<p>沃伦·巴菲特最近宣布退休，辞去 <strong>伯克希尔哈撒韦</strong>(BRK.A 1.53%)(BRK.B 1.31%) 的首席执行官职务。这位奥马哈的先知无疑是以高昂的姿态告别，2024 年他出售了大量获利股票，巩固了他作为有史以来最伟大投资者的记录。</p>
<p>然而，伯克希尔去年并不仅仅是在出售股票。巴菲特和他的投资团队还增加了一些持股，使这些购买更加引人注目。其中两个新增持股是 <strong>天狼星 XM</strong>(SIRI 1.79%) 和 <strong>威瑞信</strong>(VRSN 0.57%)。</p>
<p>那么，今天哪个巴菲特的持股看起来更具吸引力呢？</p>
<h2>巴菲特为何看好这两家公司</h2>
<p>巴菲特可能被这些公司的经济 “护城河” 和相对稳定的订阅收入所吸引。鉴于它们的护城河，天狼星 XM 和威瑞信的收入来源具有高利润率，使得每个管理团队能够通过股票回购和分红向股东返还资本。</p>
<p>威瑞信是所有.com 和.net 互联网地址的官方注册机构，并运营全球互联网的 13 个核心根区中的两个。这是一个强大的垄断，所有.com 和.net 的 IP 地址每月都必须向威瑞信支付订阅费。</p>
<p>天狼星 XM 在某种程度上也是垄断的。它是唯一的卫星广播公司，主要服务于汽车客户。与 AM 或 FM 电台不同，天狼星 XM 的技术能够提供更多的频道，涵盖广泛的音乐、体育和谈话/新闻内容，满足客户需求。其高端产品和独家内容吸引了高净值人士和家庭。</p>
<p>然而，流媒体的出现在一定程度上侵蚀了天狼星 XM 的护城河，促使公司采取了一些对策。</p>
<h2>收入轨迹呈现相反方向</h2>
<p>如前所述，天狼星 XM 的收入来源面临的阻力比威瑞信更大。</p>
<p>尽管最近一个季度.com 和.net 域名的总数略有下降，但威瑞信由于合同允许的价格上涨，能够实现收入增长。因此，上个季度收入增长了 4.7%。</p>
<p>威瑞信的好消息是，它预计自疫情高峰后持续出现的域名下降趋势将在今年减缓，甚至可能转为正增长。威瑞信还刚刚与互联网名称与数字地址分配机构（ICANN）和国家电信和信息管理局（NTIA）签署了一份新的六年合同，这将使其在未来六年内保持垄断地位。重要的是，与上一个合同一样，威瑞信将在合同的最后四年内能够将.com 的价格提高至 7%。</p>
<p>因此，随着合同的续签、域名周期可能的转变以及未来几年的价格上涨，威瑞信看起来是一个在多年的时间里能够超过 GDP 增长的良好投资。</p>
<p>另一方面，自 2022 年第四季度以来，天狼星 XM 的订阅用户和收入都出现了下降，当时利率的上升影响了消费者和汽车需求。值得注意的是，天狼星通过汽车制造商支付的试用期吸引了大量客户，作为潜在购车者的福利。当这些试用期结束后，买家必须决定是否订阅。</p>
<p>因此，随着新车销售的放缓，天狼星 XM 的主要营销渠道也随之减弱。再加上现代汽车能够连接智能手机并播放互联网流媒体电台，这又是一个阻力。</p>
<p>上个季度，天狼星 XM 的订阅用户数量下降了 1.7%，而其 Pandora 业务也下降了 4.8%，导致收入下降了 4.3%。然而，天狼星 XM 的流失率在过去一年中实际上有所改善，从 1.7% 降至 1.6%。因此，这一下降可能主要归因于新客户的引入减缓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgzMjcvZ2V0dHlpbWFnZXMtODc5OTQ5MjY4LTMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgzMjcvZ2V0dHlpbWFnZXMtODc5OTQ5MjY4LTMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>反转计划</h2>
<p>这两家公司最近都采取了一些新计划来重振增长，尽管显然天狼星 XM 的计划更为复杂。</p>
<p>最近，天狼星 XM 简化了其目标，更加专注于其核心的车载受众，而不是在车外扩展其应用，因为那些非汽车订阅者的可靠性较低。</p>
<p>该公司还重新聚焦于其高端客户，为核心订阅增加更多内容和价值，同时在 3 月份实施了价格上涨。令人鼓舞的是，管理层表示，尽管价格上涨，但由于提供了更高的价值，流失率实际上有所降低。</p>
<p>天狼星 XM 还希望通过推出新的低价但支持广告的层级，吸引低收入客户，提供简化的频道选项。这一计划刚刚推出，但它也可能成为增长的催化剂，就像低价、支持广告的层级对 <strong>Netflix</strong> 的推动一样。</p>
<p>与此相辅相成的是天狼星 XM 与汽车制造商达成的新协议，针对 2026 年车型，以及对二手车买家的更好定位能力。在之前的几年中，天狼星 XM 对二手车销售的接触较少，因此无法接触到这些新车主。因此，这一新能力应该在 2026 年增强市场覆盖，并在新车销售下滑的情况下为公司提供一定保护。</p>
<p>尽管上个季度出现了下降，天狼星 XM 重申了其对 2025 年收入、调整后的 EBITDA 和自由现金流的目标。管理层看到与去年同期相比，订阅用户的损失有所减缓，这表明其反转努力可能正在取得成效。</p>
<p>对于威瑞信的反转策略以提升域名数量，它最近与零售注册商合作，以增强客户获取能力。在过去几年中，注册商减少了广告支出，而是精简成本并提高价格。但威瑞信现在正与其下游合作伙伴合作，开展更多的营销项目，以刺激域名增长。该计划似乎正在奏效，威瑞信因此提高了 2025 年的指导预期。</p>
<h2>估值差距巨大</h2>
<p>VeriSign 的新合同、最近的业绩指引上调以及首次派发股息使得该股票在今年大幅上涨。2025 年上涨了 33.3%。与此同时，Sirius XM 在经历了艰难的 2024 年后，2025 年又下跌了 2.2%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d20bd1baa85cfe5ded5da1ee2d8b4815.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d20bd1baa85cfe5ded5da1ee2d8b4815.png"/></p>
