Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	263,755	$48.35M	15.3%	$183.32 *	$114.01	+55.0%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,945	$24.81M	7.8%	$857.00	$591.96	+45.2%	COM	G9618E107
—	ALLEGHANY CORP DEL	37,562	$20.81M	6.6%	$554.02	$394.44	—	COM	017175100
MKL	MARKEL CORP	16,824	$17.97M	5.7%	$1068.00 *	$557.59	+85.4%	COM	570535104
WRB	BERKLEY W R CORP	216,704	$14.46M	4.6%	$66.74 *	$9.54	+73.5%	COM	084423102
L	LOEWS CORP	296,562	$14.19M	4.5%	$47.86 *	$41.55	+10.3%	COM	540424108
—	ENSTAR GROUP LIMITED	60,240	$13.39M	4.2%	$222.34	$159.15	—	SHS	G3075P101
—	LEUCADIA NATL CORP	456,489	$11.53M	3.6%	$25.25	$24.90	—	COM	527288104
FRFHF	FAIRFAX FINANCIAL HLDGS LTD	18,492	$9.597M	3.0%	$518.98 *	$317.63	+30.3%	COM	303901102
RES	RPC INC	366,398	$9.083M	2.9%	$24.79 *	$11.27	+60.7%	COM	749660106
MSFT	MICROSOFT CORP	68,979	$5.138M	1.6%	$74.49 *	$26.70	+149.7%	COM	594918104
—	CIMAREX ENERGY CO	43,642	$4.961M	1.6%	$113.67	$66.60	—	COM	171798101
WABC	WESTAMERICA BANCORPORATION	79,798	$4.751M	1.5%	$59.54 *	$29.77	+38.5%	COM	957090103
—	GENERAL AMERN INVS INC	125,685	$4.527M	1.4%	$36.02	$31.93	—	COM	368802104
BK	BANK NEW YORK MELLON CORP	79,440	$4.212M	1.3%	$53.02 *	$21.29	+96.5%	COM	064058100
JNJ	JOHNSON & JOHNSON	28,159	$3.661M	1.2%	$130.01 *	$60.59	+73.2%	COM	478160104
DNOW	NOW INC	234,645	$3.24M	1.0%	$13.81	$16.67	-18.2%	COM	67011P100
TPH	TRI POINTE GROUP INC	222,883	$3.078M	1.0%	$13.81 *	$14.05	-5.4%	COM	87265H109
—	FOREST CITY RLTY TR INC	116,326	$2.967M	0.9%	$25.51	$20.84	—	COM CL A	345605109
—	DOWDUPONT INC	38,945	$2.696M	0.9%	$69.23	$69.23	—	COM	26078J100
—	SOURCE CAP INC	58,361	$2.347M	0.7%	$40.22	$55.87	—	COM	836144105
CNA	CNA FINL CORP	44,526	$2.237M	0.7%	$50.24 *	$15.22	+81.6%	COM	126117100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.198M	0.7%	$274750.00 *	$165023.42	+60.8%	CL A	084670108
—	PICO HLDGS INC	125,213	$2.091M	0.7%	$16.70	$19.66	—	COM NEW	693366205
KO	COCA COLA CO	46,360	$2.087M	0.7%	$45.02 *	$27.87	+25.4%	COM	191216100
—	CONSOLIDATED TOMOKA LD CO	34,575	$2.077M	0.7%	$60.07	$50.36	—	COM	210226106
TGNA	TEGNA INC	151,610	$2.021M	0.6%	$13.33	$18.83	-28.7%	COM	87901J105
—	BOARDWALK PIPELINE PARTNERS	134,992	$1.984M	0.6%	$14.70	$16.65	—	UT LTD PARTNER	096627104
HP	HELMERICH & PAYNE INC	36,200	$1.886M	0.6%	$52.10 *	$65.89	-24.9%	COM	423452101
