13F-HR 1 submission.txt 1ST QUARTER 2005 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: March 31, 2005 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 05-13-05 --------------------- ------------- ---------- [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: 39 Form 13F Information Table Value Total: $1,129,811 ----------- (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ALLEGHANY CORP DEL COM 017175100 554 2001.2400SH SOLE 1.0200 2000.2200 ALLSTAR INNS INC COM COM 019889104 0 17500.0000SH SOLE 10300.0000 7200.0000 AT&T CORP COM COM 001957505 20321 1083800.0000SH SOLE 760000.0000 323800.000 BERKSHIRE HATHAWAY CL A COM 084670108 175653 2019.0000SH SOLE 410.0000 1612.0000 BERKSHIRE HATHAWAY CL B COM 084670207 115374 40397.0000SH SOLE 13257.0000 27500.0000 CANADIAN NAT RES LTD COM COM 136385101 44331 780200.0000SH SOLE 387800.0000 438400.000 CITIBANK WEST FSB-SCLP COM 17306J202 2 12000.0000SH SOLE 12000.0000 CITIGROUP COM 172967101 270 6005.0000SH SOLE 5.0000 6000.0000 COCA COLA CO COM 191216100 725 17397.0000SH SOLE 77.0000 17320.0000 DAILY JOURNAL CORP COM COM 233912104 1907 43525.0000SH SOLE 34525.0000 9000.0000 DUKE ENERGY CORP COM COM 264399106 1084 38700.0000SH SOLE 30000.0000 8700.0000 ECHOSTAR COMMNTNS NEW CL A COM 278762109 59228 2024888.0000SH SOLE 1117438.0000 1024050.00 ETHAN ALLEN INTERIORS COM COM 297602104 3120 97500.0000SH SOLE 90500.0000 7000.0000 FIRST UNION REAL ESTATE EQUITY COM 337400105 3766 932415.0000SH SOLE 570684.0000 361731.000 GOLDEN WEST FINL DEL COM COM 381317106 475 7852.0000SH SOLE 266.0000 7586.0000 GYRODYNE CO AMER INC COM COM 403820103 474 11026.0000SH SOLE 770.0000 10256.0000 HOMEFED CORP COM 43739D307 16997 320689.0000SH SOLE 241295.0000 79394.0000 HSBC HLDGS PLC SPON ADR NEW COM 404280406 2514 31657.0000SH SOLE 133.0000 31524.0000 LEUCADIA NATL COM 527288104 235797 6864528.0000SH SOLE 3274771.0000 3698757.00 MARKEL CORP COM 570535104 566 1641.0000SH SOLE 1.0000 1640.0000 MCI INC COM COM 552691107 266231 10692027.0000SH SOLE 5068728.0000 6010499.00 MERCURY GENL CORP NEW COM 589400100 62295 1127310.0000SH SOLE 244952.0000 882358.000 MERITOR SVGS BK PA COM COM 590007100 190 43645.0000SH SOLE 5000.0000 38645.0000 MICRON TECHNOLOGY INC COM 595112103 207 20000.0000SH SOLE 20000.0000 MORGAN STAN DEAN WITTR NEW COM 617446448 230 4010.0000SH SOLE 10.0000 4000.0000 OVERSTOCK COM INC DEL COM COM 690370101 4299 100000.0000SH SOLE 100000.0000 10000.0000 RLI CORP COM 749607107 207 5002.0000SH SOLE 2.0000 5000.0000 SAFETY INS GROUP INC COM COM 78648T100 38349 1238649.0000SH SOLE 1238649.0000 SBC COMMUNICATIONS INC COM COM 78387G103 1303 55000.0000SH SOLE 50000.0000 5000.0000 SYSTEMAX INC COM 871851101 204 37500.0000SH SOLE 37500.0000 USA MOBILITY INC COM 90341G103 7103 219241.0000SH SOLE 219241.0000 WELLS FARGO & CO COM 949746101 6961 116410.0000SH SOLE 50.0000 116360.000 WELLSFORD REAL PPTYS COM COM 950240101 165 11331.0000SH SOLE 275.0000 11056.0000 WESCO FINL CORP COM COM 950817106 578 1502.0000SH SOLE 2.0000 1500.0000 WHITE MTNS INS GROUP LTD COM G9618E107 57602 94663.0000SH SOLE 83500.0000 11163.0000 HOUSEHOLD CAP TR PFD 44180s207 729 28800 SH SOLE 28800