After three consecutive days of decline, the market has rebounded. This wave of行情 seems fierce, but the feeling of underperforming always lingers. A few of my holdings—Pulse Bonds, Jingrui 2, Zhejiang Mining—because of their premiums being somewhat high, I reduced some positions.

This time, Zhejiang Mining's price reduction was quite good. It’s a bit embarrassing to say, but a few days ago at 129, I also reduced my position, and I didn’t expect it to drop again this time. But speed is key in battle; missing the opportunity is just missing it.

A few days ago, I also completely cleared Huazheng, selling at a price close to the recent high, which was quite lucky. Unfortunately, I had already sold quite a bit when it was over 150, and I never had the chance to buy back later. I also cleared Silver Bond Convertible Bonds yesterday. To be honest, I haven't studied this product deeply; I just bought some because I was optimistic. Now, with the conversion value exceeding 130 and the premium not low, although it flies away as soon as I sell, I am still satisfied with the returns.

Even when encountering opportunities like Pulse Bonds, overall, I still significantly underperform. The root cause is quite painful—basically, I dare not buy back the convertible bonds I sold, and my positions keep declining. The yields from buying near-expiry bonds with a stiff attitude are just so-so, and it’s frustrating.

Fourteen consecutive bullish days, the market is indeed a bit terrifyingly strong. But for low-risk investors, this is basically a nightmare. With small risk appetite and the valuation of convertible bonds clearly not safe enough, I don’t dare to move. Currently, my cash holdings have hit a new high in history. Besides participating in the Beijing Stock Exchange IPOs, I might need to thoroughly research the sheep-shearing strategies later.

From recent trends, most near-expiry bonds perform average. So why do I still buy some? Honestly, it’s just self-soothing—having positions in hand helps me resist the impulse to make reckless moves in this crazy market.

Of course, some near-expiry bonds perform well. For example, Lepu’s 2nd convertible bond, riding the wave of the brain-machine concept, surged five or six yuan from the positive yield position. Sadly, I don’t even have this bond—initially, I saw the high premium and only had 80 days left, naively thinking I could just sit back and relax. This time, I really misjudged.