Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	280,978	$47.59M	14.8%	$114.01	+45.9%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	29,999	$26.06M	8.1%	$591.96	+46.6%	COM	G9618E107
—	ALLEGHANY CORP DEL	37,806	$22.49M	7.0%	$394.44	—	COM	017175100
MKL	MARKEL CORP	17,900	$17.47M	5.4%	$557.59	+74.1%	COM	570535104
WRB	BERKLEY W R CORP	224,503	$15.53M	4.8%	$9.54	+74.1%	COM	084423102
L	LOEWS CORP	309,019	$14.46M	4.5%	$41.55	+8.5%	COM	540424108
—	LEUCADIA NATL CORP	478,096	$12.51M	3.9%	$24.90	—	COM	527288104
—	ENSTAR GROUP LIMITED	62,198	$12.36M	3.8%	$159.15	—	SHS	G3075P101
FRFHF	FAIRFAX FINANCIAL HLDGS LTD	20,213	$8.749M	2.7%	$317.63	+20.2%	COM	303901102
RES	RPC INC	391,662	$7.915M	2.5%	$11.27	+47.0%	COM	749660106
MSFT	MICROSOFT CORP	76,064	$5.243M	1.6%	$26.70	+133.4%	COM	594918104
—	GENERAL AMERN INVS INC	143,468	$4.928M	1.5%	$31.93	—	COM	368802104
WABC	WESTAMERICA BANCORPORATION	79,812	$4.473M	1.4%	$29.77	+39.3%	COM	957090103
—	CIMAREX ENERGY CO	47,541	$4.469M	1.4%	$66.60	—	COM	171798101
BK	BANK NEW YORK MELLON CORP	86,140	$4.395M	1.4%	$21.29	+78.3%	COM	064058100
JNJ	JOHNSON & JOHNSON	30,465	$4.03M	1.3%	$60.59	+65.7%	COM	478160104
TPH	TRI POINTE GROUP INC	232,260	$3.064M	1.0%	$14.05	-11.2%	COM	87265H109
—	FOREST CITY RLTY TR INC	123,820	$2.993M	0.9%	$20.84	—	COM CL A	345605109
DNOW	NOW INC	158,062	$2.542M	0.8%	$18.14	-6.1%	COM	67011P100
—	SOURCE CAP INC	62,158	$2.402M	0.7%	$55.87	—	COM	836144105
CNA	CNA FINL CORP	47,976	$2.339M	0.7%	$15.22	+65.1%	COM	126117100
—	BOARDWALK PIPELINE PARTNERS	129,775	$2.337M	0.7%	$16.73	—	UT LTD PARTNER	096627104
TGNA	TEGNA INC	158,810	$2.288M	0.7%	$18.83	-18.4%	COM	87901J105
—	DU PONT E I DE NEMOURS & CO	28,148	$2.272M	0.7%	$52.51	—	COM	263534109
—	PICO HLDGS INC	127,292	$2.228M	0.7%	$19.66	—	COM NEW	693366205
IBM	INTERNATIONAL BUSINESS MACHS	14,293	$2.199M	0.7%	$103.59	+0.2%	COM	459200101
KO	COCA COLA CO	47,200	$2.117M	0.7%	$27.87	+20.8%	COM	191216100
—	CONSOLIDATED TOMOKA LD CO	35,875	$2.043M	0.6%	$50.36	—	COM	210226106
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.038M	0.6%	$165023.42	+51.3%	CL A	084670108
VIG	VANGUARD SPECIALIZED PORTFOL	21,523	$1.995M	0.6%	$76.53	—	DIV APP ETF	921908844
HP	HELMERICH & PAYNE INC	36,400	$1.978M	0.6%	$65.89	-11.0%	COM	423452101
BR	BROADRIDGE FINL SOLUTIONS IN	23,270	$1.758M	0.5%	$21.85	+185.6%	COM	11133T103
—	CHICAGO BRIDGE & IRON CO N V	87,258	$1.722M	0.5%	$43.69	—	COM	167250109
GEF/B	GREIF INC	27,557	$1.664M	0.5%	$29.74	+39.4%	CL B	397624206
CVX	CHEVRON CORP NEW	15,875	$1.656M	0.5%	$70.37	+4.0%	COM	166764100
—	AMERICAN NATL INS CO	14,171	$1.651M	0.5%	$100.11	—	COM	028591105
ABT	ABBOTT LABS	32,402	$1.575M	0.5%	$28.85	+34.9%	COM	002824100
EMR	EMERSON ELEC CO	26,284	$1.567M	0.5%	$38.70	+24.1%	COM	291011104
