Investor Letters

Letters through November 30, 2019

1 letter reporting on the period ending November 30, 2019, in each firm's own reckoning.

GoodHaven Capital Management Annual Report GoodHaven Fund completed its advisory-firm reorganization, leaving Larry Pitkowsky as sole controlling owner and portfolio manager. The portfolio retained major positions in Barrick Gold, Alphabet, Berkshire Hathaway, Jefferies and WPX Energy, while trimming Barrick, adding Fannie Mae common and favoring undervalued businesses with a margin of safety. fiscal 2019 AAL $8.4BBLDR $6.1BBRK.A $1.2T