Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	234,971	$26.67M	12.8%	$110.02	+4.9%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	24,298	$13.79M	6.6%	$583.45	-0.5%	COM	G9618E107
—	ALLEGHANY CORP DEL	29,858	$12.23M	5.9%	$383.63	—	COM	017175100
L	LOEWS CORP	223,044	$10.43M	5.0%	$42.09	+2.7%	COM	540424108
FRFHF	Fairfax Financial Hldgs Ltd	23,759	$9.683M	4.7%	$316.93	+0.7%	COM	303901102
MKL	MARKEL CORP	16,417	$8.5M	4.1%	$523.76	+0.3%	COM	570535104
WRB	BERKLEY W R CORP	195,923	$8.397M	4.0%	$9.58	-0.1%	COM	084423102
—	LEUCADIA NATL CORP	286,180	$7.796M	3.7%	$26.27	—	COM	527288104
RES	RPC INC	414,205	$6.408M	3.1%	$11.27	+8.0%	COM	749660106
—	CIMAREX ENERGY CO	61,549	$5.933M	2.9%	$64.99	—	COM	171798101
—	GENERAL AMERN INVS INC	157,831	$5.388M	2.6%	$31.94	—	COM	368802104
DVN	DEVON ENERGY CORP NEW	90,328	$5.217M	2.5%	$37.00	+3.0%	COM	25179M103
—	GANNETT INC	171,080	$4.583M	2.2%	$24.46	—	COM	364730101
WABC	WESTAMERICA BANCORPORATION	86,091	$4.282M	2.1%	$29.77	+9.6%	COM	957090103
MSFT	MICROSOFT CORP	88,759	$2.954M	1.4%	$26.70	+1.1%	COM	594918104
KO	COCA COLA CO	77,333	$2.929M	1.4%	$27.85	-3.9%	COM	191216100
BK	BANK NEW YORK MELLON CORP	90,337	$2.727M	1.3%	$21.22	+7.3%	COM	064058100
JNJ	JOHNSON & JOHNSON	31,099	$2.696M	1.3%	$59.66	+6.5%	COM	478160104
—	VODAFONE GROUP PLC NEW	66,786	$2.35M	1.1%	$28.75	—	SPONS ADR NEW	92857W209
—	SOURCE CAP INC	36,586	$2.273M	1.1%	$61.72	—	COM	836144105
—	DIRECTV	36,042	$2.155M	1.0%	$61.63	—	COM	25490A309
—	PICO HLDGS INC	90,042	$1.95M	0.9%	$21.01	—	COM NEW	693366205
—	ATWOOD OCEANICS INC	33,645	$1.852M	0.9%	$52.04	—	COM	050095108
—	DIAMOND OFFSHORE DRILLING IN	28,217	$1.758M	0.8%	$68.71	—	COM	25271C102
—	DU PONT E I DE NEMOURS & CO	28,414	$1.664M	0.8%	$52.51	—	COM	263534109
CVX	CHEVRON CORP NEW	13,628	$1.656M	0.8%	$71.38	+2.4%	COM	166764100
SJT	SAN JUAN BASIN RTY TR	103,193	$1.649M	0.8%	$16.03	—	UNIT BEN INT	798241105
—	LIBERTY MEDIA CORP DELAWARE	11,085	$1.631M	0.8%	$126.75	—	CL A	531229102
—	ROYCE VALUE TR INC	85,373	$1.375M	0.7%	$15.16	—	COM	780910105
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.363M	0.7%	$165023.42	+4.8%	CL A	084670108
—	ENSCO PLC	25,292	$1.359M	0.7%	$57.81	—	SHS CLASS A	G3157S106
