Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	611,350	$84.45M	17.4%	$111.94	+19.0%	CL B NEW	084670702
AIG	AMERICAN INTL GROUP INC	1,223,913	$66.12M	13.6%	$32.51	+28.6%	COM NEW	026874784
MU	MICRON TECHNOLOGY INC	1,861,000	$63.76M	13.1%	$16.19	+95.1%	COM	595112103
—	ISHARES	5,124,060	$60.31M	12.4%	$11.77	—	MSCI JAPAN ETF	464286848
—	TURQUOISE HILL RES LTD	9,691,006	$36.24M	7.5%	$3.77	—	COM	900435108
C	CITIGROUP INC	596,535	$30.91M	6.4%	$35.76	+4.6%	COM NEW	172967424
—	AMERICAN INTL GROUP INC	1,043,205	$24.83M	5.1%	$22.25	—	*W EXP 01/19/202	026874156
—	NATIONAL BK GREECE S A	1,250,650	$24.04M	5.0%	$12.01	—	ADR PRF SER A	633643507
RYAM	RAYONIER ADVANCED MATLS INC	600,000	$19.75M	4.1%	$35.09	0.0%	COM	75508B104
ALLY	ALLY FINL INC	621,000	$14.37M	3.0%	$18.86	-3.3%	COM	02005N100
BAC	BANK AMER CORP	689,467	$11.76M	2.4%	$10.03	+25.4%	COM	060505104
MS	MORGAN STANLEY	169,100	$5.846M	1.2%	$17.33	+42.1%	COM NEW	617446448
—	BARCLAYS BK PLC	130,600	$4.89M	1.0%	$37.44	—	2 YR TREAS BEAR	06740L519
FBP	FIRST BANCORP P R	839,893	$3.989M	0.8%	$4.30	-2.0%	COM NEW	318672706
G	GENPACT LIMITED	241,200	$3.936M	0.8%	$15.84	0.0%	SHS	G3922B107
BRK/A	BERKSHIRE HATHAWAY INC DEL	19	$3.931M	0.8%	$165023.42	+21.1%	CL A	084670108
VEU	VANGUARD INTL EQUITY INDEX F	77,472	$3.815M	0.8%	$45.31	—	ALLWRLD EX US	922042775
VTI	VANGUARD INDEX FDS	35,474	$3.591M	0.7%	$84.91	—	TOTAL STK MKT	922908769
—	ROYAL BK SCOTLAND GROUP PLC	94,112	$2.243M	0.5%	$20.67	—	ADR PREF SHS R	780097747
—	JPMORGAN CHASE & CO	90,710	$1.824M	0.4%	$19.33	—	*W EXP 10/28/201	46634E114
VV	VANGUARD INDEX FDS	17,322	$1.567M	0.3%	$73.43	—	LARGE CAP ETF	922908637
—	DEUTSCHE BK AG LONDON BRH	83,000	$1.343M	0.3%	$18.69	—	3X INV JAP GOV	25154P188
—	LEUCADIA NATL CORP	45,156	$1.077M	0.2%	$26.62	—	COM	527288104
—	RESOLUTE FST PRODS INC	60,000	$938K	0.2%	$13.17	—	COM	76117W109
L	LOEWS CORP	20,000	$833K	0.2%	$42.08	-3.3%	COM	540424108
—	1ST CENTURY BANCSHARES INC	109,400	$806K	0.2%	$7.51	—	COM	31943X102
—	ELLSWORTH FUND LTD	79,722	$690K	0.1%	$7.66	—	COM	289074106
—	ALPS ETF TR	13,109	$552K	0.1%	$39.92	—	GLB COMMOD EQTY	00162Q304
—	POWERSHS DB US DOLLAR INDEX	22,000	$504K	0.1%	$22.91	—	DOLL INDX BULL	73936D107
—	ROYAL BK SCOTLAND GROUP PLC	19,299	$472K	0.1%	$21.05	—	ADR PREF SER N	780097770
—	NORTHERN TIER ENERGY LP	20,000	$467K	0.1%	$24.00	—	COM UN REPR PART	665826103
—	BANCROFT FUND LTD	23,043	$455K	0.1%	$17.32	—	COM	059695106
VB	VANGUARD INDEX FDS	3,865	$428K	0.1%	$110.74	—	SMALL CP ETF	922908751
—	EATON VANCE NATL MUN OPPORT	20,384	$406K	0.1%	$18.51	—	COM SHS	27829L105
—	PUTNAM MUN OPPORTUNITIES TR	33,335	$390K	0.1%	$11.23	—	SH BEN INT	746922103
ACTG	ACACIA RESH CORP	24,917	$386K	0.1%	$21.31	-25.8%	ACACIA TCH COM	003881307
VT	VANGUARD INTL EQUITY INDEX F	5,533	$334K	0.1%	$59.83	—	TT WRLD ST ETF	922042742
—	BLACKROCK MUNIHLDNGS QLTY II	24,046	$319K	0.1%	$13.75	—	COM	09254C107
GWX	SPDR INDEX SHS FDS	7,434	$243K	0.1%	$35.24	—	S&P INTL SMLCP	78463X871
—	ROYAL BK SCOTLAND GROUP PLC	10,090	$241K	0.0%	$21.01	—	ADR PFD SER P	780097762
VNQ	VANGUARD INDEX FDS	3,246	$233K	0.0%	$68.89	—	REIT ETF	922908553
MSFT	MICROSOFT CORP	5,000	$232K	0.0%	$31.94	+17.9%	COM	594918104
MUNI	PIMCO ETF TR	4,162	$222K	0.0%	$51.81	—	INTER MUN BD ST	72201R866
VIG	VANGUARD SPECIALIZED PORTFOL	2,736	$211K	0.0%	$75.30	—	DIV APP ETF	921908844
—	BLACKROCK MUNIYIELD CALIF FD	13,513	$205K	0.0%	$15.22	—	COM	09254M105
—	FRANKLIN LTD DURATION INC TR	16,321	$202K	0.0%	$13.04	—	COM	35472T101
XMUSX	BLACKROCK MUNIHOLDNGS QLTY I	14,810	$192K	0.0%	$12.78	—	COM	09254A101
—	BLACKROCK MUNIASSETS FD INC	12,572	$165K	0.0%	$11.61	—	COM	09254J102
—	INVESCO MUNI INCOME OPP TRST	24,106	$164K	0.0%	$6.42	—	COM	46132X101
—	MAGAL SECURITY SYS LTD	29,613	$127K	0.0%	$3.68	—	ORD	M6786D104
FEIM	FREQUENCY ELECTRS INC	10,000	$107K	0.0%	$7.91	+12.2%	COM	358010106
—	WESTERN ASSET MUN HI INCM FD	11,415	$83,000	0.0%	$6.76	—	COM	95766N103
—	LIONBRIDGE TECHNOLOGIES INC	14,082	$63,000	0.0%	$2.91	—	COM	536252109