Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	255,374	$50.94M	16.1%	$199.48 *	$114.01	+80.1%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,760	$23.66M	7.5%	$822.53	$595.64	+38.6%	COM	G9618E107
—	ALLEGHANY CORP DEL	36,454	$22.4M	7.1%	$614.45	$394.44	—	COM	017175100
MKL	MARKEL CORP	16,000	$18.72M	5.9%	$1170.25 *	$557.59	+101.9%	COM	570535104
WRB	W R BERKLEY CORPORATION	215,869	$15.69M	5.0%	$72.70 *	$9.64	+81.0%	COM	084423102
L	LOEWS CORP	296,740	$14.76M	4.7%	$49.73	$41.70	+17.1%	COM	540424108
—	ENSTAR GROUP LIMITED	61,803	$12.99M	4.1%	$210.25	$161.19	—	SHS	G3075P101
FRFHF	Fairfax Financial Hldgs Ltd	23,517	$11.91M	3.8%	$506.57 *	$345.11	+29.0%	COM	303901102
—	LEUCADIA NATL CORP	491,459	$11.17M	3.5%	$22.73	$24.70	—	COM	527288104
RES	RPC INC	350,234	$6.315M	2.0%	$18.03 *	$11.27	+63.6%	COM	749660106
MSFT	MICROSOFT CORP	62,930	$5.744M	1.8%	$91.28 *	$26.70	+215.7%	COM	594918104
WABC	WESTAMERICA BANCORPORATION	74,333	$4.317M	1.4%	$58.08 *	$29.77	+54.8%	COM	957090103
—	CIMAREX ENERGY CO	42,601	$3.983M	1.3%	$93.50	$66.60	—	COM	171798101
BK	BANK NEW YORK MELLON CORP	76,390	$3.936M	1.2%	$51.53 *	$21.29	+110.1%	COM	064058100
—	GENERAL AMERN INVS INC	116,248	$3.891M	1.2%	$33.47	$31.93	—	COM	368802104
JNJ	JOHNSON & JOHNSON	25,779	$3.304M	1.0%	$128.17 *	$60.59	+78.8%	COM	478160104
TPH	TRI POINTE GROUP INC	200,244	$3.29M	1.0%	$16.43 *	$14.05	+22.2%	COM	87265H109
—	DOWDUPONT INC	38,130	$2.429M	0.8%	$63.70	$69.23	—	COM	26078J100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.393M	0.8%	$299125.00 *	$283601.72	+8.7%	CL A	084670108
—	SOURCE CAP INC	57,489	$2.294M	0.7%	$39.90	$55.87	—	COM	836144105
HP	HELMERICH & PAYNE INC	34,350	$2.286M	0.7%	$66.55	$65.89	+2.4%	COM	423452101
DNOW	NOW INC	221,694	$2.266M	0.7%	$10.22 *	$16.67	-34.6%	COM	67011P100
—	FOREST CITY RLTY TR INC	108,155	$2.191M	0.7%	$20.26	$20.84	—	COM CL A	345605109
BR	BROADRIDGE FINL SOLUTIONS IN	19,940	$2.187M	0.7%	$109.68 *	$21.85	+297.9%	COM	11133T103
KO	COCA COLA CO	46,360	$2.013M	0.6%	$43.42 *	$27.87	+25.8%	COM	191216100
—	CONSOLIDATED TOMOKA LD CO	31,740	$1.995M	0.6%	$62.85	$50.65	—	COM	210226106
ABT	ABBOTT LABS	31,153	$1.867M	0.6%	$59.93 *	$28.85	+82.3%	COM	002824100
VIG	VANGUARD GROUP	18,343	$1.854M	0.6%	$101.07	$76.53	—	DIV APP ETF	921908844
—	BOARDWALK PIPELINE PARTNERS	174,987	$1.776M	0.6%	$10.15	$15.67	—	UT LTD PARTNER	096627104
