Q1 2022 Results During the first quarter of 2022, the Saga Portfolio (“the Portfolio”) declined 42.4% net of fees. This compares to the...

H2 2021 Results; Interpretation of Short-Term Results, How to Think About Volatility, Portfolio Update

Investment Thesis The U.S. real estate brokerage industry is large and highly fragmented but commissions paid to agents have not faced...

H1 2021 Results During the first half of 2021, the Saga Portfolio (“the Portfolio”) increased 7.5% net of fees. This compares to the...

Section was from Saga Partners' H2'20 Investor Letter. Discusses the rise of intangibles in the economy and its impact to business/investing

Disruptive innovation, evolution of the digital economy, asset bubbles, new positions in GoodRx, Roku and Teladoc and selling Dropbox.