What is the best paint for outdoor wood?

I just built a wood shed and I am trying to decide what paint to use that will protect it the best from water and termites. I'm thinking a stain would be better because it penetrates the wood. But a regular primer/paint seems like it would form more of a barrier between the wood and the elements. What do you think?What is the best paint for outdoor wood?
Stains have little to no UV protection and the underlying wood will be degraded. The best paint is a good quality acrylic based paint applied over unweathered wood that has been suitably primed and undercoated. Unpainted wood that has been exposed to the elements and in particular to UV will adversely affect paint adhesion. Acrylic paints are more flexible and have better adhesion than alkyd based paints.What is the best paint for outdoor wood?
If you paint it I would use A100 to primer and Duration exterior from Sherwin williams. The cost a little more but it will be worth the time and will last longer providing you with less upkeep than a stain/sealer.Good luck:)
behr exterior paint from home depot will be fine. As long as the roof is good and the shed is on a concreate slab no water worries. Spray shed same time as house for bugs.
a stain would be best because regular exterior paint will fade in the weather such as the (sun)
take a piece of wood and paint one half and the other half stain and I bet you can't tell which one penetrated more. I would use a solid color stain, oil based or a water based solid stain your call there both very good. Use a quality paint store like Sherwin Williams, Ben Moore or the best product I've used is the ICI Dulux, good luck Les the painter