CNA	CNA FINL CORP	35,585	$1.756M	0.6%	$49.35 *	$15.22	+94.9%	COM	126117100
TGNA	TEGNA INC	147,905	$1.685M	0.5%	$11.39 *	$18.83	-27.5%	COM	87901J105
EMR	EMERSON ELEC CO	24,433	$1.669M	0.5%	$68.31 *	$38.70	+52.4%	COM	291011104
IBM	INTERNATIONAL BUSINESS MACHS	10,825	$1.661M	0.5%	$153.44 *	$103.59	+3.6%	COM	459200101
TDW	TIDEWATER INC NEW	55,805	$1.597M	0.5%	$28.62 *	$26.28	+1.5%	COM	88642R109
CRT	CROSS TIMBERS RTY TR	107,729	$1.573M	0.5%	$14.60	$18.95	—	TR UNIT	22757R109
SBR	SABINE ROYALTY TR	35,021	$1.539M	0.5%	$43.95	$35.31	—	UNIT BEN INT	785688102
COP	CONOCOPHILLIPS	25,276	$1.499M	0.5%	$59.31 *	$33.91	+29.0%	COM	20825C104
AAPL	APPLE INC	8,713	$1.462M	0.5%	$167.80 *	$20.00	+102.0%	COM	037833100
CVX	CHEVRON CORP NEW	12,528	$1.429M	0.5%	$114.06 *	$70.37	+20.8%	COM	166764100
—	AMERICAN NATL INS CO	12,191	$1.426M	0.5%	$116.97	$100.11	—	COM	028591105
—	PICO HLDGS INC	121,788	$1.394M	0.4%	$11.45	$19.35	—	COM NEW	693366205
—	ROYCE MICRO-CAP TR INC	147,865	$1.384M	0.4%	$9.36	$10.46	—	COM	780915104
—	CALIFORNIA RES CORP	77,036	$1.321M	0.4%	$17.15	$11.24	—	COM NEW	13057Q206
CARS	CARS COM INC	42,722	$1.21M	0.4%	$28.32 *	$26.86	+9.0%	COM	14575E105
—	ROYCE VALUE TR INC	76,382	$1.188M	0.4%	$15.55	$15.21	—	COM	780910105
UHAL	AMERCO	3,286	$1.134M	0.4%	$345.10 *	$35.28	+0.7%	COM	023586100
T	AT&T INC	30,965	$1.104M	0.3%	$35.65 *	$12.60	+25.5%	COM	00206R102
SJT	SAN JUAN BASIN RTY TR	136,892	$1.081M	0.3%	$7.90	$14.98	—	UNIT BEN INT	798241105
DMLP	DORCHESTER MINERALS LP	63,876	$1.028M	0.3%	$16.09	$15.06	—	COM UNIT	25820R105
—	MONMOUTH REAL ESTATE INVT CO	66,903	$1.006M	0.3%	$15.04	$10.46	—	CL A	609720107
AMGN	AMGEN INC	5,695	$971K	0.3%	$170.50 *	$80.86	+78.6%	COM	031162100
USB	US BANCORP DEL	17,591	$888K	0.3%	$50.48 *	$22.51	+77.3%	COM NEW	902973304
WY	WEYERHAEUSER CO	25,254	$884K	0.3%	$35.00 *	$18.73	+38.4%	COM	962166104
—	BROOKFIELD ASSET MGMT INC	22,201	$866K	0.3%	$39.01	$35.47	—	CL A LTD VT SH	112585104
LEN/B	LENNAR CORP	18,051	$861K	0.3%	$47.70 *	$32.22	+32.9%	CL B	526057302
PNC	PNC FINL SVCS GROUP INC	5,615	$849K	0.3%	$151.20 *	$47.34	+149.7%	COM	693475105
WFC	WELLS FARGO CO NEW	15,633	$819K	0.3%	$52.39 *	$28.41	+68.0%	COM	949746101
AR	ANTERO RES CORP	40,300	$800K	0.3%	$19.85 *	$23.86	-18.8%	COM	03674X106
GD	GENERAL DYNAMICS CORP	3,600	$795K	0.3%	$220.83 *	$56.44	+222.4%	COM	369550108
—	CHICAGO BRIDGE & IRON CO N V	54,746	$788K	0.2%	$14.39	$43.69	—	COM	167250109
