Disclaimer

This page sets out the terms on which everything published at y-yin.io is made available — the company and industry research, the holdings trackers, the interactive tools, the academic papers, the audio briefings and the writing. Please read it before relying on anything here.

Last updated 27 October 2026.

1. Nature of this site

y-yin.io is the personal website of Yiqiao Yin. It exists as a hobby and as a public record of the author's own analysis, teaching material and software experiments. It is not a commercial research service, not a publication, and not a product. No fee is charged, no subscription exists, and no content is produced to order for any third party.

2. Personal capacity; no affiliation or endorsement

Everything on this site is published by the author in a personal capacity and on the author's own time and equipment. It does not represent the views, positions, recommendations or opinions of any employer, client, customer, partner, academic institution or other organisation with which the author is or has been associated, and must not be attributed to any of them.

No organisation named anywhere on this site has reviewed, approved, sponsored or endorsed its contents. Where a company is discussed, that discussion is based on public information and implies no relationship with, access to, or authority from that company. The mention of a company, product, fund or person is not an endorsement of it, and the absence of a mention is not a judgement about it.

3. Not investment, financial, legal or tax advice

None of the content on this site constitutes investment advice, financial advice, a financial promotion, a research report prepared for any client, a credit opinion, or legal, tax or accounting advice. It is general information and commentary published for educational and informational purposes only.

Nothing here is an offer to sell, a solicitation of an offer to buy, or a recommendation to acquire, hold or dispose of any security, derivative, digital asset or other financial instrument, nor to adopt any investment strategy. Nothing here takes account of the investment objectives, financial situation, tax position, risk tolerance or particular needs of any person. If you need advice, consult a professional who is appropriately licensed in your jurisdiction and who owes you a duty.

Reading this site, contacting the author, or using any tool published here creates no advisory, fiduciary, brokerage, agency or other professional relationship of any kind.

4. How the research is produced, and what that implies

The company and industry reports are produced with substantial assistance from automated tools, including large language models, operating against live web search and primary filings at the time of writing. Drafting, numerical derivation and narration are all machine-assisted. Automated systems can misread a filing, conflate two figures, or state something plainly wrong in fluent prose. Treat every number as requiring verification.

Each report is a dated snapshot, deliberately never revised after publication. A report reflects information available on the date in its filename and URL, and is superseded rather than corrected: a later report on the same company is the author's current view, and the earlier one remains published as a record of what was believed at the time. An older report is therefore almost certainly out of date, and that is by design. Do not read the oldest report on a company as a current opinion.

Some reports carry explicit predictions with confidence levels, resolution dates and falsifying conditions, and later reports score them. This apparatus exists to make the author's record auditable, including the parts of it that turned out to be wrong. It is not an indication of skill, and a confidence level is an expression of opinion rather than a probability derived from any model.

5. Forward-looking statements, targets and estimates

The site contains forward-looking statements: projections, price bands, scenario analyses, market-size estimates, conviction scores and similar. These are opinions about an uncertain future, not facts and not promises. They rest on assumptions that are stated where practical and that may be wrong, and they are subject to known and unknown risks including competitive, regulatory, technological, macroeconomic and company-specific factors. Actual outcomes may differ materially and adversely. Several pages are described in their own text as estimate-heavy, including cases where the published third-party figures contradict one another; those warnings are part of the content and should be read.

No forward-looking statement on this site is updated to reflect later events.

6. Sources, accuracy and completeness

Content draws on sources including the U.S. Securities and Exchange Commission's EDGAR system, company filings and investor materials, third-party market data embeds, published academic work, and general web sources. These are believed to be reliable but are not independently audited by the author. Figures reproduced from a filing may be unaudited at source; figures described as derived are computed by the author or by automated tooling from reported values and may embed errors of method as well as of arithmetic.

No representation or warranty, express or implied, is made that the content is accurate, complete, current or fit for any purpose. Content may contain errors, omissions, stale figures and broken links, and may be changed or withdrawn at any time without notice. Some pages are preserved snapshots of older work whose source code was not retained and which are no longer maintained.

7. Market data

Charts, quotes, screeners, heatmaps, news feeds and symbol information are supplied by third-party providers and are embedded from their systems. That data is theirs, not the author's; it may be delayed, incomplete, adjusted or incorrect, and it is subject to the provider's own terms. It is provided for general information and must not be used for trading decisions. Any scrolling ticker, watchlist or holdings display on this site is illustrative and is not a portfolio recommendation, a statement of the author's actual positions, or a solicitation.

8. Simulations and hypothetical results

Several pages are interactive simulators and calculators. Their prices, order books, fills, returns and balances are synthetic — generated by the page from random processes and simplified rules — and do not represent any real market, security, venue or account. They omit costs, latency, liquidity constraints, borrowing limits, taxes and counterparty behaviour, and some say so explicitly in their own text.

