Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	278,561	$45.4M	14.2%	$113.43	+35.7%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	30,594	$25.58M	8.0%	$591.96	+41.6%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,361	$23.33M	7.3%	$394.44	—	COM	017175100
MKL	MARKEL CORP	18,417	$16.66M	5.2%	$557.59	+59.9%	COM	570535104
WRB	BERKLEY W R CORP	229,106	$15.24M	4.8%	$9.54	+53.1%	COM	084423102
L	LOEWS CORP	300,620	$14.08M	4.4%	$41.44	+1.6%	COM	540424108
—	LEUCADIA NATL CORP	478,196	$11.12M	3.5%	$24.90	—	COM	527288104
—	ENSTAR GROUP LIMITED	54,975	$10.87M	3.4%	$154.38	—	SHS	G3075P101
FRFHF	FAIRFAX FINANCIAL HLDGS LTD	20,512	$9.983M	3.1%	$317.63	+32.1%	FRFHF	303901102
RES	RPC INC	398,860	$7.901M	2.5%	$11.27	+44.4%	COM	749660106
—	CIMAREX ENERGY CO	48,362	$6.572M	2.1%	$66.60	—	COM	171798101
WABC	WESTAMERICA BANCORPORATION	81,712	$5.142M	1.6%	$29.77	+42.7%	COM	957090103
MSFT	MICROSOFT CORP	78,545	$4.881M	1.5%	$26.70	+102.0%	COM	594918104
—	GENERAL AMERN INVS INC	145,367	$4.533M	1.4%	$31.93	—	COM	368802104
DVN	DEVON ENERGY CORP NEW	94,726	$4.326M	1.4%	$38.08	-18.2%	COM	25179M103
BK	BANK NEW YORK MELLON CORP	87,840	$4.162M	1.3%	$21.29	+66.7%	COM	064058100
JNJ	JOHNSON & JOHNSON	30,872	$3.557M	1.1%	$60.59	+48.0%	COM	478160104
TGNA	TEGNA INC	162,000	$3.465M	1.1%	$18.83	-27.7%	COM	87901J105
—	FOREST CITY RLTY TR INC	125,578	$2.617M	0.8%	$20.84	—	COM CL A	345605109
—	LIBERTY MEDIA CORP DELAWARE	75,560	$2.563M	0.8%	$30.87	—	COM C SIRIUSXM	531229607
TPH	TRI POINTE GROUP INC	219,539	$2.52M	0.8%	$14.15	-15.6%	COM	87265H109
IBM	INTERNATIONAL BUSINESS MACHS	14,785	$2.454M	0.8%	$103.59	-0.5%	COM	459200101
—	CHICAGO BRIDGE & IRON CO N V	77,268	$2.453M	0.8%	$46.08	—	COM	167250109
—	SOURCE CAP INC	62,805	$2.258M	0.7%	$55.87	—	COM	836144105
—	DU PONT E I DE NEMOURS & CO	28,414	$2.086M	0.7%	$52.51	—	COM	263534109
—	BOARDWALK PIPELINE PARTNERS	118,925	$2.065M	0.6%	$16.61	—	UT LTD PARTNER	096627104
CNA	CNA FINL CORP	48,973	$2.032M	0.6%	$15.22	+29.6%	COM	126117100
—	CONSOLIDATED TOMOKA LD CO	36,885	$1.97M	0.6%	$50.36	—	COM	210226106
KO	COCA COLA CO	47,200	$1.957M	0.6%	$27.87	+12.0%	COM	191216100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.953M	0.6%	$165023.42	+39.9%	CL A	084670108
GEF/B	GREIF INC	28,422	$1.92M	0.6%	$29.74	+38.8%	CL B	397624206
VIG	VANGUARD SPECIALIZED PORTFOL	22,283	$1.898M	0.6%	$76.53	—	DIV APP ETF	921908844
CVX	CHEVRON CORP NEW	15,884	$1.87M	0.6%	$70.37	+4.9%	COM	166764100
—	PICO HLDGS INC	120,107	$1.82M	0.6%	$19.91	—	COM NEW	693366205
—	AMERICAN NATL INS CO	14,471	$1.803M	0.6%	$100.11	—	COM	028591105
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$1.571M	0.5%	$21.85	+154.8%	COM	11133T103
EMR	EMERSON ELEC CO	27,364	$1.526M	0.5%	$38.70	+10.8%	COM	291011104
