Investor Letter - H2 2022
Portfolio Update, Microeconomics, Redfin and Carvana Discussion
top of page
Investor Letter - Q2 2022
Q2 2022 Results: Interpretation of Results, The Search for a Theory of Investing, Portfolio Update
Investor Letter - Q1 2022
Q1 2022 Results During the first quarter of 2022, the Saga Portfolio (“the Portfolio”) declined 42.4% net of fees. This compares to the...
Investor Letter - H2 2021
H2 2021 Results; Interpretation of Short-Term Results, How to Think About Volatility, Portfolio Update
Redfin (RDFN)
Investment Thesis The U.S. real estate brokerage industry is large and highly fragmented but commissions paid to agents have not faced...
Investor Letter - H1 2021
H1 2021 Results During the first half of 2021, the Saga Portfolio (“the Portfolio”) increased 7.5% net of fees. This compares to the...
bottom of page