Black Bear Value Fund August 2019 update

Black Bear Value Fund performance update for the month ended August 31, 2019. Q2 hedge fund letters, conference, scoops etc Dear Partners and Friends, The Fund returned -6.1%, net, in August.  YTD +0.2%, net. The S&P 500 returned -1.6% in August.  YTD +18.3%. The HFRI index returned +0.7% in July.  YTD +8.8%. Some of our central themes (namely media) dramatically under-performed various indices.  As prices dropped, the risk/reward became favorable so I bought a lot more.  This means we are increasingly concentrated in some prior mentioned themes.  Short-term fear/gyrations are our friend despite the short term mark-to-market pain. Q3 letter will discuss more.  Your…