Investor Letters

Letters through November 30, 2015

1 letter reporting on the period ending November 30, 2015, in each firm's own reckoning.

GoodHaven Capital Management Shareholder Letter GoodHaven Fund attributes its setback to energy, gold and currency-exposed holdings, while arguing that corporate progress and depressed valuations leave the portfolio intact. It sold Exco, trimmed HP and Dundee, added Verizon, Berkshire and Seacor, and retained conviction in WPX, Birchcliff and Barrick amid commodity stress. 2015 3804 $53MBIREY $1.8BDDEJF $247M