Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	260,229	$55.72M	16.5%	$115.89	+77.0%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,271	$26.46M	7.8%	$595.64	+55.6%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,152	$24.89M	7.4%	$403.08	—	COM	017175100
MKL	MARKEL CORP	15,968	$18.98M	5.6%	$557.59	+111.1%	COM	570535104
WRB	W R BERKLEY CORPORATION	213,032	$17.03M	5.0%	$9.64	+99.2%	COM	084423102
L	LOEWS CORP	312,281	$15.69M	4.6%	$42.04	+15.5%	COM	540424108
—	ENSTAR GROUP LIMITED	61,674	$12.86M	3.8%	$161.19	—	SHS	G3075P101
JEF	JEFFERIES FINL GROUP INC	552,287	$12.13M	3.6%	$16.63	-0.0%	COM	47233W109
MSFT	MICROSOFT CORP	61,149	$6.994M	2.1%	$26.70	+277.5%	COM	594918104
RES	RPC INC	398,995	$6.176M	1.8%	$11.72	+11.6%	COM	749660106
WABC	WESTAMERICA BANCORPORATION	71,633	$4.309M	1.3%	$29.77	+62.6%	COM	957090103
—	CALIFORNIA RES CORP	85,992	$4.173M	1.2%	$15.09	—	COM NEW	13057Q206
—	GENERAL AMERN INVS INC	112,307	$4.152M	1.2%	$31.93	—	COM	368802104
BK	BANK NEW YORK MELLON CORP	79,840	$4.071M	1.2%	$22.35	+91.1%	COM	064058100
—	CIMAREX ENERGY CO	42,603	$3.96M	1.2%	$66.60	—	COM	171798101
DNOW	NOW INC	222,821	$3.688M	1.1%	$16.66	-4.8%	COM	67011P100
JNJ	JOHNSON & JOHNSON	24,379	$3.368M	1.0%	$60.59	+78.3%	COM	478160104
—	FOREST CITY RLTY TR INC	106,344	$2.668M	0.8%	$20.87	—	COM CL A	345605109
BR	BROADRIDGE FINL SOLUTIONS IN	19,840	$2.618M	0.8%	$21.85	+411.9%	COM	11133T103
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.56M	0.8%	$283601.72	+9.2%	CL A	084670108
—	DOWDUPONT INC	38,130	$2.452M	0.7%	$69.17	—	COM	26078J100
TPH	TRI POINTE GROUP INC	197,267	$2.446M	0.7%	$14.05	+5.3%	COM	87265H109
HP	HELMERICH & PAYNE INC	35,550	$2.445M	0.7%	$65.97	-3.2%	COM	423452101
—	SOURCE CAP INC	60,023	$2.413M	0.7%	$55.20	—	COM	836144105
SCHW	SCHWAB CHARLES CORP NEW	47,335	$2.326M	0.7%	$49.84	-7.6%	COM	808513105
ABT	ABBOTT LABS	30,804	$2.26M	0.7%	$28.85	+100.5%	COM	002824100
KO	COCA COLA CO	47,360	$2.188M	0.6%	$28.05	+29.4%	COM	191216100
TDW	TIDEWATER INC NEW	63,405	$1.978M	0.6%	$26.89	+17.1%	COM	88642R109
VIG	VANGUARD GROUP	17,604	$1.949M	0.6%	$76.53	—	DIV APP ETF	921908844
COP	CONOCOPHILLIPS	25,172	$1.948M	0.6%	$33.91	+66.2%	COM	20825C104
EMR	EMERSON ELEC CO	24,584	$1.883M	0.6%	$38.98	+58.9%	COM	291011104
