<p>我们最近了解到，<strong>伯克希尔哈撒韦</strong>（BRK.A 0.99%）（BRK.B 1.59%）在 2025 年第二季度再次成为净卖出股票的公司。我们尚未获得沃伦·巴菲特领导的企业所买卖的所有细节，但我们知道有数十亿美元的股票被处置。</p>
<p>在过去几年中，这一直是伯克希尔的一个持续趋势。巴菲特和他的团队已经出售了对 <strong>苹果</strong>（AAPL 0.10%）和 <strong>美国银行</strong>（BAC -0.92%）的大量投资，并减少或完全出售了其他几项主要股票头寸。我们还了解到最近出售了一些 <strong>Verisign</strong>（VRSN -0.09%）和 <strong>达维塔</strong>（DVA 1.18%）的股份。伯克希尔甚至暂时停止了回购自己的股票，这让许多投资者感到意外，因为其股价已经下跌超过 10%。</p>
<p>然而，这并不是说巴菲特和他的选股团队没有购买任何股票。事实上，有一家公司是伯克希尔持续购买的股票，而且最近又买入了更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwOTkvYnVmZmV0dDEtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwOTkvYnVmZmV0dDEtdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>巴菲特无法抗拒的股票</h2>
<p>根据最近的 SEC 文件，伯克希尔又购买了 500 万股 <strong>SiriusXM</strong>（SIRI 0.51%），花费约为 1.065 亿美元。</p>
<p>当然，这样规模的投资对于伯克希尔来说并不算巨大。实际上，这仅占公司 3440 亿美元现金储备的约 0.03%。但这尤其重要，因为伯克希尔现在拥有的卫星广播运营商的股份比例。事实上，在这项投资之后——这是一系列增持中的最新一次——伯克希尔现在拥有 Sirius 的 37% 股份。</p>
<h2>为什么巴菲特会大量购买 SiriusXM 的股票？</h2>
<p>简单来说，巴菲特之所以可能增加 SiriusXM 的股份，是因为该股票极其便宜。截至目前，SiriusXM 的交易价格仅为未来收益预期的 7 倍多。该业务非常盈利，年自由现金流超过 10 亿美元，并支付 5% 的股息收益率，且其收益能够很好地覆盖这部分支出。</p>
<p>公平地说，SiriusXM 有很多地方并不令人满意。近年来，收入和订阅用户数量都在下降，后者在 2019 年达到了峰值。过去两年，自由现金流下降了约三分之一，公司继续报告付费用户数量的减少。</p>
<p>另一方面，SiriusXM 的管理层非常清楚这个问题，并正在采取措施加以解决。值得关注的转机有两个方面：资金流出（支出）和资金流入（收入）。</p>
<p>在支出方面，SiriusXM 在成本削减方面做得非常出色，预计到今年年底将实现 2 亿美元的年化节省，并预计在 2026 年及以后将大幅减少资本支出。</p>
<p>在收入方面，SiriusXM 的领导层正在进行创新，开始见到成效。一个例子是与新车一起提供的新三年经销商销售订阅套餐（创造了付费客户，而不是传统的新车买家提供的免费试用）。此外，在一些新车中还推出了新的广告支持的免费版本，而目前 SiriusXM 的收入中仅有 2.5% 来自广告，这为其提供了巨大的增长机会。</p>
<p>总的来说，SiriusXM 相信它可以在不久的将来将自由现金流增长约 50%，并达到新的历史高点的订阅用户数量。如果它能在任何一个目标上显示出显著进展，这将对沃伦·巴菲特和公司其他股东来说是一个重大胜利。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

<p>伯克希尔哈撒韦在沃伦·巴菲特的领导下，继续增持 SiriusXM 的股份，最近以约 1.065 亿美元收购了 500 万股，将其持股比例提高至 37%。尽管在 2025 年第二季度成为股票的净卖方，巴菲特仍然看好 SiriusXM，该公司目前的交易价格超过前瞻性收益的 7 倍，并提供 5% 的股息收益率。尽管公司面临收入和用户减少等挑战，但正在实施成本削减和创新的收入策略，目标是在未来实现自由现金流和用户增长的 50% 增长</p>

