13F-HR 1 submission.txt 4TH QUARTER 2004 13F SUBMISSION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2004 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Fairholme Capital Management L.L.C. Address: 51 JFK Parkway Short Hills, New Jersey 07078 13F File Number: 28-6994 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Bruce Berkowitz Title: Managing Member Phone: 973-379-6557 Signature, Place, and Date of Signing: Bruce Berkowitz, Short Hills, New Jersey February 14, 2004 Report Type (Check only one.): [ x ] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 37 Form 13F Information Table Value Total: $1,609,473 List of Other Included Managers: No. 13F File Number Name: FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ALLEGHANY CORP DEL COM 017175100 916 3212.0000SH SOLE 1.0000 3211.0000 AT&T CORP COM COM 001957505 19089 1001500.0000SH SOLE 682000.0000 381500.000 BERKSHIRE HATHAWAY CL A COM 084670108 180019 2048.0000SH SOLE 360.0000 1688.0000 BERKSHIRE HATHAWAY CL B COM 084670207 104874 35720.0000SH SOLE 8697.0000 27523.0000 CANADIAN NAT RES LTD COM COM 136385101 27980 654200.0000SH SOLE 303800.0000 392400.000 CITIBANK WEST FSB-SCLP COM 17306J202 6 12000.0000SH SOLE 12000.0000 CITIGROUP COM 172967101 289 6005.0000SH SOLE 5.0000 6000.0000 COCA COLA CO COM 191216100 724 17397.0000SH SOLE 77.0000 17320.0000 DAILY JOURNAL CORP COM COM 233912104 1556 42925.0000SH SOLE 33925.0000 9000.0000 DUKE ENERGY CORP COM COM 264399106 6017 237540.0000SH SOLE 150000.0000 87540.0000 ECHOSTAR COMMNTNS NEW CL A COM 278762109 11556 347550.0000SH SOLE 165200.0000 182350.000 ETHAN ALLEN INTERIORS COM COM 297602104 2913 72800.0000SH SOLE 65500.0000 7300.0000 FIRST UNION REAL ESTATE EQ&MTG COM 337400105 3493 926615.0000SH SOLE 570684.0000 355931.000 GLADSTONE CAPITAL CORP COM COM 376535100 6458 272475.0000SH SOLE 152575.0000 119900.000 GLADSTONE COML CORP COM COM 376536108 6840 400000.0000SH SOLE 400000.0000 GOLDEN WEST FINL DEL COM COM 381317106 482 7852.0000SH SOLE 266.0000 7586.0000 GYRODYNE CO AMER INC COM COM 403820103 438 11026.0000SH SOLE 770.0000 10256.0000 HEALTH MGMT ASSOC INC CL A COM 421933102 4224 185900.0000SH SOLE 124000.0000 61900.0000 HOMEFED CORP COM 43739D307 16033 320664.0000SH SOLE 241295.0000 79369.0000 HSBC HLDGS PLC SPON ADR NEW COM 404280406 2685 31537.0000SH SOLE 133.0000 31404.0000 LEUCADIA NATL COM 527288104 270203 3888931.0000SH SOLE 1593315.0000 2315616.00 MARKEL CORP COM 570535104 714 1961.0000SH SOLE 1.0000 1960.0000 MCI INC COM COM 552691107 224287 11125335.0000SH SOLE 5188728.0000 6473807.00 MERCURY GENL CORP NEW COM 589400100 60670 1012522.0000SH SOLE 133752.0000 878770.000 MERITOR SVGS BK PA COM COM 590007100 197 43645.0000SH SOLE 5000.0000 38645.0000 MICRON TECHNOLOGY INC COM 595112103 247 20000.0000SH SOLE 20000.0000 MORGAN STAN DEAN WITTR NEW COM 617446448 223 4010.0000SH SOLE 10.0000 4000.0000 RLI CORP COM 749607107 208 5002.0000SH SOLE 2.0000 5000.0000 SAFETY INS GROUP INC COM (REST COM 78648T100 38807 1238649.0000SH SOLE 1238649.0000 SYSTEMAX INC COM 871851101 275 37500.0000SH SOLE 37500.0000 USA MOBILITY INC COM 90341G103 6329 179241.0000SH SOLE 179241.0000 WELLS FARGO & CO COM 949746101 7235 116410.0000SH SOLE 50.0000 116360.000 WELLSFORD REAL PPTYS COM COM 950240101 163 11331.0000SH SOLE 275.0000 11056.0000 WESCO FINL CORP COM COM 950817106 669 1702.0000SH SOLE 2.0000 1700.0000 WHITE MTNS INS GROUP LTD COM G9618E107 61443 95113.0000SH SOLE 83500.0000 11613.0000 HOUSEHOLD CAP TR PFD 44180s207 741 28800 SH SOLE 28800 CITIGROUP INC LITIGATION WT EX WT 172967127 470 331000 SH SOLE 329000 2000