Black Bear Value Fund LP 3Q20 Letter: Long Armstrong World

Black Bear Value Fund letter to investors for the third quarter ended September 30, 2020, discussing their top 5 long positions.“Half of the American people have never read a newspaper. Half never voted for President. One hopes it’s the same half.” – Gore VidalQ2 2020 hedge fund letters, conferences and moreTo My Partners and Friends:Black Bear Value Fund, LP (the “Fund”) returned -22.3%, net, YTD.The S&P 500 returned 5.6% YTD while the HFRI index returned -2.5%.We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.It can be cringe-worthy when someon…

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HEDGE accordingly