<p><strong>天狼星 XM</strong>(SIRI 12.00%) 的股票今天大幅上涨，截至东部时间下午 1:37，上涨了 12.3%。</p>
<p>尽管今天大部分市场因个人消费价格指数报告好于预期而上涨，但受到沃伦·巴菲特及其投资团队在 <strong>伯克希尔哈撒韦</strong>(BRK.A 1.35%)(BRK.B 1.20%) 的影响，受到重创的天狼星获得了额外的推动，伯克希尔昨晚披露其在天狼星的持股增加。</p>
<h2>巴菲特团队试图抄底天狼星</h2>
<p>周四晚上，伯克希尔哈撒韦向证券交易委员会提交了一份 4 号表格，披露其在三只股票中的持股增加，其中天狼星是其中之一。伯克希尔通常在季度结束后 45 天披露其买卖情况，但当伯克希尔持有一家公司的股份超过 10% 时，如同天狼星，它必须立即提交文件。</p>
<p>在 12 月 17 日至 19 日之间，伯克希尔大约以 1.13 亿美元的价格累计购买了约 500 万股天狼星的股票。这一增持使伯克希尔在天狼星的总持股量达到约 1.175 亿股，占该卫星广播平台 35% 的股份，价值约 27 亿美元。</p>
<p>本月早些时候，天狼星在发布战略更新后再次受到压力，表示其收入和调整后的息税折旧摊销前利润（EBITDA）预计明年将略低于 2024 年，并且公司还在削减投资，重新聚焦于其核心汽车订阅用户。然后，当然，在周三美联储的利率决定和对 2025 年更鹰派的展望之后，我们本周经历了市场疲软。</p>
<p>这一双重打击使天狼星的股票一度跌至每股 20 美元以下，创下多年来的最低水平。就在这时，伯克希尔介入，进一步增持。</p>
<h2>你应该跟随伯克希尔哈撒韦投资天狼星吗？</h2>
<p>据认为，特德·韦克斯勒是为伯克希尔购买并管理天狼星头寸的人，但韦克斯勒无疑遵循巴菲特的价值投资方法。考虑到最近对该股票的悲观情绪，韦克斯勒似乎仍然认为天狼星 XM 的核心受众是稳定的，而最近未能找到汽车通勤以外的新受众并不是大问题。</p>
<p>如果他是对的，那么这只股票看起来确实非常便宜。即使在 2025 年略微下降的收入和 EBITDA 的新预测下，天狼星实际上预测自由现金流将从 2024 年的 10 亿美元增长到 2025 年的 11.5 亿美元，这得益于 2 亿美元的成本削减。这意味着该股票的交易价格仅为明年现金流的 7 倍。</p>
<p>关键在于天狼星 XM 能否维持其受众，或者音乐流媒体应用是否会干扰其业务。目前，伯克希尔似乎在押注天狼星能够凭借其独特的广播个性和与汽车制造商的嵌入式合作关系坚持下去。</p>

天狼星XM广播

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

<p>SiriusXM 的股价今天上涨了 12.3%，这得益于伯克希尔哈撒韦在该公司的增持。伯克希尔披露已收购约 500 万股，使其总持股量达到 1.175 亿股，占 35% 的股份。尽管最近面临挑战，包括战略更新显示收入和 EBITDA 预测下调，SiriusXM 仍预计自由现金流将实现增长。该股票目前的交易价格为明年现金流的 7 倍，伯克希尔押注于 SiriusXM 在音乐流媒体应用竞争中保持其核心受众的能力</p>

