The document discusses Black Bear Value Partners, LP, investment philosophy, portfolio manager, and key attributes such as the preservation of capital, understandable ideas, high margin of safety, contrarian approach, concentrated portfolio, and industry/asset class agnosticism.
The document also explores the auto dealer industry, discussing whether auto dealers are sticky cash-flow generators hidden by low-margin distribution businesses or low-margin businesses that are outdated. It provides an industry overview, highlighting that new cars and light trucks in the United States are sold through franchised dealers, with approximately 90% privately owned and 10% owned by public companies. The industry is fragmented, but there is ongoing consolidation.
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