HackerNews中文版

嗨，HN！我们是来自Palus Finance的Sam和Michael（<a href="https://palus.finance" rel="nofollow">https://palus.finance</a>）。我们正在为初创企业和中小企业构建一个财务管理平台，旨在通过高收益债券组合来获得更高的收益。我们最初获得YC的资助是为了开发一个面向消费者的高收益储蓄产品。但当我们加入YC并获得资助时，我们意识到这个产品也适用于我们自己初创公司的现金储备，而其他批次的初创企业也开始告诉我们他们同样需要这个产品。我们发现，传统的初创企业财务产品大致上都是在做同样的事情：开设一个经纪账户，将现金转入货币市场基金（MMF），并收取管理费。没有任何策略可言。（实际上，有一种广泛宣传的财务产品在收益上有所区别，但它使用的是共同基金，而不是MMF，您的本金面临相当大的风险——在2022年它损失了9%，恢复需要数年时间。）我来自金融背景，因此这种常规让我感到奇怪。典型的初创企业现金流模式是通过融资获得大量资金，覆盖18到24个月的烧钱期，逐步提取。这意味着有大量资本闲置很长时间，即使是适度的收益改善也能积累成真正的财富。货币市场基金是固定收益产品中最低端的选择。是的，它们非常安全且流动性强，但当您将整个财务储备放在一个基金中时，您就放弃了收益，以换取对六个月或更长时间内不会动用的现金的同日流动性。大公司有财务团队积极管理其持有资产，并投资于一系列安全资产以最大化收益。但这些复杂的债券组合从未对初创企业开放。这正是我们正在构建的。我们的债券组合持有短期浮动利率的机构抵押贷款支持证券（MBS），在大多数情况下，这是一种理想、安全且高收益的长期初创企业现金储备资产。债券组合由Regan Capital管理，该公司运营着MBSF，这是全国最大的浮动利率机构MBS ETF。目前，我们正在使用MBSF为客户创造收益（您可以在这里查看其历史回报，包括股息：<a href="https://totalrealreturns.com/n/USDOLLAR,MBSF" rel="nofollow">https://totalrealreturns.com/n/USDOLLAR,MBSF</a>）。我们正在与Regan合作，建立一个采用相同策略的专用账户，这将使我们能够降低费用，并让每个初创企业直接拥有基础证券。所有资产均由SEC许可的保管人持有。根据历史回报，我们的目标是实现4.5%到5%的收益，而大多数货币市场基金的收益约为3.5%。流动性通常在1到2个工作日内可用。我们将收取0.25%的年管理费，而其他财务提供商根据余额收取0.15%到0.60%的费用。我们认为初创企业的银行产品（如Brex、Mercury等）在其本职工作上确实表现良好：支付、薪资、卡片管理。问题在于与之捆绑的财务产品，而不是银行。因此，我们没有再建立一个新的数字银行，而是构建了Palus，通过Plaid连接到您现有的银行账户。我们的目标是为这个产品创造尽可能简单的用户体验：两个按钮和一个不断上升的大数字。请查看这里：<a href="https://www.youtube.com/watch?v=8Q_gwSqtnxM" rel="nofollow">https://www.youtube.com/watch?v=8Q_gwSqtnxM</a> 我们已经与YC的早期客户上线，并在滚动接受新客户；您可以在<a href="https://palus.finance/" rel="nofollow">https://palus.finance/</a>注册。我们希望听到那些考虑闲置现金管理的创始人或具有固定收益和结构性产品背景的人的反馈。欢迎在评论中深入交流。 [1] 机构MBS是由联邦政府机构（如Ginnie Mae、Fannie Mae和Freddie Mac）担保的住宅抵押贷款池。这个市场规模达到9万亿美元，拥有与货币市场基金中的国债相同的政府担保和AAA/AA+评级。由于借款人违约，机构MBS的投资者从未亏损。值得指出的是，许多人将“抵押贷款支持证券”与2008年金融危机联系在一起。但在2008年爆炸的资产是没有联邦担保的私有标签MBS，包含了风险较高的次级抵押贷款。机构MBS持有者在危机期间没有遭受信用损失，2008年后的承销标准变得更加严格。如果说有什么的话，2008年反而证明了机构MBS的安全性，而不是反对它。机构担保消除了信用风险。我们的短期浮动利率策略解决了另一个主要风险：价格风险。当利率上升时，固定利率债券会贬值，但浮动利率债券会根据SOFR基准重设其票息，从而保护投资者免受利率波动的影响。 [2] 这一数据来源于货币市场基金和浮动利率机构MBS之间的历史利差；货币市场基金通常支付接近SOFR的利率，而MBS则支付SOFR + 1到1.5%。这意味着如果美联储调整利率，SOFR变化，两种资产类型的变动幅度大致相同，而那1-1.5%的溢价将保持不变。 此帖仅供教育目的，不构成财务、投资或法律建议。过去的表现并不保证未来的结果。所提到的收益和利差为近似值，基于历史数据。

