Black Bear Value Fund commentary for the month ended February 29, 2020.
Q4 2019 hedge fund letters, conferences and more

Dear Partners and Friends,
We have had our 2 biggest monthly draw-downs in back-to-back months with an estimated YTD return at ~ -16%. While I have the bulk of my net worth in the Partnership and am very comfortable with what we own, I am sympathetic that getting a monthly update like this can stir nervous energy. Markets can swing from euphoria to panic. Though the unknown can be scary, it is of critical importance not to let the market inform...