—	ABERDEEN LATIN AMER EQTY FD	28,742	$787K	0.2%	$27.38	$20.26	—	COM	00306K106
AXP	AMERICAN EXPRESS CO	8,244	$769K	0.2%	$93.28 *	$55.97	+55.5%	COM	025816109
—	MARATHON OIL CORP	46,540	$751K	0.2%	$16.14	$14.27	—	COM	565849106
SYY	SYSCO CORP	12,325	$739K	0.2%	$59.96 *	$24.50	+101.0%	COM	871829107
—	DIAMOND OFFSHORE DRILLING IN	49,326	$723K	0.2%	$14.66	$49.21	—	COM	25271C102
IP	INTL PAPER CO	13,351	$713K	0.2%	$53.40 *	$22.81	+71.9%	COM	460146103
PBT	PERMIAN BASIN RTY TR	73,650	$711K	0.2%	$9.65	$12.56	—	UNIT BEN INT	714236106
CSCO	CISCO SYS INC	16,169	$693K	0.2%	$42.86 *	$15.65	+113.8%	COM	17275R102
AMAT	APPLIED MATLS INC	12,234	$680K	0.2%	$55.58 *	$12.31	+313.5%	COM	038222105
—	GANNETT CO INC	65,675	$655K	0.2%	$9.97	$14.73	—	COM	36473H104
—	OAKTREE CAP GROUP LLC	15,780	$625K	0.2%	$39.61	$45.31	—	UNIT CL A	674001201
—	DISCOVERY COMMUNICATNS NEW	31,418	$613K	0.2%	$19.51	$20.17	—	COM SER C	25470F302
BHF	BRIGHTHOUSE FINL INC	11,830	$608K	0.2%	$51.39 *	$57.75	0.0%	COM	10922N103
APD	AIR PRODS & CHEMS INC	3,774	$600K	0.2%	$158.98 *	$64.78	+109.6%	COM	009158106
CNQ	CANADIAN NAT RES LTD	18,814	$592K	0.2%	$31.47 *	$10.53	+4.8%	COM	136385101
NVS	NOVARTIS A G	7,306	$591K	0.2%	$80.89	$72.71	—	SPONSORED ADR	66987V109
—	COVANTA HLDG CORP	40,250	$584K	0.2%	$14.51	$20.02	—	COM	22282E102
PTEN	PATTERSON UTI ENERGY INC	32,400	$567K	0.2%	$17.50 *	$21.83	-4.3%	COM	703481101
VFC	V F CORP	7,618	$565K	0.2%	$74.17 *	$49.70	+45.5%	COM	918204108
MEOH	METHANEX CORP	8,800	$534K	0.2%	$60.68 *	$31.94	+83.7%	COM	59151K108
PYPL	PAYPAL HLDGS INC	7,013	$532K	0.2%	$75.86 *	$35.85	+120.7%	COM	70450Y103
LBRDK	LIBERTY BROADBAND CORP	6,164	$528K	0.2%	$85.66	$46.41	+81.7%	COM SER C	530307305
ETR	ENTERGY CORP NEW	6,692	$527K	0.2%	$78.75 *	$23.86	+20.9%	COM	29364G103
—	TOTAL S A	8,961	$517K	0.2%	$57.69	$49.85	—	SPONSORED ADR	89151E109
VOD	VODAFONE GROUP PLC NEW	18,517	$515K	0.2%	$27.81	$36.47	—	SPONSORED ADR	92857W308
OVLY	OAK VALLEY BANCORP OAKDALE C	22,600	$504K	0.2%	$22.30 *	$8.75	+147.4%	COM	671807105
—	C&J ENERGY SVCS INC NEW	18,900	$488K	0.2%	$25.82	$30.74	—	COM	12674R100
HIG	HARTFORD FINL SVCS GROUP INC	9,405	$485K	0.2%	$51.57 *	$22.20	+106.7%	COM	416515104
MET	METLIFE INC	10,402	$477K	0.2%	$45.86 *	$25.07	+47.7%	COM	59156R108
COST	COSTCO WHSL CORP NEW	2,484	$468K	0.1%	$188.41 *	$142.32	+18.9%	COM	22160K105
