# 139 - The S&P Was Up In 2025… So Why Didn’t Most Investors Win?

Page: https://stenobird.com/podcast/roaming-returns-6576992/139-the-s-p-was-up-in-2025-so-why-didn-t-most-investors-win
Text version: https://stenobird.com/podcast/roaming-returns-6576992/139-the-s-p-was-up-in-2025-so-why-didn-t-most-investors-win.md
Podcast: [Roaming Returns](https://stenobird.com/podcast/roaming-returns-6576992)
Published: 2026-01-08T22:00:00+00:00
Episode link: https://rss.com/podcasts/roamingreturns/2527325
Audio file: https://content.rss.com/episodes/371411/2527325/roamingreturns/2026_02_06_16_14_47_16d283ee-baf5-465a-b4ab-ff824fe0eda4.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/roaming-returns-6576992/episodes/139-the-s-p-was-up-in-2025-so-why-didn-t-most-investors-win
Duration seconds: 3398

## Resource

2025 looked like a great year on paper — but most investors didn’t experience those returns. In this episode, we break down what really happened beneath the indexes , why passive investing masked widespread underperformance, and how a dividend-first, total-return strategy quietly outperformed the market. We walk through: Why the S&P 500’s gains were driven by ~7 stocks Which unexpected sectors crushed it (utilities, REITs, commodities) Why many “obvious” AI and tech plays underperformed The biggest winners, losers, and surprises across 46 real holdings How dividends changed the math in flat and down positions Why total return matters more than price return How we rebalance without chasing winners or panic selling What these results mean for positioning in 2026 We also explain how we track everything manually using spreadsheets, why DRIP isn’t always your friend, and how income investing reduces emotional mistakes when markets get choppy. If you care about real performance, not marketing returns , this episode will change how you look at your portfolio. Questions? Email Tim at debrine9@gmail.com Want FREE weekly market updates, Tim's top 10 dividend picks, and our portfolio updates delivered right to your inbox? Subscribe to our email list. Stay connected. Follow us on social! **DISCLAIMER** Ticker metrics change as markets and companies change, so always do your own research. The content in this podcast is based on personal experience and is for educational purposes, not financial advice. See full disclaimer here . Episode music was created using Loudly .

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/roaming-returns-6576992/episodes/139-the-s-p-was-up-in-2025-so-why-didn-t-most-investors-win/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/roaming-returns-6576992/139-the-s-p-was-up-in-2025-so-why-didn-t-most-investors-win.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.