<p>沃倫·巴菲特最近宣佈退休，辭去 <strong>伯克希爾哈撒韋</strong>(BRK.A 1.53%)(BRK.B 1.31%) 的首席執行官職務。這位奧馬哈的先知無疑是以高昂的姿態告別，2024 年他出售了大量獲利股票，鞏固了他作為有史以來最偉大投資者的記錄。</p>
<p>然而，伯克希爾去年並不僅僅是在出售股票。巴菲特和他的投資團隊還增加了一些持股，使這些購買更加引人注目。其中兩個新增持股是 <strong>天狼星 XM</strong>(SIRI 1.79%) 和 <strong>威瑞信</strong>(VRSN 0.57%)。</p>
<p>那麼，今天哪個巴菲特的持股看起來更具吸引力呢？</p>
<h2>巴菲特為何看好這兩家公司</h2>
<p>巴菲特可能被這些公司的經濟 “護城河” 和相對穩定的訂閲收入所吸引。鑑於它們的護城河，天狼星 XM 和威瑞信的收入來源具有高利潤率，使得每個管理團隊能夠通過股票回購和分紅向股東返還資本。</p>
<p>威瑞信是所有.com 和.net 互聯網地址的官方註冊機構，並運營全球互聯網的 13 個核心根區中的兩個。這是一個強大的壟斷，所有.com 和.net 的 IP 地址每月都必須向威瑞信支付訂閲費。</p>
<p>天狼星 XM 在某種程度上也是壟斷的。它是唯一的衞星廣播公司，主要服務於汽車客户。與 AM 或 FM 電台不同，天狼星 XM 的技術能夠提供更多的頻道，涵蓋廣泛的音樂、體育和談話/新聞內容，滿足客户需求。其高端產品和獨家內容吸引了高淨值人士和家庭。</p>
<p>然而，流媒體的出現在一定程度上侵蝕了天狼星 XM 的護城河，促使公司採取了一些對策。</p>
<h2>收入軌跡呈現相反方向</h2>
<p>如前所述，天狼星 XM 的收入來源面臨的阻力比威瑞信更大。</p>
<p>儘管最近一個季度.com 和.net 域名的總數略有下降，但威瑞信由於合同允許的價格上漲，能夠實現收入增長。因此，上個季度收入增長了 4.7%。</p>
<p>威瑞信的好消息是，它預計自疫情高峰後持續出現的域名下降趨勢將在今年減緩，甚至可能轉為正增長。威瑞信還剛剛與互聯網名稱與數字地址分配機構（ICANN）和國家電信和信息管理局（NTIA）簽署了一份新的六年合同，這將使其在未來六年內保持壟斷地位。重要的是，與上一個合同一樣，威瑞信將在合同的最後四年內能夠將.com 的價格提高至 7%。</p>
<p>因此，隨着合同的續簽、域名週期可能的轉變以及未來幾年的價格上漲，威瑞信看起來是一個在多年的時間裏能夠超過 GDP 增長的良好投資。</p>
<p>另一方面，自 2022 年第四季度以來，天狼星 XM 的訂閲用户和收入都出現了下降，當時利率的上升影響了消費者和汽車需求。值得注意的是，天狼星通過汽車製造商支付的試用期吸引了大量客户，作為潛在購車者的福利。當這些試用期結束後，買家必須決定是否訂閲。</p>
<p>因此，隨着新車銷售的放緩，天狼星 XM 的主要營銷渠道也隨之減弱。再加上現代汽車能夠連接智能手機並播放互聯網流媒體電台，這又是一個阻力。</p>
<p>上個季度，天狼星 XM 的訂閲用户數量下降了 1.7%，而其 Pandora 業務也下降了 4.8%，導致收入下降了 4.3%。然而，天狼星 XM 的流失率在過去一年中實際上有所改善，從 1.7% 降至 1.6%。因此，這一下降可能主要歸因於新客户的引入減緩。</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>圖片來源：Getty Images。</p>
<h2>反轉計劃</h2>
<p>這兩家公司最近都採取了一些新計劃來重振增長，儘管顯然天狼星 XM 的計劃更為複雜。</p>
<p>最近，天狼星 XM 簡化了其目標，更加專注於其核心的車載受眾，而不是在車外擴展其應用，因為那些非汽車訂閲者的可靠性較低。</p>
<p>該公司還重新聚焦於其高端客户，為核心訂閲增加更多內容和價值，同時在 3 月份實施了價格上漲。令人鼓舞的是，管理層表示，儘管價格上漲，但由於提供了更高的價值，流失率實際上有所降低。</p>
<p>天狼星 XM 還希望通過推出新的低價但支持廣告的層級，吸引低收入客户，提供簡化的頻道選項。這一計劃剛剛推出，但它也可能成為增長的催化劑，就像低價、支持廣告的層級對 <strong>Netflix</strong> 的推動一樣。</p>
