The Market CRUSHED me in 2025. I’m GLAD it happened

My portfolio returned -4% in 2025 compared to 17% for the S&P 500, making it the worst year ever for me as an investor.

But that's not the worst thing that happened.

My portfolio being down this year should be surprising and should be expected as we cannot have only positive years.

This year, for example, Wise is down 25% and is 25% of my portfolio. It should be expected that about 5% of my portfolio will be down just because of this one position. And I'm not worried about a stock I own being down since I took the opportunity to buy more shares.

The worst thing that happened was that I failed to grow the intrinsic value of my portfolio enough. That's the one metric I use to measure my performance.

Over the long-term, the market value of our portfolio should match its intrinsic value.

And this year, the intrinsic value of some of our position went down, just because of mistakes I made. For example, I overpaid for Lululemon. And I completely sold FDJ since the fundamentals were getting worst.

Watch the video where I talk about some more lessons I learned in 2025:

https://www.youtube.com/watch?v=7XDYLMzsOJc