Verisign (NASDAQ: VRSN), a global provider of critical internet infrastructure and domain name registry services, enables internet navigation for many of the world's most recognized domain names. Verisign helps enable the security, stability, and resiliency of the Domain Name System and the internet by providing root zone maintainer services, operating two of the 13 global internet root servers, and providing registration services and authoritative resolution for the .com and .net top-level domains, which s ...

威瑞信（VeriSign， VRSN） 责任编辑：张俊 SF065 Q3减持金额：12亿美元 背景：伯克希尔自2012年起建仓VRSN，成本约40美元/股；2024年Q4曾以约200美元加仓。 动机：VRSN股价一度飙升至266.93美元，接近历史高位。此次减持很可能是为了避免持股比例突破 10%——一旦越过该门槛，将触发额外的监管披露和合规义务。此举显示了巴菲特对"被动投资边界"的 精准把控。 背景：伯克希尔自2012年起建仓VRSN，成本约40美元/股；2024年Q4曾以约200美元加仓。 动机：VRSN股价一度飙升至266.93美元，接近历史高位。此次减持很可能是为了避免持股比例突破 10%——一旦越过该门槛，将触发额外的监管披露和合规义务。此举显示了巴菲特对"被动投资边界"的 精准把控。 责任编辑：张俊 SF065 威瑞信（VeriSign， VRSN） Q3减持金额：12亿美元 ...

Core Insights - Khaveen Investments is a global investment advisory firm focused on serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm is a registered investment adviser with the SEC and offers a range of services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund has a diversified portfolio with exposure to hundreds of investments across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, utilizing three core strategies: global macro, fundamental, and quantitative [1] - The firm's expertise is concentrated in disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

Core Viewpoint - VeriSign, Inc. is a critical infrastructure provider in the internet domain name registry sector, with a market cap of $22.5 billion, emphasizing its importance in global internet stability [1]. Company Overview - VeriSign operates and protects the authoritative domain name registries for .com and .net, generating highly recurring, high-margin revenue through domain registration and renewal fees [2]. - The company benefits from long-term agreements with ICANN, which supports its predictable cash flow and limited competitive exposure [2]. - Ongoing investments in cybersecurity and DNS resilience are key components of its business model [2]. Stock Performance - Despite being resilient, VRSN shares have decreased by 21.4% from their 52-week high of $310.60, reached on July 28, and have dropped 15.6% over the past three months [3]. - Year to date, VRSN stock is up 17.9%, and over the past 52 weeks, it has gained 22%, outperforming the SPDR S&P Software & Services ETF's (XSW) 3.6% YTD rise and its 2.3% decline over the same period [4]. Financial Performance - In the third quarter, VeriSign reported a revenue growth of 7.3% year-over-year, totaling $419.1 million, slightly above the analysts' estimate of $416.8 million [5]. - The company registered 171.9 million .com and .net domain registrations, with a net addition of 1.45 million names during the quarter [5]. - Earnings per share (EPS) reached $2.27, a 9.7% increase from the previous year, surpassing the forecast of $2.24 [5]. - Deferred revenue increased by $80 million year-over-year, reaching $1.38 billion, indicating strong demand and renewal momentum [5].

Core Insights - The article discusses the author's transition from a potential career in politics to a focus on value investing, emphasizing the importance of risk management and long-term wealth growth [1] Group 1: Career Transition - The author initially pursued a career in politics but shifted to finance after facing challenges in 2019, recognizing the need for financial stability [1] - The decision to study value investing was driven by the desire to make money work effectively and to safeguard against future setbacks [1] Group 2: Professional Experience - From 2020 to 2022, the author worked in a sales role at a law firm, where they became the top-grossing salesman and managed a team, contributing to sales strategy [1] - The experience gained during this period was instrumental in assessing company prospects based on sales strategies [1] Group 3: Investment Advisory Role - The author served as an investment advisory representative with Fidelity from 2022 to 2023, focusing on 401K planning [1] - Despite excelling in this role and passing Series exams ahead of schedule, the author felt constrained by Fidelity's reliance on modern portfolio theory, leading to a decision to leave after one year [1] Group 4: Current Endeavors - In November 2023, the author began writing for Seeking Alpha, sharing investment opportunities discovered through personal research and experience [1] - The articles serve as a platform for the author to communicate investment strategies and insights to readers, who are seen as partners in this journey [1]

Core Viewpoint - The stock market's gains in 2025 have been primarily driven by enthusiasm for AI stocks, but caution is advised as this trend may not be sustainable [1] Group 1: Market Trends - The AI trade has significantly influenced stock market performance throughout the year [1] - Legacy companies are also commanding premium valuations alongside AI stocks [1] Group 2: Analyst Background - Gary Alexander has extensive experience in technology sectors, having worked on Wall Street and in Silicon Valley, and has been an advisor to seed-round startups [1] - He has been a contributor to Seeking Alpha since 2017 and has been featured in various web publications [1]

