Abstract: A paint comprising a solution of an internal phase comprising pigment and latex resin and an external phase comprising an amine soluble resin dissolved in water is disclosed. The amine soluble resin has a molecular weight sufficiently high that it imparts desirable film properties while maintaining surface applicability of the paint. Upon evaporation of the water, the external phase forms a substantially continuous film encapsulating the internal phase. The invention also comprehends a novel method of paint formulation.