VIG	VANGUARD SPECIALIZED PORTFOL	19,873	$1.884M	0.6%	$94.80	$76.53	—	DIV APP ETF	921908844
IBM	INTERNATIONAL BUSINESS MACHS	12,377	$1.796M	0.6%	$145.11 *	$103.59	-6.5%	COM	459200101
ABT	ABBOTT LABS	31,559	$1.684M	0.5%	$53.36 *	$28.85	+50.3%	COM	002824100
BR	BROADRIDGE FINL SOLUTIONS IN	20,770	$1.679M	0.5%	$80.84 *	$21.85	+206.0%	COM	11133T103
—	AMERICAN NATL INS CO	13,906	$1.642M	0.5%	$118.08	$100.11	—	COM	028591105
EMR	EMERSON ELEC CO	25,885	$1.627M	0.5%	$62.85 *	$38.70	+27.2%	COM	291011104
CVX	CHEVRON CORP NEW	12,775	$1.501M	0.5%	$117.50 *	$70.37	+8.3%	COM	166764100
SBR	SABINE ROYALTY TR	36,066	$1.471M	0.5%	$40.79	$35.31	—	UNIT BEN INT	785688102
AAPL	APPLE INC	9,227	$1.422M	0.4%	$154.11 *	$20.00	+80.7%	COM	037833100
COP	CONOCOPHILLIPS	27,408	$1.372M	0.4%	$50.06 *	$33.91	+1.6%	COM	20825C104
—	CHICAGO BRIDGE & IRON CO N V	79,118	$1.329M	0.4%	$16.80	$43.69	—	COM	167250109
—	ROYCE MICRO-CAP TR INC	140,605	$1.319M	0.4%	$9.38	$10.52	—	COM	780915104
CARS	CARS COM INC	49,151	$1.308M	0.4%	$26.61 *	$26.86	-5.5%	COM	14575E105
UHAL	AMERCO	3,486	$1.307M	0.4%	$374.93 *	$35.28	+5.9%	COM	023586100
CRT	CROSS TIMBERS RTY TR	85,145	$1.243M	0.4%	$14.60	$20.08	—	TR UNIT	22757R109
AMGN	AMGEN INC	6,523	$1.216M	0.4%	$186.42 *	$80.86	+70.0%	COM	031162100
—	MONMOUTH REAL ESTATE INVT CO	73,528	$1.19M	0.4%	$16.18	$10.46	—	CL A	609720107
USB	US BANCORP DEL	21,591	$1.157M	0.4%	$53.59 *	$22.51	+67.7%	COM NEW	902973304
—	ROYCE VALUE TR INC	72,389	$1.143M	0.4%	$15.79	$15.15	—	COM	780910105
SJT	SAN JUAN BASIN RTY TR	142,322	$1.116M	0.4%	$7.84	$14.98	—	UNIT BEN INT	798241105
T	AT&T INC	26,933	$1.055M	0.3%	$39.17 *	$12.19	+28.0%	COM	00206R102
—	BROOKFIELD ASSET MGMT INC	25,335	$1.046M	0.3%	$41.29	$35.47	—	CL A LTD VT SH	112585104
LEN/B	LENNAR CORP	21,400	$965K	0.3%	$45.09 *	$32.22	+14.9%	CL B	526057302
WFC	WELLS FARGO CO NEW	17,151	$946K	0.3%	$55.16 *	$28.41	+48.3%	COM	949746101
WY	WEYERHAEUSER CO	26,184	$891K	0.3%	$34.03 *	$18.73	+26.3%	COM	962166104
AR	ANTERO RES CORP	43,800	$872K	0.3%	$19.91	$23.86	-15.6%	COM	03674X106
—	FORTRESS INVESTMENT GROUP LL	106,550	$849K	0.3%	$7.97	$5.01	—	CL A	34958B106
AXP	AMERICAN EXPRESS CO	9,246	$836K	0.3%	$90.42 *	$55.97	+36.9%	COM	025816109
IP	INTL PAPER CO	14,647	$832K	0.3%	$56.80 *	$22.81	+60.1%	COM	460146103
—	ABERDEEN LATIN AMER EQTY FD	29,142	$797K	0.3%	$27.35	$20.26	—	COM	00306K106
