Did You Beat the Market?

With markets back near record highs, it's a good time to make sure you aren't kidding yourself.

Published on Feb. 10, 2026

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In a talk to M.B.A. students at Columbia Business School, finance columnist Jason Zweig polled the class on their investment returns for 2025. Zweig provided a range of potential returns from a loss of at least 10% to a gain of at least 30% and asked the students to assess how their own portfolios performed compared to the market.

Why it matters

Zweig's poll is a timely reminder for individual investors to critically evaluate their own investment performance, especially as markets have recovered to near-record highs. Understanding one's true investment returns compared to the broader market is an important part of effective personal finance management.

The details

Zweig conducted the poll as part of a guest lecture he gave to a Columbia Business School class on the psychology and economics of consumer finance. The poll asked students to assess their own investment returns for 2025, providing a range of potential outcomes from a loss of at least 10% to a gain of at least 30%.

  • Zweig gave the talk in early 2026.

The players

Jason Zweig

A finance columnist who gave a talk to M.B.A. students at Columbia Business School.

Eric Johnson

A professor at Columbia Business School who teaches the class on the psychology and economics of consumer finance.

Stephen Zeldes

A professor at Columbia Business School who teaches the class on the psychology and economics of consumer finance.

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The takeaway

Zweig's poll serves as a reminder for individual investors to carefully evaluate their own investment performance, especially as markets approach new highs. Understanding one's true returns compared to the broader market is an important part of effective personal finance management.