Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	606,550	$67.89M	16.4%	$110.02	0.0%	CL B NEW	084670702
AIG	AMERICAN INTL GROUP INC	1,462,500	$65.37M	15.8%	$32.51	0.0%	COM NEW	026874784
—	ISHARES INC	4,261,041	$47.81M	11.5%	$11.22	—	MSCI JAPAN	464286848
C	CITIGROUP INC	843,435	$40.46M	9.8%	$35.76	0.0%	COM NEW	172967424
—	SANOFI	16,176,843	$30.74M	7.4%	$1.90	—	RIGHT 12/31/2020	80105n113
MS	MORGAN STANLEY	901,100	$22.01M	5.3%	$17.33	0.0%	COM NEW	617446448
—	NATIONAL BK GREECE S A	1,555,000	$18.68M	4.5%	$12.01	—	ADR PRF SER A	633643507
HIMX	HIMAX TECHNOLOGIES INC	3,314,502	$17.3M	4.2%	$5.22	—	SPONSORED ADR	43289P106
BAC	BANK OF AMERICA CORPORATION	1,143,066	$14.7M	3.5%	$10.03	0.0%	COM	060505104
—	POWERSHARES QQQ TRUST	174,700	$12.45M	3.0%	—	—	Put	73935A104
—	TURQUOISE HILL RES LTD	1,683,532	$9.983M	2.4%	$5.93	—	COM	900435108
—	DELL INC	698,465	$9.307M	2.2%	$13.32	—	COM	24702R101
—	HEWLETT PACKARD CO	238,224	$5.908M	1.4%	$24.80	—	COM	428236103
—	COMMONWEALTH REIT	203,000	$4.693M	1.1%	$23.12	—	COM SH BEN INT	203233101
BRK/A	BERKSHIRE HATHAWAY INC DEL	21	$3.541M	0.9%	$165023.42	0.0%	CL A	084670108
—	AMERICAN INTL GROUP INC	193,062	$3.521M	0.8%	$18.24	—	*W EXP 01/19/202	026874156
CSCO	CISCO SYS INC	125,600	$3.056M	0.7%	$15.24	0.0%	COM	17275R102
VEU	VANGUARD INTL EQUITY INDEX F	62,044	$2.744M	0.7%	$44.23	—	ALLWRLD EX US	922042775
GNW	GENWORTH FINL INC	239,300	$2.73M	0.7%	$10.41	0.0%	COM CL A	37247D106
—	ROYAL BK SCOTLAND GROUP PLC	126,910	$2.623M	0.6%	$20.67	—	ADR PREF SHS R	780097747
VTI	VANGUARD INDEX FDS	29,120	$2.407M	0.6%	$82.66	—	TOTAL STK MKT	922908769
—	PANHANDLE OIL AND GAS INC	67,200	$1.915M	0.5%	$28.50	—	CL A	698477106
—	PROSHARES TR	89,636	$1.849M	0.4%	$20.63	—	PSHS SHTRUSS2000	74347R826
PSX	PHILLIPS 66	28,294	$1.667M	0.4%	$40.44	0.0%	COM	718546104
VV	VANGUARD INDEX FDS	21,177	$1.555M	0.4%	$73.43	—	LARGE CAP ETF	922908637
—	DEUTSCHE BK AG LONDON BRH	83,000	$1.551M	0.4%	$18.69	—	3X INV JAP GOV	25154P188
—	PIONEER NAT RES CO	10,000	$1.448M	0.3%	$144.80	—	COM	723787107
—	JPMORGAN CHASE & CO	90,710	$1.415M	0.3%	$15.60	—	*W EXP 10/28/201	46634E114
L	LOEWS CORP	20,000	$888K	0.2%	$42.08	0.0%	COM	540424108
—	PHOENIX COS INC NEW	20,000	$860K	0.2%	$43.00	—	COM NEW	71902e604
—	RESOLUTE FST PRODS INC	60,000	$790K	0.2%	$13.17	—	COM	76117W109
—	ELLSWORTH FUND LTD	92,424	$708K	0.2%	$7.66	—	COM	289074106
—	LEUCADIA NATL CORP	25,000	$656K	0.2%	$26.24	—	COM	527288104
—	1ST CENTURY BANCSHARES INC	105,000	$648K	0.2%	$6.17	—	COM	31943x102
