My biggest mistake is not taking a position in the photonics space this year.

I pride myself for doing very thorough due diligence before investing in anything.

This totally backfired.

I identified the photonics space correctly (like everyone else here on X, hard to miss).

I did tens of hours of research. Resulting in one of my favorite research pieces to date (article below).

I understood the theme. I understood the space.

But I did not understand the details. I did not understand all the small intricacies of these companies and how they connected to each other.

The photonics space is difficult to fully grasp. And to this day I still don't understand it all. But that's the case for most people I think.

But the thing is, I also don't fully understand ASML's tech, or $TSM's.

I do however fully understand the crucial role they play.

Their moat.

Their growth.

Sometimes it's better to take a leap of faith, built on just enough conviction.

Just built the position when researching further and ride the momentum.

You don't have to understand every little detail before you invest.

Lesson learned.

What's your biggest mistake?