This paper aims to investigate and analyze how different investors, based on gender, age, and personality, acted with their portfolios on January 31, 2020. Financial behavior theory is the main theory to explain the behavior of the general population based on the above-mentioned attributes. The study will also investigate who sold in panic during the first case of Covid-19 in Sweden. 

To compare and distinguish the different investors, a quantitative study in the form of a questionnaire survey has been conducted. To see a statistically significant difference between the individual investors, a Chi-Square test with a significance level of 5 percent was conducted to ensure that the results are not due to chance. 

The results of the study show that the perception of risk differs between men, women, and personalities. The results also indicate that there is no statistically significant difference between the variables and panic selling. On the other hand, the study shows that people who were defined as risk-averse tended to sell off all or a large part of their capital at the start of the pandemic.