DVN	DEVON ENERGY CORP NEW	46,470	$1.486M	0.5%	$38.08	-32.1%	COM	25179M103
AAPL	APPLE INC	10,049	$1.447M	0.5%	$20.00	+71.5%	COM	037833100
SBR	SABINE ROYALTY TR	36,264	$1.405M	0.4%	$35.31	—	UNIT BEN INT	785688102
WFC	WELLS FARGO CO NEW	24,561	$1.361M	0.4%	$28.41	+48.5%	COM	949746101
CARS	CARS COM INC	50,151	$1.336M	0.4%	$26.86	0.0%	COM	14575E105
UHAL	AMERCO	3,501	$1.282M	0.4%	$35.28	+2.8%	COM	023586100
T	AT&T INC	33,857	$1.277M	0.4%	$12.19	+30.6%	COM	00206R102
—	ROYCE MICRO-CAP TR INC	145,920	$1.262M	0.4%	$10.52	—	COM	780915104
COP	CONOCOPHILLIPS	27,407	$1.205M	0.4%	$33.91	+4.6%	COM	20825C104
AMGN	AMGEN INC	6,994	$1.204M	0.4%	$80.86	+55.0%	COM	031162100
CRT	CROSS TIMBERS RTY TR	75,870	$1.162M	0.4%	$20.75	—	TR UNIT	22757R109
—	ROYCE VALUE TR INC	79,179	$1.155M	0.4%	$15.15	—	COM	780910105
USB	US BANCORP DEL	21,591	$1.121M	0.3%	$22.51	+64.2%	COM NEW	902973304
—	MONMOUTH REAL ESTATE INVT CO	73,528	$1.107M	0.3%	$10.46	—	CL A	609720107
—	BROOKFIELD ASSET MGMT INC	28,130	$1.103M	0.3%	$35.47	—	CL A LTD VT SH	112585104
LEN/B	LENNAR CORP	23,900	$1.075M	0.3%	$32.22	+12.7%	CL B	526057302
AR	ANTERO RES CORP	45,010	$973K	0.3%	$23.86	-10.1%	COM	03674X106
SJT	SAN JUAN BASIN RTY TR	142,097	$968K	0.3%	$14.98	—	UNIT BEN INT	798241105
WY	WEYERHAEUSER CO	28,613	$959K	0.3%	$18.73	+28.3%	COM	962166104
IP	INTL PAPER CO	15,798	$894K	0.3%	$22.81	+52.3%	COM	460146103
—	FORTRESS INVESTMENT GROUP LL	107,050	$855K	0.3%	$5.01	—	CL A	34958B106
GD	GENERAL DYNAMICS CORP	3,966	$786K	0.2%	$56.44	+187.0%	COM	369550108
AXP	AMERICAN EXPRESS CO	9,291	$783K	0.2%	$55.97	+25.6%	COM	025816109
SYY	SYSCO CORP	15,442	$777K	0.2%	$24.50	+74.0%	COM	871829107
PNC	PNC FINL SVCS GROUP INC	6,171	$771K	0.2%	$47.34	+90.8%	COM	693475105
NVS	NOVARTIS A G	8,724	$728K	0.2%	$72.59	—	SPONSORED ADR	66987V109
—	OAKTREE CAP GROUP LLC	15,280	$712K	0.2%	$45.48	—	UNIT CL A	674001201
PTEN	PATTERSON UTI ENERGY INC	34,600	$699K	0.2%	$21.83	-0.2%	COM	703481101
—	GANNETT CO INC	79,165	$690K	0.2%	$14.73	—	COM	36473H104
SSP	SCRIPPS E W CO OHIO	38,633	$688K	0.2%	$9.20	+59.8%	CL A NEW	811054402
CSCO	CISCO SYS INC	21,934	$687K	0.2%	$15.65	+60.1%	COM	17275R102
—	ABERDEEN LATIN AMER EQTY FD	29,142	$675K	0.2%	$20.26	—	COM	00306K106
AMAT	APPLIED MATLS INC	16,167	$668K	0.2%	$12.31	+213.7%	COM	038222105
PBT	PERMIAN BASIN RTY TR	76,450	$665K	0.2%	$12.56	—	UNIT BEN INT	714236106
MET	METLIFE INC	11,909	$654K	0.2%	$25.07	+38.1%	COM	59156R108
VOD	VODAFONE GROUP PLC NEW	22,376	$643K	0.2%	$36.47	—	SPONSORED ADR	92857W308
PFE	PFIZER INC	18,635	$626K	0.2%	$17.35	+24.5%	COM	717081103
ETR	ENTERGY CORP NEW	7,750	$595K	0.2%	$23.86	+17.0%	COM	29364G103
GLW	CORNING INC	19,670	$591K	0.2%	$10.49	+117.1%	COM	219350105
—	BLACKSTONE GROUP L P	17,511	$584K	0.2%	$23.33	—	COM UNIT LTD	09253U108
