Pendle机制可以将任意含有收益率的底层资产拆分成YT和PT两部分，以满足追求更高收益率、承担高风险的投机者购买YT部分，追求低风险和固定收益的购买PT部分。业务类似传统金融市场的利率互换（Interest Rate Swap, IRS），有以下使用场景：

先摘录投资前辈对什么是幸运的公司的思考，对我而言更愿意追求那些构筑起自己的核心护城河、逐渐将运气对公司影响降到较小的公司，这样的能力本质是在所处生态里占据权力结构的最佳位置。另外多关注护城河的变化方向，而不是当下静态的深浅。

在投资领域，问好问题比解决问题更重要，往往找到一个好问题和切入点，就已经完成了70%的投研决策工作。而如何问出一个好问题？跟具备多角度的思维模型有很大关系。这篇是对王川关于思维模式文章的转载，常读常新。

这篇文章是投资前辈五棵树写于微信公众号，原文请见cyqing备忘录。个人投资者精力有限，能够深度研究且保持跟踪的投资标的有限，为了规避黑天鹅对投资组合造成毁灭性打击，需要有一定的分散度，那需要做到什么程度的分散呢？以下是原文。

张尧是深圳投资圈一位前辈，其投资方法论十分值得个人投资者学习，下述的10点小结凝结其多年经验和认知。他的简介可以参考此文神秘牛散，价值投资赚4000倍。

Pendle作为收益率赌场，在Crypto这个大生态里有非常多的应用场景。且其生意模式会逐步形成交易量护城河，从而掌握在利率交易这个细分领域的议价能力，无论是上游的底层资产项目方，还是下游的交易者，只要有此类需求，都难以绕开。理解透Pendle的交易机制，对在Crypto行业长期从事资管的人士会有长期帮助。

Most people would say that the goal of investing is money, such as a net worth of $100 million or an annualized return of XX%. But money is ultimately just a tool, not a goal for people. Thinking seriously about the following two questions can help to clarify your positioning:

To survive and profit in financial market trading in the long run, it is necessary to achieve a more accurate pricing of the risk-return ratio than the market and then trade based on the risk-return ratio. The so-called "pricing" often only pursues fuzzy correctness, and obsessing over precise pricing only wastes time on finding errors. Specifically, at the trading level, a profitable trade requires a fuzzy and correct answer to the following three questions:

Answering a simple question can often be difficult. For now, let's set aside the discussion of time in physics. As ordinary people, our earliest experience of time was probably the rising and setting of the sun, the repetition of days, and the reproduction and growth of human beings. Here, time is a sequence and has the irreversibility of the occurrence of events.