- 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 $6.4BBRK.A $1.1TCB $129B
One letter so far. We collect each new one as GoodHaven Capital Management publishes it.
