Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	261,438	$48.8M	14.8%	$115.89	+68.2%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,580	$25.91M	7.8%	$595.64	+47.9%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,286	$22.01M	6.7%	$403.08	—	COM	017175100
MKL	MARKEL CORP	16,003	$17.35M	5.3%	$557.59	+102.5%	COM	570535104
WRB	W R BERKLEY CORPORATION	213,521	$15.46M	4.7%	$9.64	+93.6%	COM	084423102
L	LOEWS CORP	312,200	$15.07M	4.6%	$42.04	+15.7%	COM	540424108
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	23,567	$13.22M	4.0%	$345.11	+39.4%	STOCK	303901102
—	ENSTAR GROUP LIMITED	61,722	$12.79M	3.9%	$161.19	—	SHS	G3075P101
JEF	JEFFERIES FINL GROUP INC	531,801	$12.09M	3.7%	$16.63	0.0%	COM	47233W109
MSFT	MICROSOFT CORP	61,672	$6.081M	1.8%	$26.70	+236.1%	COM	594918104
RES	RPC INC	397,212	$5.787M	1.8%	$11.72	+28.9%	COM	749660106
—	CIMAREX ENERGY CO	42,602	$4.334M	1.3%	$66.60	—	COM	171798101
BK	BANK NEW YORK MELLON CORP	75,890	$4.093M	1.2%	$21.29	+109.3%	COM	064058100
WABC	WESTAMERICA BANCORPORATION	71,633	$4.048M	1.2%	$29.77	+51.9%	COM	957090103
—	GENERAL AMERN INVS INC	114,151	$3.918M	1.2%	$31.93	—	COM	368802104
—	CALIFORNIA RES CORP	77,958	$3.542M	1.1%	$11.65	—	COM NEW	13057Q206
TPH	TRI POINTE GROUP INC	198,767	$3.252M	1.0%	$14.05	+21.1%	COM	87265H109
JNJ	JOHNSON & JOHNSON	24,379	$2.958M	0.9%	$60.59	+66.2%	COM	478160104
DNOW	NOW INC	218,452	$2.912M	0.9%	$16.67	-20.9%	COM	67011P100
—	DOWDUPONT INC	38,774	$2.556M	0.8%	$69.17	—	COM	26078J100
—	FOREST CITY RLTY TR INC	109,763	$2.504M	0.8%	$20.87	—	COM CL A	345605109
SCHW	SCHWAB CHARLES CORP NEW	47,335	$2.419M	0.7%	$49.84	0.0%	COM	808513105
—	SOURCE CAP INC	59,322	$2.358M	0.7%	$55.37	—	COM	836144105
BR	BROADRIDGE FINL SOLUTIONS IN	19,940	$2.295M	0.7%	$21.85	+353.7%	COM	11133T103
HP	HELMERICH & PAYNE INC	35,700	$2.276M	0.7%	$65.97	+3.1%	COM	423452101
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.256M	0.7%	$283601.72	+3.3%	CL A	084670108
—	BOARDWALK PIPELINE PARTNERS	182,721	$2.123M	0.6%	$15.49	—	UT LTD PARTNER	096627104
KO	COCA COLA CO	46,360	$2.033M	0.6%	$27.87	+22.1%	COM	191216100
—	CONSOLIDATED TOMOKA LD CO	30,939	$1.903M	0.6%	$50.65	—	COM	210226106
ABT	ABBOTT LABS	30,504	$1.86M	0.6%	$28.85	+84.3%	COM	002824100
VIG	VANGUARD GROUP	18,243	$1.854M	0.6%	$76.53	—	DIV APP ETF	921908844
