BlackBird Financial, under the leadership of its founder Judah Spinner, is proud to announce an outstanding performance for the first three quarters of 2025. The results highlight the enduring effectiveness of the firm’s investment philosophy, producing a 71.4% gain versus 14% for the S&P 500.
Judah Spinner, CFA
“This is more than a short-term victory; it is a profound validation that our investment approach, a rigorous, fundamental discipline first practiced by Ben Graham and later mastered by Warren Buffett, is as effective and relevant today as ever,” said Judah Spinner.
A Focus on Ownership, Not Speculation
BlackBird Financial’s success is rooted in a steadfast refusal to engage in market speculation. The firm’s philosophy is simple yet powerful:
“We don’t bet on the market. We invest in businesses with an owner’s mindset,” explains Spinner.
Guided by this mindset, BlackBird deliberately filters out the noise that often defines Wall Street. Decisions are never swayed by passing trends, short-term sentiment, or superficial metrics that obscure true intrinsic value.
“It makes no difference to us if companies we buy into are popular or not,” Spinner notes. “We are unmoved by whether the price marks a 52-week high or low, whether an earnings release is imminent, or if the company operates within a currently favored industry. We actively avoid all of those distractions.”
Instead, the firm’s focus is laser-sharp, centering on what truly matters: a deep, comprehensive understanding of the business, its sustainable competitive position, the caliber of its leadership team, and, of course, the price for a piece of that business.
The Enduring Edge: Simplicity and Discipline
The difference in performance, Spinner contends, is not born of a hidden algorithm or superior intellect.
“Frankly, the reason we have outperformed virtually everyone else on Wall Street is not because of IQ or work ethic… It is thanks to us focusing on what counts and avoiding everything else.”
This discipline lies at the heart of genuine value investing. By anchoring every decision to the underlying economics of a business, BlackBird Financial avoids the distractions of short-term sentiment and price volatility. The focus remains on what a company is truly worth, not what others happen to be willing to pay on a given day.
To quote Ben Graham, “the market, in the short run, is a voting machine, but in the long run, it is a weighing machine.” BlackBird chooses to focus exclusively on the “weight,” or value.
This methodical approach shields clients from the emotional whipsaw of the daily news cycle. By committing to a long-term horizon and refusing to trade on rumors or short-term fears, the firm fosters a calm, rational approach that is essential for compounding wealth over time. Market volatility is transformed from a source of risk into a source of opportunity.
Contributors to Exceptional Gains
The success in the first three quarters of 2025 was significantly bolstered by three key holdings exemplifying the BlackBird philosophy: Alibaba, Dollar General, and Avis Budget Group.
These investments outperformed the S&P 500 and contributed meaningfully to BlackBird’s overall performance. They were chosen not for hype or trendiness, but because they met rigorous criteria: understandable businesses with defensible competitive moats, led by capable management, and purchased at prices offering a considerable margin of safety.
BlackBird Financial remains committed to this timeless philosophy, believing that continued outperformance will naturally follow from rigorously applying these principles, quarter after quarter, year after year.
About BlackBird Financial LP
BlackBird Financial LP is a value-driven investment partnership focused on identifying mispriced securities, applying rigorous fundamental analysis, and compounding capital over the long term. Founded by Judah Spinner, the firm is headquartered in Toms River, NJ, and has consistently generated returns well above market benchmarks.