Does impermanent loss really make you lose money?

Liquidity providing is definitely a new finance concept that did not exist before Defi. As many people have transformed to be degen farmers, many others, including investment funds, prefer to stay away from it for fear of the infamous impermanent loss. There is a good deal of research and analysis about this topic online. Different to the technical analysis, I will narrate liquidity providing as an alternative among the common investing strategies and give alternative perspectives to measure the gain and loss.