<p>Shares of <strong>SiriusXM</strong>(SIRI 12.00%) were rallying big today, up 12.3% as of 1:37 p.m. ET.</p>
<div class="lb-trans"><p><strong>天狼星 XM</strong>(SIRI 12.00%) 的股票今天大幅上涨，截至东部时间下午 1:37，上涨了 12.3%。</p>
</div><p>While most of the market was up today on the back of a better-than-feared personal consumption price index report, beaten-down Sirius got an extra oomph thanks to Warren Buffett and his investing staff at <strong>Berkshire Hathaway</strong>(BRK.A 1.35%)(BRK.B 1.20%), which disclosed an increased stake in Sirius last night.</p>
<div class="lb-trans"><p>尽管今天大部分市场因个人消费价格指数报告好于预期而上涨，但受到沃伦·巴菲特及其投资团队在 <strong>伯克希尔哈撒韦</strong>(BRK.A 1.35%)(BRK.B 1.20%) 的影响，受到重创的天狼星获得了额外的推动，伯克希尔昨晚披露其在天狼星的持股增加。</p>
</div><h2>Buffett &amp; Co. try to bottom-tick Sirius</h2>
<div class="lb-trans"><h2>巴菲特团队试图抄底天狼星</h2>
</div><p>On Thursday night, Berkshire Hathaway filed a Form 4 with the Securities and Exchange Commission, disclosing it had increased its stake in three stocks, with Sirius being one of them. Berkshire typically discloses its buys and sells 45 days after quarter-end, but when Berkshire owns more than 10% of a company, as it does with Sirius, it must issue a filing immediately.</p>
<div class="lb-trans"><p>周四晚上，伯克希尔哈撒韦向证券交易委员会提交了一份 4 号表格，披露其在三只股票中的持股增加，其中天狼星是其中之一。伯克希尔通常在季度结束后 45 天披露其买卖情况，但当伯克希尔持有一家公司的股份超过 10% 时，如同天狼星，它必须立即提交文件。</p>
</div><p>Between Dec. 17 and 19, Berkshire accumulated roughly 5 million shares of Sirius for about $113 million. This increase brought Berkshire's total holdings in Sirius to about 117.5 million shares, good for a 35% stake in the satellite radio platform worth about $2.7 billion.</p>
<div class="lb-trans"><p>在 12 月 17 日至 19 日之间，伯克希尔大约以 1.13 亿美元的价格累计购买了约 500 万股天狼星的股票。这一增持使伯克希尔在天狼星的总持股量达到约 1.175 亿股，占该卫星广播平台 35% 的股份，价值约 27 亿美元。</p>
</div><p>Sirius came under renewed pressure earlier this month after the company released a strategic update, indicating its revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) would be slightly lower next year than in 2024, and that the company was also cutting investments and refocusing the business on its core automotive subscriber. Then of course we experienced market weakness this week on top of that following Wednesday's Federal Reserve interest rate decision and more hawkish outlook for 2025.</p>
<div class="lb-trans"><p>本月早些时候，天狼星在发布战略更新后再次受到压力，表示其收入和调整后的息税折旧摊销前利润（EBITDA）预计明年将略低于 2024 年，并且公司还在削减投资，重新聚焦于其核心汽车订阅用户。然后，当然，在周三美联储的利率决定和对 2025 年更鹰派的展望之后，我们本周经历了市场疲软。</p>
</div><p>This double whammy sent Sirius' stock down a touch below $20 per share at one point, its lowest level in many years. That's when Berkshire stepped in to buy even more.</p>
<div class="lb-trans"><p>这一双重打击使天狼星的股票一度跌至每股 20 美元以下，创下多年来的最低水平。就在这时，伯克希尔介入，进一步增持。</p>
</div><h2>Should you follow Berkshire Hathaway into Sirius?</h2>
<div class="lb-trans"><h2>你应该跟随伯克希尔哈撒韦投资天狼星吗？</h2>
</div><p>It is believed that Ted Wechsler is the one that bought and is managing the Sirius position for Berkshire, but Wechsler certainly follows Buffett's value-investing approach. Given the recent pessimism in the stock, it appears Wechsler still thinks SiriusXM's core audience is intact, and that recent failed efforts to find new audiences outside auto-based commuters isn't that big of a deal.</p>
<div class="lb-trans"><p>据认为，特德·韦克斯勒是为伯克希尔购买并管理天狼星头寸的人，但韦克斯勒无疑遵循巴菲特的价值投资方法。考虑到最近对该股票的悲观情绪，韦克斯勒似乎仍然认为天狼星 XM 的核心受众是稳定的，而最近未能找到汽车通勤以外的新受众并不是大问题。</p>
</div><p>If he's right, the stock does look awfully cheap. Even with the new forecast for slight revenue and EBITDA declines in 2025, Sirius actually forecast growth in free cash flow from $1 billion in 2024 to $1.15 billion in 2025, thanks to $200 million in cost cuts. That means the stock trades at just 7 times next year's cash flow.</p>
<div class="lb-trans"><p>如果他是对的，那么这只股票看起来确实非常便宜。即使在 2025 年略微下降的收入和 EBITDA 的新预测下，天狼星实际上预测自由现金流将从 2024 年的 10 亿美元增长到 2025 年的 11.5 亿美元，这得益于 2 亿美元的成本削减。这意味着该股票的交易价格仅为明年现金流的 7 倍。</p>
</div><p>The key will be whether SiriusXM can maintain its audience, or whether music streaming apps will disrupt its business. As of now, Berkshire appears to be betting on Sirius hanging in there with its proprietary radio personalities and embedded partnerships with automakers.</p>
<div class="lb-trans"><p>关键在于天狼星 XM 能否维持其受众，或者音乐流媒体应用是否会干扰其业务。目前，伯克希尔似乎在押注天狼星能够凭借其独特的广播个性和与汽车制造商的嵌入式合作关系坚持下去。</p>
</div>

Why Sirius XM Is in Rally Mode Today

- SiriusXM 股价上涨 12.3%，受市场整体回暖及巴菲特增持影响。  
- 伯克希尔哈撒韦在 12 月 17 至 19 日间增持约 500 万股，持股总数达 1.175 亿股。  
- 尽管面临收入下滑预期，SiriusXM 仍预计 2025 年自由现金流增长。  

为什么天狼星 XM 广播今天在上涨