Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	261,436	$53.38M	17.7%	$115.89	+80.2%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,385	$24.35M	8.1%	$595.64	+49.6%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,381	$23.92M	7.9%	$403.08	—	COM	017175100
MKL	MARKEL CORP	15,892	$16.5M	5.5%	$557.59	+96.1%	COM	570535104
WRB	W R BERKLEY CORPORATION	212,183	$15.68M	5.2%	$9.64	+99.1%	COM	084423102
L	LOEWS CORP	326,863	$14.88M	4.9%	$42.20	+8.3%	COM	540424108
—	ENSTAR GROUP LIMITED	71,172	$11.93M	3.9%	$162.04	—	SHS	G3075P101
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	26,727	$11.77M	3.9%	$413.91	0.0%	Stock	303901102
JEF	JEFFERIES FINL GROUP INC	561,276	$9.744M	3.2%	$16.60	-11.4%	COM	47233W109
MSFT	MICROSOFT CORP	59,289	$6.022M	2.0%	$26.70	+274.5%	COM	594918104
RES	RPC INC	418,948	$4.135M	1.4%	$11.75	+3.9%	COM	749660106
BK	BANK NEW YORK MELLON CORP	86,540	$4.073M	1.3%	$23.69	+67.4%	COM	064058100
WABC	WESTAMERICA BANCORPORATION	62,233	$3.465M	1.1%	$29.77	+56.8%	COM	957090103
—	GENERAL AMERN INVS INC	110,449	$3.141M	1.0%	$31.93	—	COM	368802104
JNJ	JOHNSON & JOHNSON	24,279	$3.133M	1.0%	$60.59	+88.4%	COM	478160104
—	CIMAREX ENERGY CO	42,604	$2.627M	0.9%	$66.60	—	COM	171798101
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.448M	0.8%	$283601.72	+10.4%	CL A	084670108
DNOW	NOW INC	207,561	$2.416M	0.8%	$16.66	-16.0%	COM	67011P100
KO	COCA COLA CO	47,568	$2.252M	0.7%	$28.05	+36.9%	COM	191216100
ABT	ABBOTT LABS	30,570	$2.211M	0.7%	$28.85	+115.4%	COM	002824100
MHK	MOHAWK INDS INC	17,535	$2.051M	0.7%	$133.40	0.0%	COM	608190104
—	DOWDUPONT INC	38,130	$2.039M	0.7%	$69.17	—	COM	26078J100
SCHW	SCHWAB CHARLES CORP NEW	47,335	$1.966M	0.7%	$49.84	-17.9%	COM	808513105
—	SOURCE CAP INC	58,972	$1.92M	0.6%	$55.20	—	COM	836144105
HP	HELMERICH & PAYNE INC	38,330	$1.838M	0.6%	$65.64	-6.5%	COM	423452101
BR	BROADRIDGE FINL SOLUTIONS IN	19,090	$1.837M	0.6%	$21.85	+338.3%	COM	11133T103
VIG	VANGUARD GROUP	17,289	$1.693M	0.6%	$76.53	—	DIV APP ETF	921908844
AAPL	APPLE INC	10,589	$1.67M	0.6%	$26.11	+76.2%	COM	037833100
UHAL	AMERCO	5,056	$1.659M	0.5%	$35.08	-3.7%	COM	023586100
COP	CONOCOPHILLIPS	25,649	$1.599M	0.5%	$34.28	+55.8%	COM	20825C104
—	CONSOLIDATED TOMOKA LD CO	30,140	$1.582M	0.5%	$50.65	—	COM	210226106
—	AMERICAN NATL INS CO	12,088	$1.538M	0.5%	$100.11	—	COM	028591105
—	CALIFORNIA RES CORP	89,967	$1.533M	0.5%	$15.18	—	COM NEW	13057Q206
CNA	CNA FINL CORP	33,256	$1.468M	0.5%	$15.22	+75.4%	COM	126117100
EMR	EMERSON ELEC CO	24,485	$1.463M	0.5%	$38.98	+46.2%	COM	291011104
TGNA	TEGNA INC	133,005	$1.446M	0.5%	$18.83	-35.9%	COM	87901J105
CRT	CROSS TIMBERS RTY TR	130,483	$1.425M	0.5%	$17.96	—	TR UNIT	22757R109
