Climate is another factor to consider. Sunlight, wind, rain and salty weather can all wear out exterior paint. Oil-based paint is durable against wind, rain and temperature changes, but sunlight tends to degrade it. Alkyd paint chalks and sheds very thin layers when it begins to wear. Latex paint is the more durable option for very sun-drenched and relatively dry climate areas. Latex paint with high vinyl content should be avoided, however. Acrylic resin is by far the more durable binder for outdoor latex paint.
Back to the article. You can add water to all latex based paints / thinner to oil based paint. The tinting base has absolutely nothing to do with it. Say you are working outside and throughout the day you have to add a little water to keep the same consistency. If somebody really tried to add 20% to 50% water they no longer would be painting they'd be performing a whitewash or pickle finish.

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