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 ...