<p>與此相輔相成的是天狼星 XM 與汽車製造商達成的新協議，針對 2026 年車型，以及對二手車買家的更好定位能力。在之前的幾年中，天狼星 XM 對二手車銷售的接觸較少，因此無法接觸到這些新車主。因此，這一新能力應該在 2026 年增強市場覆蓋，並在新車銷售下滑的情況下為公司提供一定保護。</p>
<p>儘管上個季度出現了下降，天狼星 XM 重申了其對 2025 年收入、調整後的 EBITDA 和自由現金流的目標。管理層看到與去年同期相比，訂閲用户的損失有所減緩，這表明其反轉努力可能正在取得成效。</p>
<p>對於威瑞信的反轉策略以提升域名數量，它最近與零售註冊商合作，以增強客户獲取能力。在過去幾年中，註冊商減少了廣告支出，而是精簡成本並提高價格。但威瑞信現在正與其下游合作伙伴合作，開展更多的營銷項目，以刺激域名增長。該計劃似乎正在奏效，威瑞信因此提高了 2025 年的指導預期。</p>
<h2>估值差距巨大</h2>
<p>VeriSign 的新合同、最近的業績指引上調以及首次派發股息使得該股票在今年大幅上漲。2025 年上漲了 33.3%。與此同時，Sirius XM 在經歷了艱難的 2024 年後，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 年初至今總回報（每日）數據來自 YCharts。</p>
<p>這顯然導致了估值的巨大差異。VeriSign 的市盈率為今年盈利預期的 31 倍，前瞻性股息收益率為 1.1%；而 Sirius XM 的市盈率僅為今年盈利預期的 7.6 倍，股息收益率為 5%。</p>
<p>雖然 Sirius XM 看起來是更大的便宜貨，但投資者也應意識到其債務負擔較重，約為 105 億美元，或調整後 EBITDA 的 3.8 倍。如此高的債務負擔以及其業務仍在出現收入下降，這是一種風險組合。</p>
<h2>判決</h2>
<p>在這兩隻巴菲特股票之間的選擇取決於個人的風險承受能力，以及對 Sirius XM 的轉型計劃是否能夠成功的信念。</p>
<p>我更關注 Sirius XM 的潛在上行空間，因為其估值處於低谷，並且隨着利率下降，情況似乎正在變得 “好轉”。實際上，即使 Sirius XM 僅能維持當前的利潤，考慮到其 14% 的收益率，股票也可能表現良好。VeriSign 表現相當不錯，但其估值似乎反映了今天的強勁表現。因此，Sirius XM 在被壓制的情況下有更大的上行潛力。</p>
<p>然而，Sirius XM 也面臨更高的風險，因為其轉型努力可能不會成功。因此，儘管今天它是我個人的選擇，我在多元化投資組合中也會謹慎考慮其配置權重，以防最壞情況的出現。</p>

威瑞信

天狼星XM廣播

<p>沃倫·巴菲特辭去伯克希爾哈撒韋首席執行官一職，引發了人們對他最近股票購買的關注，特別是對天狼星 XM 和威瑞信的投資。這兩家公司都擁有強大的經濟護城河和穩定的收入來源。威瑞信憑藉其對.com 和.net 域名的壟斷，因價格上漲和一份新的六年合同而實現了收入增長，而天狼星 XM 則在流媒體服務的競爭中面臨用户流失。兩家公司都在實施策略以促進增長，天狼星 XM 專注於其核心汽車受眾，並推出低價套餐以吸引新客户</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>沃倫·巴菲特最近宣佈退休，辭去 <strong>伯克希爾哈撒韋</strong>(BRK.A 1.53%)(BRK.B 1.31%) 的首席執行官職務。這位奧馬哈的先知無疑是以高昂的姿態告別，2024 年他出售了大量獲利股票，鞏固了他作為有史以來最偉大投資者的記錄。</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，伯克希爾去年並不僅僅是在出售股票。巴菲特和他的投資團隊還增加了一些持股，使這些購買更加引人注目。其中兩個新增持股是 <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>那麼，今天哪個巴菲特的持股看起來更具吸引力呢？</p>
</div><h2>Why Buffett likes these two companies</h2>