—	CONSOLIDATED TOMOKA LD CO	30,140	$1.877M	0.6%	$50.65	—	COM	210226106
AAPL	APPLE INC	8,103	$1.829M	0.5%	$20.00	+146.3%	COM	037833100
CRT	CROSS TIMBERS RTY TR	122,679	$1.811M	0.5%	$18.41	—	TR UNIT	22757R109
—	PICO HLDGS INC	139,863	$1.755M	0.5%	$18.36	—	COM NEW	693366205
TGNA	TEGNA INC	139,605	$1.67M	0.5%	$18.83	-39.7%	COM	87901J105
CNA	CNA FINL CORP	35,191	$1.606M	0.5%	$15.22	+78.7%	COM	126117100
T	AT&T INC	47,682	$1.601M	0.5%	$13.28	+9.0%	COM	00206R102
SBR	SABINE ROYALTY TR	37,479	$1.582M	0.5%	$35.81	—	UNIT BEN INT	785688102
—	AMERICAN NATL INS CO	12,091	$1.563M	0.5%	$100.11	—	COM	028591105
CVX	CHEVRON CORP NEW	12,725	$1.556M	0.5%	$70.64	+24.5%	COM	166764100
UHAL	AMERCO	4,326	$1.543M	0.5%	$35.30	+4.5%	COM	023586100
—	ROYCE MICRO-CAP TR INC	148,265	$1.514M	0.4%	$10.46	—	COM	780915104
—	ROYCE VALUE TR INC	92,014	$1.504M	0.4%	$15.39	—	COM	780910105
IBM	INTERNATIONAL BUSINESS MACHS	9,498	$1.436M	0.4%	$103.59	-2.3%	COM	459200101
LEN/B	LENNAR CORP	36,691	$1.413M	0.4%	$34.59	+5.4%	CL B	526057302
DMLP	DORCHESTER MINERALS LP	67,476	$1.377M	0.4%	$15.39	—	COM UNIT	25820R105
AMGN	AMGEN INC	5,996	$1.243M	0.4%	$83.83	+87.7%	COM	031162100
—	DISCOVERY INC	39,773	$1.176M	0.3%	$21.26	—	COM SER C	25470F302
CARS	CARS COM INC	41,857	$1.156M	0.3%	$26.86	+4.0%	COM	14575E105
—	MARATHON OIL CORP	45,816	$1.067M	0.3%	$14.27	—	COM	565849106
—	MONMOUTH REAL ESTATE INVT CO	59,840	$1.001M	0.3%	$10.46	—	CL A	609720107
—	DIAMOND OFFSHORE DRILLING IN	48,111	$962K	0.3%	$49.21	—	COM	25271C102
—	BROOKFIELD ASSET MGMT INC	21,151	$942K	0.3%	$35.47	—	CL A LTD VT SH	112585104
SYY	SYSCO CORP	12,400	$908K	0.3%	$24.50	+141.9%	COM	871829107
—	ISTAR INC	80,800	$903K	0.3%	$11.18	—	COM	45031U101
—	MCDERMOTT INTL INC	48,607	$896K	0.3%	$19.64	—	COM	580037703
AXP	AMERICAN EXPRESS CO	8,238	$877K	0.3%	$55.97	+68.2%	COM	025816109
WFC	WELLS FARGO CO NEW	16,633	$874K	0.3%	$29.31	+58.7%	COM	949746101
USB	US BANCORP DEL	15,869	$838K	0.2%	$22.51	+73.8%	COM NEW	902973304
WY	WEYERHAEUSER CO	24,825	$801K	0.2%	$18.73	+38.4%	COM	962166104
—	C&J ENERGY SVCS INC NEW	38,195	$794K	0.2%	$26.80	—	COM	12674R100
CSCO	CISCO SYS INC	15,900	$774K	0.2%	$15.65	+130.4%	COM	17275R102
PNC	PNC FINL SVCS GROUP INC	5,550	$756K	0.2%	$47.34	+131.3%	COM	693475105
AR	ANTERO RES CORP	42,411	$751K	0.2%	$23.65	-18.1%	COM	03674X106
