Black Bear Value Partners 4Q22 Commentary

Black Bear Value Partners LP commentary for the fourth quarter ended December 31, 2022. Q4 2022 hedge fund letters, conferences and more “Don’t play everything; let some things go by…. What you don’t play can be more important than what you do.” – Thelonious Monk Dear Partners and Friends, ·         Black Bear Value Fund returned +1.8%, net, in December and +12.5% for 2022. ·         The HFRI Value Index returned -0.9% in December and -8.1% for 2022. ·         The S&P 500 returned -5.8% in December and is -18.1% for 2022. From the start of our Partnership, it was clear that investment knowledge alone would…