13F-HR 1 submission.txt 2ND QUARTER 2004 13 F 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: June 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 August 13, 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: 43 Form 13F Information Table Value Total: $745,677 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 31161 108574.0000SH SOLE 36592.0000 71982.0000 ALLSTAR INNS INC COM COM 019889104 0 17900.0000SH SOLE 10300.0000 7600.0000 ALTRIA GROUP INC COM 718154107 576 11503.0000SH SOLE 3.0000 11500.0000 ARCH WIRELESS INC CL A COM 039392709 7392 259470.0000SH SOLE 259470.0000 BERKSHIRE HATHAWAY CL A COM 084670108 177811 1999.0000SH SOLE 225.0000 1774.0000 BERKSHIRE HATHAWAY CL B COM 084670207 91691 31029.0000SH SOLE 4997.0000 26032.0000 CAPITAL SOUTHWEST CORP COM COM 140501107 1291 16377.0000SH SOLE 16377.0000 CITIBANK WEST FSB-SCLP COM 17306J202 8 12006.0000SH SOLE 12006.0000 CITIGROUP COM 172967101 279 6005.0000SH SOLE 5.0000 6000.0000 COCA COLA CO COM 191216100 2002 39650.0000SH SOLE 77.0000 39573.0000 COMMERCE BANCORP NJ COM COM 200519106 1914 34800.0000SH SOLE 31000.0000 3800.0000 DAILY JOURNAL CORP COM COM 233912104 1258 38125.0000SH SOLE 29125.0000 9000.0000 DUKE ENERGY CORP COM COM 264399106 4521 222830.0000SH SOLE 150000.0000 72830.0000 ECHOSTAR COMMNTNS NEW CL A COM 278762109 4534 147450.0000SH SOLE 125000.0000 22450.0000 ETHAN ALLEN INTERIORS COM COM 297602104 3318 92400.0000SH SOLE 65500.0000 26900.0000 FIRST UNION REAL ESTATE EQ&MTG COM 337400105 2477 784239.0000SH SOLE 420684.0000 GLADSTONE CAPITAL CORP COM COM 376535100 13379 663954.0000SH SOLE 233927.0000 430027.000 GLADSTONE COML CORP COM COM 376536108 6600 400000.0000SH SOLE 400000.0000 GOLDEN WEST FINL DEL COM COM 381317106 418 3926.0000SH SOLE 133.0000 3793.0000 GYRODYNE CO AMER INC COM COM 403820103 346 12026.0000SH SOLE 770.0000 11256.0000 HEALTH MGMT ASSOC INC CL A COM 421933102 4503 200860.0000SH SOLE 144000.0000 56860.0000 HOMEFED CORP COM 43739D307 10851 321524.2000SH SOLE 241295.0000 80229.2000 HSBC HLDGS PLC SPON ADR NEW COM 404280406 2362 31537.0000SH SOLE 133.0000 31404.0000 HVIDE MARINE INC CL A COM 448515106 0 10000.0000SH SOLE 10000.0000 INTEL CORP COM 458140100 449 16264.0000SH SOLE 8.0000 16256.0000 LEUCADIA NATL COM 527288104 198004 3983981.0000SH SOLE 1646315.0000 2337666.00 MARKEL CORP COM 570535104 40788 146983.0000SH SOLE 11945.0000 135038.000 MERCURY GENL CORP NEW COM 589400100 52384 1055067.0000SH SOLE 140052.0000 915015.000 MERITOR SVGS BK PA COM COM 590007100 146 43645.0000SH SOLE 5000.0000 38645.0000 MICRON TECHNOLOGY INC COM 595112103 306 20000.0000SH SOLE 20000.0000 MORGAN STAN DEAN WITTR NEW COM 617446448 264 5010.0000SH SOLE 10.0000 5000.0000 PFIZER INC COM COM 717081103 283 8251.0000SH SOLE 1.0000 8250.0000 PLAINS RESOURCES INC COM COM 726540503 368 21700.0000SH SOLE 20000.0000 1700.0000 SAFETY INS GROUP INC COM (REST COM 78648T100 26532 1238649.0000SH SOLE 1238649.0000 SYSTEMAX INC COM 871851101 251 37500.0000SH SOLE 37500.0000 WELLS FARGO & CO COM 949746101 6714 117310.0000SH SOLE 50.0000 117260.000 WELLSFORD REAL PPTYS COM COM 950240101 184 11820.0000SH SOLE 275.0000 11545.0000 WESCO FINL CORP COM COM 950817106 616 1702.0000SH SOLE 2.0000 1700.0000 WHITE MTNS INS GROUP LTD COM G9618E107 48610 95313.0000SH SOLE 83500.0000 HOUSEHOLD CAP TR PFD 44180s207 759 28800 SH SOLE 28800 CITIGROUP INC LITIGATION WT EX WT 172967127 327 376000 SH SOLE 374000 2000 TOKHEIM CORP SER C WT EXP 1020 WT 889073136 0 60000 SH SOLE 60000