LBRDK	LIBERTY BROADBAND CORP	6,730	$584K	0.2%	$46.41	+76.4%	COM SER C	530307305
HIG	HARTFORD FINL SVCS GROUP INC	10,600	$557K	0.2%	$22.20	+84.8%	COM	416515104
APD	AIR PRODS & CHEMS INC	3,812	$545K	0.2%	$64.78	+77.4%	COM	009158106
DMLP	DORCHESTER MINERALS LP	37,170	$537K	0.2%	$14.84	—	COM UNIT	25820R105
—	MARATHON OIL CORP	45,281	$537K	0.2%	$14.01	—	COM	565849106
OXY	OCCIDENTAL PETE CORP DEL	8,911	$533K	0.2%	$57.70	-15.9%	COM	674599105
—	COVANTA HLDG CORP	40,250	$531K	0.2%	$20.02	—	COM	22282E102
GEOS	GEOSPACE TECHNOLOGIES CORP	37,595	$520K	0.2%	$13.37	+15.0%	COM	37364X109
AER	AERCAP HOLDINGS NV	11,144	$517K	0.2%	$44.09	+0.7%	SHS	N00985106
CABO	CABLE ONE INC	725	$515K	0.2%	$366.69	+68.9%	COM	12685J105
VZ	VERIZON COMMUNICATIONS INC	11,521	$515K	0.2%	$25.97	+13.7%	COM	92343V104
PYPL	PAYPAL HLDGS INC	8,603	$462K	0.1%	$35.85	+36.8%	COM	70450Y103
BXMT	BLACKSTONE MTG TR INC	14,575	$461K	0.1%	$26.83	—	COM CL A	09257W100
SRE	SEMPRA ENERGY	4,077	$460K	0.1%	$28.00	+52.9%	COM	816851109
BAC	BANK AMER CORP	18,440	$447K	0.1%	$10.48	+82.3%	COM	060505104
—	SNYDERS-LANCE INC	12,886	$446K	0.1%	$31.51	—	COM	833551104
VFC	V F CORP	7,600	$438K	0.1%	$49.70	+3.8%	COM	918204108
GHC	GRAHAM HLDGS CO	725	$435K	0.1%	$339.79	+61.6%	COM	384637104
SPY	SPDR S&P 500 ETF TR	1,788	$432K	0.1%	$217.64	—	TR UNIT	78462F103
—	TOTAL S A	8,561	$425K	0.1%	$48.86	—	SPONSORED ADR	89151E109
—	ANNALY CAP MGMT INC	34,900	$421K	0.1%	$9.96	—	COM	035710409
CATY	CATHAY GEN BANCORP	10,800	$410K	0.1%	$14.04	+102.3%	COM	149150104
INTC	INTEL CORP	12,161	$410K	0.1%	$18.43	+60.4%	COM	458140100
MEOH	METHANEX CORP	9,300	$410K	0.1%	$31.94	+36.8%	COM	59151K108
—	DOW CHEM CO	6,474	$408K	0.1%	$32.16	—	COM	260543103
—	DIAMOND OFFSHORE DRILLING IN	37,512	$406K	0.1%	$61.38	—	COM	25271C102
SO	SOUTHERN CO	8,466	$405K	0.1%	$26.74	+31.2%	COM	842587107
—	LIBERTY GLOBAL PLC	12,800	$399K	0.1%	$48.63	—	SHS CL C	G5480U120
XOM	EXXON MOBIL CORP	4,946	$399K	0.1%	$54.85	+1.1%	COM	30231G102
VGK	VANGUARD INTL EQUITY INDEX F	7,100	$391K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
—	GENERAL ELECTRIC CO	14,068	$380K	0.1%	$23.90	—	COM	369604103
PEP	PEPSICO INC	3,242	$374K	0.1%	$81.92	+7.6%	COM	713448108
OVLY	OAK VALLEY BANCORP OAKDALE C	26,125	$363K	0.1%	$8.75	+60.3%	COM	671807105
PG	PROCTER AND GAMBLE CO	3,993	$348K	0.1%	$55.71	+25.9%	COM	742718109
—	NEW MEDIA INVT GROUP INC	25,456	$343K	0.1%	$15.44	—	COM	64704V106
—	TCW STRATEGIC INCOME FUND IN	58,918	$332K	0.1%	$5.53	—	COM	872340104
GBDC	GOLUB CAP BDC INC	16,900	$323K	0.1%	$6.57	+34.7%	COM	38173M102
COST	COSTCO WHSL CORP NEW	1,975	$316K	0.1%	$142.87	+5.7%	COM	22160K105
CNQ	CANADIAN NAT RES LTD	10,904	$314K	0.1%	$10.11	+0.1%	COM	136385101
—	ANIXTER INTL INC	4,000	$313K	0.1%	$57.75	—	COM	035290105