COP	CONOCOPHILLIPS	25,271	$1.759M	0.5%	$33.91	+52.7%	COM	20825C104
CRT	CROSS TIMBERS RTY TR	119,275	$1.728M	0.5%	$18.51	—	TR UNIT	22757R109
TDW	TIDEWATER INC NEW	59,005	$1.707M	0.5%	$26.55	+17.8%	COM	88642R109
EMR	EMERSON ELEC CO	24,283	$1.679M	0.5%	$38.70	+51.6%	COM	291011104
SBR	SABINE ROYALTY TR	35,375	$1.666M	0.5%	$35.43	—	UNIT BEN INT	785688102
—	PICO HLDGS INC	139,763	$1.628M	0.5%	$18.36	—	COM NEW	693366205
CNA	CNA FINL CORP	35,585	$1.626M	0.5%	$15.22	+85.5%	COM	126117100
CVX	CHEVRON CORP NEW	12,528	$1.584M	0.5%	$70.37	+26.7%	COM	166764100
TGNA	TEGNA INC	142,005	$1.541M	0.5%	$18.83	-42.4%	COM	87901J105
T	AT&T INC	47,682	$1.531M	0.5%	$13.28	+9.4%	COM	00206R102
AAPL	APPLE INC	8,174	$1.513M	0.5%	$20.00	+113.7%	COM	037833100
—	ROYCE MICRO-CAP TR INC	148,865	$1.487M	0.4%	$10.46	—	COM	780915104
IBM	INTERNATIONAL BUSINESS MACHS	10,481	$1.464M	0.4%	$103.59	-3.5%	COM	459200101
—	AMERICAN NATL INS CO	12,141	$1.452M	0.4%	$100.11	—	COM	028591105
UHAL	AMERCO	4,031	$1.436M	0.4%	$35.19	-1.2%	COM	023586100
DMLP	DORCHESTER MINERALS LP	63,376	$1.306M	0.4%	$15.06	—	COM UNIT	25820R105
—	ROYCE VALUE TR INC	78,669	$1.243M	0.4%	$15.22	—	COM	780910105
LEN/B	LENNAR CORP	28,901	$1.234M	0.4%	$34.10	+9.2%	CL B	526057302
CARS	CARS COM INC	41,990	$1.192M	0.4%	$26.86	+2.4%	COM	14575E105
AMGN	AMGEN INC	5,995	$1.107M	0.3%	$83.83	+67.3%	COM	031162100
—	MONMOUTH REAL ESTATE INVT CO	61,903	$1.023M	0.3%	$10.46	—	CL A	609720107
—	DIAMOND OFFSHORE DRILLING IN	48,761	$1.017M	0.3%	$49.21	—	COM	25271C102
—	DISCOVERY INC	39,538	$1.008M	0.3%	$21.26	—	COM SER C	25470F302
—	MCDERMOTT INTL INC	49,537	$973K	0.3%	$19.64	—	COM	580037703
—	MARATHON OIL CORP	45,941	$958K	0.3%	$14.27	—	COM	565849106
WFC	WELLS FARGO CO NEW	16,633	$922K	0.3%	$29.31	+47.9%	COM	949746101
WY	WEYERHAEUSER CO	24,825	$905K	0.3%	$18.73	+44.6%	COM	962166104
AR	ANTERO RES CORP	41,982	$896K	0.3%	$23.69	-17.2%	COM	03674X106
—	BROOKFIELD ASSET MGMT INC	21,151	$857K	0.3%	$35.47	—	CL A LTD VT SH	112585104
SYY	SYSCO CORP	12,325	$842K	0.3%	$24.50	+113.3%	COM	871829107
AXP	AMERICAN EXPRESS CO	8,238	$807K	0.2%	$55.97	+58.3%	COM	025816109
USB	US BANCORP DEL	16,091	$805K	0.2%	$22.51	+65.5%	COM NEW	902973304
CNQ	CANADIAN NAT RES LTD	22,107	$797K	0.2%	$10.71	+9.5%	COM	136385101
