BlackBird Financial

United States – October 31, 2026 -- BlackBird Financial returned 15.7% net of fees in the first half of 2026, beating the S&P 500's 10.2% (dividends included) by 5.5 percentage points, according to a July 30 letter to partners from Judah Spinner, CFA. All figures are as of June 30, 2026.

Builders FirstSource becomes the fund's largest holding after a market-cap slide to $7.1 billion

Builders FirstSource shares fell sharply after the fund's 2025 annual letter, as weakness in the housing market cut the company's market capitalization from $12.2 billion to $7.1 billion at its May low. Spinner added aggressively, using capital from new partners and funds reallocated from several smaller investments.

He said he did not know where the bottom was, but the fund was buying a strong business at a substantial discount to intrinsic value. He considers the risk of permanent capital impairment over a multiyear holding period exceptionally low.

[SOURCE_CITY] – October 31, 2026 -- BlackBird Financial limits its portfolio to fewer than ten holdings, a concentration policy that founder Judah Spinner traces to Warren Buffett's capital allocation approach.

Graham's margin of safety sets the entry price at BlackBird

Spinner first encountered Benjamin Graham's writings on stock selection and fundamental analysis at age twelve, when he began reading The Wall Street Journal. Graham's central idea is that stock prices can diverge sharply from underlying business value, which creates openings for disciplined investors.

Spinner applies Graham's "margin of safety" to every position, which must trade well below intrinsic value. The cushion is meant to absorb analytical errors and unexpected developments.

Global – October 31, 2026 -- BlackBird Financial reports a 62.2% return for 2025, which it attributes to a risk framework built on capital preservation and run by Judah Spinner without reckless leverage or concentrated bets on unproven technologies.

Fund buys only below intrinsic value under a margin-of-safety rule

Spinner applies "margin of safety investing," a concept inherited from Benjamin Graham. Every holding must trade well below its intrinsic value, which gives the fund a cushion against miscalculation or market downturns. The fund contrasts this with momentum strategies that depend on continued price appreciation.

United States – October 31, 2026 -- Judah Spinner's BlackBird Financial has built a significant ownership position in Fiserv, Inc., a company that generated more than $5 billion in adjusted net income over the past twelve months and carries a market capitalization of around $33 billion.

BlackBird is a hedge fund modeled on the Buffett Partnership of the 1950s. The announcement did not state the size of the stake. Spinner said the fund looked past Fiserv's short-term difficulties and focused on its long-term position.

BlackBird rules out activism and backs CEO Mike Lyons

Spinner said BlackBird will not pursue an activist role and fully supports management. "Our intention is to be long-term partners," he said.

He expects the next couple of years to be hard for Fiserv under new CEO Mike Lyons. Spinner said Lyons's decisions today will build a stronger, more resilient business over the next decade.