Black Bear Value Partners LP 2019 Letter: The Importance of Game Selection & Runways

Black Bear Value Partners annual letter to investors for the year ended December 31, 2019. Q4 2019 hedge fund letters, conferences and more “Patience is not passive, on the contrary, it is concentrated strength.” – Edward G. Bulwer-Lytton To My Partners and Friends: Black Bear Value Fund, LP (the “Fund”) returned +6.5%, net, in 2019. The S&P 500 returned +31.5% in 2019 while the HFRI index returned 13.6% We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance. In 2019 our equity portfolio contributed meaningfully to our overall returns. Our…