Even having been exposed to liquidity pools for quite some time, the idea of impermanent losses still confound me, but of course, the problem only really sets in when those impermanent losses actually become permanent! 💸
The concept of impermanent loss is actually not as complicated as it is often shown. Basically you compare the situation by holding both tokens in you wallet with the situation with both tokens in the pool. If both tokens evolve in parallel, in the second situation you don't make any losses. However when both tokens don't evolve at the same speed, having them in the pool will leave you with less value than if you have both tokens in the wallet :-)