<p>We recently learned that <strong>Berkshire Hathaway</strong>(BRK.A 0.99%) (BRK.B 1.59%) was yet again a net seller of stocks in the second quarter of 2025. We don't yet have all the details about what the Warren Buffett-led conglomerate bought and sold, but we know that several billion dollars' worth of stocks were disposed of.</p>
<div class="lb-trans"><p>我们最近了解到，<strong>伯克希尔哈撒韦</strong>（BRK.A 0.99%）（BRK.B 1.59%）在 2025 年第二季度再次成为净卖出股票的公司。我们尚未获得沃伦·巴菲特领导的企业所买卖的所有细节，但我们知道有数十亿美元的股票被处置。</p>
</div><p>This has been an ongoing trend for Berkshire over the past couple of years. Buffett and his team have unloaded significant portions of the massive investments in <strong>Apple</strong>(AAPL 0.10%) and <strong>Bank of America</strong>(BAC -0.92%) and have reduced or completely sold several other major stock positions. We also learned of recent dispositions of some <strong>Verisign</strong>(VRSN -0.09%) and <strong>DaVita</strong>(DVA 1.18%) shares. Berkshire has even stopped buying back its own shares for the time being, which came as a surprise to many investors after a decline of more than 10% in its share price.</p>
<div class="lb-trans"><p>在过去几年中，这一直是伯克希尔的一个持续趋势。巴菲特和他的团队已经出售了对 <strong>苹果</strong>（AAPL 0.10%）和 <strong>美国银行</strong>（BAC -0.92%）的大量投资，并减少或完全出售了其他几项主要股票头寸。我们还了解到最近出售了一些 <strong>Verisign</strong>（VRSN -0.09%）和 <strong>达维塔</strong>（DVA 1.18%）的股份。伯克希尔甚至暂时停止了回购自己的股票，这让许多投资者感到意外，因为其股价已经下跌超过 10%。</p>
</div><p>However, this isn't to say that Buffett and his stock pickers aren't buying any stocks. In fact, there's one company whose stock Berkshire has continued to buy, and it recently bought even more.</p>
<div class="lb-trans"><p>然而，这并不是说巴菲特和他的选股团队没有购买任何股票。事实上，有一家公司是伯克希尔持续购买的股票，而且最近又买入了更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwOTkvYnVmZmV0dDEtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828099%2Fbuffett1-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>A stock Warren Buffett can't get enough of</h2>
<div class="lb-trans"><h2>巴菲特无法抗拒的股票</h2>
</div><p>According to recent SEC filings, Berkshire bought another 5 million shares of <strong>SiriusXM</strong>(SIRI 0.51%) for a cost of about $106.5 million.</p>
<div class="lb-trans"><p>根据最近的 SEC 文件，伯克希尔又购买了 500 万股 <strong>SiriusXM</strong>（SIRI 0.51%），花费约为 1.065 亿美元。</p>
</div><p>Of course, an investment of this size isn't exactly massive for Berkshire. In fact, it represents about 0.03% of the company's $344 billion cash stockpile. But it's especially significant because of how much of the satellite radio operator Berkshire owns now. In fact, after this investment -- which is just the latest in a series of additions -- Berkshire now owns 37% of Sirius.</p>
<div class="lb-trans"><p>当然，这样规模的投资对于伯克希尔来说并不算巨大。实际上，这仅占公司 3440 亿美元现金储备的约 0.03%。但这尤其重要，因为伯克希尔现在拥有的卫星广播运营商的股份比例。事实上，在这项投资之后——这是一系列增持中的最新一次——伯克希尔现在拥有 Sirius 的 37% 股份。</p>
</div><h2>Why has Buffett loaded up on SiriusXM stock?</h2>
<div class="lb-trans"><h2>为什么巴菲特会大量购买 SiriusXM 的股票？</h2>
