Investor Letters

Letters through November 30, 2021

1 letter reporting on the period ending November 30, 2021, in each firm's own reckoning.

GoodHaven Capital Management Annual Report GoodHaven Fund concentrated further around Alphabet, Berkshire Hathaway, Builders FirstSource and Jefferies Financial, arguing that durable growth, high returns on capital and reasonable valuations justify holding winners. It initiated Alibaba despite Chinese regulatory risk, trimmed Barrick Gold while adding long-term calls, and backed KKR’s expansion across alternative-asset strategies. fiscal 2021 BABA $248BBLDR $6.1BBRK.A $1.2T