Emulsions are provided which are useful in imparting water-resistance to gypsum products. In one embodiment, the emulsions comprise at least one wax, an alkyl phenol, a salt of polynaphthalenesulfonic acid, and a complexed starch. Emulsions of this embodiment may be added to hot, even boiling, water without the emulsion separating or curdling. The emulsions of the present invention are stable for extended periods of time when stored at room temperature and do not require the addition of a bactericide. The emulsions of the present invention are pourable liquids at room temperature.