Letters by company
Builders FirstSource, Inc.
14 letters discussing BLDR. Everything written about it on this site is on its ticker page.
- GoodHaven Capital Management 2026 Semi-Annual Letter to Shareholders GoodHaven added to Builders FirstSource, Lennar and Asbury Automotive, arguing that housing supply constraints, dealership consolidation and resilient service businesses support longer-term value. It exited Vitesse Energy over management’s strategic and capital-allocation inconsistencies while retaining conviction in Berkshire Hathaway, Arrow Electronics, Alphabet and TerraVest. 2026 Semi-Annual ABG $3.7BARW $10BBLDR $6.7B
- White Brook Capital Full Year 2025 Commentary White Brook Capital argues that bitcoin treasury companies have moved from premium-priced vehicles to a government-rescue wager, while questioning AI infrastructure spending and software valuations. Its All Cap strategy added Alphabet amid weakness, retains Nvidia and TSM, and stays overweight Builders FirstSource and Floor & Decor on housing demand. Full Year 2025 BLDR $6.7BFND $5.3BGOOGL $3.6T
- GoodHaven Capital Management 2025 Annual Letter to Shareholders GoodHaven reduced Alphabet after its gains widened the range of outcomes for digital advertising, while retaining it as a material holding. The fund added to Chubb and Lennar, established Toll Brothers, and argues that volatility can create opportunities to buy strong businesses with a margin of safety. 2025 BLDR $6.7BBRK.A $1.3TCB $141B
- Davenport Asset Management The Davenport Funds Quarterly Update: Second Quarter Update 2025 Davenport Funds argues that tariff and geopolitical fears receded faster than their economic effects could materialize, supporting a disciplined focus on undervalued cyclical and consumer opportunities. The managers added Quanta Services, UnitedHealth and Analog Devices, reintroduced Alexandria Real Estate, built casino positions in Wynn and Caesars, and initiated Sempra, Applied Materials, Builders FirstSource and International Flavors & Fragrances after insider buying. Second Quarter 2025 AMAT $314BARE $7.9BASTS $14B
- GoodHaven Capital Management 2025 Semi-Annual Letter to Shareholders GoodHaven Fund argues that tariff uncertainty and conflict-driven volatility could create bargains, while its modestly leveraged holdings trade below broader-market valuations. It added Arrow Electronics, Chubb, Lennar, Asbury Automotive and Toll Brothers, exited Academy Sports and several smaller positions, and retained TerraVest, Builders FirstSource, Jefferies, Berkshire Hathaway and Exor on long-term value cases. 2025 Semi-Annual BLDR $6.7BBRK.A $1.3TJEF $11B
- GoodHaven Capital Management 2023 Annual Letter to Shareholders GoodHaven added materially to Bank of America, Devon, Berkshire Hathaway, Goldman Sachs and Occidental Petroleum warrants, while opening a position in Camden Property Trust after weakness in financials, energy and real estate. It sold Alibaba after concluding its thesis was flawed, and argues that Builders FirstSource, Lennar, KKR and TerraVest retain durable earnings and capital-allocation advantages. fiscal year 2023 BAC $350BBLDR $6.7BBRK.A $1.3T
- GoodHaven Capital Management Annual Report GoodHaven Fund concentrated further around Alphabet, Berkshire Hathaway, Builders FirstSource and Jefferies Financial, arguing that durable growth, high returns on capital and reasonable valuations justify holding winners. It initiated Alibaba despite Chinese regulatory risk, trimmed Barrick Gold while adding long-term calls, and backed KKR’s expansion across alternative-asset strategies. fiscal 2021 BABA $253BBLDR $6.7BBRK.A $1.3T
- GoodHaven Capital Management The Best Hedge Is Being Right GoodHaven concentrated the portfolio in Berkshire Hathaway, Alphabet, Barrick Gold, Jefferies Financial and Builders FirstSource after deploying liquidity during the spring selloff. The fund added PG&E and Chubb, maintained energy exposure through WPX Energy and Birchcliff Energy, and sold Stolt-Nielsen to fund newer ideas. fiscal year ended November 30, 2020 BIREY $1.9BBLDR $6.7BBRK.A $1.3T
- GoodHaven Capital Management Annual Report GoodHaven Fund completed its advisory-firm reorganization, leaving Larry Pitkowsky as sole controlling owner and portfolio manager. The portfolio retained major positions in Barrick Gold, Alphabet, Berkshire Hathaway, Jefferies and WPX Energy, while trimming Barrick, adding Fannie Mae common and favoring undervalued businesses with a margin of safety. fiscal 2019 AAL $9.3BBLDR $6.7BBRK.A $1.3T
- GoodHaven Capital Management Annual Report GoodHaven Fund argues that WPX Energy, Birchcliff Energy and Barrick Gold offer discounted exposure to improving commodity fundamentals despite operational setbacks and market skepticism. It trimmed Alphabet and Systemax, added Builders FirstSource, Macy’s and Oaktree Capital, and retained substantial cash amid concerns over expensive passive-index markets. 2017 3804 $54MBIREY $1.9BBLDR $6.7B
- Diamond Hill — Large Cap Fund Large Cap Fund Quarterly Snapshot The new management team added nine positions centered on AI beneficiaries with dominant core businesses, while cutting consumer staples and other holdings with uninspiring fundamentals. New investments included Taiwan Semiconductor Manufacturing, JPMorgan Chase, Chevron, Alphabet, Meta Platforms, Stryker, Gartner, Transocean and Ameren; insurance exposure was reduced in favor of banks and natural-gas exposure shifted toward oil. 3Q26 CARR $45BCRM $179BMETA $1.6T
- Tapasya Investment Bi-Annual Partner Letter 2026 Tapasya Investment Fund I built Amazon into its second-largest holding on AWS growth, advertising scale and enterprise satellite prospects, while selling Lululemon, Universal Music Group and Fannie Mae. The portfolio used covered calls and cash-secured puts for income, and retained conviction in AI infrastructure, scalable platforms and discounted long-term holdings. first half of 2026 AMZN $2.9TALAB $40BFNMA $5.1B
- GoodHaven Capital Management GoodHaven Fund Annual Shareholder Report GoodHaven Fund benefited from Alphabet’s earnings, legal-case outcome and improved outlook, alongside Berkshire Hathaway’s solid operating earnings. Builders FirstSource detracted as single-family construction weakened and lumber prices fell, while the portfolio retained a low-turnover, long-term approach. December 1, 2024, to November 30, 2025 —
- White Brook Capital Third Quarter 2025 Commentary White Brook Capital argues that AI infrastructure spending mixes genuine demand with speculative financing and sees narrative-driven valuations obscuring cash-generative businesses. The firm sold Tile Shop after its proposed delisting, retained its small-cap concentration, and expects operational changes at Portillo's and Target to strengthen their investment cases. Third Quarter 2025 PTLO $516MRGTI $4.1BTGT $74B