SRE	SEMPRA ENERGY	4,059	$451K	0.1%	$111.11 *	$28.74	+45.4%	COM	816851109
AER	AERCAP HOLDINGS NV	8,869	$450K	0.1%	$50.74	$44.09	+15.8%	SHS	N00985106
GBDC	GOLUB CAP BDC INC	25,164	$450K	0.1%	$17.88 *	$7.27	+16.8%	COM	38173M102
OXY	OCCIDENTAL PETE CORP DEL	6,907	$449K	0.1%	$65.01 *	$57.70	-0.4%	COM	674599105
—	APACHE CORP	11,389	$438K	0.1%	$38.46	$38.46	—	COM	037411105
INTC	INTEL CORP	8,394	$437K	0.1%	$52.06 *	$18.43	+117.4%	COM	458140100
CATY	CATHAY GEN BANCORP	10,800	$432K	0.1%	$40.00 *	$14.04	+134.2%	COM	149150104
SSP	SCRIPPS E W CO OHIO	35,833	$430K	0.1%	$12.00 *	$9.20	+19.2%	CL A NEW	811054402
CABO	CABLE ONE INC	625	$429K	0.1%	$686.40 *	$366.69	+73.7%	COM	12685J105
—	BLACKSTONE GROUP L P	13,400	$428K	0.1%	$31.94	$23.33	—	COM UNIT LTD	09253U108
BXMT	BLACKSTONE MTG TR INC	13,475	$423K	0.1%	$31.39	$27.10	—	COM CL A	09257W100
GLW	CORNING INC	15,170	$423K	0.1%	$27.88 *	$10.49	+136.6%	COM	219350105
SPY	SPDR S&P 500 ETF TR	1,577	$415K	0.1%	$263.16	$217.64	—	TR UNIT	78462F103
BAC	BANK AMER CORP	13,573	$407K	0.1%	$29.99 *	$11.73	+122.2%	COM	060505104
VZ	VERIZON COMMUNICATIONS INC	7,993	$382K	0.1%	$47.79 *	$25.97	+27.1%	COM	92343V104
SO	SOUTHERN CO	8,480	$379K	0.1%	$44.69 *	$26.74	+20.2%	COM	842587107
GHC	GRAHAM HLDGS CO	625	$376K	0.1%	$601.60 *	$339.79	+59.4%	COM	384637104
PG	PROCTER AND GAMBLE CO	4,625	$367K	0.1%	$79.35 *	$58.00	+17.0%	COM	742718109
GEOS	GEOSPACE TECHNOLOGIES CORP	37,095	$366K	0.1%	$9.87 *	$13.37	-8.3%	COM	37364X109
VGK	VANGUARD INTL EQUITY INDEX F	6,265	$364K	0.1%	$58.10	$53.52	—	FTSE EUROPE ETF	922042874
—	LIBERTY GLOBAL PLC	11,863	$361K	0.1%	$30.43	$48.63	—	SHS CL C	G5480U120
PFE	PFIZER INC	9,922	$352K	0.1%	$35.48 *	$17.35	+39.7%	COM	717081103
PEP	PEPSICO INC	3,197	$349K	0.1%	$109.16 *	$81.92	+8.9%	COM	713448108
VIGI	VANGUARD WHITEHALL FDS INC	5,330	$343K	0.1%	$64.35	$64.35	—	INTL DVD ETF	921946810
XOM	EXXON MOBIL CORP	4,230	$316K	0.1%	$74.70 *	$54.87	+1.6%	COM	30231G102
—	CELGENE CORP	3,400	$303K	0.1%	$89.12	$89.12	—	COM	151020104
—	ARGO GROUP INTL HLDGS LTD	5,200	$298K	0.1%	$57.31	$51.93	—	COM	G0464B107
CC	CHEMOURS CO	5,882	$287K	0.1%	$48.79 *	$22.02	+66.8%	COM	163851108
EBAY	EBAY INC	6,923	$279K	0.1%	$40.30 *	$20.18	+82.5%	COM	278642103
TRC	TEJON RANCH CO	12,012	$278K	0.1%	$23.14 *	$20.62	+7.2%	COM	879080109
FTI	TECHNIPFMC PLC	9,300	$274K	0.1%	$29.46 *	$19.03	+12.3%	COM	G87110105
