More Than Returns: What Really Mattered This Year

I won’t be doing a portfolio review today.

And that’s intentional.

I want to wait for official year end numbers. Accuracy matters. Integrity matters. You can expect a full portfolio review by the end of this week, once everything is finalized.

That said, I do want to take a moment to reflect — because this year was a great one.

Not just in terms of returns, but in terms of growth.

I’ve heard from a lot of members over the past few weeks. Many of you shared how strong your performance was this year. That’s incredible, and I’m genuinely happy to hear it. But what stood out to me even more was how many people said some version of the same thing:

“I finally understand why I’m in the trade.”
“I don’t panic the way I used to.”
“I’m thinking in systems and cycles now, not headlines.”

That matters more than any single percentage number.

Returns are important — obviously. But understanding is what compounds. Understanding is what keeps you in the game during drawdowns. Understanding is what allows you to size correctly, manage risk, and survive the inevitable losing streaks.

One of the core ideas behind AAO Research has always been leading by example.

That means being transparent when things are working — and just as transparent when they aren’t.

I’ve shared my past mistakes openly.
I’ve talked about mental battles.
I’ve talked about life hurdles, self doubt, and the emotional weight that comes with real money on the line.

None of that is accidental.

Trading isn’t just charts and setups. It’s psychology. It’s discipline. It’s learning how to sit with uncertainty and still execute your process. I believe we’ve done a great job this year not just showing what we’re doing — but how we think, why we act, and when we step aside.

That’s the standard I hold myself to, and that’s the standard I want AAO Research to represent.

More to come very soon — including the full year end review.

Thank you for being here.

Much love for all of you.

Jason Perz

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