—	NOBLE CORPORATION BAAR	35,350	$1.335M	0.6%	$37.57	—	NAMEN -AKT	H5833N103
ABT	ABBOTT LABS	39,489	$1.311M	0.6%	$28.85	-4.0%	COM	002824100
WY	WEYERHAEUSER CO	44,600	$1.277M	0.6%	$18.73	-5.8%	COM	962166104
—	NABORS INDUSTRIES LTD	77,635	$1.247M	0.6%	$15.30	—	SHS	G6359F103
—	ROYCE MICRO-CAP TR INC	91,686	$1.074M	0.5%	$10.91	—	COM	780915104
—	AMERICAN NATL INS CO	10,623	$1.041M	0.5%	$99.49	—	COM	028591105
WFC	WELLS FARGO & CO NEW	25,188	$1.041M	0.5%	$27.36	+10.3%	COM	949746101
PTEN	PATTERSON UTI ENERGY INC	43,800	$936K	0.5%	$21.83	-5.9%	COM	703481101
—	BROOKFIELD ASSET MGMT INC	24,625	$921K	0.4%	$36.03	—	CL A LTD VT SH	112585104
OXY	OCCIDENTAL PETE CORP DEL	9,580	$896K	0.4%	$57.83	+2.4%	COM	674599105
CNA	CNA FINL CORP	22,909	$875K	0.4%	$13.70	+7.9%	COM	126117100
—	COVANTA HLDG CORP	40,250	$861K	0.4%	$20.02	—	COM	22282E102
—	FOREST CITY ENTERPRISES INC	41,872	$793K	0.4%	$17.91	—	CL A	345550107
SSP	SCRIPPS E W CO OHIO	43,033	$790K	0.4%	$9.20	+17.7%	CL A NEW	811054402
USB	US BANCORP DEL	21,479	$786K	0.4%	$22.41	+8.6%	COM NEW	902973304
BR	BROADRIDGE FINL SOLUTIONS IN	24,600	$781K	0.4%	$20.36	+16.3%	COM	11133T103
ABBV	ABBVIE INC	16,351	$731K	0.4%	$26.55	+2.3%	COM	00287Y109
HP	HELMERICH & PAYNE INC	10,500	$724K	0.3%	$61.57	+7.2%	COM	423452101
AMGN	AMGEN INC	5,979	$669K	0.3%	$73.34	+5.0%	COM	031162100
NVS	NOVARTIS A G	8,434	$647K	0.3%	$70.70	—	SPONSORED ADR	66987V109
MET	METLIFE INC	13,305	$625K	0.3%	$24.43	+17.9%	COM	59156R108
EBAY	EBAY INC	11,055	$617K	0.3%	$20.18	-1.1%	COM	278642103
WLY	WILEY JOHN & SONS INC	12,850	$613K	0.3%	$27.09	+15.9%	CL A	968223206
SYY	SYSCO CORP	18,550	$590K	0.3%	$24.40	-1.7%	COM	871829107
—	CHESAPEAKE ENERGY CORP	22,464	$581K	0.3%	$21.02	—	COM	165167107
—	MARKET VECTORS ETF TR	12,300	$579K	0.3%	$42.78	—	OIL SVCS ETF	57060U191
HIG	HARTFORD FINL SVCS GROUP INC	17,900	$557K	0.3%	$22.20	+8.7%	COM	416515104
WMT	WAL-MART STORES INC	7,265	$537K	0.3%	$19.98	-1.0%	COM	931142103
—	ENCANA CORP	30,715	$532K	0.3%	$16.93	—	COM	292505104
CSCO	CISCO SYS INC	22,696	$532K	0.3%	$15.24	+11.1%	COM	17275R102
—	LENDER PROCESSING SVCS INC	15,729	$523K	0.3%	$32.37	—	COM	52602E102
ETR	ENTERGY CORP NEW	8,092	$511K	0.2%	$20.57	-2.3%	COM	29364G103
PBT	PERMIAN BASIN RTY TR	34,350	$489K	0.2%	$13.34	—	UNIT BEN INT	714236106
