Investor Letters

Letters through November 30, 2013

1 letter reporting on the period ending November 30, 2013, in each firm's own reckoning.

GoodHaven Capital Management Shareholder Letter GoodHaven Fund retained substantial liquidity amid elevated equity prices, arguing that patience and downside protection outweighed chasing a euphoric market. The fund added natural-gas producers, bought Harbinger Group at a private-market discount, initiated Stolt-Nielsen, and accumulated gold miners led by Barrick Gold. fiscal year ended November 30, 2013 BIREY $1.8BDEPW DVN $48B