<div class="lb-trans"><h2>巴菲特為何看好這兩家公司</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>巴菲特可能被這些公司的經濟 “護城河” 和相對穩定的訂閲收入所吸引。鑑於它們的護城河，天狼星 XM 和威瑞信的收入來源具有高利潤率，使得每個管理團隊能夠通過股票回購和分紅向股東返還資本。</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 互聯網地址的官方註冊機構，並運營全球互聯網的 13 個核心根區中的兩個。這是一個強大的壟斷，所有.com 和.net 的 IP 地址每月都必須向威瑞信支付訂閲費。</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 在某種程度上也是壟斷的。它是唯一的衞星廣播公司，主要服務於汽車客户。與 AM 或 FM 電台不同，天狼星 XM 的技術能夠提供更多的頻道，涵蓋廣泛的音樂、體育和談話/新聞內容，滿足客户需求。其高端產品和獨家內容吸引了高淨值人士和家庭。</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，流媒體的出現在一定程度上侵蝕了天狼星 XM 的護城河，促使公司採取了一些對策。</p>
</div><h2>Revenue trajectories are going in opposite directions</h2>
<div class="lb-trans"><h2>收入軌跡呈現相反方向</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 的收入來源面臨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>儘管最近一個季度.com 和.net 域名的總數略有下降，但威瑞信由於合同允許的價格上漲，能夠實現收入增長。因此，上個季度收入增長了 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，它預計自疫情高峰後持續出現的域名下降趨勢將在今年減緩，甚至可能轉為正增長。威瑞信還剛剛與互聯網名稱與數字地址分配機構（ICANN）和國家電信和信息管理局（NTIA）簽署了一份新的六年合同，這將使其在未來六年內保持壟斷地位。重要的是，與上一個合同一樣，威瑞信將在合同的最後四年內能夠將.com 的價格提高至 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，隨着合同的續簽、域名週期可能的轉變以及未來幾年的價格上漲，威瑞信看起來是一個在多年的時間裏能夠超過 GDP 增長的良好投資。</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 年第四季度以來，天狼星 XM 的訂閲用户和收入都出現了下降，當時利率的上升影響了消費者和汽車需求。值得注意的是，天狼星通過汽車製造商支付的試用期吸引了大量客户，作為潛在購車者的福利。當這些試用期結束後，買家必須決定是否訂閲。</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，隨着新車銷售的放緩，天狼星 XM 的主要營銷渠道也隨之減弱。再加上現代汽車能夠連接智能手機並播放互聯網流媒體電台，這又是一個阻力。</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>上個季度，天狼星 XM 的訂閲用户數量下降了 1.7%，而其 Pandora 業務也下降了 4.8%，導致收入下降了 4.3%。然而，天狼星 XM 的流失率在過去一年中實際上有所改善，從 1.7% 降至 1.6%。因此，這一下降可能主要歸因於新客户的引入減緩。</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>圖片來源：Getty Images。</p>
</div><h2>Turnaround plans</h2>