CVX	CHEVRON CORP NEW	12,888	$1.402M	0.5%	$70.82	+19.7%	COM	166764100
SBR	SABINE ROYALTY TR	37,484	$1.391M	0.5%	$35.81	—	UNIT BEN INT	785688102
—	PICO HLDGS INC	144,238	$1.318M	0.4%	$18.08	—	COM NEW	693366205
TDW	TIDEWATER INC NEW	62,960	$1.204M	0.4%	$26.89	-3.1%	COM	88642R109
LEN/B	LENNAR CORP	37,536	$1.176M	0.4%	$34.48	-14.0%	CL B	526057302
T	AT&T INC	41,196	$1.176M	0.4%	$13.28	+5.6%	COM	00206R102
AMGN	AMGEN INC	5,946	$1.157M	0.4%	$83.83	+87.1%	COM	031162100
—	ROYCE VALUE TR INC	94,344	$1.113M	0.4%	$15.30	—	COM	780910105
—	ROYCE MICRO-CAP TR INC	145,782	$1.082M	0.4%	$10.46	—	COM	780915104
DMLP	DORCHESTER MINERALS LP	68,976	$1.01M	0.3%	$15.37	—	COM UNIT	25820R105
IBM	INTERNATIONAL BUSINESS MACHS	8,642	$982K	0.3%	$103.59	-15.1%	COM	459200101
—	DISCOVERY INC	39,373	$909K	0.3%	$21.26	—	COM SER C	25470F302
—	ISTAR INC	98,890	$907K	0.3%	$10.81	—	COM	45031U101
CARS	CARS COM INC	41,103	$884K	0.3%	$26.86	-6.9%	COM	14575E105
WFC	WELLS FARGO CO NEW	17,868	$823K	0.3%	$30.19	+39.2%	COM	949746101
—	BROOKFIELD ASSET MGMT INC	21,151	$811K	0.3%	$35.47	—	CL A LTD VT SH	112585104
SYY	SYSCO CORP	12,609	$790K	0.3%	$25.02	+122.8%	COM	871829107
AXP	AMERICAN EXPRESS CO	8,238	$785K	0.3%	$55.97	+69.8%	COM	025816109
SJT	SAN JUAN BASIN RTY TR	153,092	$735K	0.2%	$13.90	—	UNIT BEN INT	798241105
USB	US BANCORP DEL	15,869	$725K	0.2%	$22.51	+70.0%	COM NEW	902973304
—	MONMOUTH REAL ESTATE INVT CO	57,340	$711K	0.2%	$10.46	—	CL A	609720107
CSCO	CISCO SYS INC	16,000	$693K	0.2%	$15.65	+135.9%	COM	17275R102
PNC	PNC FINL SVCS GROUP INC	5,550	$649K	0.2%	$47.34	+109.1%	COM	693475105
—	MARATHON OIL CORP	44,266	$635K	0.2%	$14.27	—	COM	565849106
NVS	NOVARTIS A G	7,306	$627K	0.2%	$72.71	—	SPONSORED ADR	66987V109
APD	AIR PRODS & CHEMS INC	3,703	$593K	0.2%	$64.78	+105.6%	COM	009158106
—	OAKTREE CAP GROUP LLC	14,798	$588K	0.2%	$45.31	—	UNIT CL A	674001201
XOM	EXXON MOBIL CORP	8,630	$588K	0.2%	$55.56	+1.5%	COM	30231G102
—	DIAMOND OFFSHORE DRILLING IN	60,311	$569K	0.2%	$41.17	—	COM	25271C102
GD	GENERAL DYNAMICS CORP	3,600	$566K	0.2%	$56.44	+169.4%	COM	369550108
PYPL	PAYPAL HLDGS INC	6,673	$561K	0.2%	$35.85	+131.8%	COM	70450Y103
VFC	V F CORP	7,600	$542K	0.2%	$49.70	+53.9%	COM	918204108
—	COVANTA HLDG CORP	40,250	$540K	0.2%	$20.02	—	COM	22282E102
IP	INTL PAPER CO	13,300	$537K	0.2%	$22.81	+33.5%	COM	460146103
CNQ	CANADIAN NAT RES LTD	22,197	$536K	0.2%	$10.71	-11.8%	COM	136385101
—	ABERDEEN EMRG MRKTS EQT INM	84,199	$535K	0.2%	$6.97	—	COM	00301W105
ETR	ENTERGY CORP NEW	6,122	$527K	0.2%	$23.86	+37.5%	COM	29364G103
WY	WEYERHAEUSER CO	24,039	$525K	0.2%	$18.73	+7.4%	COM	962166104
—	CONTURA ENERGY INC	7,868	$517K	0.2%	$65.71	—	COM	21241B100
