When working out, the fitness coach feels that there is no risk and no reward. I told him that the risk and reward are often not completely equal, just like buying lottery tickets, even if you don't cheat, the reward rate is only about 50%. In Macau gambling, even if the casino doesn't cheat, you can still draw a stable 2% in each round. These are not worth participating in for several semesters. But for commemorative notes and coins like the annual ones, buying them at face value allows you to easily exchange them back to the bank at face value, which often comes with a premium and is considered a risk-free option. If you are lucky enough to get a tail number like 88888888 or 66666666, you will receive 100000 yuan. Similar to buying new convertible bonds and buying new ones on the Beijing Stock Exchange, although convertible bonds have always been said to break through rigid redemption, they are still rigid redemption at present, and most people will sell them as soon as they start trading, which is almost risk-free and can guarantee a steady profit if they win the lottery. If it is still just redeemed later, then the investment strategy of spreading the big cake with convertible bonds belongs to the type of low-risk returns that can be seen. This is especially true for new listings on the Beijing Stock Exchange. Recently, many stocks on the exchange have been marked with "meat tags", and there is no need to hold stocks. If you have cash, you can buy them. For example, when buying new listings tomorrow, you need to have 700-800w for 100 shares, and you can get up to 400 shares. You can subscribe for a maximum of 3015w per share. That is to say, it can be withdrawn within two trading days, and winning the lottery is estimated to earn 100 shares, which is not a problem for an ordinary person's annual salary. And recently, LOF arbitrage has also been like this. Although one account can only invest 100 yuan a day and earn a few cups of coffee money a day, if there are many relatives and friends, it is still quite substantial. The same goes for various new things in the pie circle every year. Generally, there is a stage where one can earn money by grabbing them, and this period is when the returns and risks are clearly unequal. So risk and return are not always equal. In some scenarios, the risk is high and the return is low, while in others, the risk is low and the return is high. There is a greater probability that risk and return are equal.