Rok Herman
Slovenia
2m
As the year comes to an end, it makes sense to pause and look at the numbers. This year my portfolio finished at +28%. Whether it is good or bad depends entirely on context, benchmarks, and most importantly time horizon. In 2025, markets were strong, but uneven. So yes, in a year where simply holding the right index would already produce strong results, a 28% return is above benchmarks, but not miraculous. But it is also not trivial, especially when achieved without excessive leverage, without all-in exposure to a single theme, and without abandoning a long-term investment framework. What matters far more to me than any single year is the trajectory. From the beginning, my goal has never been to chase the highest possible annual return. My stated objective has been simple and deliberately conservative: to build a long-term track record averaging around 10% per year. Not because higher returns are impossible, but because returns that are not repeatable are irrelevant. Anyone can look brilliant for a year. Very few remain consistent over a decade and I am getting more and more proud of my track record. This year exceeded that target by a wide margin and outperformed benchmarks. The market rewards discipline occasionally and punishes it regularly. Most long-term underperformance starts right after a period of outperformance, when discipline quietly erodes. I have been afraid of that since 2020, but I am happy to keep the momentum going. What I am genuinely proud of this year is not the percentage itself, but the fact that it fits cleanly into a longer track record that is steadily forming. Each additional year makes the data more meaningful. Each year without a catastrophic mistake matters more than a spectacular win. All we control is position sizing, risk exposure, and behavior. The long-term goal remains the same: protect capital first, compound second, aim for ~10% per year over full cycles, not cherry-picked periods. To everyone who followed, copied, stayed patient, or challenged ideas along the way, thank you. Long-term investing is simple in theory and difficult in practice. This year was a good one. The real work is making sure it is not an exception. I wish you all the best in 2026!
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