Goodhaven

GoodHaven's Letter To Shareholders On Performance

GoodHaven's letter to shareholders for the period November 2014.

To Our Fellow Shareholders:

In recent months, our performance has significantly lagged the S&P 500 with modestly negative absolute performance. In our careers, we have been through such periods before and although we are not overly concerned, we do recognize that most investors tend to measure performance over shorter time periods and expect correlation with broad indexes. We would like to remind our fellow owners that a concentrated portfolio normally experiences periods of significant non-correlation, that returns are usually lumpier than simple index alternatives, and that our . . .

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