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 a 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.
Having achieved a leap in assets through a particular market, it’s not so easy to suddenly turn around completely.
There’s some path dependence involved.
I am more familiar with this market’s rhythm, narratives, crowd, and information flow, which makes me more likely to overestimate opportunities in familiar markets and underestimate those in unfamiliar markets.
But looking back, after 2024, if I can more decisively shift my funds to U.S. stocks, Japanese stocks, or even A-shares, especially in AI, technology, and semiconductors, the capital efficiency could be much higher.
Especially semiconductors, which I started to be optimistic about a few years ago.
If I hadn’t entered the crypto space back then, my original plan would have been 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 toward AI, technology, and semiconductors.
Of course, from the perspective of ultimate returns, I definitely don’t regret entering 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 investment, is not an exaggeration.
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.
Now I realize more clearly:
The places that made you big money in the past aren’t necessarily the most efficient places 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.