BlackBird Financial Returns 62.2% in 2025 With Under 10 Holdings
United States – October 31, 2026 -- BlackBird Financial LP returned 62.2% in 2025 with a portfolio of fewer than ten holdings, against a 17.9% gain for the S&P 500, according to the firm's account of its investment approach.
Spinner holds fewer than ten stocks under a 'punchcard' model
Founder and Chief Investment Officer Judah Spinner calls the strategy the "punchcard approach." It borrows from Warren Buffett's metaphor of an investor limited to twenty investments over a lifetime. Each holding is a researched thesis on the structural dynamics of a whole industry, not a single stock pick.
Spinner's investments in offshore support vessels and building materials distribution followed months of study. The work covered the competitive landscape, supply-side constraints and long-term demand drivers.