Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	281,584	$46.52M	14.5%	$165.21	$114.01	+46.7%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	30,251	$25.98M	8.1%	$858.95 *	$591.96	+51.3%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,036	$23.23M	7.3%	$610.71	$394.44	—	COM	017175100
MKL	MARKEL CORP	17,988	$17.44M	5.4%	$969.59 *	$557.59	+69.5%	COM	570535104
WRB	BERKLEY W R CORP	225,997	$15.36M	4.8%	$67.98 *	$9.54	+76.4%	COM	084423102
L	LOEWS CORP	299,569	$13.97M	4.4%	$46.62 *	$41.44	+8.4%	COM	540424108
—	LEUCADIA NATL CORP	475,494	$12.07M	3.8%	$25.39	$24.90	—	COM	527288104
—	ENSTAR GROUP LIMITED	61,054	$11.89M	3.7%	$194.79	$158.41	—	SHS	G3075P101
FRFHF	FAIRFAX FINANCIAL HLDGS LTD	20,498	$9.357M	2.9%	$456.48 *	$317.63	+26.5%	COM	303901102
RES	RPC INC	397,655	$7.225M	2.3%	$18.17 *	$11.27	+55.9%	COM	749660106
—	CIMAREX ENERGY CO	48,171	$5.621M	1.8%	$116.69	$66.60	—	COM	171798101
MSFT	MICROSOFT CORP	76,675	$5.249M	1.6%	$68.46 *	$26.70	+116.6%	COM	594918104
—	GENERAL AMERN INVS INC	144,468	$4.931M	1.5%	$34.13	$31.93	—	COM	368802104
WABC	WESTAMERICA BANCORPORATION	79,812	$4.391M	1.4%	$55.02 *	$29.77	+46.1%	COM	957090103
BK	BANK NEW YORK MELLON CORP	86,640	$4.077M	1.3%	$47.06 *	$21.29	+73.6%	COM	064058100
TGNA	TEGNA INC	158,810	$4.046M	1.3%	$25.48 *	$18.83	-18.3%	COM	87901J105
JNJ	JOHNSON & JOHNSON	30,465	$3.762M	1.2%	$123.49 *	$60.59	+54.1%	COM	478160104
DVN	DEVON ENERGY CORP NEW	94,341	$3.726M	1.2%	$39.50 *	$38.08	-18.5%	COM	25179M103
TPH	TRI POINTE GROUP INC	232,260	$2.892M	0.9%	$12.45	$14.05	-12.6%	COM	87265H109
—	FOREST CITY RLTY TR INC	123,916	$2.801M	0.9%	$22.60	$20.84	—	COM CL A	345605109
—	CHICAGO BRIDGE & IRON CO N V	82,558	$2.483M	0.8%	$30.08	$45.06	—	COM	167250109
—	SOURCE CAP INC	62,177	$2.373M	0.7%	$38.17	$55.87	—	COM	836144105
IBM	INTERNATIONAL BUSINESS MACHS	14,320	$2.295M	0.7%	$160.27 *	$103.59	+10.4%	COM	459200101
—	DU PONT E I DE NEMOURS & CO	28,148	$2.245M	0.7%	$79.76	$52.51	—	COM	263534109
CNA	CNA FINL CORP	48,160	$2.18M	0.7%	$45.27 *	$15.22	+49.6%	COM	126117100
HP	HELMERICH & PAYNE INC	35,850	$2.174M	0.7%	$60.64 *	$66.00	+7.9%	COM	423452101
—	BOARDWALK PIPELINE PARTNERS	118,775	$2.155M	0.7%	$18.14	$16.61	—	UT LTD PARTNER	096627104
—	PICO HLDGS INC	128,592	$2.07M	0.6%	$16.10	$19.66	—	COM NEW	693366205
KO	COCA COLA CO	47,200	$2.037M	0.6%	$43.16 *	$27.87	+13.1%	COM	191216100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.982M	0.6%	$247750.00	$165023.42	+52.0%	CL A	084670108