—	ENSCO PLC	87,941	$742K	0.2%	$15.87	—	SHS CLASS A	G3157S106
GD	GENERAL DYNAMICS CORP	3,600	$737K	0.2%	$56.44	+192.9%	COM	369550108
CNQ	CANADIAN NAT RES LTD	22,107	$722K	0.2%	$10.71	+10.3%	COM	136385101
VFC	V F CORP	7,600	$710K	0.2%	$49.70	+71.6%	COM	918204108
MEOH	METHANEX CORP	8,800	$695K	0.2%	$31.94	+127.9%	COM	59151K108
SJT	SAN JUAN BASIN RTY TR	139,092	$689K	0.2%	$14.82	—	UNIT BEN INT	798241105
—	COVANTA HLDG CORP	40,250	$654K	0.2%	$20.02	—	COM	22282E102
IP	INTL PAPER CO	13,251	$651K	0.2%	$22.81	+56.2%	COM	460146103
RSP	INVESCO EXCHANGE TRADED FD T	6,051	$646K	0.2%	$102.27	—	S&P500 EQL WGT	46137V357
—	OAKTREE CAP GROUP LLC	15,295	$633K	0.2%	$45.31	—	UNIT CL A	674001201
APD	AIR PRODS & CHEMS INC	3,774	$630K	0.2%	$64.78	+109.9%	COM	009158106
NVS	NOVARTIS A G	7,306	$629K	0.2%	$72.71	—	SPONSORED ADR	66987V109
XOM	EXXON MOBIL CORP	7,130	$606K	0.2%	$55.38	+5.1%	COM	30231G102
—	GANNETT CO INC	60,275	$603K	0.2%	$14.73	—	COM	36473H104
PTEN	PATTERSON UTI ENERGY INC	35,125	$601K	0.2%	$21.55	-20.3%	COM	703481101
PYPL	PAYPAL HLDGS INC	6,773	$595K	0.2%	$35.85	+145.0%	COM	70450Y103
—	LIBERTY MEDIA CORP DELAWARE	15,831	$589K	0.2%	$37.15	—	COM SER C FRMLA	531229854
SSP	SCRIPPS E W CO OHIO	35,458	$585K	0.2%	$9.20	+18.3%	CL A NEW	811054402
COST	COSTCO WHSL CORP NEW	2,484	$583K	0.2%	$142.32	+42.7%	COM	22160K105
—	ABERDEEN EMRG MRKTS EQT INM	84,199	$578K	0.2%	$6.97	—	COM	00301W105
—	APACHE CORP	12,089	$576K	0.2%	$38.94	—	COM	037411105
OXY	OCCIDENTAL PETE CORP DEL	6,907	$568K	0.2%	$57.70	+17.4%	COM	674599105
—	TOTAL S A	8,801	$567K	0.2%	$49.85	—	SPONSORED ADR	89151E109
PBT	PERMIAN BASIN RTY TR	69,650	$556K	0.2%	$12.56	—	UNIT BEN INT	714236106
CABO	CABLE ONE INC	625	$552K	0.2%	$366.69	+98.1%	COM	12685J105
—	BLACKSTONE GROUP L P	14,300	$545K	0.2%	$23.89	—	COM UNIT LTD	09253U108
GLW	CORNING INC	15,420	$544K	0.2%	$10.68	+148.0%	COM	219350105
BHF	BRIGHTHOUSE FINL INC	12,230	$541K	0.2%	$56.67	-25.7%	COM	10922N103
LBRDK	LIBERTY BROADBAND CORP	6,229	$525K	0.2%	$46.66	+60.0%	COM SER C	530307305
GEOS	GEOSPACE TECHNOLOGIES CORP	38,095	$522K	0.2%	$13.32	+3.6%	COM	37364X109
AER	AERCAP HOLDINGS NV	8,769	$504K	0.1%	$44.09	+26.1%	SHS	N00985106
ETR	ENTERGY CORP NEW	6,192	$502K	0.1%	$23.86	+32.2%	COM	29364G103
