Investor Letters

Letters through November 30, 2016

1 letter reporting on the period ending November 30, 2016, in each firm's own reckoning.

GoodHaven Capital Management Annual Report GoodHaven Fund retained large positions in WPX Energy and Barrick Gold, arguing that lower costs, reduced debt and improved asset portfolios have strengthened both businesses. It maintained cash amid elevated equity valuations, added selectively to Barrick, and warned that heavy flows into passive index funds could leave investors owning expensive securities. fiscal year ended November 30, 2016 BIREY $1.8BFHI $4.9BGOOGL $3.5T