—	AXIALL CORP	12,400	$469K	0.2%	$37.82	—	COM	05463D100
—	BLACKSTONE GROUP L P	18,800	$468K	0.2%	$21.06	—	COM UNIT LTD	09253U108
—	WASHINGTON POST CO	760	$465K	0.2%	$484.21	—	CL B	939640108
—	HORSEHEAD HLDG CORP	35,905	$447K	0.2%	$12.74	—	COM	440694305
PNC	PNC FINL SVCS GROUP INC	6,150	$446K	0.2%	$47.34	+8.4%	COM	693475105
APD	AIR PRODS & CHEMS INC	4,143	$442K	0.2%	$61.55	+13.9%	COM	009158106
GLW	CORNING INC	28,590	$417K	0.2%	$10.49	+2.5%	COM	219350105
VFC	V F CORP	2,050	$408K	0.2%	$42.45	+8.7%	COM	918204108
SRE	SEMPRA ENERGY	4,577	$392K	0.2%	$27.60	+5.1%	COM	816851109
PG	PROCTER & GAMBLE CO	5,186	$392K	0.2%	$55.00	+2.2%	COM	742718109
LBTYAUSD	LIBERTY GLOBAL PLC	4,932	$391K	0.2%	$73.50	—	SHS CL A	G5480U104
—	APACHE CORP	4,594	$391K	0.2%	$83.80	—	COM	037411105
VIG	VANGUARD SPECIALIZED PORTFOL	5,450	$379K	0.2%	$66.24	—	DIV APP ETF	921908844
EQT	EQT CORP	4,264	$378K	0.2%	$37.67	+12.9%	COM	26884L109
—	PIONEER NAT RES CO	2,000	$378K	0.2%	$189.00	—	COM	723787107
INTC	INTEL CORP	16,121	$370K	0.2%	$17.16	-1.5%	COM	458140100
NRG	NRG ENERGY INC	13,491	$369K	0.2%	$20.46	+0.9%	COM NEW	629377508
IBM	INTERNATIONAL BUSINESS MACHS	1,980	$367K	0.2%	$118.19	-5.6%	COM	459200101
—	MEDTRONIC INC	6,878	$366K	0.2%	$51.47	—	COM	585055106
GD	GENERAL DYNAMICS CORP	4,100	$359K	0.2%	$56.44	+15.0%	COM	369550108
—	BOARDWALK PIPELINE PARTNERS	11,501	$349K	0.2%	$30.17	—	UT LTD PARTNER	096627104
SO	SOUTHERN CO	8,466	$349K	0.2%	$26.74	-5.3%	COM	842587107
AMAT	APPLIED MATLS INC	19,800	$347K	0.2%	$12.22	+10.8%	COM	038222105
EMR	EMERSON ELEC CO	5,250	$340K	0.2%	$40.02	+9.5%	COM	291011104
COP	CONOCOPHILLIPS	4,832	$336K	0.2%	$39.96	+11.3%	COM	20825C104
PFE	PFIZER INC	11,405	$328K	0.2%	$16.46	-0.6%	COM	717081103
—	DIAMOND FOODS INC	13,747	$324K	0.2%	$20.73	—	COM	252603105
—	STARZ	11,085	$312K	0.2%	$22.10	—	COM SER A	85571Q102
—	TCW STRATEGIC INCOME FUND IN	57,418	$309K	0.1%	$5.54	—	COM	872340104
HGTXU	HUGOTON RTY TR TEX	40,740	$304K	0.1%	$8.62	—	UNIT BEN INT	444717102
XOM	EXXON MOBIL CORP	3,510	$302K	0.1%	$53.69	+0.9%	COM	30231G102
—	DOW CHEM CO	7,774	$299K	0.1%	$32.16	—	COM	260543103
GLNG	GOLAR LNG LTD BERMUDA	7,800	$294K	0.1%	$26.25	+7.0%	SHS	G9456A100
—	GENERAL ELECTRIC CO	11,978	$286K	0.1%	$23.21	—	COM	369604103
