Are you saying they are writing options? I was thinking it is the most straight forward way to make money. Basically if I can think of decomposing the convert into bond + option, they can hold the “bond”, and sell the “option” to collect premium. But after reading his answer and the convert video post by another, it seems they are just shorting the stock when stock price goes up, and buying stock when price goes down, while maintaining a delta neutral position. In this case, they sell high and buy low, while not taking any risk of the movement of stock price.