Recently, that feeling of "liquidity suddenly drying up" has returned, with the order book so thin it's like paper, and slippage hurts with just a slight push. Outside, people are still interpreting ETF fund flows and US stock risk appetite together, which sounds lively, but for someone like me who has been awakened by the unpredictable losses from LPs, I'm actually more afraid: the bigger the excitement, the faster the retreat.

My current thought is just one sentence: survive first, then talk about bottom fishing. Don't hard hold in the pool for now; rather accept lower fees, split up the positions, and avoid locking in everything that can be withdrawn at any time. Honestly, when there's no liquidity, you think you're bottom fishing, but you're actually providing an exit channel for others... Forget it, for now, just keep the words "survive" pasted on the screen.