VIG	VANGUARD SPECIALIZED PORTFOL	21,567	$1.973M	0.6%	$91.48	$76.53	—	DIV APP ETF	921908844
—	CONSOLIDATED TOMOKA LD CO	36,331	$1.97M	0.6%	$54.22	$50.36	—	COM	210226106
GEF/B	GREIF INC	27,557	$1.856M	0.6%	$67.35 *	$29.74	+46.3%	CL B	397624206
CVX	CHEVRON CORP NEW	15,875	$1.694M	0.5%	$106.71 *	$70.37	+9.1%	COM	166764100
—	AMERICAN NATL INS CO	14,171	$1.657M	0.5%	$116.93	$100.11	—	COM	028591105
BR	BROADRIDGE FINL SOLUTIONS IN	23,370	$1.634M	0.5%	$69.92 *	$21.85	+167.0%	COM	11133T103
EMR	EMERSON ELEC CO	27,098	$1.633M	0.5%	$60.26 *	$38.70	+23.9%	COM	291011104
AAPL	APPLE INC	10,223	$1.469M	0.5%	$143.70 *	$20.00	+52.2%	COM	037833100
ABT	ABBOTT LABS	32,400	$1.414M	0.4%	$43.64 *	$28.85	+28.0%	COM	002824100
T	AT&T INC	33,857	$1.342M	0.4%	$39.64 *	$12.19	+37.2%	COM	00206R102
WFC	WELLS FARGO & CO NEW	24,602	$1.325M	0.4%	$53.86 *	$28.41	+56.2%	COM	949746101
COP	CONOCOPHILLIPS	27,472	$1.316M	0.4%	$47.90 *	$33.91	+7.8%	COM	20825C104
SBR	SABINE ROYALTY TR	34,260	$1.274M	0.4%	$37.19	$35.11	—	UNIT BEN INT	785688102
—	ROYCE MICRO-CAP TR INC	145,920	$1.271M	0.4%	$8.71	$10.52	—	COM	780915104
UHAL	AMERCO	3,201	$1.199M	0.4%	$374.57 *	$35.19	+6.8%	COM	023586100
—	ROYCE VALUE TR INC	79,170	$1.154M	0.4%	$14.58	$15.15	—	COM	780910105
AMGN	AMGEN INC	6,992	$1.142M	0.4%	$163.33 *	$80.86	+57.3%	COM	031162100
—	MONMOUTH REAL ESTATE INVT CO	74,675	$1.12M	0.3%	$15.00	$10.46	—	CL A	609720107
USB	US BANCORP DEL	21,591	$1.107M	0.3%	$51.27 *	$22.51	+69.1%	COM NEW	902973304
DNOW	NOW INC	64,930	$1.104M	0.3%	$17.00 *	$19.74	-0.3%	COM	67011P100
CRT	CROSS TIMBERS RTY TR	68,556	$1.089M	0.3%	$15.88	$21.33	—	TR UNIT	22757R109
—	BROOKFIELD ASSET MGMT INC	28,130	$1.039M	0.3%	$36.94	$35.47	—	CL A LTD VT SH	112585104
LEN/B	LENNAR CORP	24,000	$1.023M	0.3%	$42.63 *	$32.22	-0.8%	CL B	526057302
SJT	SAN JUAN BASIN RTY TR	143,259	$1.014M	0.3%	$7.08	$14.98	—	UNIT BEN INT	798241105
WY	WEYERHAEUSER CO	28,613	$969K	0.3%	$33.87 *	$18.73	+23.0%	COM	962166104
—	FORTRESS INVESTMENT GROUP LL	111,850	$899K	0.3%	$8.04	$5.01	—	CL A	34958B106
SSP	SCRIPPS E W CO OHIO	38,633	$861K	0.3%	$22.29 *	$9.20	+72.3%	CL A NEW	811054402
IP	INTL PAPER CO	15,798	$853K	0.3%	$53.99 *	$22.81	+49.8%	COM	460146103
SYY	SYSCO CORP	15,442	$816K	0.3%	$52.84 *	$24.50	+71.6%	COM	871829107
GD	GENERAL DYNAMICS CORP	3,966	$769K	0.2%	$193.90 *	$56.44	+169.5%	COM	369550108
