered 10.5% average yearly returns over the past 10 years. "It's an expense that people pay, much like the cable or electric bill." That helped the forthrightly named company avoid devastation in the housing meltdown. Pool dominates its industry: With nearly $2 billion in revenues in 2012, it is as large as its top 53 competitors combined. That gives it pricing power. A nascent housing-market recovery will give the company an extra boost as more pools are built. The stock trades at a premium to the S&P -- a forward P/E of 21 -- but Villere thinks the company's prospects justify the price. Management projects 20% earnings growth over the next five years and is raising the dividend, which currently yields 1.4%.

--K.B.