This column was originally published on RealMoney on July 6 at 3:00 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

It's summer and my thoughts are focused on, well, having fun. That got me thinking about which companies benefit from our desire for recreation.

I found that the recreational products industry has several companies that attract the attention of the guru strategies I follow. Some are marine-oriented, some are toymakers and then there's that icon of the open road, Harley-Davidson ( HDI).

Each of these names stacks up well against the strategy based on the writings of Peter Lynch. The Lynch strategy looks, in part, at the price-to-earnings ratio relative to growth, which is a measurement of how reasonable the price is. A low P/E/G suggests the price might be a bargain.

The other strategy I reference is based on Warren Buffett's methodology, which as I understand it, looks for companies with a competitive advantage, predictable earnings increases, conservative financing and a return on equity of at least 15%, among other criteria.

Brunswick ( BC), which makes Mercury outboard engines, Boston Whaler boats and bowling centers, among others products, gets good marks from the Peter Lynch strategy I use. One aspect of Brunswick that is impressive under the Lynch strategy is the company's low P/E/G ratio. This needs to be 1.0 or less, with the most desirable P/E/G ratio being 0.5 or less. Brunswick fits into this most desirable category, with an impressive P/E/G of 0.26.

For companies with sales greater than $1 billion (Brunswick's are $6 billion), this methodology likes to see the P/E ratio remain below 40 -- Brunswick's is 8.88. The company is also doing a fine job of managing inventories, as its inventory-to-sales ratio has gone down in the past year.

Further, its earnings have been growing at a rate of 34.5%, based on the average of the three-, four- and five-year historical EPS growth rates. This is nicely within the desired 20% to 50% range. Brunswick is definitely throwing strikes.

Harley-Davidson does well under the strategy I base on Warren Buffett's approach to investing. Among the company's qualities is its earnings predictability (10 straight years of increases), modest debt (its annual earnings roughly match its debt), its return on equity (24.3% annually for the last 10 years) and return on total capital (19.3% for the last 10 years).

In addition, investors can expect a rate of return on their investment of 15.7%, which is a very strong number. Overall, Harley is riding loud and high by the standards of the Buffett strategy.

The Lynch strategy is also a willing rider on Harley. Its P/E/G ratio is an acceptable 0.66, its inventory-to-sales ratio has dropped during the past year and its EPS growth rate, based on the average of the three-, four- and five-year historical growth rates, is a very desirable 23.5% and its debt-to-equity ratio is about 1:3, which is perfectly fine. With numbers like these, it's easy to see why the Buffett and Lynch strategies want to hit the road on a Harley.

Like Brunswick, Marine Products ( MPX) is in the boating industry. It makes recreational fiberglass powerboats, which it sells under such names as Chaparral and Robalo. Liked by the Lynch strategy, Marine Products has a P/E/G of 0.66, indicating there's a nice balance between the price of the stock relative to the company's growth potential. Inventory relative to sales has fallen in the last year and the EPS growth rate (based on the average of three-, four- and five-year historical growth rates) is a strong 23.8%. It's no wonder that under the Lynch strategy it appears Marine Products is headed for some smooth sailing.

Hasbro ( HAS), the maker of Monopoly, Furby and Playskool brands, among many others, is a favorite of the Lynch strategy. Hasbro's P/E/G is right at the best-case cutoff point of 0.50. Its P/E, which is 17.28, is well within the desired range (below 40), and inventories relative to sales have been falling. In addition, the historical EPS growth rate is a rapid 34.4%. This is a company that definitely passes Go and lands on Boardwalk.

RC2 Corp. ( RCRC) is a toymaker that markets under the Learning Curve brand. According to the Lynch strategy, the company has a favorable P/E/G of 0.53. Inventories are falling relative to sales and the historical EPS growth rate is a strong 29.6%. Plus, its debt is quite modest, being only about a sixth as much as equity. This is a toymaker whose stock is likely to be fun to play with.

All of these companies are tied to recreation. They are solid companies, with excellent market positions, strong financial track records and reasonably priced stocks. If you believe that Americans like their recreation, you have to believe that these are stocks worth accumulating.

Please note that due to factors including low market capitalization and/or insufficient public float, we consider Marine Products to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

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At the time of publication, Reese was long Brunswick and Harley-Davidson, although holdings can change at any time.

John P. Reese is founder and CEO of Validea.com, an investment research firm, and Validea Capital Management, an asset management firm serving affluent investors and companies. He is also co-author of the best selling book, The Market Gurus: Stock Investing Strategies You Can Use From Wall Street's Best. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Reese appreciates your feedback. Click here to send him an email.

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