ALK - Black Bear Value Partners Q4 2018 Letter
Black Bear Value Partners commentary for the fourth quarter ended December 31, 2018.
"In theory there's no difference between theory and practice, but in practice there is." - Yogi Berra
To My Partners and Friends:
Black Bear Value Fund, LP (the "Fund") returned approximately -3.2% in the 4th quarter of 2018 bringing the YTD net return to +3.3%. This compares to -13.8% for the S&P 500 in the quarter, bringing its YTD return to -4.4%. The HFRI index returned -8.6% in the 4th quarter bringing the 2018 net return to -6.4%. As a