—	C&J ENERGY SVCS INC NEW	33,540	$792K	0.2%	$27.63	—	COM	12674R100
SJT	SAN JUAN BASIN RTY TR	136,762	$792K	0.2%	$14.98	—	UNIT BEN INT	798241105
PNC	PNC FINL SVCS GROUP INC	5,565	$752K	0.2%	$47.34	+135.7%	COM	693475105
CSCO	CISCO SYS INC	16,169	$696K	0.2%	$15.65	+122.1%	COM	17275R102
IP	INTL PAPER CO	13,251	$690K	0.2%	$22.81	+59.4%	COM	460146103
PBT	PERMIAN BASIN RTY TR	73,650	$687K	0.2%	$12.56	—	UNIT BEN INT	714236106
GD	GENERAL DYNAMICS CORP	3,600	$671K	0.2%	$56.44	+204.9%	COM	369550108
—	GANNETT CO INC	62,725	$671K	0.2%	$14.73	—	COM	36473H104
—	COVANTA HLDG CORP	40,250	$664K	0.2%	$20.02	—	COM	22282E102
VZ	VERIZON COMMUNICATIONS INC	12,578	$633K	0.2%	$28.25	+14.0%	COM	92343V104
—	OAKTREE CAP GROUP LLC	15,420	$627K	0.2%	$45.31	—	UNIT CL A	674001201
MEOH	METHANEX CORP	8,800	$623K	0.2%	$31.94	+109.9%	COM	59151K108
VFC	V F CORP	7,600	$620K	0.2%	$49.70	+51.6%	COM	918204108
—	ENSCO PLC	83,948	$609K	0.2%	$16.23	—	SHS CLASS A	G3157S106
PTEN	PATTERSON UTI ENERGY INC	33,400	$601K	0.2%	$21.77	-7.9%	COM	703481101
—	LIBERTY MEDIA CORP DELAWARE	16,122	$599K	0.2%	$37.15	—	COM SER C FRMLA	531229854
XOM	EXXON MOBIL CORP	7,130	$590K	0.2%	$55.38	+1.4%	COM	30231G102
APD	AIR PRODS & CHEMS INC	3,774	$588K	0.2%	$64.78	+109.3%	COM	009158106
OXY	OCCIDENTAL PETE CORP DEL	6,907	$578K	0.2%	$57.70	+15.0%	COM	674599105
AMAT	APPLIED MATLS INC	12,234	$565K	0.2%	$12.31	+283.9%	COM	038222105
—	APACHE CORP	12,089	$565K	0.2%	$38.94	—	COM	037411105
PYPL	PAYPAL HLDGS INC	6,773	$564K	0.2%	$35.85	+121.8%	COM	70450Y103
RSP	INVESCO EXCHANGE TRADED FD T	5,500	$560K	0.2%	$101.82	—	S&P500 EQL WGT	46137V357
NVS	NOVARTIS A G	7,306	$552K	0.2%	$72.71	—	SPONSORED ADR	66987V109
—	TOTAL S A	8,961	$543K	0.2%	$49.85	—	SPONSORED ADR	89151E109
GEOS	GEOSPACE TECHNOLOGIES CORP	38,095	$536K	0.2%	$13.32	-13.1%	COM	37364X109
BHF	BRIGHTHOUSE FINL INC	13,330	$534K	0.2%	$56.67	-15.1%	COM	10922N103
COST	COSTCO WHSL CORP NEW	2,484	$519K	0.2%	$142.32	+24.9%	COM	22160K105
OVLY	OAK VALLEY BANCORP OAKDALE C	22,600	$517K	0.2%	$8.75	+143.6%	COM	671807105
ETR	ENTERGY CORP NEW	6,192	$500K	0.2%	$23.86	+25.2%	COM	29364G103
HIG	HARTFORD FINL SVCS GROUP INC	9,427	$482K	0.1%	$22.20	+98.9%	COM	416515104
SSP	SCRIPPS E W CO OHIO	35,833	$480K	0.1%	$9.20	+1.8%	CL A NEW	811054402
