Black Bear Value Fund October 2020 Performance Update

Black Bear Value Fund performance update for the month ended October 30, 2020. Q3 2020 hedge fund letters, conferences and more Dear Partners and Friends, Black Bear Value Fund, LP (the “Fund”) returned -3.0%, net, in October and  -24.6% YTD. The HFRI index returned +0.9% in October and -1.3% YTD. The S&P 500 returned -2.7% in October and +2.8% YTD. As our names have underperformed I have continued to concentrate in our best ideas.  The downside is we will zig and zag from the market and we run the risk of continuing to look disconnected.  Thankfully I have great LP’s…