<p>VRSN 年初至今总回报（每日）数据来自 YCharts。</p>
<p>这显然导致了估值的巨大差异。VeriSign 的市盈率为今年盈利预期的 31 倍，前瞻性股息收益率为 1.1%；而 Sirius XM 的市盈率仅为今年盈利预期的 7.6 倍，股息收益率为 5%。</p>
<p>虽然 Sirius XM 看起来是更大的便宜货，但投资者也应意识到其债务负担较重，约为 105 亿美元，或调整后 EBITDA 的 3.8 倍。如此高的债务负担以及其业务仍在出现收入下降，这是一种风险组合。</p>
<h2>判决</h2>
<p>在这两只巴菲特股票之间的选择取决于个人的风险承受能力，以及对 Sirius XM 的转型计划是否能够成功的信念。</p>
<p>我更关注 Sirius XM 的潜在上行空间，因为其估值处于低谷，并且随着利率下降，情况似乎正在变得 “好转”。实际上，即使 Sirius XM 仅能维持当前的利润，考虑到其 14% 的收益率，股票也可能表现良好。VeriSign 表现相当不错，但其估值似乎反映了今天的强劲表现。因此，Sirius XM 在被压制的情况下有更大的上行潜力。</p>
<p>然而，Sirius XM 也面临更高的风险，因为其转型努力可能不会成功。因此，尽管今天它是我个人的选择，我在多元化投资组合中也会谨慎考虑其配置权重，以防最坏情况的出现。</p>

威瑞信

天狼星XM广播

<p>沃伦·巴菲特辞去伯克希尔哈撒韦首席执行官一职，引发了人们对他最近股票购买的关注，特别是对天狼星 XM 和威瑞信的投资。这两家公司都拥有强大的经济护城河和稳定的收入来源。威瑞信凭借其对.com 和.net 域名的垄断，因价格上涨和一份新的六年合同而实现了收入增长，而天狼星 XM 则在流媒体服务的竞争中面临用户流失。两家公司都在实施策略以促进增长，天狼星 XM 专注于其核心汽车受众，并推出低价套餐以吸引新客户</p>

<p>Warren Buffett recently announced his retirement as CEO of <strong>Berkshire Hathaway</strong>(BRK.A 1.53%)(BRK.B 1.31%). The Oracle of Omaha is certainly going out on a high note, having sold a large number of winning stocks in 2024, cementing his record as the greatest investor of all time.</p>
<div class="lb-trans"><p>沃伦·巴菲特最近宣布退休，辞去 <strong>伯克希尔哈撒韦</strong>(BRK.A 1.53%)(BRK.B 1.31%) 的首席执行官职务。这位奥马哈的先知无疑是以高昂的姿态告别，2024 年他出售了大量获利股票，巩固了他作为有史以来最伟大投资者的记录。</p>
</div><p>Yet Berkshire wasn't only selling stocks last year. Buffett and his investment team also added to certain holdings, making those buys all the more intriguing. Two such adds were <strong>Sirius XM</strong>(SIRI 1.79%) and <strong>VeriSign</strong>(VRSN 0.57%).</p>
<div class="lb-trans"><p>然而，伯克希尔去年并不仅仅是在出售股票。巴菲特和他的投资团队还增加了一些持股，使这些购买更加引人注目。其中两个新增持股是 <strong>天狼星 XM</strong>(SIRI 1.79%) 和 <strong>威瑞信</strong>(VRSN 0.57%)。</p>
</div><p>Today, which Buffett holding looks like the better buy?</p>
<div class="lb-trans"><p>那么，今天哪个巴菲特的持股看起来更具吸引力呢？</p>
</div><h2>Why Buffett likes these two companies</h2>
<div class="lb-trans"><h2>巴菲特为何看好这两家公司</h2>
</div><p>Likely, what attracts Buffett to these companies are their economic &#34;moats&#34; and recurring, somewhat dependable subscription revenue. Given their moats, Sirius XM's and VeriSign's revenue streams come at high margins, enabling each management team to return capital to shareholders through share repurchases and dividends.</p>
<div class="lb-trans"><p>巴菲特可能被这些公司的经济 “护城河” 和相对稳定的订阅收入所吸引。鉴于它们的护城河，天狼星 XM 和威瑞信的收入来源具有高利润率，使得每个管理团队能够通过股票回购和分红向股东返还资本。</p>
