- Black Bear Value Fund, LP is an opportunistic, concentrated and fundamental value investment partnership.
- Black Bear Value Fund, LP returned -6.5%, net, in 2020. The S&P 500 returned +18.4% in 2020 while the HFRI index returned +14.4%.
- Nobody would have predicted a pandemic as the singular event of 2020, yet many waste time trying to predict what will move markets in 2021.
- In owning these companies at such aspirational valuations investors have suspended their own rational thinking and skepticism resulting in playing a dangerous game.
For further details see:
Black Bear Value Partners LP 2020 Letter