AER	AERCAP HOLDINGS NV	8,869	$480K	0.1%	$44.09	+20.3%	SHS	N00985106
LBRDK	LIBERTY BROADBAND CORP	6,229	$472K	0.1%	$46.66	+52.0%	COM SER C	530307305
—	BLACKSTONE GROUP L P	14,300	$460K	0.1%	$23.89	—	COM UNIT LTD	09253U108
VOD	VODAFONE GROUP PLC NEW	18,877	$459K	0.1%	$36.24	—	SPONSORED ADR	92857W308
CABO	CABLE ONE INC	625	$458K	0.1%	$366.69	+68.6%	COM	12685J105
GBDC	GOLUB CAP BDC INC	24,864	$455K	0.1%	$7.27	+19.9%	COM	38173M102
MET	METLIFE INC	10,402	$454K	0.1%	$25.07	+43.2%	COM	59156R108
SRE	SEMPRA ENERGY	3,818	$443K	0.1%	$28.74	+48.6%	COM	816851109
—	ABERDEEN EMRG MRKTS EQT INM	63,125	$442K	0.1%	$7.00	—	COM	00301W105
SPY	SPDR S&P 500 ETF TR	1,577	$428K	0.1%	$217.64	—	TR UNIT	78462F103
CATY	CATHAY GEN BANCORP	10,500	$425K	0.1%	$14.04	+128.1%	COM	149150104
GLW	CORNING INC	15,420	$424K	0.1%	$10.68	+109.6%	COM	219350105
BXMT	BLACKSTONE MTG TR INC	13,475	$424K	0.1%	$27.10	—	COM CL A	09257W100
INTC	INTEL CORP	8,304	$413K	0.1%	$18.43	+144.4%	COM	458140100
SO	SOUTHERN CO	8,466	$392K	0.1%	$26.74	+22.9%	COM	842587107
BAC	BANK AMER CORP	13,607	$384K	0.1%	$11.73	+111.8%	COM	060505104
GHC	GRAHAM HLDGS CO	625	$366K	0.1%	$339.79	+63.4%	COM	384637104
PFE	PFIZER INC	10,022	$364K	0.1%	$17.42	+39.5%	COM	717081103
CMCSA	COMCAST CORP NEW	11,100	$364K	0.1%	$27.32	-1.7%	CL A	20030N101
VGK	VANGUARD INTL EQUITY INDEX F	6,265	$352K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
CMBT	EURONAV NV ANTWERPEN	37,899	$349K	0.1%	$4.22	0.0%	SHS	B38564108
PEP	PEPSICO INC	3,171	$345K	0.1%	$81.92	-0.2%	COM	713448108
PG	PROCTER AND GAMBLE CO	4,329	$338K	0.1%	$58.00	+6.5%	COM	742718109
PCG	PG&E CORP	7,893	$336K	0.1%	$42.86	0.0%	COM	69331C108
VIGI	VANGUARD WHITEHALL FDS INC	5,100	$330K	0.1%	$64.35	—	INTL DVD ETF	921946810
FTI	TECHNIPFMC PLC	10,300	$327K	0.1%	$19.33	+14.4%	COM	G87110105
OFG	OFG BANCORP	23,116	$325K	0.1%	$16.32	-17.1%	COM	67103X102
—	ENBRIDGE ENERGY MANAGEMENT L	31,295	$321K	0.1%	$9.29	—	SHS UNITS LLI	29250X103
—	LIBERTY GLOBAL PLC	11,863	$316K	0.1%	$48.63	—	SHS CL C	G5480U120
—	ARGO GROUP INTL HLDGS LTD	5,200	$302K	0.1%	$51.93	—	COM	G0464B107
TRC	TEJON RANCH CO	12,012	$292K	0.1%	$20.62	+20.2%	COM	879080109
—	NEW MEDIA INVT GROUP INC	15,506	$287K	0.1%	$15.44	—	COM	64704V106
—	VANECK VECTORS ETF TR	10,900	$286K	0.1%	$26.24	—	OIL SVCS ETF	92189F718
