Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	256,457	$54.67M	16.3%	$115.89	+78.6%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	27,638	$28.23M	8.4%	$595.64	+61.5%	COM	G9618E107
—	ALLEGHANY CORP DEL	37,220	$25.35M	7.5%	$403.08	—	COM	017175100
MKL	MARKEL CORP	18,428	$20.08M	6.0%	$619.88	+69.1%	COM	570535104
WRB	BERKLEY W R CORP	302,218	$19.93M	5.9%	$13.86	+70.2%	COM	084423102
L	LOEWS CORP	328,727	$17.97M	5.3%	$42.30	+17.9%	COM	540424108
—	ENSTAR GROUP LIMITED	82,018	$14.29M	4.2%	$163.65	—	SHS	G3075P101
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	28,305	$13.9M	4.1%	$414.21	+1.3%	STOCK	303901102
JEF	JEFFERIES FINL GROUP INC	613,688	$11.8M	3.5%	$16.38	-14.8%	COM	47233W109
MSFT	MICROSOFT CORP	56,163	$7.524M	2.2%	$26.70	+347.6%	COM	594918104
BK	BANK NEW YORK MELLON CORP	88,523	$3.908M	1.2%	$24.20	+60.3%	COM	064058100
WABC	WESTAMERICA BANCORPORATION	61,233	$3.773M	1.1%	$29.77	+67.9%	COM	957090103
—	GENERAL AMERN INVS INC	105,102	$3.73M	1.1%	$31.93	—	COM	368802104
JNJ	JOHNSON & JOHNSON	22,031	$3.068M	0.9%	$60.59	+89.4%	COM	478160104
RES	RPC INC	423,772	$3.055M	0.9%	$11.72	-26.0%	COM	749660106
DNOW	NOW INC	186,117	$2.747M	0.8%	$16.66	-14.1%	COM	67011P100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.547M	0.8%	$283601.72	+9.6%	CL A	084670108
MHK	MOHAWK INDS INC	16,775	$2.474M	0.7%	$133.40	+3.8%	COM	608190104
BR	BROADRIDGE FINL SOLUTIONS IN	19,050	$2.432M	0.7%	$21.85	+392.1%	COM	11133T103
ABT	ABBOTT LABS	28,621	$2.407M	0.7%	$28.85	+143.4%	COM	002824100
—	CIMAREX ENERGY CO	39,076	$2.318M	0.7%	$66.60	—	COM	171798101
—	SOURCE CAP INC	55,361	$2.025M	0.6%	$55.20	—	COM	836144105
VIG	VANGUARD GROUP	17,179	$1.978M	0.6%	$76.53	—	DIV APP ETF	921908844
SCHW	THE CHARLES SCHWAB CORPORATI	47,335	$1.902M	0.6%	$49.84	-20.4%	COM	808513105
AAPL	APPLE INC	9,600	$1.9M	0.6%	$26.11	+78.6%	COM	037833100
HP	HELMERICH & PAYNE INC	37,380	$1.892M	0.6%	$65.64	-16.1%	COM	423452101
UHAL	AMERCO	4,776	$1.808M	0.5%	$35.08	+8.6%	COM	023586100
SBR	SABINE ROYALTY TR	36,943	$1.773M	0.5%	$35.81	—	UNIT BEN INT	785688102
—	CALIFORNIA RES CORP	89,866	$1.769M	0.5%	$15.30	—	COM NEW	13057Q206
—	CONSOLIDATED TOMOKA LD CO	28,676	$1.712M	0.5%	$50.65	—	COM	210226106
TGNA	TEGNA INC	112,465	$1.704M	0.5%	$18.83	-18.2%	COM	87901J105
CRT	CROSS TIMBERS RTY TR	129,170	$1.633M	0.5%	$17.96	—	TR UNIT	22757R109
EMR	EMERSON ELEC CO	24,332	$1.623M	0.5%	$38.98	+47.4%	COM	291011104
CNQ	CANADIAN NAT RES LTD	57,947	$1.563M	0.5%	$9.94	-1.7%	COM	136385101
COP	CONOCOPHILLIPS	25,029	$1.527M	0.5%	$34.28	+43.6%	COM	20825C104
CNA	CNA FINL CORP	31,916	$1.502M	0.4%	$15.22	+88.4%	COM	126117100
CVX	CHEVRON CORP NEW	11,916	$1.483M	0.4%	$70.82	+27.4%	COM	166764100
—	PICO HLDGS INC	119,867	$1.393M	0.4%	$18.08	—	COM NEW	693366205
LEN/B	LENNAR CORP	35,395	$1.363M	0.4%	$34.48	+2.4%	CL B	526057302
—	AMERICAN NATL INS CO	11,624	$1.354M	0.4%	$100.11	—	COM	028591105
TDW	TIDEWATER INC NEW	56,944	$1.337M	0.4%	$26.89	-14.5%	COM	88642R109
—	ROYCE VALUE TR INC	95,774	$1.333M	0.4%	$15.28	—	COM	780910105
—	ISTAR INC	100,520	$1.248M	0.4%	$10.65	—	COM	45031U101
DMLP	DORCHESTER MINERALS LP	67,901	$1.243M	0.4%	$15.37	—	COM UNIT	25820R105
—	ROYCE MICRO-CAP TR INC	142,754	$1.173M	0.3%	$10.46	—	COM	780915104
—	DISCOVERY INC	38,198	$1.087M	0.3%	$21.26	—	COM SER C	25470F302
AMGN	AMGEN INC	5,488	$1.011M	0.3%	$83.83	+74.4%	COM	031162100
