Lately, I've been feeling a bit emotional.

In the past two years, I have been mostly out of the market.
I earned interest from investments and some swing trading profits, with no overall drawdowns, and my assets have gradually increased.
From a risk control perspective, this choice was correct.
But from an capital efficiency standpoint, I’ve indeed wasted two years.
When I say wasted, I don’t mean I gained nothing during these two years, but looking back, the opportunity cost was high.
I did make big money in the crypto space before, so subconsciously I always feel that the next big opportunity will still come from here.
Relying on a market to achieve a leap in assets makes it hard to turn around completely suddenly.
There’s some path dependence involved.
I’m more familiar with this market’s rhythm, narratives, crowd, and information flow, which makes me overestimate the opportunities within the familiar market and underestimate those in unfamiliar markets.
But looking back, after 2024, if I can more decisively shift my funds to US stocks, Japanese stocks, or even A-shares, especially in AI, technology, and semiconductors, the capital efficiency could be much higher.
Especially semiconductors, which I’ve been optimistic about for a few years already.
If I hadn’t entered the crypto space at that time, my original plan was to heavily allocate to semiconductors while reducing the proportion of Baijiu and pharmaceuticals.
In early A-share funds, Baijiu consumption even once accounted for more than half of my holdings.
But from the perspective of industry trends later on, the areas with real incremental growth, elasticity, and global pricing logic are clearly shifting to AI, technology, and semiconductors.
Of course, from the perspective of ultimate returns, I definitely don’t regret being in the crypto space.
It truly gave me the most important asset acceleration in my life.
There’s nothing to deny about that.
But after 2024, being able to switch markets more quickly, with some assets starting at three times the initial capital, is not exaggerated.
Of course, investing doesn’t have a true “what if” scenario.
Choosing to stay in crypto to observe was fundamentally based on past experience, cognitive radius, and risk preferences.
But now I realize more clearly:
The places that made you big money in the past aren’t necessarily the most efficient in the future.
The hardest thing for a person isn’t seeing new opportunities, but detaching from old successes.
The biggest lesson of these two years isn’t missing a few targets, but a reminder to myself again:
Don’t let the places where you made big money in the past trap your judgment of the future.