Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	260,308	$51.6M	15.8%	$114.01	+66.5%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,307	$24.1M	7.4%	$591.96	+47.7%	COM	G9618E107
—	ALLEGHANY CORP DEL	37,430	$22.31M	6.8%	$394.44	—	COM	017175100
MKL	MARKEL CORP	16,482	$18.77M	5.8%	$557.59	+96.1%	COM	570535104
WRB	BERKLEY W R CORP	213,080	$15.27M	4.7%	$9.54	+78.0%	COM	084423102
L	LOEWS CORP	290,828	$14.55M	4.5%	$41.55	+14.7%	COM	540424108
—	ENSTAR GROUP LIMITED	59,329	$11.91M	3.7%	$159.15	—	SHS	G3075P101
—	LEUCADIA NATL CORP	446,524	$11.83M	3.6%	$24.90	—	COM	527288104
FRFHF	FAIRFAX FINANCIAL HLDGS LTD	19,150	$10.2M	3.1%	$322.26	+40.4%	COM	303901102
RES	RPC INC	366,222	$9.35M	2.9%	$11.27	+87.0%	COM	749660106
MSFT	MICROSOFT CORP	68,834	$5.888M	1.8%	$26.70	+181.8%	COM	594918104
—	CIMAREX ENERGY CO	43,412	$5.297M	1.6%	$66.60	—	COM	171798101
WABC	WESTAMERICA BANCORPORATION	74,798	$4.454M	1.4%	$29.77	+52.4%	COM	957090103
—	GENERAL AMERN INVS INC	122,275	$4.206M	1.3%	$31.93	—	COM	368802104
BK	BANK NEW YORK MELLON CORP	77,640	$4.182M	1.3%	$21.29	+100.3%	COM	064058100
JNJ	JOHNSON & JOHNSON	27,417	$3.831M	1.2%	$60.59	+83.2%	COM	478160104
TPH	TRI POINTE GROUP INC	207,649	$3.721M	1.1%	$14.05	+19.9%	COM	87265H109
—	DOWDUPONT INC	38,774	$2.761M	0.8%	$69.23	—	COM	26078J100
—	FOREST CITY RLTY TR INC	111,792	$2.694M	0.8%	$20.84	—	COM CL A	345605109
DNOW	NOW INC	227,907	$2.514M	0.8%	$16.67	-31.5%	COM	67011P100
—	SOURCE CAP INC	58,472	$2.383M	0.7%	$55.87	—	COM	836144105
BRK/A	BERKSHIRE HATHAWAY INC DEL	800	$2.381M	0.7%	$283601.72	+0.4%	CL A	084670108
HP	HELMERICH & PAYNE INC	34,850	$2.253M	0.7%	$65.89	-14.9%	COM	423452101
—	CONSOLIDATED TOMOKA LD CO	43,420	$2.247M	0.7%	$50.65	—	COM	210226106
CNA	CNA FINL CORP	41,641	$2.209M	0.7%	$15.22	+92.3%	COM	126117100
—	BOARDWALK PIPELINE PARTNERS	166,867	$2.154M	0.7%	$15.93	—	UT LTD PARTNER	096627104
KO	COCA COLA CO	46,360	$2.127M	0.7%	$27.87	+27.9%	COM	191216100
TGNA	TEGNA INC	150,985	$2.126M	0.7%	$18.83	-30.5%	COM	87901J105
VIG	VANGUARD SPECIALIZED FUNDS	18,343	$1.872M	0.6%	$76.53	—	DIV APP ETF	921908844
BR	BROADRIDGE FINL SOLUTIONS IN	20,240	$1.833M	0.6%	$21.85	+248.2%	COM	11133T103
IBM	INTERNATIONAL BUSINESS MACHS	11,790	$1.809M	0.6%	$103.59	-1.4%	COM	459200101
ABT	ABBOTT LABS	31,460	$1.795M	0.6%	$28.85	+66.8%	COM	002824100
EMR	EMERSON ELEC CO	24,545	$1.711M	0.5%	$38.70	+37.7%	COM	291011104
—	AMERICAN NATL INS CO	13,091	$1.679M	0.5%	$100.11	—	COM	028591105
CVX	CHEVRON CORP NEW	12,760	$1.597M	0.5%	$70.37	+18.7%	COM	166764100
SBR	SABINE ROYALTY TR	35,268	$1.573M	0.5%	$35.31	—	UNIT BEN INT	785688102
AAPL	APPLE INC	9,228	$1.562M	0.5%	$20.00	+95.4%	COM	037833100
