Answer: Time gone by .
Explanation:
Shakespeare's Sonnet 106 is a poem from the Fair Youth sequence, in which the author praises the youth. The meaning of the phrase "wasted time" is, in this context, the time that is spent, that has passed. The poet realizes that, when he explores the descriptions of beautiful people made by other poets in the past, these poets were alluding to the same kind of beauty he sees in contemporary people.
