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I don't have much time but here is what I think: ( you might want to know that I am Portuguese )

Portuguese people are brave. But breave does not mean smart. We were "one of the first" , some may say the first, to explore the Atlantic and that required a lot of brave since many people believed that in the South of the Atlantic ( more precisely in the coasts of South Africa ), there were monsters including a giant called "Adamastor"

Our goal was to reach India, so we didn't focus very much on builidng a big colonial empire ( if we were smart, we would have done so... ). We needed those strategic points in Africa to reach India, but we didn't intend to loose them, so we built forts.

That is one of the factors that affected Portuguese history which led us to what we are today: a small country, with hard working and brave people that has to live in the middle of the world's economic problems because some people in the past didn't make the right decisions.

Thank you for asking. Please keep in mind that I love Portugal and I just expressed what I think. Other may say I'm wrong but the facts speak for themselves.

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