GoodHaven Capital was started by former co-managers at Bruce Berkowitz's Fairholme Fund, Keith Trauner Larry Pitkowsky. The mutual fund started by the duo is out with their 2012 year end report. The fund was up over 17% for the year, and is doubling the return of the S&P 500 since inception in 2011.
The fund managers talk about macro and company specific ideas. They are bulllish on HPQ noting
Despite material challenges, HP is an iconic technology company that sells more than $450 million of products and services each and every business day of the year.
In highly competitive markets and with slow growth in many areas, we do not expect a quick turnaround or easy solutions. Yet as long as HP focuses on customers and continues to generate billions of dollars of pre-tax operating cash flow per year, there is little risk at current levels.
The full letter is embedded below:
H/T Canadian Value