Core Thesis - VeriSign, Inc. faces a challenging outlook over the next 12 months due to structural pressures in its core .Com domain business, despite a year-to-date (YTD) stock gain of approximately 30% [2][3][5] Financial Performance - As of December 2nd, VeriSign's share was trading at $253.67, with trailing and forward P/E ratios of 29.26 and 25.77 respectively [1] - The stock's YTD growth has been supported by high-churn registrars utilizing aggressive rebate programs, offering discounts of up to 50% [2][3] Market Dynamics - The growth in domain sales is deemed unsustainable as first-year promotional domains are expected to renew at lower rates, leading to a projected decline in VeriSign's .Com domain base by FY2026 [3][5] - Approximately 30% of .Com domains are parked, with advertising revenue from these domains collapsing by 85-90% following Google's ban on ads for parked domains, making it uneconomical for many non-operational domains to remain registered [4][5] Future Outlook - The combination of registrar-driven rebates likely not continuing at scale, renewal rates reverting, and impaired parking revenue creates near-term headwinds for growth and revenue [5] - FY2026 is anticipated to bring negative net .Com domain growth and pressure on overall revenues, indicating a compelling near-term risk for investors [5]

Core Viewpoint - A Reddit user criticized Jim Cramer's stock picks made during the Dot-Com bubble, claiming they resulted in significant financial losses and extended working years before retirement [1][5]. Group 1: Cramer's Stock Picks and Performance - Cramer presented a list of "10 stocks to own for the future" in 2000, shortly before the dot-com bubble burst, claiming these stocks would surge in value [2][3]. - The performance of these stocks has been poor, with only one, VeriSign, remaining independent and achieving a mere 5% gain since Cramer's original recommendation [4][5]. - The user noted that an initial investment of $100,000 in Cramer's picks would now be worth approximately $46,850, while the same amount invested in the S&P 500 would be worth around $712,600 [5]. Group 2: Cramer's Legacy and Market Impact - Cramer's stock recommendations have led to the creation of the "inverse Cramer" joke in finance, where investors do the opposite of his suggestions [7]. - An Inverse Cramer ETF was launched to allow investors to bet against his picks, although it has since been shut down [8]. - Cramer has defended his stock picks, arguing that betting against him would have meant missing out on significant gains from major companies like Apple, Google, and Amazon [8].

Core Viewpoint - VeriSign, Inc. is a key player in internet infrastructure and domain registry services, managing critical aspects of the Domain Name System (DNS) and ensuring global internet connectivity and security [1][2]. Financial Performance - For Q3 of fiscal 2025, VeriSign reported a revenue increase of 7.3% year-over-year, reaching $419.1 million, which exceeded analysts' expectations of $416.8 million [5]. - The company's earnings per share (EPS) for Q3 was $2.27, reflecting a 9.7% increase from the previous year and surpassing the expected EPS of $2.24 [6]. - As of the end of Q3, VeriSign had deferred revenues of $1.38 billion, an increase of $80 million from the end of 2024 [6]. Market Performance - Over the past 52 weeks, VeriSign's stock has gained 39.3%, although it has experienced a decline of 11.8% over the past six months [3]. - The stock reached a 52-week high of $310.60 in July but is currently down 19.6% from that peak [3]. - In comparison, the S&P 500 Index has gained 12.3% over the past year and 11.1% over the past six months, indicating that while VeriSign has outperformed the broader market annually, it has underperformed in the short term [4]. Domain Registrations - VeriSign ended Q3 with 171.9 million .com and .net domain name registrations, reflecting a net increase of 1.45 million domain names during the quarter [5].

Core Viewpoint - VeriSign's shares have declined by 16.4% to $240.20 over the last six months, contrasting with the S&P 500's 19.5% gain, raising questions about investment potential [1] Group 1: Revenue Growth - Long-term revenue growth for VeriSign has been disappointing, with a compounded annual growth rate of only 5.3% over the past five years, which is below the benchmark for the software sector [3] - Projected revenue growth for the next 12 months is expected to be 4.9%, closely aligning with the past five years' growth rate, indicating a lack of acceleration in new products and services [5] Group 2: Profitability Metrics - VeriSign's operating margin has remained relatively stable over the last two years, with a trailing 12-month operating margin of 67.6%, raising concerns about the company's expense management [7] - The company prioritizes GAAP operating margin over stock-based compensation adjustments, reflecting a focus on real expenses related to talent acquisition and retention [6] Group 3: Investment Valuation - The stock is currently trading at a forward price-to-sales ratio of 13.2, suggesting that a significant amount of positive news is already priced in, leading to a recommendation to explore better investment opportunities elsewhere, such as in Latin America's Amazon and PayPal [8]