1. The Black Bear Value Fund returned +0.9% in September and +5.5% YTD, outperforming the S&P 500 and HFRI Index. 2. The Fund increased its credit shorts and short-term interest rate/credit instruments, betting on higher rates and wider spreads. 3. The Fund's top holdings include metallurgical coal producers and a building materials company with strong free cash flow. 4. The author expresses concern about the normalization of antisemitism in society.