</div><p>VeriSign is the official registry of all .com and .net internet addresses, and operates two of the 13 core root zones for the global internet. That's a powerful monopoly, by which all .com and .net IP addresses must pay VeriSign a subscription fee every month.</p>
<div class="lb-trans"><p>威瑞信是所有.com 和.net 互联网地址的官方注册机构，并运营全球互联网的 13 个核心根区中的两个。这是一个强大的垄断，所有.com 和.net 的 IP 地址每月都必须向威瑞信支付订阅费。</p>
</div><p>Sirius XM is somewhat monopolistic as well. It's the only satellite radio company, and primarily serves automotive customers. As opposed to AM or FM stations, Sirius XM's technology enables many more channels across a wide range of music, sports, and talk/news to be delivered to its customers. Its premium offerings and exclusive content appeal to high-net-worth people and families.</p>
<div class="lb-trans"><p>天狼星 XM 在某种程度上也是垄断的。它是唯一的卫星广播公司，主要服务于汽车客户。与 AM 或 FM 电台不同，天狼星 XM 的技术能够提供更多的频道，涵盖广泛的音乐、体育和谈话/新闻内容，满足客户需求。其高端产品和独家内容吸引了高净值人士和家庭。</p>
</div><p>However, the advent of streaming has somewhat penetrated Sirius XM's moat, prompting the company to take some countermeasures.</p>
<div class="lb-trans"><p>然而，流媒体的出现在一定程度上侵蚀了天狼星 XM 的护城河，促使公司采取了一些对策。</p>
</div><h2>Revenue trajectories are going in opposite directions</h2>
<div class="lb-trans"><h2>收入轨迹呈现相反方向</h2>
</div><p>As noted, Sirius XM's revenue stream is facing more headwinds than VeriSign's.</p>
<div class="lb-trans"><p>如前所述，天狼星 XM 的收入来源面临的阻力比威瑞信更大。</p>
</div><p>Although the total number of .com and .net domain names declined slightly in its recent quarter, VeriSign has been able to grow revenue due to contractually allowed price increases for .com and .net. So, revenue grew 4.7% last quarter.</p>
<div class="lb-trans"><p>尽管最近一个季度.com 和.net 域名的总数略有下降，但威瑞信由于合同允许的价格上涨，能够实现收入增长。因此，上个季度收入增长了 4.7%。</p>
</div><p>The good news for VeriSign is that it expects the domain name declines, which have been occurring since after the pandemic's height, to lessen this year, and perhaps turn positive. VeriSign also just signed a new six-year contract with the Internet Corporation for Assigned Names and Numbers (ICANN) and the National Telecommunications and Information Administration (NTIA), which will enable it to retain its monopoly for another six years. Importantly, as with the last contract, VeriSign will be able to raise .com prices up to 7% in each of the last four years of the contract.</p>
<div class="lb-trans"><p>威瑞信的好消息是，它预计自疫情高峰后持续出现的域名下降趋势将在今年减缓，甚至可能转为正增长。威瑞信还刚刚与互联网名称与数字地址分配机构（ICANN）和国家电信和信息管理局（NTIA）签署了一份新的六年合同，这将使其在未来六年内保持垄断地位。重要的是，与上一个合同一样，威瑞信将在合同的最后四年内能够将.com 的价格提高至 7%。</p>
</div><p>So with the contract renewal, the domain name cycle potentially turning, and price increases in the out years, VeriSign looks like a good bet to grow higher than GDP over a multi-year period.</p>
