Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	577,050	$68.42M	20.3%	$110.18	+4.9%	CL B NEW	084670702
AIG	AMERICAN INTL GROUP INC	1,269,400	$64.8M	19.3%	$32.51	+16.5%	COM NEW	026874784
MU	MICRON TECHNOLOGY INC	2,000,000	$43.5M	12.9%	$14.15	+34.1%	COM	595112103
C	CITIGROUP INC	710,835	$37.04M	11.0%	$35.76	+5.3%	COM NEW	172967424
—	NATIONAL BK GREECE S A	1,530,000	$21.79M	6.5%	$12.01	—	ADR PRF SER A	633643507
—	POWERSHARES QQQ TRUST	205,000	$18.03M	5.4%	$78.80	—	Put	73935A104
—	TURQUOISE HILL RES LTD	5,398,634	$17.82M	5.3%	$4.19	—	COM	900435108
MS	MORGAN STANLEY	448,600	$14.07M	4.2%	$17.33	+25.8%	COM NEW	617446448
BAC	BANK OF AMERICA CORPORATION	685,466	$10.67M	3.2%	$10.03	+16.5%	COM	060505104
—	TURQUOISE HILL RES LTD	4,683,634	$4.496M	1.3%	$0.96	—	RIGHT 01/07/2014	900435116
—	AMERICAN INTL GROUP INC	193,062	$3.91M	1.2%	$18.24	—	*W EXP 01/19/202	026874156
BRK/A	BERKSHIRE HATHAWAY INC DEL	21	$3.736M	1.1%	$165023.42	+5.1%	CL A	084670108
VEU	VANGUARD INTL EQUITY INDEX F	73,537	$3.731M	1.1%	$45.02	—	ALLWRLD EX US	922042775
VTI	VANGUARD INDEX FDS	34,279	$3.288M	1.0%	$84.45	—	TOTAL STK MKT	922908769
—	ROYAL BK SCOTLAND GROUP PLC	126,910	$2.532M	0.8%	$20.67	—	ADR PREF SHS R	780097747
—	PANHANDLE OIL AND GAS INC	67,200	$2.245M	0.7%	$28.50	—	CL A	698477106
—	JPMORGAN CHASE & CO	90,710	$1.759M	0.5%	$15.60	—	*W EXP 10/28/201	46634E114
VV	VANGUARD INDEX FDS	18,878	$1.601M	0.5%	$73.43	—	LARGE CAP ETF	922908637
—	DEUTSCHE BK AG LONDON BRH	83,000	$1.461M	0.4%	$18.69	—	3X INV JAP GOV	25154P188
L	LOEWS CORP	20,000	$965K	0.3%	$42.08	+7.0%	COM	540424108
—	RESOLUTE FST PRODS INC	60,000	$961K	0.3%	$13.17	—	COM	76117W109
—	1ST CENTURY BANCSHARES INC	108,100	$773K	0.2%	$7.50	—	COM	31943X102
—	ELLSWORTH FUND LTD	89,348	$732K	0.2%	$7.66	—	COM	289074106
—	LEUCADIA NATL CORP	25,156	$713K	0.2%	$26.24	—	COM	527288104
—	ALPS ETF TR	12,943	$568K	0.2%	$39.92	—	JEFF TRJ CRB GLO	00162Q304
—	ROYAL BK SCOTLAND GROUP PLC	26,133	$535K	0.2%	$21.05	—	ADR PREF SER N	780097770
—	BANCROFT FUND LTD	26,611	$495K	0.1%	$17.32	—	COM	059695106
—	NORTHERN TIER ENERGY LP	20,000	$492K	0.1%	$24.00	—	COM UN REPR PART	665826103
VB	VANGUARD INDEX FDS	3,765	$414K	0.1%	$93.80	—	SMALL CP ETF	922908751
—	EATON VANCE NATL MUN OPPORT	19,859	$367K	0.1%	$18.48	—	COM SHS	27829L105
ACTG	ACACIA RESH CORP	24,465	$356K	0.1%	$21.37	-32.2%	ACACIA TCH COM	003881307
—	PUTNAM MUN OPPORTUNITIES TR	31,824	$342K	0.1%	$11.21	—	SH BEN INT	746922103
—	BLACKROCK MUNIHLDNGS QLTY II	22,894	$277K	0.1%	$13.78	—	COM	09254C107
VNQ	VANGUARD INDEX FDS	4,233	$273K	0.1%	$68.63	—	REIT ETF	922908553
—	MVC CAPITAL INC	20,000	$270K	0.1%	$13.30	—	COM	553829102
—	ROYAL BK SCOTLAND GROUP PLC	13,136	$266K	0.1%	$21.01	—	ADR PFD SER P	780097762
—	SPDR INDEX SHS FDS	7,029	$236K	0.1%	$28.83	—	S&P INTL SMLCP	78463x871
BA	BOEING CO	1,700	$232K	0.1%	$91.56	+21.2%	COM	097023105
VT	VANGUARD INTL EQUITY INDEX F	3,644	$216K	0.1%	$59.28	—	TT WRLD ST ETF	922042742
MUNI	PIMCO ETF TR	4,102	$212K	0.1%	$51.81	—	INTER MUN BD ST	72201R866
VIG	VANGUARD SPECIALIZED PORTFOL	2,696	$203K	0.1%	$75.30	—	DIV APP ETF	921908844
—	FRANKLIN TEMPLETON LTD DUR I	15,561	$202K	0.1%	$13.42	—	COM	35472t101
—	OCH ZIFF CAP MGMT GROUP	13,000	$192K	0.1%	$14.77	—	CL A	67551U105
—	BLACKROCK MUNIYIELD CALIF FD	13,212	$182K	0.1%	$15.23	—	COM	09254M105
XMUSX	BLACKROCK MUNIHOLDNGS QLTY I	12,336	$146K	0.0%	$12.79	—	COM	09254A101
—	INVESCO MUNI INCOME OPP TRST	23,108	$143K	0.0%	$6.41	—	COM	46132X101
—	BGC PARTNERS INC	23,000	$139K	0.0%	$5.65	—	CL A	05541T101
—	BLACKROCK MUNIASSETS FD INC	12,027	$139K	0.0%	$11.56	—	COM	09254J102
FEIM	FREQUENCY ELECTRS INC	10,000	$117K	0.0%	$7.91	+12.6%	COM	358010106
—	LIONBRIDGE TECHNOLOGIES INC	14,082	$84,000	0.0%	$2.91	—	COM	536252109
—	WESTERN ASSET MUN HI INCM FD	11,101	$75,000	0.0%	$6.76	—	COM	95766N103
KIDBQ	KID BRANDS INC	23,000	$23,000	0.0%	$1.48	-16.6%	COM	49375T100