When liquidity dries up, the worst thing is to think, “Others are fearful and I’m greedy,” and then rush in to catch the bottom. I’m basically just sketching things out—my principal isn’t much, and I wouldn’t dare to gamble. The last time I saw the order book depth thin out, I felt uneasy, so I pulled out a bit of my positions first. Living is more important than anything else. Lately there’s been a lot of discussion about concepts like re-staking and shared security—people have been playing with layered returns and getting all kinds of fancy results. But once you stack nested “doll” structures too many times, if something goes wrong in any one layer, the people behind can be in a terrible spot. Anyway, I’d rather make a little less profit than put myself at risk. Live first, then wait for opportunities slowly.