<div class="lb-trans"><p>因此，随着合同的续签、域名周期可能的转变以及未来几年的价格上涨，威瑞信看起来是一个在多年的时间里能够超过 GDP 增长的良好投资。</p>
</div><p>Sirius XM, on the other hand, has seen subscriber and revenue declines since the fourth quarter of 2022, when interest rate increases bit into consumer and auto demand. Of note, Sirius onboards a lot of customers through trials paid for by automakers, as a perk to prospective car buyers. When those trials run out, the buyer then has to decide whether to subscribe.</p>
<div class="lb-trans"><p>另一方面，自 2022 年第四季度以来，天狼星 XM 的订阅用户和收入都出现了下降，当时利率的上升影响了消费者和汽车需求。值得注意的是，天狼星通过汽车制造商支付的试用期吸引了大量客户，作为潜在购车者的福利。当这些试用期结束后，买家必须决定是否订阅。</p>
</div><p>So, as new car sales slowed, so did Sirius XM's main marketing channel. Combine that with modern cars being able to connect with smartphones and play internet streaming stations, and that's another headwind.</p>
<div class="lb-trans"><p>因此，随着新车销售的放缓，天狼星 XM 的主要营销渠道也随之减弱。再加上现代汽车能够连接智能手机并播放互联网流媒体电台，这又是一个阻力。</p>
</div><p>Last quarter, Sirius XM's subscriber count declined by 1.7%, and its Pandora segment saw a 4.8% decline, leading to 4.3% revenue decline. However, Sirius XM's churn rate actually improved over the past year, from 1.7% to 1.6%. So, the decline can likely be attributed to dampened new customer onboarding.</p>
<div class="lb-trans"><p>上个季度，天狼星 XM 的订阅用户数量下降了 1.7%，而其 Pandora 业务也下降了 4.8%，导致收入下降了 4.3%。然而，天狼星 XM 的流失率在过去一年中实际上有所改善，从 1.7% 降至 1.6%。因此，这一下降可能主要归因于新客户的引入减缓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgzMjcvZ2V0dHlpbWFnZXMtODc5OTQ5MjY4LTMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818327%2Fgettyimages-879949268-3.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Turnaround plans</h2>
<div class="lb-trans"><h2>反转计划</h2>
</div><p>Both companies have recently undertaken some new plans to reinvigorate growth, although Sirius XM's is more involved, obviously.</p>
<div class="lb-trans"><p>这两家公司最近都采取了一些新计划来重振增长，尽管显然天狼星 XM 的计划更为复杂。</p>
</div><p>Recently, Sirius XM streamlined its ambitions to focus harder on its core in-vehicle audience, rather than grow its app outside the vehicle, as those non-auto subscribers proved less reliable.</p>
<div class="lb-trans"><p>最近，天狼星 XM 简化了其目标，更加专注于其核心的车载受众，而不是在车外扩展其应用，因为那些非汽车订阅者的可靠性较低。</p>
</div><p>The company is also refocusing on its premium customers, adding more content and value to the core subscription, while also implementing a price increase in March. Encouragingly, management said it had actually seen reduced churn even as prices rose, due to the increased value provided.</p>
<div class="lb-trans"><p>该公司还重新聚焦于其高端客户，为核心订阅增加更多内容和价值，同时在 3 月份实施了价格上涨。令人鼓舞的是，管理层表示，尽管价格上涨，但由于提供了更高的价值，流失率实际上有所降低。</p>
