- While Black Bear is up on the year, I want to caution everyone that in this environment, markets can act irrationally, and I would not expect our partnership to always be immune.
- We are invested based on what the business is telling us…not the stock…and utilize opportune discounts in the market to our advantage.
- The valuations in homebuilding and homebuilding-adjacent businesses are extremely cheap and incorporate a lot of bad news.
- We own businesses that have pricing power and limited/no dependence on the need for external funding.
For further details see:
Black Bear Value Fund Q1 2022 Letter