This is the last trading day of the year. If the market doesn't experience a major decline, the annual returns might hit a new high.

The previous historical peak was in 2015. That year, convertible bonds experienced a bull market, and my full-position holdings saw astonishing gains. Honestly, encountering such assets that are both defensive and offensive is truly a combination of luck and skill.

But what I am most grateful for is that I avoided big pitfalls through continuous learning. This is not just politeness— for example, the first convertible bond that defaulted and delisted was once my top holding. At that time, the market hadn't yet formed expectations of default risk. Although I realized the abnormality in time and sold out, looking back now, a truly qualified investor should have anticipated the risk earlier and shouldn't have included such assets in their candidates, let alone hold them heavily.

Fortunately, my knowledge accumulation kept pace with market changes. During that large-scale default wave in 2024, I effectively controlled my drawdown.

A couple of days ago, I was chatting with a friend. He said his peak market value was in 2015, and this year was the first time he surpassed that ten-year-old figure. I did some calculations—due to compound interest effects, since 2019, my absolute annual returns have almost exceeded the total of 2014 and 2015 every year.

I secretly feel proud: it seems my skills have improved a bit.

But then he said: I made 15 million in 2015.

......Alright, I’ve always been ambitious, but this number really impressed me.

Many convertible bond investors have recently been complaining that they only earned 20% this year, asking me what’s going on. Actually, everyone understands— the absolute return rate can never compare to the high base of earlier years.