T	AT&T INC	35,860	$1.525M	0.5%	$12.19	+26.8%	COM	00206R102
HP	HELMERICH & PAYNE INC	19,500	$1.509M	0.5%	$61.65	+15.2%	COM	423452101
WFC	WELLS FARGO & CO NEW	26,137	$1.44M	0.5%	$28.41	+37.4%	COM	949746101
COP	CONOCOPHILLIPS	27,581	$1.383M	0.4%	$33.91	+2.5%	COM	20825C104
ABT	ABBOTT LABS	32,533	$1.25M	0.4%	$28.85	+16.6%	COM	002824100
AAPL	APPLE INC	10,637	$1.232M	0.4%	$20.00	+30.4%	COM	037833100
UHAL	AMERCO	3,201	$1.183M	0.4%	$35.19	-2.6%	COM	023586100
—	MONMOUTH REAL ESTATE INVT CO	76,978	$1.173M	0.4%	$10.46	—	CL A	609720107
DNOW	NOW INC	55,375	$1.134M	0.4%	$19.75	+7.4%	COM	67011P100
SBR	SABINE ROYALTY TR	31,757	$1.116M	0.3%	$34.94	—	UNIT BEN INT	785688102
USB	US BANCORP DEL	21,591	$1.109M	0.3%	$22.51	+50.0%	COM NEW	902973304
—	ROYCE VALUE TR INC	81,639	$1.093M	0.3%	$15.15	—	COM	780910105
—	ROYCE MICRO-CAP TR INC	126,720	$1.034M	0.3%	$10.79	—	COM	780915104
AMGN	AMGEN INC	6,990	$1.022M	0.3%	$80.86	+41.4%	COM	031162100
—	BROOKFIELD ASSET MGMT INC	29,221	$965K	0.3%	$35.47	—	CL A LTD VT SH	112585104
SJT	SAN JUAN BASIN RTY TR	144,050	$954K	0.3%	$14.98	—	UNIT BEN INT	798241105
PTEN	PATTERSON UTI ENERGY INC	35,200	$948K	0.3%	$21.83	+13.2%	COM	703481101
CRT	CROSS TIMBERS RTY TR	52,046	$935K	0.3%	$23.06	—	TR UNIT	22757R109
SYY	SYSCO CORP	16,675	$923K	0.3%	$24.50	+67.2%	COM	871829107
WY	WEYERHAEUSER CO	28,971	$872K	0.3%	$18.73	+15.8%	COM	962166104
IP	INTL PAPER CO	16,052	$852K	0.3%	$22.81	+37.0%	COM	460146103
LEN/B	LENNAR CORP	24,500	$845K	0.3%	$32.22	-11.6%	CL B	526057302
—	GANNETT CO INC	81,065	$787K	0.2%	$14.73	—	COM	36473H104
—	MARATHON OIL CORP	45,275	$784K	0.2%	$14.01	—	COM	565849106
SSP	SCRIPPS E W CO OHIO	38,633	$747K	0.2%	$9.20	+32.6%	CL A NEW	811054402
PNC	PNC FINL SVCS GROUP INC	6,184	$723K	0.2%	$47.34	+62.9%	COM	693475105
GD	GENERAL DYNAMICS CORP	4,102	$708K	0.2%	$56.44	+137.6%	COM	369550108
MET	METLIFE INC	12,930	$697K	0.2%	$25.07	+34.5%	COM	59156R108
CSCO	CISCO SYS INC	22,934	$693K	0.2%	$15.65	+47.3%	COM	17275R102
AXP	AMERICAN EXPRESS CO	9,321	$691K	0.2%	$55.97	+9.0%	COM	025816109
—	DIAMOND OFFSHORE DRILLING IN	37,750	$668K	0.2%	$61.38	—	COM	25271C102
GEOS	GEOSPACE TECHNOLOGIES CORP	32,595	$664K	0.2%	$12.51	+61.7%	COM	37364X109
OXY	OCCIDENTAL PETE CORP DEL	9,210	$656K	0.2%	$57.83	-4.9%	COM	674599105
NVS	NOVARTIS A G	8,924	$650K	0.2%	$72.59	—	SPONSORED ADR	66987V109
WLY	WILEY JOHN & SONS INC	11,850	$646K	0.2%	$27.09	+48.4%	CL A	968223206
VZ	VERIZON COMMUNICATIONS INC	11,814	$631K	0.2%	$25.97	+19.3%	COM	92343V104
—	COVANTA HLDG CORP	40,250	$628K	0.2%	$20.02	—	COM	22282E102
PFE	PFIZER INC	18,213	$592K	0.2%	$17.14	+19.6%	COM	717081103
PBT	PERMIAN BASIN RTY TR	76,450	$589K	0.2%	$12.56	—	UNIT BEN INT	714236106
—	FORTRESS INVESTMENT GROUP LL	120,460	$585K	0.2%	$5.01	—	CL A	34958B106
