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

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

The theory of market outperformance, the biology of investing, where market inefficiencies have transpired, and a portfolio update.

Investing versus speculating, timing the market, holding cash, and investing opportunity costs, stocks versus bonds.

Position updates and mistakes and selling Under Armour