</div><p>The short explanation is that Buffett most likely added more shares of SiriusXM because the stock is extremely cheap. As of this writing, SiriusXM trades for just over 7 times forward earnings estimates. The business is highly profitable, with over $1 billion in annual free cash flow, and pays a 5% dividend yield that is well covered by its earnings.</p>
<div class="lb-trans"><p>简单来说，巴菲特之所以可能增加 SiriusXM 的股份，是因为该股票极其便宜。截至目前，SiriusXM 的交易价格仅为未来收益预期的 7 倍多。该业务非常盈利，年自由现金流超过 10 亿美元，并支付 5% 的股息收益率，且其收益能够很好地覆盖这部分支出。</p>
</div><p>To be fair, there's a lot <em>not</em> to like about SiriusXM. Revenue has fallen in recent years, as has the subscriber base, which peaked way back in 2019. Free cash flow has declined by about one-third in the past two years, and the company continues to report a declining number of paid subscribers.</p>
<div class="lb-trans"><p>公平地说，SiriusXM 有很多地方并不令人满意。近年来，收入和订阅用户数量都在下降，后者在 2019 年达到了峰值。过去两年，自由现金流下降了约三分之一，公司继续报告付费用户数量的减少。</p>
</div><p>On the other hand, SiriusXM's management is well aware of the problem and is taking steps to fix it. And there are two components to a turnaround that are worth watching: money flowing out (expenses) and money flowing in (revenue).</p>
<div class="lb-trans"><p>另一方面，SiriusXM 的管理层非常清楚这个问题，并正在采取措施加以解决。值得关注的转机有两个方面：资金流出（支出）和资金流入（收入）。</p>
</div><p>On the expense side of the equation, SiriusXM has done an excellent job of cost reductions and is on track to achieve $200 million in run-rate savings by the end of this year, with significant capex reductions expected in 2026 and beyond.</p>
<div class="lb-trans"><p>在支出方面，SiriusXM 在成本削减方面做得非常出色，预计到今年年底将实现 2 亿美元的年化节省，并预计在 2026 年及以后将大幅减少资本支出。</p>
</div><p>When it comes to revenue, SiriusXM's leaders are getting creative, and it's starting to pay off. One example is the new three-year dealer-sold subscription package available with new vehicles (creating a paid customer as opposed to the traditional free trial given to new vehicle buyers). There's also a new ad-supported free version of its service available in some new vehicles, and with just 2.5% of SiriusXM's revenue coming from ads today, this is a massive growth opportunity.</p>
<div class="lb-trans"><p>在收入方面，SiriusXM 的领导层正在进行创新，开始见到成效。一个例子是与新车一起提供的新三年经销商销售订阅套餐（创造了付费客户，而不是传统的新车买家提供的免费试用）。此外，在一些新车中还推出了新的广告支持的免费版本，而目前 SiriusXM 的收入中仅有 2.5% 来自广告，这为其提供了巨大的增长机会。</p>
</div><p>In all, SiriusXM believes it can grow free cash flow by about 50% in the not-too-distant future and reach a new all-time high for subscribers. If it can show significant progress toward either goal, it could be a major win for Warren Buffett and the rest of the company's shareholders.</p>
<div class="lb-trans"><p>总的来说，SiriusXM 相信它可以在不久的将来将自由现金流增长约 50%，并达到新的历史高点的订阅用户数量。如果它能在任何一个目标上显示出显著进展，这将对沃伦·巴菲特和公司其他股东来说是一个重大胜利。</p>
</div>

Warren Buffett Just Bought Even More of This Dirt-Cheap Stock

- 伯克希尔哈撒韦在 2025 年第二季度再次成为净卖出股票的公司。  
- 该公司出售了数十亿美元的股票，包括苹果和美国银行的部分股份。  
- 伯克希尔继续增持 SiriusXM 股票，目前持有 37% 的股份，因其估值便宜且现金流稳定。  

沃伦·巴菲特刚刚增持了这种极为廉价的股票