Black Bear Value Fund commentary for the month ended December 31, 2019.
Q4 2019 hedge fund letters, conferences and more
Dear Partners and Friends,
- The Fund returned -0.7%, net, in December. 2019 +6.5%, net.
- The S&P 500 returned +3.0% in December. 2019 +31.5%.
- The HFRI index returned +2.5% in December. 2019 +13.6%.
The timing of your investment could result in different returns, so please consult your statement which should be arriving shortly from our fund administrator.
Some of what benefited us in 2018 detracted from our returns in 2019. The prospective returns and margin of safety of our portfolio look attractive. The risk-reward of our investments is the most asymmetric it's been since I started Black Bear. In time, our patience should be rewarded. A 2019 Year-end...
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