Much like Berkshire, Baupost. I would think the dry powder is part of the convexity in an old fashion way
Can you explain the convexity of holding dry powder like you're talking to someone who got C's in his Econ classes?
Sorry, my bad.
I meant when the market goes down, I either buy the beaten down equity or buy call options and you get convex exposure. I didn't mean convex per se, but convex relatively to a crisis event (liquidity is what is the problem, most of the time)