13F-HR 1 submission.txt 13F FILING Q2 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: June 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 08-14-08 --------------------- ------------- ---------- [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: 48 Form 13F Information Table Value Total: $8,818,310 ----------- (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 129262 14995600.0000SH SOLE 13428500.0000 1567100.00 BERKSHIRE HATHAWAY INC DEL A COM 084670108 1003795 8313.0000SH SOLE 7554.0000 759.0000 BERKSHIRE HATHAWAY INC DEL B COM 084670207 62760 15643.0000SH SOLE 58.0000 15585.0000 BRISTOL MYERS SQUIBB COM 110122108 1160 56500.0000SH SOLE 56500.0000 CALUMET SPEC PROD PTNR UT LTD COM 131476103 622 43300.0000SH SOLE 43300.0000 CANADIAN NAT RES LTD COM 136385101 478626 4774323.9060SH SOLE 4038700.0000 735623.906 COCA COLA CO COM 191216100 671 12900.0000SH SOLE 12900.0000 DAILY JOURNAL CORP COM COM 233912104 2592 64401.0000SH SOLE 45551.0000 18850.0000 DISH NETWORK CORP CL A COM 25470M109 729524 24915422.0000SH SOLE 21402724.0000 3512698.00 DUKE ENERGY CORP COM COM 26441C105 754 43400.0000SH SOLE 43400.0000 ECHOSTAR CORP CL A COM 278768106 191454 6132420.0000SH SOLE 5295364.0000 837056.000 FOREST LABS INC COM COM 345838106 426260 12270000.0000SH SOLE 11214100.0000 1055900.00 GYRODYNE CO AMER INC COM COM 403820103 383 11026.0000SH SOLE 770.0000 10256.0000 HERBALIFE LTD COM USD SHS COM g4412g101 41462 1070000.0000SH SOLE 1070000.0000 HOMEFED CORP COM 43739D307 13637 290463.0000SH SOLE 216405.0000 74058.0000 HSBC HLDGS PLC SPON ADR NEW COM 404280406 1446 18847.0000SH SOLE 133.0000 18714.0000 IDT CORP COM 448947101 3993 2644300.0000SH SOLE 2560500.0000 83800.0000 IDT CORP CL B COM 448947309 11172 6571500.0000SH SOLE 6304500.0000 267000.000 JEFFERIES GROUP INC COM 472319102 33279 1978565.0000SH SOLE 1978565.0000 LEUCADIA NATL CORP COM COM 527288104 537228 11444993.0000SH SOLE 9142580.0000 2302413.00 MARKEL CORP COM 570535104 275 750.0000SH SOLE 750.0000 MERCURY GENL CORP NEW COM 589400100 3044 65150.0000SH SOLE 150.0000 65000.0000 MERITOR SVGS BK PA COM COM 590007100 162 43645.0000SH SOLE 5000.0000 38645.0000 MOHAWK INDS INC COM COM 608190104 459201 7163821.0000SH SOLE 6298053.0000 861868.000 MOHAWK CO CLL OPT 50.0000 OPTIONS-CALL 608190904 2724 42500.0000SH SOLE 42500.0000 MOHAWK CO CLL OPT 60.0000 OPTIONS-CALL 608190904 1122 17500.00SH SOLE 17500.0000 MUELLER WTR PRODS INC COM SER COM 624758108 3175 393400.0000SH SOLE 371900.0000 21500.0000 MUELLER WTR PRODS INC COM SER COM 624758207 110388 12926000.0000SH SOLE 11486900.0000 1439100.00 MYLAN INC COM COM 628530107 166035 13756000.0000SH SOLE 13756000.0000 PENN WEST ENERGY TR UNIT COM 707885109 5663 167346.8430SH SOLE 167346.843 PFIZER INC COM COM 717081103 1288276 73742200.0000SH SOLE 66098000.0000 7644200.00 PFIZER INC CLL OPT 15.0000 OPTIONS-CALL 717083903 2865 164000.00SH SOLE 164000.0000 SEARS HLDGS CORPCOM COM 812350106 911085 12368790.0000SH SOLE 11231171.0000 1137619.00 SEARS HOLDING CLL OPT 60.0000 OPTIONS-CALL 812352906 27143 368500.0000SH SOLE 230500.0000 138000.00 SEARS HOLDING CLL OPT 75.0000 OPTIONS-CALL 812353906 3027 41100.0000SH SOLE 22500.0000 18600.00 SEARS HOLDING CLL OPT 80.0000 OPTIONS-CALL 812353906 26075 354000.000SH SOLE 354000.0000 SPECTRA ENERGY CORP COM COM 847560109 624 21700.0000SH SOLE 21700.0000 ST JOE CO COM COM 790148100 325776 9492300.0000SH SOLE 8573400.0000 918900.000 TAL INTERNATIONAL GROUP INC COM 874083108 55410 2436697.0000SH SOLE 2436697.0000 UNITED RENTALS INC COM COM 911363109 190109 9694500.0000SH SOLE 9135900.0000 558600.000 UNITEDHEALTH GROUP INC COM COM 91324P102 443612 16899500.0000SH SOLE 15711500.0000 1188000.00 USG CORP NEW COM COM 903293405 208969 7066936.0000SH SOLE 6055400.0000 1011536.00 WELLCARE HEALTH PLANS COM COM 94946t106 297316 8224500.0000SH SOLE 6828000.0000 1396500.00 WELLPOINT INC COM 94973v107 586380 12303400.0000SH SOLE 10202500.0000 2100900.00 WELLPOINT CLL OPT 40.0000 OPTIONS-CALL 94973v907 10652 223500.00SH SOLE 223500.0000 WESCO FINL CORP COM COM 950817106 374 980.0000.00SH SOLE 980.0000 WHITE MTNS INS GROUP LTD COM G9618E107 3121 7274.0000SH SOLE 7274.0000 WINTHROP REALTY TRUST INC COM 976391102 15627 4340750.2730SH SOLE 3709039.5060 631710.767