—	LIBERTY GLOBAL PLC	3,762	$284K	0.1%	$67.92	—	SHS CL C	G5480U120
BAC	BANK OF AMERICA CORPORATION	20,531	$283K	0.1%	$10.04	+11.8%	COM	060505104
PSX	PHILLIPS 66	4,464	$258K	0.1%	$40.44	-7.3%	COM	718546104
—	SEARS HLDGS CORP	4,274	$254K	0.1%	$59.43	—	COM	812350106
CATY	CATHAY GENERAL BANCORP	10,800	$252K	0.1%	$14.04	+16.7%	COM	149150104
IEP	ICAHN ENTERPRISES LP	3,009	$251K	0.1%	$72.78	—	DEPOSITARY UNIT	451100101
CLX	CLOROX CO DEL	2,978	$243K	0.1%	$60.00	-1.1%	COM	189054109
IDT	IDT CORP	13,566	$241K	0.1%	$9.77	+24.2%	CL B NEW	448947507
DJCO	DAILY JOURNAL CORP	1,598	$235K	0.1%	$133.49	0.0%	COM	233912104
FCX	FREEPORT-MCMORAN COPPER & GO	7,052	$233K	0.1%	$25.67	0.0%	COM	35671D857
MRK	MERCK & CO INC NEW	4,897	$233K	0.1%	$30.02	+3.2%	COM	58933Y105
AXP	AMERICAN EXPRESS CO	2,885	$218K	0.1%	$59.62	+6.1%	COM	025816109
NEE	NEXTERA ENERGY INC	2,700	$216K	0.1%	$14.15	+4.9%	COM	65339F101
CRT	CROSS TIMBERS RTY TR	7,324	$215K	0.1%	$29.36	—	TR UNIT	22757R109
BP	BP PLC	5,082	$214K	0.1%	$41.72	—	SPONSORED ADR	055622104
CCJ	CAMECO CORP	11,500	$208K	0.1%	$17.58	-1.0%	COM	13321L108
—	JOY GLOBAL INC	3,983	$203K	0.1%	$50.97	—	COM	481165108
—	MCDERMOTT INTL INC	26,700	$198K	0.1%	$8.06	—	COM	580037109
—	WATERSTONE FINANCIAL INC	18,460	$187K	0.1%	$10.16	—	COM	941888109
—	BREITBURN ENERGY PARTNERS LP	10,100	$185K	0.1%	$18.32	—	COM UT LTD PTN	106776107
—	RESOLUTE FST PRODS INC	13,300	$176K	0.1%	$13.16	—	COM	76117W109
—	ROYCE FOCUS TR	20,807	$150K	0.1%	$6.97	—	COM	78080N108
—	JAPAN SMALLER CAPTLZTN FD IN	16,000	$145K	0.1%	$8.56	—	COM	47109U104
GNE	GENIE ENERGY LTD	13,687	$134K	0.1%	$9.70	+0.9%	CL B	372284208
—	ACCURIDE CORP NEW	21,800	$112K	0.1%	$5.06	—	COM NEW	00439T206
OVLY	OAK VALLEY BANCORP OAKDALE C	13,348	$106K	0.1%	$7.79	+2.0%	COM	671807105
SB	SAFE BULKERS INC	11,600	$79,000	0.0%	$5.08	+15.7%	COM	Y7388L103
UBFO	UNITED SECURITY BANCSHARES C	15,733	$67,000	0.0%	$2.42	+1.9%	COM	911460103
—	ION GEOPHYSICAL CORP	12,700	$66,000	0.0%	$5.98	—	COM	462044108
—	CRIMSON EXPLORATION INC	12,000	$36,000	0.0%	$2.83	—	COM NEW	22662K207
—	TELLABS INC	12,500	$28,000	0.0%	$2.00	—	COM	879664100
—	TIMMINS GOLD CORP	10,000	$17,000	0.0%	$1.70	—	COM	88741P103
—	LGL GROUP INC	15,000	$1,000	0.0%	$0.07	—	*W EXP 08/06/201	50186A116