Black Bear Value Partners LP 2020 Letter: Long Texas Pacific Land Trust
Black Bear Value Partners LP annual letter to investors for the year ended December 31, 2020. Q4 2020 hedge fund letters, conferences and more “Nothing valuable can be lost by taking time.” – Abraham Lincoln To My Partners and Friends: Black Bear Value Fund, LP (the “Fund”) returned -6.5%, net, in 2020.The S&P 500 returned +18.4% in 2020 while the HFRI index returned +14.4%We do not seek to mimic the returns of the S&P 500 and there will be variances in our performance.Thank you to all who have continued to put themselves in harm’s way to assist humankind. I also extend sympathies to anyone wh...