—	LIBERTY MEDIA CORP DELAWARE	18,507	$580K	0.2%	$28.16	—	COM C MEDIA GRP	531229854
ETR	ENTERGY CORP NEW	7,850	$577K	0.2%	$23.86	+5.8%	COM	29364G103
—	OAKTREE CAP GROUP LLC	15,280	$573K	0.2%	$45.48	—	UNIT CL A	674001201
AMAT	APPLIED MATLS INC	17,334	$559K	0.2%	$12.31	+123.4%	COM	038222105
BAC	BANK AMER CORP	25,202	$557K	0.2%	$10.48	+49.6%	COM	060505104
APD	AIR PRODS & CHEMS INC	3,862	$555K	0.2%	$64.78	+72.3%	COM	009158106
HIG	HARTFORD FINL SVCS GROUP INC	11,600	$553K	0.2%	$22.20	+69.4%	COM	416515104
VOD	VODAFONE GROUP PLC NEW	21,676	$530K	0.2%	$36.80	—	SPNSR ADR	92857W308
—	ABERDEEN LATIN AMER EQTY FD	26,642	$527K	0.2%	$19.98	—	COM	00306K106
LBRDK	LIBERTY BROADBAND CORP	6,774	$502K	0.2%	$46.41	+41.7%	COM SER C	530307305
—	BLACKSTONE GROUP L P	18,361	$496K	0.2%	$23.33	—	COM UNIT LTD	09253U108
—	SNYDERS-LANCE INC	12,886	$494K	0.2%	$31.51	—	COM	833551104
XOM	EXXON MOBIL CORP	5,412	$489K	0.2%	$54.85	+6.1%	COM	30231G102
SRE	SEMPRA ENERGY	4,777	$481K	0.2%	$28.00	+35.7%	COM	816851109
GLW	CORNING INC	19,743	$479K	0.2%	$10.49	+77.7%	COM	219350105
—	GENERAL ELECTRIC CO	14,525	$459K	0.1%	$23.82	—	COM	369604103
WMT	WAL-MART STORES INC	6,578	$455K	0.1%	$20.03	-0.6%	COM	931142103
CABO	CABLE ONE INC	725	$451K	0.1%	$366.69	+45.5%	COM	12685J105
PG	PROCTER AND GAMBLE CO	5,282	$444K	0.1%	$55.71	+19.8%	COM	742718109
INTC	INTEL CORP	12,245	$444K	0.1%	$18.43	+58.2%	COM	458140100
BXMT	BLACKSTONE MTG TR INC	14,575	$438K	0.1%	$26.83	—	COM CL A	09257W100
—	NEW MEDIA INVT GROUP INC	27,106	$433K	0.1%	$15.44	—	COM	64704V106
AR	ANTERO RES CORP	18,100	$428K	0.1%	$25.67	0.0%	COM	03674X106
DMLP	DORCHESTER MINERALS LP	23,816	$418K	0.1%	$14.74	—	COM UNIT	25820R105
SO	SOUTHERN CO	8,466	$416K	0.1%	$26.74	+25.5%	COM	842587107
CATY	CATHAY GEN BANCORP	10,800	$411K	0.1%	$14.04	+80.2%	COM	149150104
—	DOW CHEM CO	7,174	$410K	0.1%	$32.16	—	COM	260543103
MEOH	METHANEX CORP	9,300	$407K	0.1%	$31.94	+25.1%	COM	59151K108
VFC	V F CORP	7,600	$405K	0.1%	$49.70	+4.3%	COM	918204108
OFG	OFG BANCORP	29,916	$392K	0.1%	$16.32	-26.4%	COM	67103X102
—	LIBERTY GLOBAL PLC	12,964	$385K	0.1%	$48.63	—	SHS CL C	G5480U120
MDT	MEDTRONIC INC	5,328	$380K	0.1%	$68.78	-9.3%	MDT	G5960L103
—	LIBERTY MEDIA CORP DELAWARE	10,901	$376K	0.1%	$31.40	—	COM A SIRIUSXM	531229409
GHC	GRAHAM HLDGS CO	725	$371K	0.1%	$339.79	+30.9%	COM	384637104
—	TOTAL S A	7,161	$365K	0.1%	$48.41	—	SPONSORED ADR	89151E109
—	ANNALY CAP MGMT INC	36,100	$360K	0.1%	$9.96	—	COM	035710409
PYPL	PAYPAL HLDGS INC	8,703	$344K	0.1%	$35.85	+11.8%	COM	70450Y103
MRK	MERCK & CO INC	5,594	$329K	0.1%	$31.62	+39.4%	COM	58933Y105
OVLY	OAK VALLEY BANCORP OAKDALE C	26,125	$328K	0.1%	$8.75	+29.0%	COM	671807105
—	ANIXTER INTL INC	4,000	$324K	0.1%	$57.75	—	COM	035290105
—	TCW STRATEGIC INCOME FUND IN	58,918	$314K	0.1%	$5.53	—	COM	872340104
