Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	610,850	$77.31M	19.3%	$111.94	+13.1%	CL B NEW	084670702
AIG	AMERICAN INTL GROUP INC	1,224,913	$66.86M	16.7%	$32.51	+24.3%	COM NEW	026874784
MU	MICRON TECHNOLOGY INC	1,859,000	$61.25M	15.3%	$16.19	+64.3%	COM	595112103
—	TURQUOISE HILL RES LTD	10,247,590	$34.23M	8.5%	$3.77	—	COM	900435108
—	NATIONAL BK GREECE S A	1,530,000	$30.52M	7.6%	$12.01	—	ADR PRF SER A	633643507
C	CITIGROUP INC	593,535	$27.95M	7.0%	$35.76	-1.0%	COM NEW	172967424
—	AMERICAN INTL GROUP INC	1,043,205	$27.75M	6.9%	$22.25	—	*W EXP 01/19/202	026874156
ALLY	ALLY FINL INC	620,000	$14.45M	3.6%	$18.86	0.0%	COM	02005N100
MS	MORGAN STANLEY	345,100	$11.16M	2.8%	$17.33	+31.1%	COM NEW	617446448
BAC	BANK OF AMERICA CORPORATION	685,466	$10.54M	2.6%	$10.03	+22.1%	COM	060505104
FBP	FIRST BANCORP P R	1,170,473	$6.367M	1.6%	$4.30	0.0%	COM NEW	318672706
VEU	VANGUARD INTL EQUITY INDEX F	76,598	$4.005M	1.0%	$45.26	—	ALLWRLD EX US	922042775
BRK/A	BERKSHIRE HATHAWAY INC DEL	19	$3.608M	0.9%	$165023.42	+15.0%	CL A	084670108
VTI	VANGUARD INDEX FDS	35,331	$3.596M	0.9%	$84.91	—	TOTAL STK MKT	922908769
—	ROYAL BK SCOTLAND GROUP PLC	94,112	$2.222M	0.6%	$20.67	—	ADR PREF SHS R	780097747
NRG	NRG ENERGY INC	57,351	$2.133M	0.5%	$26.64	0.0%	COM NEW	629377508
—	JPMORGAN CHASE & CO	90,710	$1.753M	0.4%	$19.33	—	*W EXP 10/28/201	46634E114
VV	VANGUARD INDEX FDS	17,247	$1.552M	0.4%	$73.43	—	LARGE CAP ETF	922908637
—	DEUTSCHE BK AG LONDON BRH	83,000	$1.366M	0.3%	$18.69	—	3X INV JAP GOV	25154P188
—	LEUCADIA NATL CORP	45,156	$1.184M	0.3%	$26.62	—	COM	527288104
—	RESOLUTE FST PRODS INC	60,000	$1.007M	0.3%	$13.17	—	COM	76117W109
L	LOEWS CORP	20,000	$880K	0.2%	$42.08	-2.0%	COM	540424108
—	1ST CENTURY BANCSHARES INC	110,700	$839K	0.2%	$7.51	—	COM	31943X102
—	ELLSWORTH FUND LTD	79,190	$699K	0.2%	$7.66	—	COM	289074106
—	ALPS ETF TR	13,039	$605K	0.2%	$39.92	—	GLB COMMOD EQTY	00162Q304
—	TESSERA TECHNOLOGIES INC	25,000	$552K	0.1%	$23.34	—	COM	88164L100
—	NORTHERN TIER ENERGY LP	20,000	$535K	0.1%	$24.00	—	COM UN REPR PART	665826103
—	ROYAL BK SCOTLAND GROUP PLC	19,299	$463K	0.1%	$21.05	—	ADR PREF SER N	780097770
—	BANCROFT FUND LTD	22,905	$462K	0.1%	$17.32	—	COM	059695106
ACTG	ACACIA RESH CORP	24,808	$440K	0.1%	$21.31	-29.1%	ACACIA TCH COM	003881307
—	EATON VANCE NATL MUN OPPORT	20,148	$403K	0.1%	$18.50	—	COM SHS	27829L105
—	PUTNAM MUN OPPORTUNITIES TR	32,840	$386K	0.1%	$11.22	—	SH BEN INT	746922103
MSFT	MICROSOFT CORP	8,000	$334K	0.1%	$31.94	+6.3%	COM	594918104
VNQ	VANGUARD INDEX FDS	4,463	$334K	0.1%	$68.89	—	REIT ETF	922908553
—	BLACKROCK MUNIHLDNGS QLTY II	23,663	$314K	0.1%	$13.75	—	COM	09254C107
TRC	TEJON RANCH CO	9,500	$306K	0.1%	$33.92	-10.1%	COM	879080109
GWX	SPDR INDEX SHS FDS	7,406	$261K	0.1%	$35.24	—	S&P INTL SMLCP	78463X871
VT	VANGUARD INTL EQUITY INDEX F	4,173	$260K	0.1%	$59.66	—	TT WRLD ST ETF	922042742
—	ROYAL BK SCOTLAND GROUP PLC	10,090	$239K	0.1%	$21.01	—	ADR PFD SER P	780097762
MUNI	PIMCO ETF TR	4,143	$220K	0.1%	$51.81	—	INTER MUN BD ST	72201R866
VIG	VANGUARD SPECIALIZED PORTFOL	2,722	$212K	0.1%	$75.30	—	DIV APP ETF	921908844
—	FRANKLIN TEMPLETON LTD DUR I	16,087	$210K	0.1%	$13.05	—	COM	35472T101
—	BLACKROCK MUNIYIELD CALIF FD	13,646	$206K	0.1%	$15.22	—	COM	09254M105
—	LAZARD LTD	4,000	$206K	0.1%	$51.50	—	SHS A	G54050102
XMUSX	BLACKROCK MUNIHOLDNGS QLTY I	14,582	$193K	0.0%	$12.77	—	COM	09254A101
—	INVESCO MUNI INCOME OPP TRST	23,786	$166K	0.0%	$6.42	—	COM	46132X101
—	BLACKROCK MUNIASSETS FD INC	12,397	$159K	0.0%	$11.59	—	COM	09254J102
FEIM	FREQUENCY ELECTRS INC	10,000	$123K	0.0%	$7.91	+9.5%	COM	358010106
—	MAGAL SECURITY SYS LTD	29,613	$113K	0.0%	$3.68	—	ORD	M6786D104
—	BGC PARTNERS INC	12,000	$89,000	0.0%	$5.69	—	CL A	05541T101
—	LIONBRIDGE TECHNOLOGIES INC	14,082	$84,000	0.0%	$2.91	—	COM	536252109
—	WESTERN ASSET MUN HI INCM FD	11,313	$83,000	0.0%	$6.76	—	COM	95766N103