OXY	OCCIDENTAL PETE CORP DEL	8,407	$516K	0.2%	$58.02	+2.6%	COM	674599105
CABO	CABLE ONE INC	625	$513K	0.2%	$366.69	+116.1%	COM	12685J105
COST	COSTCO WHSL CORP NEW	2,479	$505K	0.2%	$142.32	+41.9%	COM	22160K105
SSP	SCRIPPS E W CO OHIO	31,458	$495K	0.2%	$9.20	+36.5%	CL A NEW	811054402
BXMT	BLACKSTONE MTG TR INC	15,475	$493K	0.2%	$27.82	—	COM CL A	09257W100
LBRDK	LIBERTY BROADBAND CORP	6,694	$482K	0.2%	$48.64	+54.3%	COM SER C	530307305
—	LIBERTY MEDIA CORP DELAWARE	15,706	$482K	0.2%	$37.15	—	COM SER C FRMLA	531229854
—	GANNETT CO INC	56,325	$480K	0.2%	$14.73	—	COM	36473H104
GBDC	GOLUB CAP BDC INC	28,864	$476K	0.2%	$7.51	+19.7%	COM	38173M102
JOE	ST JOE CO	36,001	$474K	0.2%	$17.05	-12.5%	COM	790148100
GLW	CORNING INC	15,320	$463K	0.2%	$10.68	+145.0%	COM	219350105
—	TOTAL S A	8,801	$459K	0.2%	$49.85	—	SPONSORED ADR	89151E109
PFE	PFIZER INC	10,136	$442K	0.1%	$17.63	+70.3%	COM	717081103
MET	METLIFE INC	10,402	$427K	0.1%	$25.07	+34.3%	COM	59156R108
—	BLACKSTONE GROUP L P	14,300	$426K	0.1%	$23.89	—	COM UNIT LTD	09253U108
MEOH	METHANEX CORP	8,800	$423K	0.1%	$31.94	+95.4%	COM	59151K108
OVLY	OAK VALLEY BANCORP OAKDALE C	22,600	$414K	0.1%	$8.75	+109.6%	COM	671807105
SRE	SEMPRA ENERGY	3,818	$413K	0.1%	$28.74	+57.3%	COM	816851109
—	C&J ENERGY SVCS INC NEW	30,495	$412K	0.1%	$26.80	—	COM	12674R100
HIG	HARTFORD FINL SVCS GROUP INC	9,227	$410K	0.1%	$22.20	+72.7%	COM	416515104
PBT	PERMIAN BASIN RTY TR	69,650	$410K	0.1%	$12.56	—	UNIT BEN INT	714236106
SO	SOUTHERN CO	9,303	$409K	0.1%	$27.42	+24.9%	COM	842587107
AMAT	APPLIED MATLS INC	12,234	$401K	0.1%	$12.31	+157.6%	COM	038222105
GHC	GRAHAM HLDGS CO	625	$400K	0.1%	$339.79	+68.9%	COM	384637104
PG	PROCTER AND GAMBLE CO	4,294	$395K	0.1%	$58.43	+27.9%	COM	742718109
GEOS	GEOSPACE TECHNOLOGIES CORP	38,095	$393K	0.1%	$13.32	+0.4%	COM	37364X109
INTC	INTEL CORP	8,191	$384K	0.1%	$18.43	+118.1%	COM	458140100
SPY	SPDR S&P 500 ETF TR	1,534	$383K	0.1%	$217.64	—	TR UNIT	78462F103
OFG	OFG BANCORP	22,800	$375K	0.1%	$16.32	+3.2%	COM	67103X102
ENB	ENBRIDGE INC	12,049	$374K	0.1%	$20.25	0.0%	COM	29250N105
BHF	BRIGHTHOUSE FINL INC	12,033	$367K	0.1%	$56.67	-31.1%	COM	10922N103
PTEN	PATTERSON UTI ENERGY INC	35,125	$364K	0.1%	$21.55	-31.6%	COM	703481101
VOD	VODAFONE GROUP PLC NEW	18,714	$361K	0.1%	$36.24	—	SPONSORED ADR	92857W308
BAC	BANK AMER CORP	14,463	$356K	0.1%	$12.48	+82.7%	COM	060505104
CATY	CATHAY GEN BANCORP	10,500	$352K	0.1%	$14.04	+111.1%	COM	149150104
PEP	PEPSICO INC	3,171	$350K	0.1%	$81.92	+10.7%	COM	713448108
AR	ANTERO RES CORP	37,011	$348K	0.1%	$23.65	-37.5%	COM	03674X106
CMCSA	COMCAST CORP NEW	10,177	$347K	0.1%	$27.32	+11.4%	CL A	20030N101
AER	AERCAP HOLDINGS NV	8,769	$347K	0.1%	$44.09	+11.8%	SHS	N00985106
