13F-HR 1 submission.txt 13F SUBMISSION 1ST QUARTER 2008 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, 2008 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: 4400 Biscayne Blvd, 9th Floor Miami, FL 33137 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: 305-358-3000 Signature, Place, and Date of Signing: /s/Bruce R. Berkowitz Miami, FL 05-15-08 --------------------- ------------- ---------- [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: $7,806,756 ----------- (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AMERICREDIT CORP COM COM 03060R101 130662 12975400.0000SH SOLE 12349100.0000 626300.000 BERKSHIRE HATHAWAY INC DEL A COM 084670108 1272636 9540.0000SH SOLE 8498.0000 1042.0000 BERKSHIRE HATHAWAY INC DEL B COM 084670207 87633 19592.0000SH SOLE 75.0000 19517.0000 BRISTOL MYERS SQUIBB COM 110122108 184716 8672100.0000SH SOLE 8615600.0000 56500.0000 CALUMET SPEC PROD PTNR UT LTD COM 131476103 1017 43300.0000SH SOLE 43300.0000 CANADIAN NAT RES LTD COM 136385101 1038421 15212723.9060SH SOLE 13049800.0000 2162923.90 CANADIAN NATUR CLL OPT 50.0000 OPTIONS - CALL 136385101 13185 283800.00CALL SOLE 283800.0000 COCA COLA CO COM 191216100 892 14650.3010SH SOLE 15.0000 14635.3010 DAILY JOURNAL CORP COM COM 233912104 2709 66002.0000SH SOLE 47152.0000 18850.0000 DISH NETWORK CORP CL A COM 25470M109 692273 24095822.0000SH SOLE 20617824.0000 3477998.00 DUKE ENERGY CORP COM COM 26441C105 775 43400.0000SH SOLE 43400.0000 ECHOSTAR CORP CL A COM 278768106 171024 5789560.0000SH SOLE 5107804.0000 681756.000 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 101183 2384700.0000SH SOLE 2384700.0000 GYRODYNE CO AMER INC COM COM 403820103 433 11026.0000SH SOLE 770.0000 10256.0000 HEALTH NET INC COM 42222G108 73452 2384800.0000SH SOLE 2384800.0000 HOMEFED CORP COM 43739D307 15027 306049.0000SH SOLE 231589.0000 74460.0000 HSBC HLDGS PLC SPON ADR NEW ADR 404280406 1516 18419.0000SH SOLE 133.0000 18286.0000 IDT CORP COM 448947101 8832 2644300.0000SH SOLE 2560500.0000 83800.0000 IDT CORP CL B COM 448947309 25432 6571500.0000SH SOLE 6304500.0000 267000.000 LEUCADIA NATL CORP COM COM 527288104 470017 10394003.0000SH SOLE 8091880.0000 2302123.00 MARKEL CORP COM 570535104 330 750.0000 SH SOLE 750.0000 MERCURY GENL CORP NEW COM 589400100 3197 72150.0000SH SOLE 150.0000 72000.0000 MERITOR SVGS BK PA COM COM 590007100 172 43645.0000SH SOLE 5000.0000 38645.0000 MOHAWK INDS INC COM COM 608190104 441792 6169421.0000SH SOLE 5350653.0000 818768.000 MUELLER WTR PRODS INC COM SER COM 624758108 3220 393600.0000SH SOLE 371900.0000 21700.0000 MUELLER WTR PRODS INC COM SER COM 624758207 102247 12975500.0000SH SOLE 11486900.0000 1488600.00 MYLAN INC COM COM 628530107 169616 14622100.0000SH SOLE 14563100.0000 59000.0000 PENN WEST ENERGY TR UNIT COM 707885109 4682 167347.5160SH SOLE 167347.516 SEARS HLDGS CORPCOM COM 812350106 918768 8999590.0000SH SOLE 7983171.0000 1016419.00 SEARS HOLDING CLL OPT 80.0000 OPTIONS - CALL 812350106 39981 354000.00CALL SOLE 354000.0000 SPECTRA ENERGY CORP COM COM 847560109 494 21700.0000SH SOLE 21700.0000 ST JOE CO COM COM 790148100 552801 12876800.0000SH SOLE 10644500.0000 2232300.00 TAL INTERNATIONAL GROUP INC COM 874083108 65077 2760997.0000SH SOLE 2760997.0000 UNITED RENTALS INC COM COM 911363109 84682 4494800.0000SH SOLE 4494800.0000 USG CORP NEW COM COM 903293405 316436 8594136.0000SH SOLE 7582100.0000 1012036.00 WELLCARE HEALTH PLANS COM COM 94946t106 297687 7642800.0000SH SOLE 6623300.0000 1019500.00 WELLPOINT INC COM 94973v107 486127 11015800.0000SH SOLE 9462000.0000 1553800.00 WELL POINT CLL OPT 40.0000 OPTIONS - CALL 94973v107 7254 150000.00CALL SOLE 150000.0000 WESCO FINL CORP COM COM 950817106 396 980.0000 SH SOLE 980.0000 WHITE MTNS INS GROUP LTD COM G9618E107 10235 21322.0000SH SOLE 21322.0000 WINTHROP REALTY TRUST INC COM 976391102 9727 2360880.0000SH SOLE 2360880.0000