Larry Pitkowsky and Keith Trauner, former portfolio managers at the Fairholme Funds, have formed GoodHaven Capital Management, an investment firm with a go-anywhere mandate. The firm will initially offer separately managed accounts for high-net-worth individuals, institutions and retirement accounts and launch a no-load mutual fund in the second quarter.

“Larry and I are looking forward to a long and profitable partnership with our fellow investors and clients,” Trauner said. “We believe that our disciplined and go-anywhere approach will allow us to take advantage of a few carefully chosen opportunities. As managers who are committed to investing a sizeable amount of our personal net worth on the same basis as our clients, we are confident in our strategy and our ability to make money for our clients and ourselves.”

Pitkowsky and Trauner were with Fairholme for 10 years, and, combined, they have more than 50 years of research and portfolio management experience. Previously, Pitkowsky was a vice president of investments and a portfolio manager at Paine Webber. Trauner was previously the founder and chief executive officer of an investment advisory subsidiary of a private bank in New York.

Markel Corp., a property and casualty insurance company in Virginia, has signed on as the firm’s first client, and will also serve as a strategic partner.