</div><p>Sirius XM is also looking to attract lower-income customers through a new low-priced but ad-supported tier, with stripped-down channel options. That's just being rolled out, but it could also be a catalyst for growth, in the same way a low-priced, ad-supported tier has been a boon for <strong>Netflix</strong>.</p>
<div class="lb-trans"><p>天狼星 XM 还希望通过推出新的低价但支持广告的层级，吸引低收入客户，提供简化的频道选项。这一计划刚刚推出，但它也可能成为增长的催化剂，就像低价、支持广告的层级对 <strong>Netflix</strong> 的推动一样。</p>
</div><p>Complementing this are Sirius XM's new deals with automakers for 2026 models, as well as better targeting capabilities for used vehicle buyers. In prior years, Sirius XM didn't have as much access to used vehicle sales -- and, therefore, to the ability to reach those new owners. So, that newer capability should enhance marketing coverage in 2026 and protect the company somewhat in case of a downturn in new auto sales.</p>
<div class="lb-trans"><p>与此相辅相成的是天狼星 XM 与汽车制造商达成的新协议，针对 2026 年车型，以及对二手车买家的更好定位能力。在之前的几年中，天狼星 XM 对二手车销售的接触较少，因此无法接触到这些新车主。因此，这一新能力应该在 2026 年增强市场覆盖，并在新车销售下滑的情况下为公司提供一定保护。</p>
</div><p>Despite the declines last quarter, Sirius XM reiterated its 2025 targets for revenue, adjusted EBITDA, and free cash flow. Management saw subscriber losses moderating compared with the year-ago quarter, which indicated its turnaround efforts may be taking hold.</p>
<div class="lb-trans"><p>尽管上个季度出现了下降，天狼星 XM 重申了其对 2025 年收入、调整后的 EBITDA 和自由现金流的目标。管理层看到与去年同期相比，订阅用户的损失有所减缓，这表明其反转努力可能正在取得成效。</p>
</div><p>For VeriSign's turnaround strategy to boost domain names, it has recently been working with retail registrars to enhance customer acquisition. Over the past few years, registrars had pulled back on advertising, instead streamlining costs and increasing prices. But VeriSign is now working with its downstream partners on more marketing programs in order to spur domain name growth. The plan appears to be working, as VeriSign increased its 2025 guidance as a result.</p>
<div class="lb-trans"><p>对于威瑞信的反转策略以提升域名数量，它最近与零售注册商合作，以增强客户获取能力。在过去几年中，注册商减少了广告支出，而是精简成本并提高价格。但威瑞信现在正与其下游合作伙伴合作，开展更多的营销项目，以刺激域名增长。该计划似乎正在奏效，威瑞信因此提高了 2025 年的指导预期。</p>
</div><h2>A huge gap in valuation</h2>
<div class="lb-trans"><h2>估值差距巨大</h2>
</div><p>VeriSign's new contract, the recent guidance raise, and the initiation of its first-ever dividend have catapulted the stock this year. It's up 33.3% for 2025. Meanwhile, Sirius XM, after enduring a difficult 2024, is down another 2.2% for 2025.</p>