<div class="lb-trans"><h2>反轉計劃</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>這兩家公司最近都採取了一些新計劃來重振增長，儘管顯然天狼星 XM 的計劃更為複雜。</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 簡化了其目標，更加專注於其核心的車載受眾，而不是在車外擴展其應用，因為那些非汽車訂閲者的可靠性較低。</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>該公司還重新聚焦於其高端客户，為核心訂閲增加更多內容和價值，同時在 3 月份實施了價格上漲。令人鼓舞的是，管理層表示，儘管價格上漲，但由於提供了更高的價值，流失率實際上有所降低。</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 還希望通過推出新的低價但支持廣告的層級，吸引低收入客户，提供簡化的頻道選項。這一計劃剛剛推出，但它也可能成為增長的催化劑，就像低價、支持廣告的層級對 <strong>Netflix</strong> 的推動一樣。</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>與此相輔相成的是天狼星 XM 與汽車製造商達成的新協議，針對 2026 年車型，以及對二手車買家的更好定位能力。在之前的幾年中，天狼星 XM 對二手車銷售的接觸較少，因此無法接觸到這些新車主。因此，這一新能力應該在 2026 年增強市場覆蓋，並在新車銷售下滑的情況下為公司提供一定保護。</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>儘管上個季度出現了下降，天狼星 XM 重申了其對 2025 年收入、調整後的 EBITDA 和自由現金流的目標。管理層看到與去年同期相比，訂閲用户的損失有所減緩，這表明其反轉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>對於威瑞信的反轉策略以提升域名數量，它最近與零售註冊商合作，以增強客户獲取能力。在過去幾年中，註冊商減少了廣告支出，而是精簡成本並提高價格。但威瑞信現在正與其下游合作伙伴合作，開展更多的營銷項目，以刺激域名增長。該計劃似乎正在奏效，威瑞信因此提高了 2025 年的指導預期。</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、最近的業績指引上調以及首次派發股息使得該股票在今年大幅上漲。2025 年上漲了 33.3%。與此同時，Sirius XM 在經歷了艱難的 2024 年後，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 年初至今總回報（每日）數據來自 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>這顯然導致了估值的巨大差異。VeriSign 的市盈率為今年盈利預期的 31 倍，前瞻性股息收益率為 1.1%；而 Sirius XM 的市盈率僅為今年盈利預期的 7.6 倍，股息收益率為 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>雖然 Sirius XM 看起來是更大的便宜貨，但投資者也應意識到其債務負擔較重，約為 105 億美元，或調整後 EBITDA 的 3.8 倍。如此高的債務負擔以及其業務仍在出現收入下降，這是一種風險組合。</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>判決</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>在這兩隻巴菲特股票之間的選擇取決於個人的風險承受能力，以及對 Sirius XM 的轉型計劃是否能夠成功的信念。</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>我更關注 Sirius XM 的潛在上行空間，因為其估值處於低谷，並且隨着利率下降，情況似乎正在變得 “好轉”。實際上，即使 Sirius XM 僅能維持當前的利潤，考慮到其 14% 的收益率，股票也可能表現良好。VeriSign 表現相當不錯，但其估值似乎反映了今天的強勁表現。因此，Sirius XM 在被壓制的情況下有更大的上行潛力。</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 也面臨更高的風險，因為其轉型努力可能不會成功。因此，儘管今天它是我個人的選擇，我在多元化投資組合中也會謹慎考慮其配置權重，以防最壞情況的出現。</p>
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目前最值得購買的巴菲特股票：天狼星 XM 廣播與威瑞信