PTEN	PATTERSON UTI ENERGY INC	35,200	$762K	0.2%	$21.65 *	$21.83	+23.6%	COM	703481101
CSCO	CISCO SYS INC	21,934	$747K	0.2%	$34.06 *	$15.65	+58.0%	COM	17275R102
PNC	PNC FINL SVCS GROUP INC	6,171	$739K	0.2%	$119.75 *	$47.34	+92.9%	COM	693475105
AXP	AMERICAN EXPRESS CO	9,291	$736K	0.2%	$79.22 *	$55.97	+23.6%	COM	025816109
PBT	PERMIAN BASIN RTY TR	76,450	$727K	0.2%	$9.51	$12.56	—	UNIT BEN INT	714236106
—	OAKTREE CAP GROUP LLC	15,280	$718K	0.2%	$46.99	$45.48	—	UNIT CL A	674001201
—	MARATHON OIL CORP	45,277	$673K	0.2%	$14.86	$14.01	—	COM	565849106
NVS	NOVARTIS A G	8,724	$672K	0.2%	$77.03	$72.59	—	SPONSORED ADR	66987V109
—	GANNETT CO INC	79,165	$662K	0.2%	$8.36	$14.73	—	COM	36473H104
AMAT	APPLIED MATLS INC	16,167	$657K	0.2%	$40.64 *	$12.31	+164.5%	COM	038222105
PFE	PFIZER INC	19,166	$650K	0.2%	$33.91 *	$17.35	+23.4%	COM	717081103
—	ABERDEEN LATIN AMER EQTY FD	26,642	$637K	0.2%	$23.91	$19.98	—	COM	00306K106
GEOS	GEOSPACE TECHNOLOGIES CORP	37,595	$622K	0.2%	$16.54 *	$13.37	+41.7%	COM	37364X109
LBRDK	LIBERTY BROADBAND CORP	6,774	$618K	0.2%	$91.23 *	$46.41	+68.3%	COM SER C	530307305
MET	METLIFE INC	11,909	$617K	0.2%	$51.81 *	$25.07	+40.9%	COM	59156R108
AR	ANTERO RES CORP	28,650	$607K	0.2%	$21.19 *	$25.23	-3.0%	COM	03674X106
BAC	BANK AMER CORP	25,412	$593K	0.2%	$23.34 *	$10.48	+85.0%	COM	060505104
ETR	ENTERGY CORP NEW	7,750	$591K	0.2%	$76.26 *	$23.86	+9.6%	COM	29364G103
—	COVANTA HLDG CORP	40,250	$586K	0.2%	$14.56	$20.02	—	COM	22282E102
VOD	VODAFONE GROUP PLC NEW	22,376	$586K	0.2%	$26.19	$36.47	—	SPONSORED ADR	92857W308
OXY	OCCIDENTAL PETE CORP DEL	9,428	$580K	0.2%	$61.52 *	$57.70	-9.7%	COM	674599105
GLW	CORNING INC	19,670	$567K	0.2%	$28.83 *	$10.49	+100.0%	COM	219350105
—	DIAMOND OFFSHORE DRILLING IN	37,512	$541K	0.2%	$14.42	$61.38	—	COM	25271C102
—	BLACKSTONE GROUP L P	17,511	$540K	0.2%	$30.84	$23.33	—	COM UNIT LTD	09253U108
APD	AIR PRODS & CHEMS INC	3,812	$536K	0.2%	$140.61 *	$64.78	+74.6%	COM	009158106
VZ	VERIZON COMMUNICATIONS INC	11,521	$529K	0.2%	$45.92 *	$25.97	+21.0%	COM	92343V104
HIG	HARTFORD FINL SVCS GROUP INC	10,600	$513K	0.2%	$48.40 *	$22.20	+79.7%	COM	416515104
AER	AERCAP HOLDINGS NV	10,894	$501K	0.2%	$45.99 *	$44.08	0.0%	SHS	N00985106
CABO	CABLE ONE INC	725	$494K	0.2%	$681.38 *	$366.69	+53.5%	COM	12685J105
SRE	SEMPRA ENERGY	4,077	$461K	0.1%	$113.07 *	$28.00	+42.7%	COM	816851109
DMLP	DORCHESTER MINERALS LP	26,816	$456K	0.1%	$17.00	$14.99	—	COM UNIT	25820R105