MRK	MERCK & CO INC	4,869	$312K	0.1%	$31.62	+47.2%	COM	58933Y105
—	LIBERTY MEDIA CORP DELAWARE	12,483	$299K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
EBAY	EBAY INC	8,555	$299K	0.1%	$20.18	+50.9%	COM	278642103
OFG	OFG BANCORP	29,916	$299K	0.1%	$16.32	-35.6%	COM	67103X102
—	ARGO GROUP INTL HLDGS LTD	4,679	$284K	0.1%	$51.12	—	COM	G0464B107
EIX	EDISON INTL	3,500	$274K	0.1%	$39.30	+41.6%	COM	281020107
CMP	COMPASS MINERALS INTL INC	4,000	$261K	0.1%	$58.33	-11.7%	COM	20451N101
PCG	PG&E CORP	3,936	$261K	0.1%	$52.86	+24.0%	COM	69331C108
CMCSA	COMCAST CORP NEW	6,092	$237K	0.1%	$27.29	+16.9%	CL A	20030N101
RNR	RENAISSANCERE HOLDINGS LTD	1,700	$236K	0.1%	$103.07	+36.3%	COM	G7496G103
EQT	EQT CORP	3,900	$229K	0.1%	$37.67	-22.5%	COM	26884L109
CC	CHEMOURS CO	5,989	$227K	0.1%	$22.02	+31.2%	COM	163851108
EPD	ENTERPRISE PRODS PARTNERS L	8,266	$224K	0.1%	$25.53	—	COM	293792107
META	FACEBOOK INC	1,436	$217K	0.1%	$132.71	+11.3%	CL A	30303M102
LBRDA	LIBERTY BROADBAND CORP	2,454	$211K	0.1%	$76.88	+5.2%	COM SER A	530307107
JPM	JPMORGAN CHASE & CO	2,284	$209K	0.1%	$68.54	0.0%	COM	46625H100
CLX	CLOROX CO DEL	1,558	$208K	0.1%	$60.00	+75.6%	COM	189054109
MMM	3M CO	1,000	$208K	0.1%	$124.67	0.0%	COM	88579Y101
—	LIONS GATE ENTMNT CORP	7,882	$207K	0.1%	$26.26	—	CL B NON VTG	535919500
ZTS	ZOETIS INC	3,286	$205K	0.1%	$55.29	0.0%	CL A	98978V103
—	REIS INC	9,400	$200K	0.1%	$21.28	—	COM	75936P105
UBFO	UNITED SECURITY BANCSHARES C	21,049	$195K	0.1%	$2.58	+114.2%	COM	911460103
IDT	IDT CORP	13,096	$188K	0.1%	$9.84	+31.7%	CL B NEW	448947507
—	ATWOOD OCEANICS INC	21,145	$172K	0.1%	$43.49	—	COM	050095108
—	MCDERMOTT INTL INC	23,000	$165K	0.1%	$5.42	—	COM	580037109
—	CONSOL ENERGY INC	10,450	$156K	0.0%	$7.94	—	COM	20854P109
HNRG	HALLADOR ENERGY COMPANY	18,053	$140K	0.0%	$4.97	+50.8%	COM	40609P105
—	NOBLE CORP PLC	36,675	$133K	0.0%	$32.99	—	SHS USD	G65431101
—	CHESAPEAKE ENERGY CORP	25,875	$129K	0.0%	$19.33	—	COM	165167107
—	CONTANGO OIL & GAS COMPANY	18,193	$121K	0.0%	$10.18	—	COM NEW	21075N204
—	ENSCO PLC	22,846	$118K	0.0%	$49.87	—	SHS CLASS A	G3157S106
CCJ	CAMECO CORP	12,103	$110K	0.0%	$17.53	-46.3%	COM	13321L108
—	GENER8 MARITIME INC	17,500	$100K	0.0%	$5.14	—	COM	Y26889108
—	ROYCE GLOBAL VALUE TR INC	10,300	$99,000	0.0%	$8.89	—	COM	78081T104
TPHS	TRINITY PL HLDGS INC	12,038	$86,000	0.0%	$8.08	-12.1%	COM	89656D101
—	NABORS INDUSTRIES LTD	10,400	$85,000	0.0%	$15.29	—	SHS	G6359F103
—	RESOLUTE FST PRODS INC	10,300	$45,000	0.0%	$13.16	—	COM	76117W109
—	KLONDEX MNS LTD	11,000	$37,000	0.0%	$2.09	—	COM	498696103
WTI	W & T OFFSHORE INC	15,250	$30,000	0.0%	$1.97	+10.4%	COM	92922P106
—	GRAN TIERRA ENERGY INC	12,000	$27,000	0.0%	$5.50	—	COM	38500T101
XPL	SOLITARIO EXPL & RTY CORP	14,300	$10,000	0.0%	$0.76	-2.6%	COM	8342EP107