I would like to learn to be peaceful when my POrtfolio is down 50 percent
$POOL seems a simple, wonderful business, with excellent traction and margins.
A couple of questions (sorry couldn't dig deeper for want of time — too many stones to turn over)
1. What are the specific levers for topline growth? Isn't the pool supplies market kind of saturated already I might be totally wrong on this one.
2. POOL doesn't seem to have a presence in Asia. China and India in particular are two sizable markets with a favourable demographic.
3. POOL has guided deployment of far more capital in share buybacks and dividend payments, than in capital expenditures and M&A. Does this indicate a restricted growth runway?
4. Under longer term outlook, it says organic topline growth of 6-9%. Again this indicates modest organic revenue growth. If M&A doesn't pan out as expected, overall revenue growth might come in stunted.
Always happy to hear contradictory views!