PNC	PNC FINL SVCS GROUP INC	5,715	$770K	0.2%	$134.73 *	$47.34	+104.2%	COM	693475105
GD	GENERAL DYNAMICS CORP	3,666	$754K	0.2%	$205.67 *	$56.44	+194.9%	COM	369550108
—	CALIFORNIA RES CORP	71,097	$744K	0.2%	$10.46	$10.46	—	COM NEW	13057Q206
AMAT	APPLIED MATLS INC	14,167	$738K	0.2%	$52.09 *	$12.31	+234.6%	COM	038222105
—	OAKTREE CAP GROUP LLC	15,280	$719K	0.2%	$47.05	$45.48	—	UNIT CL A	674001201
SYY	SYSCO CORP	13,292	$717K	0.2%	$53.94 *	$24.50	+70.7%	COM	871829107
DMLP	DORCHESTER MINERALS LP	47,399	$713K	0.2%	$15.04	$14.88	—	COM UNIT	25820R105
PTEN	PATTERSON UTI ENERGY INC	33,900	$710K	0.2%	$20.94 *	$21.83	-15.6%	COM	703481101
SSP	SCRIPPS E W CO OHIO	36,333	$694K	0.2%	$19.10 *	$9.20	+49.9%	CL A NEW	811054402
—	GANNETT CO INC	75,565	$680K	0.2%	$9.00	$14.73	—	COM	36473H104
GEOS	GEOSPACE TECHNOLOGIES CORP	37,595	$670K	0.2%	$17.82 *	$13.37	+13.8%	COM	37364X109
NVS	NOVARTIS A G	7,806	$670K	0.2%	$85.83	$72.59	—	SPONSORED ADR	66987V109
CSCO	CISCO SYS INC	19,907	$669K	0.2%	$33.61 *	$15.65	+57.9%	COM	17275R102
GEF/B	GREIF INC	10,343	$665K	0.2%	$64.29 *	$29.74	+35.3%	CL B	397624206
PBT	PERMIAN BASIN RTY TR	74,750	$651K	0.2%	$8.71	$12.56	—	UNIT BEN INT	714236106
LBRDK	LIBERTY BROADBAND CORP	6,500	$619K	0.2%	$95.23 *	$46.41	+94.2%	COM SER C	530307305
—	COVANTA HLDG CORP	40,250	$598K	0.2%	$14.86	$20.02	—	COM	22282E102
—	MARATHON OIL CORP	42,934	$582K	0.2%	$13.56	$14.01	—	COM	565849106
HIG	HARTFORD FINL SVCS GROUP INC	10,400	$576K	0.2%	$55.38 *	$22.20	+103.7%	COM	416515104
APD	AIR PRODS & CHEMS INC	3,787	$573K	0.2%	$151.31 *	$64.78	+83.9%	COM	009158106
AER	AERCAP HOLDINGS NV	11,069	$566K	0.2%	$51.13 *	$44.09	+9.4%	SHS	N00985106
GLW	CORNING INC	18,870	$565K	0.2%	$29.94 *	$10.49	+124.9%	COM	219350105
VOD	VODAFONE GROUP PLC NEW	19,629	$559K	0.2%	$28.48	$36.47	—	SPONSORED ADR	92857W308
MET	METLIFE INC	10,759	$559K	0.2%	$51.96 *	$25.07	+46.1%	COM	59156R108
—	BLACKSTONE GROUP L P	16,711	$558K	0.2%	$33.39	$23.33	—	COM UNIT LTD	09253U108
OXY	OCCIDENTAL PETE CORP DEL	8,514	$547K	0.2%	$64.25 *	$57.70	-15.3%	COM	674599105
ETR	ENTERGY CORP NEW	7,050	$538K	0.2%	$76.31 *	$23.86	+18.4%	COM	29364G103
PYPL	PAYPAL HLDGS INC	8,353	$535K	0.2%	$64.05 *	$35.85	+66.7%	COM	70450Y103
—	DIAMOND OFFSHORE DRILLING IN	36,011	$522K	0.2%	$14.50	$61.38	—	COM	25271C102
—	SNYDERS-LANCE INC	12,886	$491K	0.2%	$38.10	$31.51	—	COM	833551104
