The Asymmetric Portfolio’s return was 34.5% in 2025, beating the S&P 500’s 16.4% return.

Asymmetric Investing is two for two.

After beating the market 35.3% to 23.3% in 2024…

The Asymmetric Portfolio was up 34.5% in 2025 compared to 16.4% for the S&P 500.

Below is the actual real-money portfolio chart in Interactive Brokers, where I have built this portfolio. It tracks closely with the Savvy Trader portfolio I share weekly, which is a third-party tracking tool.

Here are the stats as of December 31, 2025, including the cash added for January 2026 buys.

Here are risk metrics investors often cite:

It’s been a volatile year, as you can see above, and the portfolio’s performance has been especially weak over the past three months. I’m not worried long-term, and this volatility is a feature, not a bug, of my style of investing.

In 2025, I added a special situations portfolio. This has primarily served as a hedging portfolio, where I invest in options I consider attractive, which may offset losses in the traditional portfolio.

To date, I have started four positions (here and here) in total and closed one.

When added together, the full Asymmetric Investing + Special Situations Portfolio is up to $27,716.42 in value from $17,500 invested over the past two and a half years.

I’ll be back to add to the portfolio tomorrow morning and have more thoughts on 2026 over the next few weeks.

Thank you to everyone who subscribes to Asymmetric Investing. This work wouldn’t be possible without you!

If you want to join this journey and get every stock I’m buying before I buy them, join Asymmetric Investing Premium.

You’ll get at least four articles per week, including spotlights on any stock I buy, including the entire 2.5-year history of premium content.

My next buys come out tomorrow morning!