👀 The times have really changed! In Q1 2026, the combined position of liquor and real estate in public funds has fallen below 4%.

It was unimaginable in the past!

In 2021, the liquor sector peaked, with Moutai reaching 2600 yuan, and Wuliangye stabilizing at 300 yuan, while the price-to-earnings ratios of mainstream industry stocks generally broke through 50 times.

At that time, the consensus in the entire market was: liquor is the top business model in A-shares, with perpetual cash flow and an unshakable brand moat, completely decoupled from the cycle, and a 40-50 times price-to-earnings ratio would be a long-term norm; anyone bearish on liquor was simply a layman who didn't understand value investment.

Now, the consensus has shifted to: young people don’t want to drink anymore, the economy is bad and nobody is drinking, business demand is shrinking, and the underlying logic of liquor has collapsed; anyone who remains optimistic is just a big fool!

The assets are still the same assets; behind the dramatic ups and downs, there must be overly optimistic expectations that have prematurely tapped into future benefits.

So, how many people are trapped in liquor and real estate from 2021? Raise your hand if you’re down over 50%!

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