Investor Letters

Letters through November 30, 2020

1 letter reporting on the period ending November 30, 2020, in each firm's own reckoning.

GoodHaven Capital Management The Best Hedge Is Being Right GoodHaven concentrated the portfolio in Berkshire Hathaway, Alphabet, Barrick Gold, Jefferies Financial and Builders FirstSource after deploying liquidity during the spring selloff. The fund added PG&E and Chubb, maintained energy exposure through WPX Energy and Birchcliff Energy, and sold Stolt-Nielsen to fund newer ideas. fiscal year ended November 30, 2020 BIREF $1.4BBLDR $6.1BBRK.A $1.2T