ANGI - Spree Capital Advisers Q3 2020 Letter

• Spree Capital Advisers is an investment firm focused on under the radar businesses where our investments can compound capital over the long term.
• The Spree Capital Advisers Composite Index advanced 20.22% net of fees in the third quarter of 2020.
• In the Q3, the tug of war between reopening the economy and containing COVID-19 outbreaks continued along with the coincident political brinkmanship over additional fiscal stimulus.
• We continue to avoid merely “good” business models and are finding few value with a catalyst situation that pass our standards for inclusion. Currently, our Value with a Catalyst watch list has three businesses in the funnel.

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