Investor Letters

Letters through November 30, 2017

1 letter reporting on the period ending November 30, 2017, in each firm's own reckoning.

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 $53MBIREY $1.8BBLDR $6.7B