ALK	ALASKA AIR GROUP INC	4,600	$278K	0.1%	$65.42	-9.1%	COM	011659109
—	LIBERTY MEDIA CORP DELAWARE	10,478	$271K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
—	CELGENE CORP	3,400	$270K	0.1%	$89.12	—	COM	151020104
ZTS	ZOETIS INC	3,086	$263K	0.1%	$79.49	0.0%	CL A	98978V103
MRK	MERCK & CO INC	4,301	$261K	0.1%	$31.62	+40.8%	COM	58933Y105
CC	CHEMOURS CO	5,882	$261K	0.1%	$22.02	+66.5%	COM	163851108
—	TCW STRATEGIC INCOME FUND IN	47,033	$258K	0.1%	$5.53	—	COM	872340104
EBAY	EBAY INC	6,915	$251K	0.1%	$20.18	+71.6%	COM	278642103
SNY	SANOFI	5,921	$237K	0.1%	$40.03	—	SPONSORED ADR	80105N105
UBFO	UNITED SECURITY BANCSHARES C	21,049	$236K	0.1%	$2.58	+179.6%	COM	911460103
—	NOBLE CORP PLC	36,875	$233K	0.1%	$31.64	—	SHS USD	G65431101
—	NEW YORK REIT INC	12,712	$232K	0.1%	$18.25	—	COM NEW	64976L208
EIX	EDISON INTL	3,500	$221K	0.1%	$39.30	+14.0%	COM	281020107
JPM	JPMORGAN CHASE & CO	2,094	$218K	0.1%	$68.54	+29.9%	COM	46625H100
CMP	COMPASS MINERALS INTL INC	3,300	$217K	0.1%	$53.77	0.0%	COM	20451N101
—	ANIXTER INTL INC	3,400	$215K	0.1%	$57.75	—	COM	035290105
—	GENERAL ELECTRIC CO	15,653	$213K	0.1%	$22.99	—	COM	369604103
EQT	EQT CORP	3,800	$210K	0.1%	$25.78	0.0%	COM	26884L109
—	ANNALY CAP MGMT INC	20,450	$210K	0.1%	$9.96	—	COM	035710409
CLX	CLOROX CO DEL	1,519	$205K	0.1%	$60.00	+64.8%	COM	189054109
DJCO	DAILY JOURNAL CORP	889	$205K	0.1%	$235.09	-2.5%	COM	233912104
—	REIS INC	9,400	$205K	0.1%	$21.49	—	COM	75936P105
UNP	UNION PAC CORP	1,419	$201K	0.1%	$117.74	0.0%	COM	907818108
ALLY	ALLY FINL INC	7,662	$201K	0.1%	$20.97	+0.6%	COM	02005N100
SLRC	SOLAR CAP LTD	9,763	$200K	0.1%	$9.94	0.0%	COM	83413U100
—	CONTANGO OIL & GAS COMPANY	24,593	$140K	0.0%	$8.32	—	COM NEW	21075N204
—	SPROTT FOCUS TR INC	16,837	$132K	0.0%	$7.84	—	COM	85208J109
—	MEDLEY CAP CORP	35,398	$123K	0.0%	$3.76	—	COM	58503F106
HNRG	HALLADOR ENERGY COMPANY	16,657	$119K	0.0%	$4.97	+42.7%	COM	40609P105
CVE	CENOVUS ENERGY INC	10,100	$105K	0.0%	$8.74	0.0%	COM	15135U109
—	KEMPHARM INC	14,245	$93,000	0.0%	$6.53	—	COM	488445107
—	TAHOE RES INC	16,080	$79,000	0.0%	$4.77	—	COM	873868103
TPHS	TRINITY PL HLDGS INC	11,738	$77,000	0.0%	$6.81	0.0%	COM	89656D101
—	NAVIOS MARITIME PARTNERS L P	23,693	$45,000	0.0%	$1.90	—	UNIT LPI	Y62267102
XPL	SOLITARIO ZINC CORP	14,300	$6,000	0.0%	$0.76	-42.7%	COM	8342EP107