—	ARGO GROUP INTL HLDGS LTD	4,679	$308K	0.1%	$51.12	—	COM	G0464B107
CLX	CLOROX CO DEL	2,484	$298K	0.1%	$60.00	+51.4%	COM	189054109
—	APACHE CORP	4,594	$292K	0.1%	$44.41	—	COM	037411105
—	ATWOOD OCEANICS INC	21,145	$278K	0.1%	$43.49	—	COM	050095108
GBDC	GOLUB CAP BDC INC	15,100	$278K	0.1%	$6.28	+23.8%	COM	38173M102
SPY	SPDR S&P 500 ETF TR	1,219	$272K	0.1%	$207.28	—	TR UNIT	78462F103
—	LIBERTY MEDIA CORP DELAWARE	12,637	$260K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
EBAY	EBAY INC	8,655	$257K	0.1%	$20.18	+30.2%	COM	278642103
EQT	EQT CORP	3,900	$255K	0.1%	$37.67	-9.2%	COM	26884L109
EIX	EDISON INTL	3,500	$252K	0.1%	$39.30	+23.0%	COM	281020107
IDT	IDT CORP	13,426	$249K	0.1%	$9.84	+63.4%	CL B NEW	448947507
—	AMERICAN CAP LTD	13,700	$246K	0.1%	$12.18	—	COM	02503Y103
RNR	RENAISSANCERE HOLDINGS LTD	1,762	$240K	0.1%	$103.07	+24.3%	COM	G7496G103
—	ENSCO PLC	23,906	$232K	0.1%	$49.87	—	SHS CLASS A	G3157S106
PCG	PG&E CORP	3,703	$225K	0.1%	$52.19	+10.0%	COM	69331C108
EPD	ENTERPRISE PRODS PARTNERS L	8,266	$224K	0.1%	$25.53	—	COM	293792107
—	HARMAN INTL INDS INC	2,000	$222K	0.1%	$111.00	—	COM	413086109
—	NOBLE CORP PLC	36,675	$217K	0.1%	$32.99	—	SHS USD	G65431101
DJCO	DAILY JOURNAL CORP	889	$215K	0.1%	$231.65	0.0%	COM	233912104
HTO	SJW GROUP	3,816	$214K	0.1%	$50.50	0.0%	COM	784305104
CMCSA	COMCAST CORP NEW	3,084	$213K	0.1%	$24.72	+8.5%	CL A	20030N101
—	REIS INC	9,400	$209K	0.1%	$22.23	—	COM	75936P105
—	PIONEER NAT RES CO	1,146	$206K	0.1%	$185.86	—	COM	723787107
OMC	OMNICOM GROUP INC	2,400	$204K	0.1%	$60.52	+0.7%	COM	681919106
BP	BP PLC	5,343	$200K	0.1%	$37.43	—	SPONSORED ADR	055622104
—	CHESAPEAKE ENERGY CORP	27,875	$196K	0.1%	$19.33	—	COM	165167107
—	CONSOL ENERGY INC	10,450	$191K	0.1%	$7.94	—	COM	20854P109
HNRG	HALLADOR ENERGY COMPANY	19,952	$181K	0.1%	$4.97	+76.7%	COM	40609P105
—	CONTANGO OIL & GAS COMPANY	19,193	$179K	0.1%	$10.18	—	COM NEW	21075N204
—	NABORS INDUSTRIES LTD	10,400	$171K	0.1%	$15.29	—	SHS	G6359F103
—	MCDERMOTT INTL INC	23,000	$170K	0.1%	$5.42	—	COM	580037109
UBFO	UNITED SECURITY BANCSHARES C	20,639	$160K	0.1%	$2.54	+64.1%	COM	911460103
CCJ	CAMECO CORP	12,103	$127K	0.0%	$17.53	-51.9%	COM	13321L108
—	ROYCE GLOBAL VALUE TR INC	11,114	$89,000	0.0%	$8.89	—	COM	78081T104
—	GENER8 MARITIME INC	17,500	$78,000	0.0%	$5.14	—	COM	Y26889108
—	PETROBRAS ARGENTINA S A	10,427	$73,000	0.0%	$7.00	—	SPONS ADR	71646J109
—	RESOLUTE FST PRODS INC	10,300	$55,000	0.0%	$13.16	—	COM	76117W109
—	KLONDEX MNS LTD	11,000	$51,000	0.0%	$2.09	—	COM	498696103
WTI	W & T OFFSHORE INC	15,250	$42,000	0.0%	$1.97	-5.7%	COM	92922P106
—	GRAN TIERRA ENERGY INC	12,000	$36,000	0.0%	$5.50	—	COM	38500T101
—	PHARMATHENE INC	10,000	$33,000	0.0%	$3.30	—	COM	71714G102
—	TIMMINS GOLD CORP	40,000	$13,000	0.0%	$0.67	—	COM	88741P103