VFC	V F CORP	7,600	$483K	0.2%	$63.55 *	$49.70	+16.1%	COM	918204108
BXMT	BLACKSTONE MTG TR INC	15,575	$483K	0.2%	$31.01	$27.10	—	COM CL A	09257W100
VZ	VERIZON COMMUNICATIONS INC	9,526	$471K	0.1%	$49.44 *	$25.97	+16.4%	COM	92343V104
PFE	PFIZER INC	12,671	$452K	0.1%	$35.67 *	$17.35	+28.2%	COM	717081103
CABO	CABLE ONE INC	625	$451K	0.1%	$721.60 *	$366.69	+82.3%	COM	12685J105
MEOH	METHANEX CORP	8,800	$443K	0.1%	$50.34 *	$31.94	+47.4%	COM	59151K108
SRE	SEMPRA ENERGY	3,877	$442K	0.1%	$114.01 *	$28.00	+57.7%	COM	816851109
—	TOTAL S A	8,161	$437K	0.1%	$53.55	$48.86	—	SPONSORED ADR	89151E109
CATY	CATHAY GEN BANCORP	10,800	$434K	0.1%	$40.19 *	$14.04	+99.9%	COM	149150104
SO	SOUTHERN CO	8,466	$416K	0.1%	$49.14 *	$26.74	+28.3%	COM	842587107
VGK	VANGUARD INTL EQUITY INDEX F	7,100	$414K	0.1%	$58.31	$53.52	—	FTSE EUROPE ETF	922042874
COST	COSTCO WHSL CORP NEW	2,475	$407K	0.1%	$164.44 *	$142.32	-1.5%	COM	22160K105
SPY	SPDR S&P 500 ETF TR	1,608	$404K	0.1%	$251.24	$217.64	—	TR UNIT	78462F103
—	LIBERTY GLOBAL PLC	12,218	$400K	0.1%	$32.74	$48.63	—	SHS CL C	G5480U120
GBDC	GOLUB CAP BDC INC	20,800	$391K	0.1%	$18.80 *	$6.95	+23.8%	COM	38173M102
OVLY	OAK VALLEY BANCORP OAKDALE C	22,600	$379K	0.1%	$16.77 *	$8.75	+77.2%	COM	671807105
GHC	GRAHAM HLDGS CO	625	$366K	0.1%	$585.60 *	$339.79	+58.0%	COM	384637104
—	NEW MEDIA INVT GROUP INC	24,456	$362K	0.1%	$14.80	$15.44	—	COM	64704V106
PG	PROCTER AND GAMBLE CO	3,961	$360K	0.1%	$90.89 *	$55.71	+31.1%	COM	742718109
INTC	INTEL CORP	9,404	$358K	0.1%	$38.07 *	$18.43	+60.5%	COM	458140100
PEP	PEPSICO INC	3,192	$356K	0.1%	$111.53 *	$81.92	+9.1%	COM	713448108
CNQ	CANADIAN NAT RES LTD	10,362	$347K	0.1%	$33.49 *	$10.11	+2.5%	COM	136385101
XOM	EXXON MOBIL CORP	4,198	$344K	0.1%	$81.94 *	$54.85	-0.9%	COM	30231G102
—	GENERAL ELECTRIC CO	14,070	$340K	0.1%	$24.16	$23.90	—	COM	369604103
—	ANIXTER INTL INC	3,700	$315K	0.1%	$85.14	$57.75	—	COM	035290105
BAC	BANK AMER CORP	12,305	$312K	0.1%	$25.36 *	$10.48	+90.5%	COM	060505104
EBAY	EBAY INC	7,955	$306K	0.1%	$38.47 *	$20.18	+60.3%	COM	278642103
—	LIBERTY MEDIA CORP DELAWARE	12,046	$304K	0.1%	$25.24	$14.63	—	COM C BRAVES GRP	531229888
CC	CHEMOURS CO	5,909	$299K	0.1%	$50.60 *	$22.02	+57.0%	COM	163851108
—	TCW STRATEGIC INCOME FUND IN	51,166	$297K	0.1%	$5.80	$5.53	—	COM	872340104
MRK	MERCK & CO INC	4,414	$283K	0.1%	$64.11 *	$31.62	+47.6%	COM	58933Y105
