Black Bear Value Partners 4Q22 Commentary
Black Bear Value Partners LP commentary for the fourth quarter ended December 31, 2022. “Don’t play everything; let some things go by…. What you don’t play can be more important than what you do.” – Thelonious Monk Q4 2022 hedge fund letters, conferences and more 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 not be enough for a...