—	SNYDERS-LANCE INC	12,886	$454K	0.1%	$35.23	$31.51	—	COM	833551104
BXMT	BLACKSTONE MTG TR INC	14,575	$450K	0.1%	$30.87	$26.83	—	COM CL A	09257W100
—	LIBERTY GLOBAL PLC	12,964	$449K	0.1%	$34.63	$48.63	—	SHS CL C	G5480U120
PG	PROCTER AND GAMBLE CO	5,125	$448K	0.1%	$87.41 *	$55.71	+25.7%	COM	742718109
INTC	INTEL CORP	12,161	$440K	0.1%	$36.18 *	$18.43	+61.0%	COM	458140100
—	TOTAL S A	8,561	$438K	0.1%	$51.16	$48.86	—	SPONSORED ADR	89151E109
GHC	GRAHAM HLDGS CO	725	$436K	0.1%	$601.38 *	$339.79	+46.9%	COM	384637104
—	GENERAL ELECTRIC CO	14,768	$428K	0.1%	$28.98	$23.90	—	COM	369604103
MEOH	METHANEX CORP	9,300	$427K	0.1%	$45.91 *	$31.94	+50.3%	COM	59151K108
—	ANNALY CAP MGMT INC	36,100	$426K	0.1%	$11.80	$9.96	—	COM	035710409
SO	SOUTHERN CO	8,466	$422K	0.1%	$49.85 *	$26.74	+27.7%	COM	842587107
VFC	V F CORP	7,600	$415K	0.1%	$54.61 *	$49.70	-0.7%	COM	918204108
PYPL	PAYPAL HLDGS INC	8,603	$411K	0.1%	$47.77 *	$35.85	+16.4%	COM	70450Y103
CATY	CATHAY GEN BANCORP	10,800	$411K	0.1%	$38.06 *	$14.04	+103.5%	COM	149150104
—	DOW CHEM CO	6,474	$407K	0.1%	$62.87	$32.16	—	COM	260543103
XOM	EXXON MOBIL CORP	4,945	$404K	0.1%	$81.70 *	$54.85	+2.3%	COM	30231G102
VGK	VANGUARD INTL EQUITY INDEX F	7,100	$380K	0.1%	$53.52	$53.52	—	FTSE EUROPE ETF	922042874
OVLY	OAK VALLEY BANCORP OAKDALE C	26,125	$370K	0.1%	$14.16	$8.75	+61.4%	COM	671807105
PEP	PEPSICO INC	3,242	$367K	0.1%	$113.20 *	$81.92	0.0%	COM	713448108
SPY	SPDR S&P 500 ETF TR	1,488	$354K	0.1%	$237.90	$212.81	—	TR UNIT	78462F103
COST	COSTCO WHSL CORP NEW	1,975	$351K	0.1%	$177.72 *	$142.87	0.0%	COM	22160K105
OFG	OFG BANCORP	29,916	$350K	0.1%	$11.70 *	$16.32	-22.0%	COM	67103X102
—	NEW MEDIA INVT GROUP INC	25,456	$335K	0.1%	$13.16	$15.44	—	COM	64704V106
—	ANIXTER INTL INC	4,000	$326K	0.1%	$81.50	$57.75	—	COM	035290105
—	TCW STRATEGIC INCOME FUND IN	58,918	$321K	0.1%	$5.45	$5.53	—	COM	872340104
—	ARGO GROUP INTL HLDGS LTD	4,679	$309K	0.1%	$66.04	$51.12	—	COM	G0464B107
—	LIBERTY MEDIA CORP DELAWARE	12,521	$307K	0.1%	$24.52	$14.63	—	COM C BRAVES GRP	531229888
GBDC	GOLUB CAP BDC INC	15,000	$305K	0.1%	$20.33 *	$6.28	+31.9%	COM	38173M102
MRK	MERCK & CO INC	4,869	$303K	0.1%	$62.23 *	$31.62	+45.6%	COM	58933Y105
CNQ	CANADIAN NAT RES LTD	9,334	$297K	0.1%	$31.82 *	$10.11	0.0%	COM	136385101
EBAY	EBAY INC	8,555	$286K	0.1%	$33.43 *	$20.18	+43.4%	COM	278642103
EIX	EDISON INTL	3,500	$280K	0.1%	$80.00 *	$39.30	+33.2%	COM	281020107