—	ARGO GROUP INTL HLDGS LTD	4,524	$278K	0.1%	$61.45	$51.12	—	COM	G0464B107
EIX	EDISON INTL	3,500	$270K	0.1%	$77.14 *	$39.30	+40.8%	COM	281020107
OFG	OFG BANCORP	28,616	$262K	0.1%	$9.16 *	$16.32	-41.6%	COM	67103X102
—	ANNALY CAP MGMT INC	21,450	$261K	0.1%	$12.17	$9.96	—	COM	035710409
CMP	COMPASS MINERALS INTL INC	4,000	$260K	0.1%	$65.00 *	$58.33	-10.4%	COM	20451N101
EQT	EQT CORP	3,900	$254K	0.1%	$65.13 *	$37.67	-16.8%	COM	26884L109
PCG	PG&E CORP	3,661	$249K	0.1%	$68.01	$52.86	+27.2%	COM	69331C108
—	LIONS GATE ENTMNT CORP	7,460	$237K	0.1%	$31.77	$26.26	—	CL B NON VTG	535919500
RNR	RENAISSANCERE HOLDINGS LTD	1,700	$230K	0.1%	$135.29 *	$103.07	+36.5%	COM	G7496G103
LBRDA	LIBERTY BROADBAND CORP	2,368	$223K	0.1%	$94.17 *	$76.88	+16.3%	COM SER A	530307107
CMCSA	COMCAST CORP NEW	5,558	$214K	0.1%	$38.50 *	$27.29	+17.4%	CL A	20030N101
ZTS	ZOETIS INC	3,286	$210K	0.1%	$63.91 *	$55.29	+6.2%	CL A	98978V103
MMM	3M CO	1,000	$210K	0.1%	$210.00 *	$124.67	+4.2%	COM	88579Y101
DVN	DEVON ENERGY CORP NEW	5,606	$206K	0.1%	$36.75 *	$38.08	-39.7%	COM	25179M103
SNY	SANOFI	4,095	$204K	0.1%	$49.82	$49.82	—	SPONSORED ADR	80105N105
UBFO	UNITED SECURITY BANCSHARES C	21,049	$200K	0.1%	$9.50 *	$2.58	+131.1%	COM	911460103
CLX	CLOROX CO DEL	1,519	$200K	0.1%	$131.67 *	$60.00	+75.9%	COM	189054109
JPM	JPMORGAN CHASE & CO	2,094	$200K	0.1%	$95.51 *	$68.54	+7.5%	COM	46625H100
—	ATWOOD OCEANICS INC	20,295	$191K	0.1%	$9.41	$43.49	—	COM	050095108
—	CONSOL ENERGY INC	10,450	$177K	0.1%	$16.94	$7.94	—	COM	20854P109
—	NOBLE CORP PLC	35,575	$164K	0.1%	$4.61	$32.99	—	SHS USD	G65431101
IDT	IDT CORP	11,632	$164K	0.1%	$14.10 *	$9.84	+25.2%	CL B NEW	448947507
—	ENSCO PLC	18,946	$113K	0.0%	$5.96	$49.87	—	SHS CLASS A	G3157S106
CCJ	CAMECO CORP	10,603	$103K	0.0%	$9.71 *	$17.53	-46.0%	COM	13321L108
HNRG	HALLADOR ENERGY COMPANY	18,054	$103K	0.0%	$5.71 *	$4.97	+30.5%	COM	40609P105
—	MCDERMOTT INTL INC	13,000	$95,000	0.0%	$7.31	$5.42	—	COM	580037109
—	CONTANGO OIL & GAS COMPANY	18,193	$92,000	0.0%	$5.06	$10.18	—	COM NEW	21075N204
—	GENER8 MARITIME INC	17,500	$79,000	0.0%	$4.51	$5.14	—	COM	Y26889108
—	CHESAPEAKE ENERGY CORP	16,175	$70,000	0.0%	$4.33	$19.33	—	COM	165167107
—	KLONDEX MNS LTD	11,000	$40,000	0.0%	$3.64	$2.09	—	COM	498696103
XPL	SOLITARIO ZINC CORP	14,300	$10,000	0.0%	$0.70	$0.76	-3.7%	COM	8342EP107