13F-HR 1 submission.txt 3RD QUARTER 2004 SUBMISSION 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 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 November 12, 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: 41 Form 13F Information Table Value Total: $888,039 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AHT CORPORATION COM 00130R103 0 75000.0000SH SOLE 75000.0000 ALLEGHANY CORP DEL COM 017175100 16477 60378.0000SH SOLE 27453.0000 32925.0000 ALLSTAR INNS INC COM COM 019889104 0 17500.0000SH SOLE 10300.0000 7200.0000 ARCH WIRELESS INC CL A COM 039392709 4799 167041.0000SH SOLE 167041.0000 BERKSHIRE HATHAWAY CL A COM 084670108 173560 2003.0000SH SOLE 280.0000 1733.0000 BERKSHIRE HATHAWAY CL B COM 084670207 88315 30761.0000SH SOLE 4997.0000 25764.0000 CAPITAL SOUTHWEST CORP COM COM 140501107 1245 16377.0000SH SOLE 16377.0000 CITIBANK WEST FSB-SCLP COM 17306J202 8 12000.0000SH SOLE 12000.0000 CITIGROUP COM 172967101 265 6005.0000SH SOLE 5.0000 6000.0000 COCA COLA CO COM 191216100 1580 39450.0000SH SOLE 77.0000 39373.0000 DAILY JOURNAL CORP COM COM 233912104 1296 38125.0000SH SOLE 29125.0000 9000.0000 DUKE ENERGY CORP COM COM 264399106 5444 237840.0000SH SOLE 150000.0000 87840.0000 ECHOSTAR COMMNTNS NEW CL A COM 278762109 4769 153250.0000SH SOLE 110000.0000 43250.0000 ETHAN ALLEN INTERIORS COM COM 297602104 2672 76900.0000SH SOLE 65500.0000 11400.0000 FIRST UNION REAL ESTATE EQ&MTG COM 337400105 2430 781615.0000SH SOLE 424684.0000 356931.000 GLADSTONE CAPITAL CORP COM COM 376535100 13413 590604.0000SH SOLE 167777.0000 422827.000 GLADSTONE COML CORP COM COM 376536108 6484 400000.0000SH SOLE 400000.0000 GOLDEN WEST FINL DEL COM COM 381317106 436 3926.0000SH SOLE 133.0000 3793.0000 GYRODYNE CO AMER INC COM COM 403820103 394 11026.0000SH SOLE 770.0000 10256.0000 HEALTH MGMT ASSOC INC CL A COM 421933102 3820 186960.0000SH SOLE 124000.0000 62960.0000 HOMEFED CORP COM 43739D307 13734 321272.2000SH SOLE 241295.0000 79977.2000 HSBC HLDGS PLC SPON ADR NEW COM 404280406 2517 31537.0000SH SOLE 133.0000 31404.0000 HVIDE MARINE INC CL A COM 448515106 0 10000.0000SH SOLE 10000.0000 INTEL CORP COM 458140100 326 16264.3610SH SOLE 8.0000 16256.3610 LEUCADIA NATL COM 527288104 227321 4012731.0000SH SOLE 1666315.0000 2366416.00 MARKEL CORP COM 570535104 21810 70721.0000SH SOLE 11795.0000 58926.0000 MCI INC COM COM 552691107 153751 9179165.0000SH SOLE 4473728.0000 5114637.00 MERCURY GENL CORP NEW COM 589400100 53348 1008667.0000SH SOLE 105052.0000 903615.000 MERITOR SVGS BK PA COM COM 590007100 183 43645.0000SH SOLE 5000.0000 38645.0000 MICRON TECHNOLOGY INC COM 595112103 241 20000.0000SH SOLE 20000.0000 MORGAN STAN DEAN WITTR NEW COM 617446448 247 5010.0000SH SOLE 10.0000 5000.0000 PFIZER INC COM COM 717081103 252 8251.0000SH SOLE 1.0000 8250.0000 SAFETY INS GROUP INC COM (REST COM 78648T100 27535 1238649.0000SH SOLE 1238649.0000 SYSTEMAX INC COM 871851101 212 37500.0000SH SOLE 37500.0000 WELLS FARGO & CO COM 949746101 6942 116410.0000SH SOLE 50.0000 116360.000 WELLSFORD REAL PPTYS COM COM 950240101 172 11331.0000SH SOLE 275.0000 11056.0000 WESCO FINL CORP COM COM 950817106 598 1702.0000SH SOLE 2.0000 1700.0000 WHITE MTNS INS GROUP LTD COM G9618E107 50214 95463.0000SH SOLE 83500.0000 11963.0000 HOUSEHOLD CAP TR PFD 44180s207 759 28800 SH SOLE 28800 CITIGROUP INC LITIGATION WT EX WT 172967127 470 331000 SH SOLE 329000 2000 TOKHEIM CORP SER C WT EXP 1020 WT 889073136 0 60000 SH SOLE 60000