Core Insights - The article discusses the evolution of investment strategies from a conservative arbitrage approach to a more aggressive equity holding strategy, emphasizing the importance of resilience during market downturns [1][2][3]. Group 1: Investment Strategy Evolution - Initially, the focus was on stable arbitrage, but exposure to market volatility led to a shift towards holding high equity positions [1][2]. - The experience of significant market drops taught the importance of managing risk and the psychological aspect of enduring losses [2][3]. Group 2: Market Resilience - The author highlights that true investment strength comes from the ability to withstand market fluctuations, with a clear understanding that no investment is entirely safe [3]. - The confidence in holding positions in 50ETF and convertible bonds stems from the belief in the long-term recovery of fundamentally strong assets [3]. Group 3: Market Behavior and Risk Management - The article emphasizes that market volatility is a natural occurrence, and investors must be prepared to handle substantial drawdowns to achieve greater returns [3]. - The narrative suggests that maintaining composure during downturns and strategically adding to positions can lead to eventual recovery and profit [2][3].