Black Bear Value Partners annual letter to investors for the year ended December 31, 2019.
Q4 2019 hedge fund letters, conferences and more
“Patience is not passive, on the contrary, it is concentrated strength.” – Edward G. Bulwer-Lytton
To My Partners and Friends:
- Black Bear Value Fund, LP (the “Fund”) returned +6.5%, net, in 2019.
- The S&P 500 returned +31.5% in 2019 while the HFRI index returned 13.6%
- We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.
In 2019 our equity portfolio contributed meaningfully to our overall returns. Our shorts suffered as both bond and stock markets significantly rallied. Our prospective returns look attractive with a cushion to the downside. The portfolio...
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