—	PICO HLDGS INC	117,172	$1.5M	0.5%	$19.66	—	COM NEW	693366205
CRT	CROSS TIMBERS RTY TR	100,581	$1.477M	0.5%	$19.25	—	TR UNIT	22757R109
COP	CONOCOPHILLIPS	26,623	$1.461M	0.4%	$33.91	+16.9%	COM	20825C104
—	ROYCE MICRO-CAP TR INC	148,019	$1.397M	0.4%	$10.46	—	COM	780915104
CARS	CARS COM INC	47,911	$1.382M	0.4%	$26.86	-3.7%	COM	14575E105
—	CALIFORNIA RES CORP	68,055	$1.323M	0.4%	$10.46	—	COM NEW	13057Q206
UHAL	AMERCO	3,356	$1.268M	0.4%	$35.28	+6.0%	COM	023586100
—	ROYCE VALUE TR INC	76,872	$1.243M	0.4%	$15.21	—	COM	780910105
—	MONMOUTH REAL ESTATE INVT CO	69,403	$1.235M	0.4%	$10.46	—	CL A	609720107
T	AT&T INC	30,482	$1.185M	0.4%	$12.55	+21.5%	COM	00206R102
USB	US BANCORP DEL	21,591	$1.157M	0.4%	$22.51	+73.4%	COM NEW	902973304
SJT	SAN JUAN BASIN RTY TR	139,492	$1.149M	0.4%	$14.98	—	UNIT BEN INT	798241105
TDW	TIDEWATER INC NEW	45,705	$1.115M	0.3%	$26.19	0.0%	COM	88642R109
AMGN	AMGEN INC	6,375	$1.109M	0.3%	$80.86	+70.9%	COM	031162100
LEN/B	LENNAR CORP	19,794	$1.023M	0.3%	$32.22	+28.9%	CL B	526057302
WFC	WELLS FARGO CO NEW	16,033	$973K	0.3%	$28.41	+58.7%	COM	949746101
—	BROOKFIELD ASSET MGMT INC	22,201	$967K	0.3%	$35.47	—	CL A LTD VT SH	112585104
—	CHICAGO BRIDGE & IRON CO N V	58,701	$947K	0.3%	$43.69	—	COM	167250109
—	DIAMOND OFFSHORE DRILLING IN	50,326	$936K	0.3%	$49.21	—	COM	25271C102
WY	WEYERHAEUSER CO	25,683	$906K	0.3%	$18.73	+37.5%	COM	962166104
DMLP	DORCHESTER MINERALS LP	56,876	$865K	0.3%	$14.94	—	COM UNIT	25820R105
—	GANNETT CO INC	72,565	$841K	0.3%	$14.73	—	COM	36473H104
PNC	PNC FINL SVCS GROUP INC	5,715	$825K	0.3%	$47.34	+121.1%	COM	693475105
AXP	AMERICAN EXPRESS CO	8,244	$819K	0.3%	$55.97	+52.3%	COM	025816109
—	MARATHON OIL CORP	47,137	$798K	0.2%	$14.27	—	COM	565849106
AR	ANTERO RES CORP	41,700	$792K	0.2%	$23.86	-19.6%	COM	03674X106
IP	INTL PAPER CO	13,581	$787K	0.2%	$22.81	+64.8%	COM	460146103
PTEN	PATTERSON UTI ENERGY INC	33,900	$780K	0.2%	$21.83	-5.1%	COM	703481101
—	ABERDEEN LATIN AMER EQTY FD	28,742	$768K	0.2%	$20.26	—	COM	00306K106
SYY	SYSCO CORP	12,225	$742K	0.2%	$24.50	+87.0%	COM	871829107
GD	GENERAL DYNAMICS CORP	3,600	$732K	0.2%	$56.44	+201.8%	COM	369550108
CSCO	CISCO SYS INC	18,307	$701K	0.2%	$15.65	+78.8%	COM	17275R102
—	COVANTA HLDG CORP	40,250	$680K	0.2%	$20.02	—	COM	22282E102
—	OAKTREE CAP GROUP LLC	16,080	$677K	0.2%	$45.31	—	UNIT CL A	674001201
PBT	PERMIAN BASIN RTY TR	74,650	$662K	0.2%	$12.56	—	UNIT BEN INT	714236106
AMAT	APPLIED MATLS INC	12,234	$625K	0.2%	$12.31	+301.6%	COM	038222105
APD	AIR PRODS & CHEMS INC	3,787	$621K	0.2%	$64.78	+101.2%	COM	009158106
OXY	OCCIDENTAL PETE CORP DEL	8,327	$613K	0.2%	$57.70	-4.5%	COM	674599105
VOD	VODAFONE GROUP PLC NEW	19,116	$610K	0.2%	$36.47	—	SPONSORED ADR	92857W308
