<p>This article examines how financial literacy and behavioral factors affect the returns of investment portfolios held by investors-beginners in Post-Covid Turbulence. The study was conducted using short-term investment portfolio results of 550 undergraduate students during the period from 2020 to 2023. This period was characterized by various economic and financial shocks. In turbulent, high-volatility markets, investors-beginners may be more concerned with avoiding losses than with maximizing return magnitude. Accordingly, we treated portfolio return as a binary outcome and estimated a logistic regression model. The study’s findings revealed that financial knowledge did not have a significant impact on the profitability of the investment portfolio. At the same time the probability of achieving a positive return was determined by risk propensity, collective decision-making and investor’s responsibility. Based on the results obtained and the analysis of existing literature, we suggest that contradictory conclusions regarding the impact of financial literacy on the financial outcome of an investment portfolio could be explained by the type of investor and market conditions. Under turbulent conditions, macro-financial factors can outweigh the protective role often attributed to financial literacy in shaping portfolio outcomes, while behavioral characteristics still play a significant role. The implications of this study are relevant to both academics and policymakers. Academics can use the findings to develop new behavioral models that adjust decision-making process of investors-beginners. By understanding the determinants of investment behavior, policymakers can design targeted strategies to strengthen the resilience of financial markets and protect the interests of investors-beginners.</p>