Investor Letters

Letters through November 30, 2025

3 letters reporting on the period ending November 30, 2025, in each firm's own reckoning.

GoodHaven Capital Management GoodHaven Fund Annual Shareholder Report GoodHaven Fund benefited from Alphabet’s earnings, legal-case outcome and improved outlook, alongside Berkshire Hathaway’s solid operating earnings. Builders FirstSource detracted as single-family construction weakened and lumber prices fell, while the portfolio retained a low-turnover, long-term approach. December 1, 2024, to November 30, 2025 —
Forager Funds Management Monthly Report | November 2025 Corporate Travel disclosed extensive overcharging on European contracts, requiring refunds and prompting the manager to cut its valuation further. Forager held substantial cash as speculative small-cap shares sold off, but argued that many prices remained insufficiently attractive. November 2025 CTD $327M
GoodHaven Capital Management 2025 Annual Letter to Shareholders GoodHaven reduced Alphabet after its gains widened the range of outcomes for digital advertising, while retaining it as a material holding. The fund added to Chubb and Lennar, established Toll Brothers, and argues that volatility can create opportunities to buy strong businesses with a margin of safety. 2025 BLDR $6.7BBRK.A $1.3TCB $141B