CMP	COMPASS MINERALS INTL INC	4,000	$264K	0.1%	$66.00 *	$58.33	0.0%	COM	20451N101
PCG	PG&E CORP	3,823	$256K	0.1%	$66.96 *	$52.48	+17.4%	COM	69331C108
RNR	RENAISSANCERE HOLDINGS LTD	1,732	$246K	0.1%	$142.03	$103.07	+38.8%	COM	G7496G103
CC	CHEMOURS CO	5,989	$241K	0.1%	$40.24 *	$22.02	0.0%	COM	163851108
CMCSA	COMCAST CORP NEW	6,092	$239K	0.1%	$39.23 *	$27.29	+9.6%	CL A	20030N101
EQT	EQT CORP	3,900	$227K	0.1%	$58.21 *	$37.67	-18.4%	COM	26884L109
EPD	ENTERPRISE PRODS PARTNERS L	8,266	$226K	0.1%	$27.34	$25.53	—	COM	293792107
LBRDA	LIBERTY BROADBAND CORP	2,470	$222K	0.1%	$89.88 *	$76.88	0.0%	COM SER A	530307107
META	FACEBOOK INC	1,436	$216K	0.1%	$150.42 *	$132.71	0.0%	CL A	30303M102
CLX	CLOROX CO DEL	1,558	$208K	0.1%	$133.50 *	$60.00	+67.4%	COM	189054109
IDT	IDT CORP	13,096	$199K	0.1%	$15.20 *	$9.84	+49.5%	CL B NEW	448947507
—	ENSCO PLC	23,607	$186K	0.1%	$7.88	$49.87	—	SHS CLASS A	G3157S106
UBFO	UNITED SECURITY BANCSHARES C	21,049	$176K	0.1%	$8.36 *	$2.58	+86.4%	COM	911460103
—	NOBLE CORP PLC	36,675	$176K	0.1%	$4.80	$32.99	—	SHS USD	G65431101
—	ATWOOD OCEANICS INC	21,145	$166K	0.1%	$7.85	$43.49	—	COM	050095108
—	CONSOL ENERGY INC	10,450	$159K	0.0%	$15.22	$7.94	—	COM	20854P109
—	MCDERMOTT INTL INC	23,000	$150K	0.0%	$6.52	$5.42	—	COM	580037109
—	CONTANGO OIL & GAS COMPANY	19,193	$137K	0.0%	$7.14	$10.18	—	COM NEW	21075N204
—	CHESAPEAKE ENERGY CORP	25,875	$136K	0.0%	$5.26	$19.33	—	COM	165167107
HNRG	HALLADOR ENERGY COMPANY	18,052	$121K	0.0%	$6.70 *	$4.97	+77.5%	COM	40609P105
CCJ	CAMECO CORP	12,103	$116K	0.0%	$9.58 *	$17.53	-38.8%	COM	13321L108
—	NABORS INDUSTRIES LTD	10,400	$108K	0.0%	$10.38	$15.29	—	SHS	G6359F103
—	ROYCE GLOBAL VALUE TR INC	10,442	$97,000	0.0%	$9.29	$8.89	—	COM	78081T104
—	GENER8 MARITIME INC	17,500	$94,000	0.0%	$5.37	$5.14	—	COM	Y26889108
TPHS	TRINITY PL HLDGS INC	12,038	$86,000	0.0%	$7.14 *	$8.08	0.0%	COM	89656D101
—	RESOLUTE FST PRODS INC	10,300	$64,000	0.0%	$6.21	$13.16	—	COM	76117W109
—	KLONDEX MNS LTD	11,000	$39,000	0.0%	$3.55	$2.09	—	COM	498696103
WTI	W & T OFFSHORE INC	15,250	$31,000	0.0%	$2.03 *	$1.97	+45.7%	COM	92922P106
—	GRAN TIERRA ENERGY INC	12,000	$30,000	0.0%	$2.50	$5.50	—	COM	38500T101
—	TIMMINS GOLD CORP	40,000	$16,000	0.0%	$0.40	$0.67	—	COM	88741P103
—	PHARMATHENE INC	20,000	$15,000	0.0%	$0.75	$2.02	—	COM	71714G102
XPL	SOLITARIO EXPL & RTY CORP	14,300	$11,000	0.0%	$0.77	$0.76	0.0%	COM	8342EP107