Carvana strategic

The insight was the financial products and the being the key profit drivers here and then one of the other insights was a lot of buyers. They don't think about this too hard. Whatever the rate was one reason Corvana could exert control is because people didn't shop around for financing.

感触就是金融产品和成为主要利润驱动因素，另一个感触是有很多买家。他们没有想太多。无论利率是多少，Corvana能够施加控制的一个原因是人们没有为融资四处比价。

Like Corvana only offered its own financing through their own pages. People were not shopping figuring out what is the true market rate of what my credit should get me across all these other lenders. Like the cheapest cost of capital is actually credit use. The credit ineffectively has to return slightly more than a treasury yield on their book of loans.

像卡瓦纳一样，他们只提供自己网页上的融资。人们不会去购物来了解我的信用应该在所有其他放贷人中得到什么真实市场利率。最便宜的资本成本实际上是信用使用。信用低效地必须将其贷款收益率略微高于国债收益率。

Banking systems set up in the early 1900s were they are effectively a cooperative. They exist for the benefit of their members. Which is anyone who has a loan or deposit with the institution. So what that means is they effectively run a net zero bank. They're getting deposits at near for free from consumers.

20世纪初设立的银行系统实际上是一种合作组织，存在于其成员的利益之中。任何与这个机构有贷款或存款的人都是成员。这意味着他们实际上开办了一个净零银行。他们从消费者那里获得几乎免费的存款。

They have to return some interest yield but they don't pay profit on the interest yield. And so therefore you're roughly net benefited by that not for profit spread.

他们必须返还一些利息收益，但他们不支付该利息收益的利润。因此，您在这种非利润差价下大致获得了净利益。