👀 The times have really changed! In Q1 2026, the combined holdings of liquor and real estate in public funds are less than 4%.

It was unimaginable in the past!
In 2021, at the peak of the liquor sector, Moutai soared to 2,600 yuan, Wuliangye stabilized at 300 yuan, and the industry’s mainstream targets generally had a P/E ratio exceeding 50 times.
At that time, the consensus across the market was: liquor is the top business model in A-shares, with perpetual cash flow, an unshakable brand moat, fully de-cyclical, and a P/E ratio of 40-50 times would be the long-term norm.
Anyone who is bearish on liquor is simply an outsider who doesn’t understand value investing.
Now, the consensus has shifted to: young people don’t like to drink anymore, the economy is bad, no one drinks, business demand has shrunk, the underlying logic of liquor has collapsed, and anyone still bullish is just a big fool!
Assets are still assets; behind the sharp rises and falls, there must be overly optimistic expectations that have prematurely exhausted future benefits.
So, how many people are still stuck in 2021’s liquor and real estate? Raise your hand if you’ve lost more than 50%!