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Ex-Fairholme Boys Publish First Anuual Shareholder's Letter

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Since inception, the GoodHaven Fund has outperformed the S&P 500 Index (with dividends reinvested) by approximately 7.4% – this is a good start, but not yet worth celebrating.


We have been reasonably cautious in deploying the Fund’s capital and the Fund still has a significant chunk of cash allowing us to invest opportunistically.


Although we try not to be overly influenced by macro events, we talked last May about issues with European financial institutions. Since early fall of last year, financial media outlets have discussed little else. We remain deeply concerned about unsustainable financial trends both here and abroad.


Governments are borrowing enormous amounts to finance out-of-balance budgets and to paper over private losses while central bankers are helping by hugely expanding their balance sheets and keeping interest rates low. In turn, investors are now rightly questioning whether these trends can continue.

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