Michigan, US, 10th October 2025, ZEX PR WIRE, BlackBird Financial LP, the New Jersey–based investment partnership founded and led by Chief Investment Officer Judah Spinner, has spotlighted four cornerstone investments, Alibaba, Caesars Entertainment, Builders FirstSource, and Dollar General, as emblematic of its disciplined, Graham-and-Dodd-inspired philosophy. Each position reflects the firm’s focus on structurally advantaged businesses purchased at prices well below intrinsic value.
Alibaba: Global Scale, Local Mispricing
BlackBird’s stake in Alibaba Group Holding Limited (NYSE: BABA) highlights its conviction in undervalued global leaders. Despite generating over $1.3 trillion in gross merchandise value in fiscal 2025 and holding nearly $70 billion in net cash, Alibaba trades at a market cap below $300 billion. Once adjusted for its Ant Group stake and other assets, the market effectively values Taobao and Tmall at under $100 billion.
“In our view, Alibaba is extraordinarily cheap,” Spinner said. “These platforms are the largest retail ecosystems in the world, supported by logistics and fintech infrastructure that competitors cannot replicate. For long-term investors, this represents a remarkable discount.”
Alibaba’s cloud computing arm, AliCloud, grew revenue 26% year-over-year and is investing tens of billions of dollars in AI and infrastructure, positioning it for head-to head competition with global hyperscalers.
Caesars Entertainment: Free Cash Flow Catalyst
BlackBird also disclosed a significant minority position in Caesars Entertainment Inc. (NASDAQ: CZR), one of the nation’s premier gaming and hospitality companies. Following a multiyear capital expenditure cycle, Caesars now benefits from sharply
reduced investment needs, freeing up cash flow for debt repayment and shareholder returns.
“Caesars is at the start of a powerful free cash flow cycle,” Spinner explained. “The company has already cut costs, improved operations, and with a market cap of just $5 billion, it is deeply undervalued.”
Judah Spinner praised CEO Tom Reeg’s leadership through the Eldorado merger and ongoing deleveraging initiatives. “He’s exactly the kind of CEO we want to back,” Spinner said.
Builders FirstSource: Consolidation and Capital Discipline
BlackBird’s position in Builders FirstSource (NYSE: BLDR) reflects its view on the long term power of industry consolidation. Following its 2021 merger with BMC Holdings and over 30 subsequent acquisitions, Builders FirstSource has created a coast-to-coast platform focusing on higher-margin, value-added components like trusses and wall panels.
“Builders FirstSource is playing the hand perfectly,” Spinner said. “They’ve consolidated the industry, shifted to higher-margin products, and repurchased nearly half their outstanding shares over the past five years. That is exactly the kind of disciplined execution we look for.”
With 550 locations in 40 states, the company’s scale, efficiency, and shareholder friendly management have positioned it for continued growth throughout the cycle.
Dollar General: Rural Dominance and Leadership Renewal
Most recently, BlackBird announced a significant position in Dollar General Corporation (NYSE: DG), the unrivaled leader in small-town retail. With nearly 20,000 stores, over 80% located in communities of 20,000 people or fewer, Dollar General has built a moat around rural markets that competitors, including Walmart, failed to penetrate.
“Dollar General dominates rural markets in a way no one else can match,” Spinner said. “They’ve perfected profitable small-box retail in towns where rivals cannot operate efficiently. That’s a classic BlackBird investment.”
Under returning CEO Todd Vasos, the company has accelerated store renovations, tightened execution, and improved margins. BlackBird views these initiatives as reinforcing Dollar General’s leadership and long-term growth trajectory. “This is a business that knows exactly what it does best and is doubling down on it,” Spinner added.
A Philosophy of Discipline and Patience
Taken together, BlackBird’s positions in Alibaba, Caesars, Builders FirstSource, and Dollar General illustrate Spinner’s consistent framework: seek businesses that possess a durable competitive advantage, have a proven management team, and are available at a steep discount to intrinsic value.
“We’re not guessing where stocks will trade next week or month,” Spinner said. “We’re focused on buying businesses that we want to own for years, at prices that give us both safety and upside. That’s why our portfolio is concentrated and we act only when conviction is high.”
About BlackBird Financial LP
BlackBird Financial LP, founded by Judah Spinner, is a value-oriented investment firm based in Toms River, New Jersey. The firm concentrates capital in structurally advantaged businesses trading well below intrinsic value. In the first half of 2025, BlackBird delivered a 34.4% net return, significantly outpacing the S&P 500’s 6.1% return.
To learn more visit: https://judahspinner.com/
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Citizen Wave journalist was involved in the writing and production of this article.