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Core Viewpoint - The article presents a long-term arbitrage strategy involving convertible bonds and stock borrowing, emphasizing the importance of managing premium fluctuations to secure profits [1][2]. Summary by Sections Strategy Overview - The strategy involves borrowing stocks and purchasing convertible bonds when they are undervalued, then selling the stocks short to lock in price differences, and finally reversing the positions when the bonds appreciate [2][4]. Execution Steps 1. Daily monitoring of the "borrowable stock ranking" before market opening to identify suitable convertible bonds [3]. 2. Buy convertible bonds and simultaneously sell an equivalent amount of previously acquired stocks short [4]. 3. During the holding period, collect interest from the borrowed stocks, which is typically around 8% to 10% annually [4]. 4. Aim for a premium increase of 6% to 10% before closing the positions by selling the bonds and covering the short position [4]. 5. If premiums do not recover, there is an option to convert the bonds into stocks to mitigate losses [4]. Profit Calculation - The potential profit from the strategy is derived from the premium increase, with an example showing a profit of approximately 4 units after accounting for interest and dividends [4][12]. Challenges and Considerations - Key risks include the inability to borrow stocks, high interest and dividend costs exceeding premium recovery, and sudden changes in bond terms or redemption [5]. - The strategy is particularly suited for quantitative trading due to its defined conditions, suggesting automated systems may be employed for stock borrowing [7]. Practical Examples - A case study illustrates a successful execution of the strategy during a market downturn, resulting in an 8% profit from a convertible bond with a low premium [6]. Conclusion - The article concludes that this arbitrage strategy is effective and sustainable, encouraging readers to explore its application in their trading practices [1][7].