JOE	ST JOE CO	29,501	$496K	0.1%	$17.52	0.0%	COM	790148100
MET	METLIFE INC	10,402	$486K	0.1%	$25.07	+41.7%	COM	59156R108
BXMT	BLACKSTONE MTG TR INC	14,475	$485K	0.1%	$27.54	—	COM CL A	09257W100
AMAT	APPLIED MATLS INC	12,234	$473K	0.1%	$12.31	+230.7%	COM	038222105
HIG	HARTFORD FINL SVCS GROUP INC	9,427	$471K	0.1%	$22.20	+96.1%	COM	416515104
GBDC	GOLUB CAP BDC INC	24,864	$466K	0.1%	$7.27	+25.9%	COM	38173M102
SPY	SPDR S&P 500 ETF TR	1,534	$446K	0.1%	$217.64	—	TR UNIT	78462F103
OVLY	OAK VALLEY BANCORP OAKDALE C	22,600	$444K	0.1%	$8.75	+139.9%	COM	671807105
PFE	PFIZER INC	9,968	$439K	0.1%	$17.42	+58.7%	COM	717081103
CATY	CATHAY GEN BANCORP	10,500	$435K	0.1%	$14.04	+132.6%	COM	149150104
SRE	SEMPRA ENERGY	3,818	$434K	0.1%	$28.74	+58.5%	COM	816851109
VOD	VODAFONE GROUP PLC NEW	18,877	$410K	0.1%	$36.24	—	SPONSORED ADR	92857W308
BAC	BANK AMER CORP	13,482	$397K	0.1%	$11.73	+117.1%	COM	060505104
CMCSA	COMCAST CORP NEW	11,055	$391K	0.1%	$27.32	+7.4%	CL A	20030N101
INTC	INTEL CORP	8,194	$387K	0.1%	$18.43	+125.2%	COM	458140100
SO	SOUTHERN CO	8,466	$369K	0.1%	$26.74	+28.2%	COM	842587107
OFG	OFG BANCORP	22,866	$369K	0.1%	$16.32	-0.8%	COM	67103X102
GHC	GRAHAM HLDGS CO	625	$362K	0.1%	$339.79	+55.0%	COM	384637104
PCG	PG&E CORP	7,781	$358K	0.1%	$42.86	+2.7%	COM	69331C108
PEP	PEPSICO INC	3,171	$355K	0.1%	$81.92	+10.3%	COM	713448108
FTI	TECHNIPFMC PLC	11,300	$353K	0.1%	$19.49	+8.4%	COM	G87110105
PG	PROCTER AND GAMBLE CO	4,184	$348K	0.1%	$58.00	+16.9%	COM	742718109
VGK	VANGUARD INTL EQUITY INDEX F	6,165	$347K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
—	LIBERTY GLOBAL PLC	11,791	$332K	0.1%	$48.63	—	SHS CL C	G5480U120
CMBT	EURONAV NV ANTWERPEN	37,899	$330K	0.1%	$4.22	-2.8%	SHS	B38564108
VIGI	VANGUARD WHITEHALL FDS INC	5,100	$329K	0.1%	$64.35	—	INTL DVD ETF	921946810
—	ARGO GROUP INTL HLDGS LTD	5,200	$328K	0.1%	$51.93	—	COM	G0464B107
ALK	ALASKA AIR GROUP INC	4,600	$317K	0.1%	$65.42	-4.3%	COM	011659109
MRK	MERCK & CO INC	4,354	$309K	0.1%	$31.85	+59.0%	COM	58933Y105
—	ENBRIDGE ENERGY MANAGEMENT L	28,200	$308K	0.1%	$9.29	—	SHS UNITS LLI	29250X103
—	CELGENE CORP	3,400	$304K	0.1%	$89.12	—	COM	151020104
VZ	VERIZON COMMUNICATIONS INC	5,352	$286K	0.1%	$28.25	+26.2%	COM	92343V104
ZTS	ZOETIS INC	3,086	$283K	0.1%	$79.49	+5.2%	CL A	98978V103