Hypothetical and simulated results have inherent limitations and are not indicative of results that any person would or could have achieved. Past performance, whether real, simulated or back-tested, is not a reliable indicator of future results. The value of investments can fall as well as rise, and you may lose the whole of your capital.

9. Holdings data

The institutional holdings trackers are derived from publicly filed SEC Form 13F-HR reports. Those filings are historical, are filed up to 45 days after quarter end, cover only certain long positions in certain classes of security, exclude short positions and many other exposures, and may be amended or restated by the filer. Large filings are truncated for display on the page, and pages where that applies say so. Any derived figure — weights, concentration measures, additions, trims, exits — is the author's computation and may differ from the filer's own view. Nothing in these pages should be read as a statement about what any fund currently holds or intends.

10. Positions and conflicts of interest

The author may hold, acquire or dispose of long or short positions in securities, funds or digital assets discussed on this site, and may do so at any time and without notice, including positions inconsistent with the opinions expressed here. The author may also have professional, academic, consulting or personal relationships with companies mentioned. No compensation is received from any company, fund or issuer in exchange for coverage, and the site carries no paid placement or affiliate arrangement. No position disclosure is made on individual pages and none should be inferred from their absence.

11. Third-party content, mirrors and licences

Some pages host or reproduce work that is not the author's. Where that is the case the page records the original author, the licence and every deviation from the original; the interactive transformer-architecture visualization, for example, is third-party work used under the MIT licence with its provenance documented on the page itself. Third-party work remains the property of its authors and is used under its own licence. Opinions in third-party material are not the author's, and annotations the author has added to such material are identified as the author's rather than the original author's.

Certain pages are archived snapshots of previously deployed applications, preserved as build output. They are no longer maintained, may reference assets that no longer resolve, and may load resources from third-party content delivery networks at runtime.

12. Academic and teaching material

Papers, lecture notes, slides and course material are published for scholarly and educational purposes. Working papers and preprints may not have been peer reviewed, may contain errors, and may be superseded by later versions. Teaching material reflects the syllabus of the course it was written for at the time and is not a current statement of the author's views. Nothing in this material is advice, and empirical findings about historical markets do not imply that any strategy is suitable, replicable or profitable.

13. External links

Links to external sites are provided for convenience and reference. The author does not control those sites, does not endorse them, and is not responsible for their content, accuracy, availability, security or privacy practices. Following an external link is at your own risk.

14. Intellectual property

Except where a page identifies other authorship or a different licence, the content of this site is © 2010–2026 Yiqiao Yin, all rights reserved. Datasets the author publishes to third-party platforms are governed by the licence stated at the point of publication there. You may quote briefly with attribution and a link; systematic copying, redistribution, republication or use of this content to train machine-learning systems is not permitted without written permission. Trade marks and company names are the property of their respective owners and are used for identification only.

15. Privacy and analytics

This site is served through a content delivery network, which records standard web server access logs. Those logs are used in aggregate to understand which pages are read, and the aggregated results published on this site contain no IP addresses. The site shell also loads one third-party analytics script, and embedded market-data widgets, audio and video facades are served by third parties who may set their own cookies and receive your IP address and request details when such content loads. Video is loaded only after you choose to play it. Third-party processing is governed by those parties' own policies, not the author's.

16. No warranty

This site and everything on it is provided “as is” and “as available”, without warranty of any kind, whether express, implied or statutory, including any implied warranty of merchantability, fitness for a particular purpose, accuracy, non-infringement or uninterrupted availability. The author does not warrant that the site will be error-free or secure, that defects will be corrected, or that the site or its server is free of harmful components.

17. Limitation of liability

To the fullest extent permitted by applicable law, the author shall not be liable for any loss or damage of any kind arising out of or in connection with your use of, or reliance on, this site or its content — including direct, indirect, incidental, consequential, special or punitive damages, and including lost profits, trading losses, lost data or loss of goodwill — whether in contract, tort, negligence, strict liability or otherwise, and whether or not the author was advised of the possibility of such loss. Nothing in this notice excludes or limits any liability that cannot lawfully be excluded or limited.

You are solely responsible for your own financial decisions and for any action you take on the basis of anything published here.

18. Eligibility and jurisdiction

This site is published from the United States and is directed at a general audience. It is not directed at any person in any jurisdiction where such publication or availability would be contrary to local law or regulation, and it is your responsibility to observe the laws that apply to you. The author is not a registered investment adviser, broker-dealer, financial analyst subject to research regulations, or licensed professional in any jurisdiction, and nothing here is offered in any such capacity.

19. Changes to this notice

This notice may be amended at any time without individual notice, and the version published here is the one that applies. Your continued use of the site after a change constitutes acceptance of it. The date above records when this page was last revised.

20. Contact

Corrections are welcome and taken seriously — if a figure or statement on this site is wrong, please say so. Contact details are on the home page. Note that a correction to a dated report is published as a later report rather than as an edit to the original, for the reasons given in section 4.