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When the market drops, many investors watch their portfolios shrink and feel a strong pull to sell everything before things get worse. DALBAR’s decades-long research into investor behavior identifies that instinct as the costliest impulse in personal investing today. 

Scott Galloway, a clinical professor of marketing at New York University (NYU) Stern School of Business, admitted on  September 28, 2026, that one emotional trade cost him dearly. 

He estimated the decision erased roughly 40% of his liquid net worth in stocks, a loss driven by panic.

Two major research reports confirm his experience is not unique, and the performance gap between calm investors and reactive ones has grown to near-historic levels. 

Also Read: Warren Buffett’s rules for investors starting with $10,000

Galloway’s panic sell cost him 40% of his stock wealth

The NYU professor detailed the episode on the “Office Hours” edition of his Prof G Pod, calling it his largest investing mistake. After the 2016 presidential election, he said fear about the country’s direction overwhelmed every rational signal in his portfolio.

“I sold all my stocks. That was stupid. The market ripped for the next year,” Galloway said.

The selloff would have triggered capital gains tax liability on realized gains, with state and city taxes in Galloway’s home state of New York adding to the cost.

Suze Orman, personal finance expert and host of the Women & Money podcast, has seen that pattern repeat across decades of advising investors and used her May 3, 2026, episode to confront it directly.

The biggest mistake you will ever make, and you probably are making it, or you have made it, is when, in fact, you stop investing,

Galloway’s experience proved Orman’s point. He returned to the market about six months later, but the S&P 500 posted a total return of 21.83% in 2017, DQYDJ reported, compounding his losses

He was paying taxes on realized gains while those same assets kept climbing to new highs without him in the position. 

The combined toll of capital gains taxes on the way out and a sharply higher re-entry price six months later turned a single emotional decision into his most expensive investing mistake, Galloway said on the podcast.

Average equity investors trailed the S&P 500 by 848 basis points in 2024

Galloway’s story would be a one-off cautionary tale, except that industry data shows millions of investors repeat the same mistake each year.

DALBAR’s 2025 Quantitative Analysis of Investor Behavior (QAIB) report, which analyzes 2024 investor data, found the average equity fund investor earned 16.54% while the S&P 500 returned 25.02%.

That 848-basis-point gap ranks as the fourth-largest shortfall since the firm began tracking investor behavior in 1985, trailing only 1995, 1997, and 2021, Plan Adviser reported. 

That streak now stretches 15 consecutive years, with 2009 the last time average investors outpaced the index.

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Galloway warned on his Podcast that timing market peaks is dangerous, noting that economies keep grinding forward regardless of which party holds power.

DALBAR attributed the gap to withdrawals in every quarter of 2024, with the largest outflows preceding a major equity rally. The firm has identified nine behavioral biases driving poorly timed trades, including loss aversion, herding, and media response.

The damage from those emotional exits grows clearer when measured in missed trading days. 

JP Morgan data analyzed by Visual Capitalist found a hypothetical $10,000 S&P 500 investment grew to $64,844 from 2003 to 2022. Missing the 10 best trading days cut it to $29,708, while missing 40 left just $8,048.

Visual Capitalist reported that seven of the 10 best trading days occurred during bear markets. Many strong sessions followed the worst declines, placing sharp recoveries just after the steep drops that often trigger panic selling.

Average equity investors earned 16.54% in 2024, trailing the S&P 500 by 848 basis points as emotional decisions hurt returns.TIMOTHY A. CLARY / Getty Images

What Galloway’s mistake means for investing decisions

Galloway’s experience, DALBAR’s investor tracking, and JP Morgan’s market data reported by Visual Capitalist all reach the same conclusion: the costliest investing mistake is not a bad stock pick but an emotional exit.

Galloway said the experience reshaped how he thinks about market signals, noting that even compelling reasons to sell rarely justify the cost of exiting.

DALBAR’s 15-year streak shows the behavior gap is persistent, not a one-off tied to any single crisis. The firm attributed it to psychological traps, loss aversion, herding, and media response, that push investors to sell at the worst possible moments.

Charles Schwab reinforced that approach in a July 2026 article, recommending automated 401(k) or IRA contributions alongside an emergency fund covering three to six months of expenses, to reduce the pressure to sell holdings during a downturn.

Related: 5 money mistakes to avoid according to Scott Galloway

Launched by childhood friends Teddy Gailas and Peter Phillips out of the Queens borough of New York in 2017, Chip City Cookies was one of the early breakaway stars of the “cookie wars” that swept the country as a food craze 10 years ago.

The chain made a name for itself through its large, gooey cookies with original rotating flavors dropped on social media prior to being available in stores. It expanded quickly to a peak of nearly 50 locations across states including New York, New Jersey, Connecticut, Massachusetts, Texas, Virginia, Florida, and Illinois.

But amid the shifting wave of food trends and an economy in which many are watching their spending on artisanal versions of common treats more carefully, the cookie craze appears at a major ebb.