查看原文

Hi HN! We’re Sam and Michael from Palus Finance (<a href="https://palus.finance" rel="nofollow">https://palus.finance</a>). We’re building a treasury management platform for startups and SMBs to earn higher yields with a high-yield bond portfolio.We were funded by YC for a consumer-focused product for higher-yield savings. But when we joined YC and got our funding, we realized we needed the product for our own startup’s cash reserves, and other startups in the batch started telling us they wanted this too.We realized that traditional startup treasury products do much the same thing: open a brokerage account, sweep your cash into a money market fund (MMF), and charge a management fee. No strategy involved. (There is actually one widely-advertised treasury product that differentiates on yield, but instead of an MMF it uses a mutual fund where your principal is at considerable risk – it had a 9% loss in 2022 that took years to recover.)I come from a finance background, so this norm felt weird to me. The typical startup cashflow pattern is a large infusion from a raise covering 18–24 months of burn, drawn down gradually. That's a lot of capital sitting idle for a long time, where even a modest yield improvement compounds into real money.MMFs are the lowest rung of what's available in fixed income. Yes, they’re very safe and liquid, but when you leave your whole treasury in one, you’re giving up yield to get same-day liquidity on cash you won’t touch for six months or more. Big companies have treasury teams that actively manage their holdings and invest in a range of safe assets to maximize yield. But those sophisticated bond portfolios were just never made accessible to startups. That’s what we’re building.Our bond portfolio holds short-duration floating-rate agency mortgage-backed securities (MBS), which are an ideal, safe, high-yielding asset for long-term startup cash reserves under most circumstances.[1]The bond portfolio is managed by Regan Capital, which runs MBSF, the largest floating-rate agency MBS ETF in the country. Right now we're using MBSF to generate yields for customers (you can see its historical returns, including dividends, here: <a href="https://totalrealreturns.com/n/USDOLLAR,MBSF" rel="nofollow">https://totalrealreturns.com/n/USDOLLAR,MBSF</a>). We're working with Regan to set up a dedicated account with the same strategy, which will let us reduce fees and give each startup direct ownership of the underlying securities. All assets are held with an SEC-licensed custodian.Based on historical returns, we target 4.5–5% returns vs. roughly 3.5% from most money market funds.[2] Liquidity is typically available in 1-2 business days. We will charge a flat 0.25% annual fee on AUM, compared to the 0.15–0.60%, depending on balance, charged by other treasury providers.We think that startup banking products themselves (Brex, Mercury, etc.) are genuinely good at what they do: payments, payroll, card management. The problem is the treasury product bundled with them, not the bank. So rather than building another neobank, we built Palus to connect to your existing bank account via Plaid. Our goal was to create the simplest possible UX for this product: two buttons and a giant number that goes up.See here: <a href="https://www.youtube.com/watch?v=8Q_gwSqtnxM" rel="nofollow">https://www.youtube.com/watch?v=8Q_gwSqtnxM</a>We are live with early customers from within YC, and accepting new customers on a rolling basis; you can sign up at <a href="https://palus.finance/" rel="nofollow">https://palus.finance/</a>.We'd love feedback from founders who've thought about idle cash management or people with a background in fixed-income and structured products. Happy to go deep in the comments.[1] Agency MBS are pools of residential mortgages guaranteed by federal government agencies (Ginnie Mae, Fannie Mae, and Freddie Mac). It's a $9T market with the same government backing and AAA/AA+ rating as the Treasuries in a money market fund. No investor has ever lost money in agency MBS due to borrower default.It's worth acknowledging that many people associate “mortgage-backed securities” with the 2008 financial crisis. But the assets that blew up in 2008 were private-label MBS, bundles of risky subprime mortgages without federal guarantees. Agency MBS holders suffered no credit losses during the crisis, and post-2008 underwriting standards became even stricter. If anything, 2008 was evidence for the safety of agency MBS, not against it.The agency guarantee eliminates credit risk. Our short-duration, floating-rate strategy addresses the other main risk: price risk. Fixed-rate bonds lose value when rates rise, but floating-rate bonds reset their coupon based on the SOFR benchmark, protecting against interest rate movements.[2] This comes from the historical spread between MMFs and floating-rate agency MBS; MMFs typically pay very close to SOFR, while the MBS pay SOFR + 1 to 1.5%. This means that if the Federal Reserve changes interest rates and SOFR moves, both asset types will move by about the same amount, and that 1-1.5% premium will remain.This post is for educational purposes only and does not constitute financial, investment, or legal advice. Past performance does not guarantee future results. Yields and spreads referenced are approximate and based on historical data.

启动 HN：Palus Finance（YC W26）：为初创企业和中小企业提供闲置现金的更高收益。