<div class="lb-trans"><p>VeriSign 的新合同、最近的业绩指引上调以及首次派发股息使得该股票在今年大幅上涨。2025 年上涨了 33.3%。与此同时，Sirius XM 在经历了艰难的 2024 年后，2025 年又下跌了 2.2%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d20bd1baa85cfe5ded5da1ee2d8b4815.png" alt="" original-src="https://media.ycharts.com/charts/d20bd1baa85cfe5ded5da1ee2d8b4815.png"/></p>
<p>VRSN Year to Date Total Returns (Daily) data by YCharts.</p>
<div class="lb-trans"><p>VRSN 年初至今总回报（每日）数据来自 YCharts。</p>
</div><p>That has obviously led to a wide discrepancy in valuation. VeriSign is coming in at 31 times this year's earnings estimates, with a forward dividend yield of 1.1%, whereas Sirius XM trades at just 7.6 times this year's earnings estimates, with a dividend yield of 5%.</p>
<div class="lb-trans"><p>这显然导致了估值的巨大差异。VeriSign 的市盈率为今年盈利预期的 31 倍，前瞻性股息收益率为 1.1%；而 Sirius XM 的市盈率仅为今年盈利预期的 7.6 倍，股息收益率为 5%。</p>
</div><p>While Sirius XM seems like the bigger bargain, investors should also be aware that it has a higher debt load of about $10.5 billion, or 3.8 times adjusted EBITDA. With that high a debt load and its business still showing revenue declines, that's a risky combination.</p>
<div class="lb-trans"><p>虽然 Sirius XM 看起来是更大的便宜货，但投资者也应意识到其债务负担较重，约为 105 亿美元，或调整后 EBITDA 的 3.8 倍。如此高的债务负担以及其业务仍在出现收入下降，这是一种风险组合。</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>判决</h2>
</div><p>The decision between these two Buffett stocks depends on one's risk appetite, and one's belief as to whether or not Sirius XM's turnaround plan will work.</p>
<div class="lb-trans"><p>在这两只巴菲特股票之间的选择取决于个人的风险承受能力，以及对 Sirius XM 的转型计划是否能够成功的信念。</p>
</div><p>I'm more interested in Sirius XM's potential upside due to its bargain basement valuation, and the appearance that things may be getting &#34;less bad&#34; as interest rates come down. Actually, even if Sirius XM just manages to maintain its current profits, the stock could do well, given its 14% earnings yield. VeriSign is performing quite well, but its valuation appears to reflect that strength today. So, there's much more upside potential in the beaten-down Sirius XM.</p>
<div class="lb-trans"><p>我更关注 Sirius XM 的潜在上行空间，因为其估值处于低谷，并且随着利率下降，情况似乎正在变得 “好转”。实际上，即使 Sirius XM 仅能维持当前的利润，考虑到其 14% 的收益率，股票也可能表现良好。VeriSign 表现相当不错，但其估值似乎反映了今天的强劲表现。因此，Sirius XM 在被压制的情况下有更大的上行潜力。</p>
</div><p>However, Sirius XM also has much higher risk, as its turnaround efforts may not work. So even though it would be my personal choice today, I'd also be careful with the allocation's weighting in a diversified portfolio, in case the worst-case scenario emerges.</p>
<div class="lb-trans"><p>然而，Sirius XM 也面临更高的风险，因为其转型努力可能不会成功。因此，尽管今天它是我个人的选择，我在多元化投资组合中也会谨慎考虑其配置权重，以防最坏情况的出现。</p>
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目前最值得购买的巴菲特股票：天狼星 XM 广播与威瑞信