Investor Letters

Letters through November 30, 2025

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

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 $6.4BBRK.A $1.1TCB $129B