—	VANECK VECTORS ETF TR	10,900	$275K	0.1%	$26.24	—	OIL SVCS ETF	92189F718
—	LIBERTY MEDIA CORP DELAWARE	9,917	$270K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
—	NOBLE CORP PLC	36,875	$259K	0.1%	$31.64	—	SHS USD	G65431101
SNY	SANOFI	5,700	$255K	0.1%	$40.03	—	SPONSORED ADR	80105N105
—	TCW STRATEGIC INCOME FUND IN	45,033	$252K	0.1%	$5.53	—	COM	872340104
TRC	TEJON RANCH CO	11,562	$251K	0.1%	$20.62	+10.6%	COM	879080109
—	ANIXTER INTL INC	3,400	$239K	0.1%	$57.75	—	COM	035290105
CRMT	AMERICAS CAR MART INC	3,030	$237K	0.1%	$72.56	0.0%	COM	03062T105
EIX	EDISON INTL	3,500	$237K	0.1%	$39.30	+23.4%	COM	281020107
JPM	JPMORGAN CHASE & CO	2,082	$235K	0.1%	$68.54	+35.2%	COM	46625H100
UBFO	UNITED SECURITY BANCSHARES C	21,049	$234K	0.1%	$2.58	+180.3%	COM	911460103
CC	CHEMOURS CO	5,882	$232K	0.1%	$22.02	+47.1%	COM	163851108
—	NEW YORK REIT INC	12,712	$231K	0.1%	$18.25	—	COM NEW	64976L208
UNP	UNION PAC CORP	1,420	$231K	0.1%	$117.74	+8.5%	COM	907818108
SLRC	SOLAR CAP LTD	10,763	$230K	0.1%	$9.98	+3.8%	COM	83413U100
EBAY	EBAY INC	6,915	$228K	0.1%	$20.18	+52.8%	COM	278642103
CLX	CLOROX CO DEL	1,500	$226K	0.1%	$60.00	+91.0%	COM	189054109
CMP	COMPASS MINERALS INTL INC	3,300	$222K	0.1%	$53.77	-1.0%	COM	20451N101
DJCO	DAILY JOURNAL CORP	889	$214K	0.1%	$235.09	+0.0%	COM	233912104
MMM	3M CO	1,002	$211K	0.1%	$132.20	0.0%	COM	88579Y101
ALLY	ALLY FINL INC	7,587	$201K	0.1%	$20.97	+2.8%	COM	02005N100
—	ANNALY CAP MGMT INC	18,950	$194K	0.1%	$9.96	—	COM	035710409
—	GENERAL ELECTRIC CO	15,650	$177K	0.1%	$22.99	—	COM	369604103
—	CONTANGO OIL & GAS COMPANY	24,593	$152K	0.0%	$8.32	—	COM NEW	21075N204
—	MEDLEY CAP CORP	35,398	$135K	0.0%	$3.76	—	COM	58503F106
—	SPROTT FOCUS TR INC	16,837	$124K	0.0%	$7.84	—	COM	85208J109
HNRG	HALLADOR ENERGY COMPANY	16,658	$104K	0.0%	$4.97	+27.0%	COM	40609P105
CVE	CENOVUS ENERGY INC	10,100	$101K	0.0%	$8.74	-2.7%	COM	15135U109
—	KEMPHARM INC	14,245	$68,000	0.0%	$6.53	—	COM	488445107
TPHS	TRINITY PL HLDGS INC	11,092	$68,000	0.0%	$6.81	-7.4%	COM	89656D101
—	NAVIOS MARITIME PARTNERS L P	23,693	$41,000	0.0%	$1.90	—	UNIT LPI	Y62267102
—	TAHOE RES INC	13,900	$39,000	0.0%	$4.77	—	COM	873868103
—	CAPITAL PRODUCT PARTNERS L P	11,018	$31,000	0.0%	$2.81	—	COM UNIT LP	Y11082107
XPL	SOLITARIO ZINC CORP	14,300	$5,000	0.0%	$0.76	-48.8%	COM	8342EP107