—	NEW YORK REIT INC	12,712	$273K	0.1%	$21.48	$3.94	—	COM	64976L109
—	NEW MEDIA INVT GROUP INC	15,856	$272K	0.1%	$17.15	$15.44	—	COM	64704V106
—	TCW STRATEGIC INCOME FUND IN	48,099	$268K	0.1%	$5.57	$5.53	—	COM	872340104
—	ANIXTER INTL INC	3,400	$258K	0.1%	$75.88	$57.75	—	COM	035290105
—	LIBERTY MEDIA CORP DELAWARE	11,089	$253K	0.1%	$22.82	$14.63	—	COM C BRAVES GRP	531229888
OFG	OFG BANCORP	24,116	$252K	0.1%	$10.45	$16.32	-35.1%	COM	67103X102
—	ENBRIDGE ENERGY MANAGEMENT L	27,310	$250K	0.1%	$9.15	$9.15	—	SHS UNITS LLI	29250X103
—	ENSCO PLC	56,448	$248K	0.1%	$4.39	$20.60	—	SHS CLASS A	G3157S106
MRK	MERCK & CO INC	4,310	$235K	0.1%	$54.52 *	$31.62	+33.6%	COM	58933Y105
JPM	JPMORGAN CHASE & CO	2,094	$230K	0.1%	$109.84 *	$68.54	+33.4%	COM	46625H100
UBFO	UNITED SECURITY BANCSHARES C	21,049	$226K	0.1%	$10.74 *	$2.58	+169.0%	COM	911460103
ALK	ALASKA AIR GROUP INC	3,600	$223K	0.1%	$61.94 *	$67.06	-5.4%	COM	011659109
EIX	EDISON INTL	3,504	$223K	0.1%	$63.64 *	$39.30	+11.4%	COM	281020107
MMM	3M CO	1,002	$220K	0.1%	$219.56 *	$124.67	+20.5%	COM	88579Y101
—	ANNALY CAP MGMT INC	20,450	$213K	0.1%	$10.42	$9.96	—	COM	035710409
CMCSA	COMCAST CORP NEW	6,224	$213K	0.1%	$34.22 *	$27.68	+14.9%	CL A	20030N101
ALLY	ALLY FINL INC	7,662	$208K	0.1%	$27.15 *	$20.97	+7.6%	COM	02005N100
DJCO	DAILY JOURNAL CORP	889	$203K	0.1%	$228.35	$235.09	-2.4%	COM	233912104
CLX	CLOROX CO DEL	1,521	$202K	0.1%	$132.81 *	$60.00	+77.9%	COM	189054109
—	REIS INC	9,400	$202K	0.1%	$21.49	$21.49	—	COM	75936P105
—	GENERAL ELECTRIC CO	14,995	$202K	0.1%	$13.47	$23.41	—	COM	369604103
CNX	CNX RESOURCES CORPORATION	10,450	$161K	0.1%	$15.41 *	$14.93	0.0%	COM	12653C108
—	NOBLE CORP PLC	36,375	$135K	0.0%	$3.71	$31.99	—	SHS USD	G65431101
HNRG	HALLADOR ENERGY COMPANY	16,656	$114K	0.0%	$6.84 *	$4.97	+33.6%	COM	40609P105
—	GENER8 MARITIME INC	17,500	$99,000	0.0%	$5.66	$5.14	—	COM	Y26889108
—	CONTANGO OIL & GAS COMPANY	27,593	$98,000	0.0%	$3.55	$8.32	—	COM NEW	21075N204
CNP	CENTERPOINT ENERGY INC	10,100	$86,000	0.0%	$8.51 *	$22.74	-5.6%	COM	15189T107
—	TAHOE RES INC	17,300	$81,000	0.0%	$4.68	$4.77	—	COM	873868103
—	MCDERMOTT INTL INC	13,000	$79,000	0.0%	$6.08	$5.42	—	COM	580037109
—	MEDLEY CAP CORP	19,491	$78,000	0.0%	$4.00	$4.00	—	COM	58503F106
—	KLONDEX MNS LTD	11,000	$26,000	0.0%	$2.36	$2.09	—	COM	498696103
XPL	SOLITARIO ZINC CORP	14,300	$7,000	0.0%	$0.49 *	$0.76	-27.2%	COM	8342EP107