NVS	NOVARTIS A G	7,206	$605K	0.2%	$72.59	—	SPONSORED ADR	66987V109
—	SNYDERS-LANCE INC	12,016	$602K	0.2%	$31.51	—	COM	833551104
PYPL	PAYPAL HLDGS INC	8,153	$600K	0.2%	$35.85	+101.2%	COM	70450Y103
SSP	SCRIPPS E W CO OHIO	36,333	$568K	0.2%	$9.20	+32.5%	CL A NEW	811054402
VFC	V F CORP	7,600	$562K	0.2%	$49.70	+32.9%	COM	918204108
LBRDK	LIBERTY BROADBAND CORP	6,480	$552K	0.2%	$46.41	+79.6%	COM SER C	530307305
ETR	ENTERGY CORP NEW	6,692	$545K	0.2%	$23.86	+29.5%	COM	29364G103
—	TOTAL S A	9,661	$534K	0.2%	$49.85	—	SPONSORED ADR	89151E109
MEOH	METHANEX CORP	8,800	$533K	0.2%	$31.94	+64.9%	COM	59151K108
HIG	HARTFORD FINL SVCS GROUP INC	9,400	$529K	0.2%	$22.20	+109.9%	COM	416515104
MET	METLIFE INC	10,328	$522K	0.2%	$25.07	+59.1%	COM	59156R108
AER	AERCAP HOLDINGS NV	9,769	$514K	0.2%	$44.09	+16.3%	SHS	N00985106
VZ	VERIZON COMMUNICATIONS INC	9,537	$505K	0.2%	$25.97	+23.0%	COM	92343V104
GLW	CORNING INC	15,670	$501K	0.2%	$10.49	+140.6%	COM	219350105
GEOS	GEOSPACE TECHNOLOGIES CORP	37,095	$481K	0.1%	$13.37	+15.5%	COM	37364X109
COST	COSTCO WHSL CORP NEW	2,469	$460K	0.1%	$142.32	+8.5%	COM	22160K105
CATY	CATHAY GEN BANCORP	10,800	$455K	0.1%	$14.04	+127.4%	COM	149150104
—	BLACKSTONE GROUP L P	14,211	$455K	0.1%	$23.33	—	COM UNIT LTD	09253U108
OVLY	OAK VALLEY BANCORP OAKDALE C	22,600	$441K	0.1%	$8.75	+102.8%	COM	671807105
CABO	CABLE ONE INC	625	$440K	0.1%	$366.69	+74.0%	COM	12685J105
BXMT	BLACKSTONE MTG TR INC	13,475	$434K	0.1%	$27.10	—	COM CL A	09257W100
SRE	SEMPRA ENERGY	4,059	$434K	0.1%	$28.74	+55.0%	COM	816851109
SPY	SPDR S&P 500 ETF TR	1,608	$429K	0.1%	$217.64	—	TR UNIT	78462F103
INTC	INTEL CORP	9,240	$427K	0.1%	$18.43	+98.3%	COM	458140100
PG	PROCTER AND GAMBLE CO	4,581	$421K	0.1%	$58.00	+25.3%	COM	742718109
—	LIBERTY GLOBAL PLC	12,119	$410K	0.1%	$48.63	—	SHS CL C	G5480U120
—	C&J ENERGY SVCS INC NEW	12,200	$408K	0.1%	$33.44	—	COM	12674R100
SO	SOUTHERN CO	8,466	$407K	0.1%	$26.74	+36.3%	COM	842587107
BAC	BANK AMER CORP	13,701	$404K	0.1%	$11.73	+94.2%	COM	060505104
—	NEW MEDIA INVT GROUP INC	23,056	$387K	0.1%	$15.44	—	COM	64704V106
VGK	VANGUARD INTL EQUITY INDEX F	6,460	$382K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
PFE	PFIZER INC	10,506	$381K	0.1%	$17.35	+37.2%	COM	717081103
PEP	PEPSICO INC	3,171	$380K	0.1%	$81.92	+8.6%	COM	713448108
CNQ	CANADIAN NAT RES LTD	10,282	$367K	0.1%	$10.11	+13.2%	COM	136385101
GBDC	GOLUB CAP BDC INC	20,000	$364K	0.1%	$6.95	+24.9%	COM	38173M102
GHC	GRAHAM HLDGS CO	625	$349K	0.1%	$339.79	+53.5%	COM	384637104
XOM	EXXON MOBIL CORP	4,130	$345K	0.1%	$54.85	+4.1%	COM	30231G102
—	ENSCO PLC	53,898	$319K	0.1%	$21.37	—	SHS CLASS A	G3157S106
EBAY	EBAY INC	7,955	$300K	0.1%	$20.18	+63.7%	COM	278642103
