Convertible arbitrage is a market-neutral investment strategy often employed by hedge funds. It involves the simultaneous buying of convertible securities and the short selling of the same issuer's common stock. The premise of the strategy is that the convertible is sometimes priced inefficiently relative to the stock, and this inefficiency can be exploited to generate profits. This strategy is typically used by hedge funds and involves sophisticated risk management to handle market movements and other risks. The strategy is known for its complexity and requires a deep understanding of both the bond and equity markets. It is not a strategy for the average investor due to its complexity and the level of risk involved.

Choice A is incorrect. Long/short equity strategy involves buying undervalued stocks (going long) and selling overvalued stocks (going short). This strategy does not specifically involve exploiting price discrepancies between convertible bonds and common stocks.

Choice B is incorrect. Fixed income arbitrage involves capitalizing on price differentials between related fixed income securities. While convertible bonds are a type of fixed income security, this strategy does not specifically focus on the relationship between these bonds and the common stock of the same company.

Choice C is incorrect. Distressed debt investing involves purchasing the debt of companies that are in or near bankruptcy at a significant discount to face value, with the hope that a turnaround or restructuring will increase its value. This strategy does not involve exploiting pricing discrepancies between convertible bonds and common stocks.