—	LIBERTY INTERACTIVE CORP	26,000	$598K	0.1%	$23.00	—	INT COM SER A	53071M104
—	BARCLAYS BK PLC	27,000	$559K	0.1%	$20.70	—	IPATH S&P500 VIX	06740c188
—	ROYAL BK SCOTLAND GROUP PLC	26,133	$550K	0.1%	$21.05	—	ADR PREF SER N	780097770
—	ALPS ETF TR	13,050	$521K	0.1%	$39.92	—	JEFF TRJ CRB GLO	00162Q304
—	CHESAPEAKE ENERGY CORP	25,000	$510K	0.1%	$20.40	—	COM	165167107
—	GOLDMAN SACHS GROUP INC	3,200	$484K	0.1%	$151.25	—	COM	38141g104
—	NORTHERN TIER ENERGY LP	20,000	$480K	0.1%	$24.00	—	COM UN REPR PART	665826103
—	BANCROFT FUND LTD	27,302	$473K	0.1%	$17.32	—	COM	059695106
—	COHEN & STEERS CLOSED END OP	35,717	$469K	0.1%	$13.13	—	COM	19248P106
VB	VANGUARD INDEX FDS	4,147	$389K	0.1%	$93.80	—	SMALL CP ETF	922908751
THC	TENET HEALTHCARE CORP	8,000	$369K	0.1%	$44.77	0.0%	COM NEW	88033G407
MUNI	PIMCO ETF TR	7,007	$363K	0.1%	$51.81	—	INTER MUN BD ST	72201R866
—	GENERAL ELECTRIC CO	15,237	$353K	0.1%	$23.17	—	COM	369604103
—	TESSERA TECHNOLOGIES INC	16,000	$333K	0.1%	$20.81	—	COM	88164L100
ACTG	ACACIA RESH CORP	14,322	$320K	0.1%	$22.79	0.0%	ACACIA TCH COM	003881307
—	BLACKROCK MUNIHLDNGS QLTY II	22,129	$306K	0.1%	$13.83	—	COM	09254C107
VNQ	VANGUARD INDEX FDS	4,165	$286K	0.1%	$68.67	—	REIT ETF	922908553
—	ROYAL BK SCOTLAND GROUP PLC	13,136	$276K	0.1%	$21.01	—	ADR PFD SER P	780097762
HYG	ISHARES TR	2,912	$265K	0.1%	$91.00	—	HIGH YLD CORP	464288513
F	FORD MTR CO DEL	17,000	$263K	0.1%	$7.61	0.0%	COM PAR $0.01	345370860
—	BLACKROCK MUNIYIELD CALIF FD	15,731	$240K	0.1%	$15.26	—	COM	09254M105
—	SPDR INDEX SHS FDS	8,046	$232K	0.1%	$28.83	—	S&P INTL SMLCP	78463x871
—	POWERSHS DB US DOLLAR INDEX	10,000	$226K	0.1%	$22.60	—	DOLL INDX BULL	73936d107
—	AON PLC	3,500	$225K	0.1%	$64.29	—	SHS CL A	G0408V102
XMUSX	BLACKROCK MUNIHOLDNGS QLTY I	17,111	$219K	0.1%	$12.80	—	COM	09254A101
—	FRANKLIN TEMPLETON LTD DUR I	15,039	$202K	0.0%	$13.43	—	COM	35472t101
—	PUTNAM MUN OPPORTUNITIES TR	14,499	$167K	0.0%	$11.52	—	SH BEN INT	746922103
IMMR	IMMERSION CORP	10,000	$133K	0.0%	$12.79	0.0%	COM	452521107
—	BGC PARTNERS INC	20,000	$118K	0.0%	$5.90	—	CL A	05541t101
FEIM	FREQUENCY ELECTRS INC	10,000	$107K	0.0%	$7.91	0.0%	COM	358010106
—	MAGAL SECURITY SYS LTD	29,613	$107K	0.0%	$3.61	—	ORD	M6786D104
—	TUESDAY MORNING CORP	10,000	$104K	0.0%	$10.40	—	COM NEW	899035505
—	INVESCO MUNI INCOME OPP TRST	12,000	$79,000	0.0%	$6.58	—	COM	46132X101
—	RESOURCE CAP CORP	10,781	$66,000	0.0%	$6.12	—	COM	76120W302
—	LIONBRIDGE TECHNOLOGIES INC	14,082	$41,000	0.0%	$2.91	—	COM	536252109