—	TCW STRATEGIC INCOME FUND IN	51,166	$300K	0.1%	$5.53	—	COM	872340104
CC	CHEMOURS CO	5,882	$294K	0.1%	$22.02	+74.4%	COM	163851108
FTI	TECHNIPFMC PLC	9,300	$291K	0.1%	$19.03	0.0%	COM	G87110105
—	ANIXTER INTL INC	3,700	$281K	0.1%	$57.75	—	COM	035290105
—	ARGO GROUP INTL HLDGS LTD	4,524	$279K	0.1%	$51.12	—	COM	G0464B107
—	NEW YORK REIT INC	69,607	$274K	0.1%	$3.94	—	COM	64976L109
—	DISCOVERY COMMUNICATNS NEW	12,777	$270K	0.1%	$21.13	—	COM SER C	25470F302
—	LIBERTY MEDIA CORP DELAWARE	11,758	$261K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
CMP	COMPASS MINERALS INTL INC	3,600	$260K	0.1%	$58.33	-8.9%	COM	20451N101
—	GENERAL ELECTRIC CO	14,628	$255K	0.1%	$23.66	—	COM	369604103
—	ANNALY CAP MGMT INC	21,450	$255K	0.1%	$9.96	—	COM	035710409
TRC	TEJON RANCH CO	12,212	$254K	0.1%	$20.62	0.0%	COM	879080109
CMCSA	COMCAST CORP NEW	6,076	$243K	0.1%	$27.58	+11.3%	CL A	20030N101
MRK	MERCK & CO INC	4,287	$241K	0.1%	$31.62	+36.0%	COM	58933Y105
ZTS	ZOETIS INC	3,286	$237K	0.1%	$55.29	+16.6%	CL A	98978V103
MMM	3M CO	1,000	$235K	0.1%	$124.67	+16.3%	COM	88579Y101
—	LIONS GATE ENTMNT CORP	7,417	$235K	0.1%	$26.26	—	CL B NON VTG	535919500
UBFO	UNITED SECURITY BANCSHARES C	21,049	$232K	0.1%	$2.58	+145.7%	COM	911460103
ALK	ALASKA AIR GROUP INC	3,100	$228K	0.1%	$67.65	0.0%	COM	011659109
OFG	OFG BANCORP	24,116	$227K	0.1%	$16.32	-45.0%	COM	67103X102
CLX	CLOROX CO DEL	1,519	$226K	0.1%	$60.00	+79.2%	COM	189054109
JPM	JPMORGAN CHASE & CO	2,094	$224K	0.1%	$68.54	+18.7%	COM	46625H100
EQT	EQT CORP	3,900	$222K	0.1%	$37.67	-19.7%	COM	26884L109
EIX	EDISON INTL	3,500	$221K	0.1%	$39.30	+36.7%	COM	281020107
GLNG	GOLAR LNG LTD BERMUDA	7,400	$221K	0.1%	$21.16	0.0%	SHS	G9456A100
RNR	RENAISSANCERE HOLDINGS LTD	1,700	$214K	0.1%	$103.07	+30.3%	COM	G7496G103
DJCO	DAILY JOURNAL CORP	889	$205K	0.1%	$235.09	0.0%	COM	233912104
LBRDA	LIBERTY BROADBAND CORP	2,361	$201K	0.1%	$76.88	+7.3%	COM SER A	530307107
ALLY	ALLY FINL INC	6,889	$201K	0.1%	$20.79	0.0%	COM	02005N100
—	NOBLE CORP PLC	36,875	$167K	0.1%	$31.99	—	SHS USD	G65431101
—	CONTANGO OIL & GAS COMPANY	27,593	$130K	0.0%	$8.32	—	COM NEW	21075N204
—	GENER8 MARITIME INC	17,500	$116K	0.0%	$5.14	—	COM	Y26889108
IDT	IDT CORP	10,265	$109K	0.0%	$9.84	+11.3%	CL B NEW	448947507
HNRG	HALLADOR ENERGY COMPANY	16,655	$101K	0.0%	$4.97	+13.3%	COM	40609P105
CNP	CENTERPOINT ENERGY INC	10,100	$92,000	0.0%	$22.74	0.0%	COM	15189T107
—	MCDERMOTT INTL INC	13,000	$86,000	0.0%	$5.42	—	COM	580037109
—	NAVIOS MARITIME PARTNERS L P	27,418	$65,000	0.0%	$2.37	—	UNIT LPI	Y62267102
—	TAHOE RES INC	10,775	$52,000	0.0%	$4.83	—	COM	873868103
—	KLONDEX MNS LTD	11,000	$29,000	0.0%	$2.09	—	COM	498696103
XPL	SOLITARIO ZINC CORP	14,300	$9,000	0.0%	$0.76	-17.7%	COM	8342EP107