Chip City Cookies abruptly closes all remaining stores

Crumbl, which is another breakaway star and major name in this space, slashed the number of its physical stores by 16% from 2024 to 2025. The 20-year-old New York State cookie bakery The Cookie Factory closed its last remaining brick-and-mortar stores to focus on selling exclusively at supermarkets in August 2026.

While observant fans noticed that Chip City Cookies had closed some stores in states like Connecticut earlier in September, chain president Nicolas Baizan just took to social media to say that it is permanently shuttering its last 22 remaining locations at the end of business hours on Oct. 2.

Read Now: Viral cookie chain leaves key market, closes all stores

“Despite extensive efforts to stabilize our business in the face of significant macro-economic headwinds, we have made the very difficult decision to close all of our Chip City locations,” Chip City Cookies said in its statement. “We are grateful to our dedicated employees and loyal customers who have supported us for the past 10 years.”

Chip City opened during the “cookie wars” phase in 2017 by Teddy Gailas and Peter Phillips.Chip City

‘Consumers are spending less and their preferences are evolving:’ Chip City Cookies on abrupt closures

Bazin went on to name “a challenging environment” and “consumers [who…] are spending less” as the main factor that “negatively impacted our sales.”

The abrupt collapse of what was once a breakout star in the food world backed by New York restaurateur and Shake Shack founder Danny Meyer sent shockwaves through the industry as well as fans (part of the chain’s success came from its cult following of diehard fans).

Locals near the location on Columbus Avenue in Manhattan’s Upper West Side also reported seeing police officers from the NYPD Evidence Collection Team going inside the shop on the morning of Oct. 2.

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While Chip City previously told customers in stores that were announced as closing earlier in the month that any pre-purchased gift cards could be used at other locations throughout October, the abrupt shutdown makes it highly unlikely that these will have any use.

The collapse also comes just several days after founder Peter Phillips sued the company. According to the lawsuit, Phillips was to remain with the company until December after Meyer’s Enlightened Hospitality Investments took a majority stake in the brand in March 2026.

Phillips’ suit goes on to claim that the new majority owners pressured him to surrender web domains and sign third-party borrower authorization documents on five small-business loans in order for this agreement to be honored.

Related: Popular chicken chain exits market, closes more locations

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Why we love this deal

Outdoor spaces don’t need to be large to enjoy them. A spot to sit and read, have a drink, or spend some time with friends only needs a couple of chairs. A few comfortable pieces can turn a balcony, porch, or backyard into a functional part of the home that you can spend hours in, even if you don’t have much room to spare. Making use of all your space, even smaller areas, can open up your home and make it feel bigger. 

The Lofka 3-Piece Rocking Patio Set is a perfect example. The cushions are comfortable, and the rockers are compact but cozy. This set is on sale for just $66 plus a $20 shipping fee right now at Walmart. 

Lofka 3-Piece Rocking Patio Set, $66 (was $103) at Walmart

Courtesy of Walmart

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Why do shoppers love it?

The chairs are designed for rocking, with wide backrests and a balanced build that prevents tipping backwards. Thick foam cushions add padding to each seat, while the chairs can accommodate up to 220 pounds each. The compact size makes them practical for balconies and porches, while still being big enough to use in larger backyard spaces. Measuring 22.5 inches wide, 25.1 inches deep, and 29.7 inches tall, they’re a versatile mix of comfort and compact. 

Related: Walmart has a highly rated 3-piece wicker patio set with soft cushions for $170

The materials are designed for outdoor use, with PE rattan wicker covering a heavy-duty steel frame. It’s made to resist fading, cracking, rust, and water damage so the furniture can stay out even when not in use. The removable cushion covers can be machine washed, while the tempered glass tabletop and rattan can be wiped down with a damp cloth or hosed off for easier upkeep. The coffee table offers a surface for drinks and other small items without requiring a ton of space, and the rockers are perfect for conversations with friends or just relaxing by yourself. This set is available in multiple colors, but the gray option is the best deal. They also offer different table types for only a few dollars more. 

Details to know

Sizes: Each rocking chair measures 22.5 inches wide, 21.5 inches deep, and 28.7 inches tall. The table measures 15.8 inches wide, 15.8 inches deep, and 15.6 inches tall.

Weight capacity: The rockers can hold up to 220 pounds each. 

Material: The all-weather PE rattan holds up to daily use and daily weather conditions. 

“This purchase definitely exceeded my expectations,” one reviewer wrote. “It was simpler to set up than I thought it would be. It’s very sturdy, great quality for the value, and so aesthetically pleasing.”Another shopper wrote, “Overall, these chairs are budget-friendly and look great. I loved the ease of the instructions and that all the parts and tools were included.”

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Costway 3-Piece Cushioned Patio Set, $120 (was $189) at Walmart

At $66, the Lofka 3-Piece Rocking Patio Set provides you with a set for smaller spaces, offering seating for two. The cushions keep it extra comfortable, while the rattan, removable covers, and glass table keep everything easy to maintain. At just $66 and a $20 shipping fee, this set is a great deal.