13F-HR 1 submission.txt 13F FILING SEPTEMBER 30 , 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: September 30, 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 11-14-08 --------------------- ------------- ---------- [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: 43 Form 13F Information Table Value Total: $9,544,979 ----------- (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 213228 21049200.0000 SH Sole 18391900.0000 2657300.00 BERKSHIRE HATHAWAY INC DEL CL COM 084670108 524098 4013.0000 SH Sole 3553.0000 460.00 BERKSHIRE HATHAWAY INC DEL CL COM 084670207 37406 8511.0000 SH Sole 57.0000 8454.00 BOEING CO COM COM 097023105 472345 8236177.0000 SH Sole 7995606.0000 240571.00 BRISTOL MYERS SQUIBB CO COM COM 110122108 1170 56100.0000 SH Sole 56100.00 CALUMET SPECIALTY PRODS PTNRS COM 131476103 535 43300.0000 SH Sole 43300.00 CANADIAN NAT RES LTD COM COM 136385101 476572 6961323.9060 SH Sole 6257700.0000 703623.90 COCA COLA CO COM COM 191216100 682 12900.0000 SH Sole 12900.00 DAILY JOURNAL CORP COM COM 233912104 2256 52479.0000 SH Sole 33629.0000 18850.00 DISH NETWORK CORP CL A COM 25470M109 411193 19580622.0000 SH Sole 17483924.0000 2096698.00 ECHOSTAR CORP CL A COM 278768106 87204 3618426.0000 SH Sole 3575345.0000 43081.00 FOREST LABS INC COM COM 345838106 511701 18094100.0000 SH Sole 16558500.0000 1535600.00 GYRODYNE CO AMER INC COM COM 403820103 420 11026.0000 SH Sole 770.0000 10256.00 HERTZ GLOBAL HOLDINGS INC COM COM 42805T105 93569 12360500.0000 SH Sole 8701500.0000 3659000.00 HOMEFED CORP COM PAR $.01 COM 43739D307 9085 208957.0000 SH Sole 134899.0000 74058.00 HSBC HLDGS PLC SPON ADR NEW COM 404280406 1523 18847.0000 SH Sole 133.0000 18714.00 IDT CORP CL B COM 448947309 2309 3119800.0000 SH Sole 3119800.0000 IDT CORP COM COM 448947101 1328 2553700.0000 SH Sole 2482900.0000 70800.00 LEUCADIA NATL CORP COM COM 527288104 704199 15497343.0000 SH Sole 12470380.0000 3026963.00 MARKEL CORP COM COM 570535104 264 750.0000 SH Sole 750.00 MERCURY GENL CORP NEW COM COM 589400100 282 5150.0000 SH Sole 150.0000 5000.00 MERITOR SVGS BK PA COM COM 590007100 135 43645.0000 SH Sole 5000.0000 38645.00 MOHAWK INDS INC COM COM 608190104 438825 6511721.0000 SH Sole 5910053.0000 601668.00 MUELLER WTR PRODS INC COM SER COM 624758207 64219 9879900.0000 SH Sole 9879300.0000 600.00 NORTHROP GRUMMAN CORP COM COM 666807102 265739 4389480.0000 SH Sole 4286200.0000 103280.00 PENN WEST ENERGY TR TR UNIT COM 707885109 768 31876.7370 SH Sole 31876.73 PFIZER INC COM COM 717081103 1714802 92993625.0000 SH Sole 83542200.0000 9451425.00 PFIZER INC CLL OPT 15.0000 OPTIONS-CALL 717081903 830 114000.0000 SH Sole 114000.0000 SEARS HLDGS CORP COM COM 812350106 1364791 14596690.0000 SH Sole 13065671.0000 1531019.00 SEARS HOLDING CLL OPT 60.0000 OPTIONS-CALL 812350906 36998 395700.0000 SH Sole 252700.0000 143000.00 SEARS HOLDING CLL OPT 75.0000 OPTIONS-CALL 812350906 3843 41100.0000 SH Sole 22500.0000 18600.00 SEARS HOLDING CLL OPT 80.0000 OPTIONS-CALL 812350906 33099 354000.0000 SH Sole 354000.0000 SPIRIT AEROSYSTEMS HLDGS INC C COM 848574109 48718 3031600.0000 SH Sole 3031600.0000 ST JOE CO COM COM 790148100 430494 11012900.0000 SH Sole 9937500.0000 1075400.00 TAL INTL GROUP INC COM COM 874083108 50732 2436697.0000 SH Sole 2436697.0000 UNITED RENTALS INC COM COM 911363109 131837 8650727.0000 SH Sole 7856472.0000 794255.00 UNITEDHEALTH GROUP INC COM COM 91324P102 525461 20695583.0000 SH Sole 18990700.0000 1704883.00 WELLCARE HEALTH PLANS INC COM COM 94946T106 299711 8325300.0000 SH Sole 6932600.0000 1392700.00 WELLPOINT INC COM COM 94973V107 553170 11827459.0000 SH Sole 9626100.0000 2201359.00 WELLPOINT CLL OPT 40.0000 OPTIONS-CALL 94973v907 5832 124700.0000 SH Sole 124700.0000 WESCO FINL CORP COM COM 950817106 350 980.0000 SH Sole 980.00 WHITE MTNS INS GROUP LTD COM COM G9618E107 3417 7274.0000 SH Sole 7274.0000 WINTHROP RLTY TR SH BEN INT COM 976391102 19839 5086829.1030 SH Sole 4461075.3360 625753.76