—	MCDERMOTT INTL INC	52,606	$344K	0.1%	$18.65	—	COM	580037703
MRK	MERCK & CO INC	4,354	$333K	0.1%	$31.85	+77.4%	COM	58933Y105
—	ARGO GROUP INTL HLDGS LTD	4,700	$316K	0.1%	$51.93	—	COM	G0464B107
—	APACHE CORP	11,889	$312K	0.1%	$38.94	—	COM	037411105
VZ	VERIZON COMMUNICATIONS INC	5,552	$312K	0.1%	$28.62	+34.9%	COM	92343V104
VGK	VANGUARD INTL EQUITY INDEX F	6,165	$300K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
—	ENSCO PLC	81,201	$289K	0.1%	$15.87	—	SHS CLASS A	G3157S106
VIGI	VANGUARD WHITEHALL FDS INC	4,820	$278K	0.1%	$64.35	—	INTL DVD ETF	921946810
ZTS	ZOETIS INC	3,086	$264K	0.1%	$79.49	+6.9%	CL A	98978V103
CMBT	EURONAV NV ANTWERPEN	37,899	$263K	0.1%	$4.22	-1.4%	SHS	B38564108
ALK	ALASKA AIR GROUP INC	4,100	$249K	0.1%	$65.42	-4.1%	COM	011659109
CVE	CENOVUS ENERGY INC	34,820	$245K	0.1%	$7.65	-5.9%	COM	15135U109
—	LIBERTY MEDIA CORP DELAWARE	9,841	$245K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
—	LIBERTY GLOBAL PLC	11,791	$243K	0.1%	$48.63	—	SHS CL C	G5480U120
TRC	TEJON RANCH CO	14,562	$241K	0.1%	$20.20	-8.0%	COM	879080109
SNY	SANOFI	5,500	$239K	0.1%	$40.03	—	SPONSORED ADR	80105N105
—	TCW STRATEGIC INCOME FUND IN	45,033	$237K	0.1%	$5.53	—	COM	872340104
CLX	CLOROX CO DEL	1,500	$231K	0.1%	$60.00	+110.9%	COM	189054109
SLRC	SOLAR CAP LTD	11,763	$226K	0.1%	$10.00	+1.8%	COM	83413U100
CRMT	AMERICAS CAR MART INC	3,030	$220K	0.1%	$72.56	+1.3%	COM	03062T105
—	CELGENE CORP	3,400	$218K	0.1%	$89.12	—	COM	151020104
RSP	INVESCO EXCHANGE TRADED FD T	2,351	$215K	0.1%	$102.27	—	S&P500 EQL WGT	46137V357
DJCO	DAILY JOURNAL CORP	889	$208K	0.1%	$235.09	+0.1%	COM	233912104
JPM	JPMORGAN CHASE & CO	2,082	$203K	0.1%	$68.54	+27.7%	COM	46625H100
UBFO	UNITED SECURITY BANCSHARES C	21,049	$202K	0.1%	$2.58	+168.8%	COM	911460103
—	ANNALY CAP MGMT INC	18,500	$182K	0.1%	$9.96	—	COM	035710409
—	NOBLE CORP PLC	48,075	$126K	0.0%	$24.88	—	SHS USD	G65431101
—	CONTANGO OIL & GAS COMPANY	35,093	$114K	0.0%	$6.80	—	COM NEW	21075N204
FCX	FREEPORT-MCMORAN INC	11,054	$114K	0.0%	$10.68	0.0%	CL B	35671D857
—	SPROTT FOCUS TR INC	16,837	$97,000	0.0%	$7.84	—	COM	85208J109
—	MEDLEY CAP CORP	35,398	$94,000	0.0%	$3.76	—	COM	58503F106
HNRG	HALLADOR ENERGY COMPANY	16,659	$84,000	0.0%	$4.97	+17.7%	COM	40609P105
—	RAMACO RES INC	11,100	$55,000	0.0%	$4.95	—	COM	75134P303
—	TAHOE RES INC	14,900	$54,000	0.0%	$4.69	—	COM	873868103
—	ENZO BIOCHEM INC	18,100	$50,000	0.0%	$2.76	—	COM	294100102
—	KEMPHARM INC	14,245	$25,000	0.0%	$6.53	—	COM	488445107
—	CAPITAL PRODUCT PARTNERS L P	11,018	$23,000	0.0%	$2.81	—	COM UNIT LP	Y11082107
—	NAVIOS MARITIME PARTNERS L P	23,693	$20,000	0.0%	$1.90	—	UNIT LPI	Y62267102
XPL	SOLITARIO ZINC CORP	14,300	$3,000	0.0%	$0.76	-60.2%	COM	8342EP107