13F-HR 1 submission.txt 1ST QUARTER 2006 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: March 31, 2006 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, NJ 07078 Form 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 R. Berkowitz Title: Managing Member Phone: 973-379-6557 Signature, Place, and Date of Signing: /s/Bruce R. Berkowitz Short Hills, NJ 05-12-06 --------------------- ------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-______________ _______________________________ [Repeat as necessary. Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: Form 13F Information Table Entry Total: 41 Form 13F Information Table Value Total: $2,546,267 ----------- (thousands) List of Other Included Managers: NONE Profice a numbered list of the names(s) and Form 13F file numbers(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ANNALY MTG MGMT INC COM 035710409 66643 5489500.0000SH SOLE 4137600.0000 1351900.00 AUTONATION INC COM COM 05329W102 15085 700000.0000SH SOLE 700000.0000 BERKSHIRE HATHAWAY INC DEL CL COM 084670108 432144 4783.0000SH SOLE 3444.0000 1339.0000 BERKSHIRE HATHAWAY INC DEL CL COM 084670207 184717 61327.0000SH SOLE 21652.0000 39675.0000 CALUMET SPEC PROD PTNR UT LTD COM 131476103 16662 599132.0000SH SOLE 533832.0000 65300.0000 CANADIAN NATURAL RESOURCES COM 136385101 318840 5756268.0000SH SOLE 3999600.0000 1756668.00 CITIBANK WEST FSB-SCLP COM 17306J202 0 12000.0000SH SOLE 12000.0000 CITIGROUP COM 172967101 284 6005.0000SH SOLE 5.0000 6000.0000 COCA COLA CO COM 191216100 728 17397.0000SH SOLE 77.0000 17320.0000 COMMERCE GROUP INC MASS COM 200641108 8011 151601.0000SH SOLE 151601.0000 DAILY JOURNAL CORP COM COM 233912104 2405 59378.0000SH SOLE 48078.0000 11300.0000 DOMINION RESOURCES INC VA NEW COM 25746U109 6903 100000.0000SH SOLE 100000.0000 DUKE ENERGY CORP COM COM 26441C105 47637 1634200.0000SH SOLE 1630700.0000 3500.0000 ECHOSTAR COMMUNICATIONS CORP C COM 278762109 384772 12881542.0000SH SOLE 9867324.0000 3014218.00 ETHAN ALLEN INTERIORS COM COM 297602104 13262 315600.0000SH SOLE 315600.0000 GOLDEN WEST FINL DEL COM COM 381317106 533 7852.0000SH SOLE 266.0000 7586.0000 GYRODYNE CO AMER INC COM COM 403820103 462 10256.0000SH SOLE 10256.0000 HOMEFED CORP COM 43739D307 20485 320078.0000SH SOLE 241295.0000 78783.0000 HSBC HLDGS PLC SPON ADR NEW COM 404280406 1412 16856.0000SH SOLE 133.0000 16723.0000 IDT CORP COM 448947101 11135 1016900.0000SH SOLE 989000.0000 27900.0000 IDT CORP CL B COM 448947309 69871 6311700.0000SH SOLE 6251300.0000 60400.0000 INTL ASSETS HLDG CORP COM COM 459028106 145 14100.0000SH SOLE 14100.0000 LEUCADIA NATL COM 527288104 346306 5804664.0000SH SOLE 3244046.0000 2560618.00 M D C HLDGS INC COM COM 552676108 46303 720000.0000SH SOLE 720000.0000 MARKEL CORP COM 570535104 520 1541.0000SH SOLE 1.0000 1540.0000 MARSH & MCLENNAN COMPANIES INC COM 571748102 28426 968193.0000SH SOLE 762000.0000 206193.000 MERCURY GENL CORP NEW COM 589400100 37000 673957.0000SH SOLE 307152.0000 366805.000 MERITOR SVGS BK PA COM COM 590007100 202 43645.0000SH SOLE 5000.0000 38645.0000 MICRON TECHNOLOGY INC COM 595112103 294 20000.0000SH SOLE 20000.0000 MOHAWK INDS INC COM 608190104 106631 1321000.0000SH SOLE 1101800.0000 219200.000 SAFETY INS GROUP INC COM COM 78648T100 56557 1238649.0000SH SOLE 1238649.0000 SEARS HOLDINGS CORP COM 812350106 142465 1080671.0000SH SOLE 832671.0000 248000.000 SYSTEMAX INC COM 871851101 249 34500.0000SH SOLE 34500.0000 TAL INTERNATIONAL GROUP INC COM 874083108 66568 2760997.0000SH SOLE 2760997.0000 USA MOBILITY INC COM 90341G103 76897 2700026.0000SH SOLE 2700026.0000 WELLS FARGO & CO COM 949746101 4599 72000.0000SH SOLE 50.0000 71950.0000 WELLSFORD REAL PPTYS COM COM 950240101 90 11331.0000SH SOLE 275.0000 11056.0000 WESCO FINL CORP COM COM 950817106 591 1482.0000SH SOLE 2.0000 1480.0000 WHITE MTNS INS GROUP LTD COM G9618E107 17670 29722.0000SH SOLE 22648.0000 7074.0000 WILLIAMS COS INC DEL COM COM 969457100 9198 430000.0000SH SOLE 430000.0000 WINTHROP REALTY TRUST INC COM 976391102 3565 673965.0000SH SOLE 673965.0000