—	BROOKFIELD ASSET MGMT INC	20,931	$1M	0.3%	$35.47	—	CL A LTD VT SH	112585104
AXP	AMERICAN EXPRESS CO	8,094	$999K	0.3%	$55.97	+92.0%	COM	025816109
DD	DUPONT DE NEMOURS INC	12,607	$946K	0.3%	$27.24	0.0%	COM	26614N102
IBM	INTERNATIONAL BUSINESS MACHS	6,481	$894K	0.3%	$103.59	-4.8%	COM	459200101
APD	AIR PRODS & CHEMS INC	3,703	$838K	0.2%	$64.78	+172.1%	COM	009158106
CSCO	CISCO SYS INC	14,948	$818K	0.2%	$15.65	+188.8%	COM	17275R102
—	DIAMOND OFFSHORE DRILLING IN	89,231	$791K	0.2%	$30.99	—	COM	25271C102
PYPL	PAYPAL HLDGS INC	6,673	$764K	0.2%	$35.85	+208.4%	COM	70450Y103
PNC	PNC FINL SVCS GROUP INC	5,550	$762K	0.2%	$47.34	+119.9%	COM	693475105
WFC	WELLS FARGO CO NEW	16,043	$759K	0.2%	$30.19	+29.5%	COM	949746101
CARS	CARS COM INC	38,038	$750K	0.2%	$26.86	-20.4%	COM	14575E105
—	MONMOUTH REAL ESTATE INVT CO	55,040	$746K	0.2%	$10.46	—	CL A	609720107
SYY	SYSCO CORP	10,400	$735K	0.2%	$25.02	+138.0%	COM	871829107
CABO	CABLE ONE INC	625	$732K	0.2%	$366.69	+174.0%	COM	12685J105
T	AT&T INC	21,681	$727K	0.2%	$13.28	+13.6%	COM	00206R102
—	COVANTA HLDG CORP	40,250	$721K	0.2%	$20.02	—	COM	22282E102
—	OAKTREE CAP GROUP LLC	14,206	$704K	0.2%	$45.31	—	UNIT CL A	674001201
LBRDK	LIBERTY BROADBAND CORP	6,658	$694K	0.2%	$48.64	+89.8%	COM SER C	530307305
NVS	NOVARTIS A G	7,306	$667K	0.2%	$72.71	—	SPONSORED ADR	66987V109
GD	GENERAL DYNAMICS CORP	3,600	$655K	0.2%	$56.44	+161.8%	COM	369550108
VFC	V F CORP	7,500	$655K	0.2%	$49.70	+73.4%	COM	918204108
COST	COSTCO WHSL CORP NEW	2,479	$655K	0.2%	$142.32	+59.2%	COM	22160K105
XOM	EXXON MOBIL CORP	8,404	$644K	0.2%	$55.56	+2.4%	COM	30231G102
JOE	ST JOE CO	36,501	$631K	0.2%	$17.03	-1.5%	COM	790148100
ETR	ENTERGY CORP NEW	6,122	$630K	0.2%	$23.86	+60.8%	COM	29364G103
—	CENTURYLINK INC	53,268	$626K	0.2%	$11.99	—	COM	156700106
DOW	DOW INC	12,607	$622K	0.2%	$36.37	0.0%	COM	260557103
WY	WEYERHAEUSER CO	23,095	$608K	0.2%	$18.73	+5.2%	COM	962166104
SCHB	SCHWAB STRATEGIC TR	8,548	$603K	0.2%	$68.04	—	US BRD MKT ETF	808524102
GLNG	GOLAR LNG LTD BERMUDA	32,495	$601K	0.2%	$17.16	0.0%	SHS	G9456A100
—	ABERDEEN EMRG MRKTS EQT INM	81,966	$599K	0.2%	$6.97	—	COM	00301W105
SJT	SAN JUAN BASIN RTY TR	152,752	$587K	0.2%	$13.90	—	UNIT BEN INT	798241105
—	LIBERTY MEDIA CORP DELAWARE	15,384	$576K	0.2%	$37.15	—	COM SER C FRMLA	531229854
—	LIBERTY GLOBAL PLC	21,037	$558K	0.2%	$38.86	—	SHS CL C	G5480U120
GEOS	GEOSPACE TECHNOLOGIES CORP	36,570	$553K	0.2%	$13.32	+3.3%	COM	37364X109
IP	INTL PAPER CO	12,700	$550K	0.2%	$22.81	+37.5%	COM	460146103
AMAT	APPLIED MATLS INC	12,234	$549K	0.2%	$12.31	+219.8%	COM	038222105
OXY	OCCIDENTAL PETE CORP	10,757	$541K	0.2%	$57.40	-14.9%	COM	674599105
BXMT	BLACKSTONE MTG TR INC	14,875	$529K	0.2%	$27.82	—	COM CL A	09257W100
GBDC	GOLUB CAP BDC INC	28,864	$514K	0.2%	$7.51	+23.0%	COM	38173M102
GLW	CORNING INC	15,120	$502K	0.1%	$10.68	+149.2%	COM	219350105
USB	US BANCORP DEL	9,463	$496K	0.1%	$22.51	+72.9%	COM NEW	902973304
—	MCDERMOTT INTL INC	50,962	$492K	0.1%	$18.65	—	COM	580037703
OFG	OFG BANCORP	20,550	$488K	0.1%	$16.32	+22.1%	COM	67103X102
—	CONTURA ENERGY INC	9,218	$478K	0.1%	$64.27	—	COM	21241B100
INTC	INTEL CORP	9,782	$468K	0.1%	$22.39	+92.5%	COM	458140100
SRE	SEMPRA ENERGY	3,402	$468K	0.1%	$28.74	+83.9%	COM	816851109
—	TOTAL S A	8,301	$463K	0.1%	$49.85	—	SPONSORED ADS	89151E109
PG	PROCTER AND GAMBLE CO	4,128	$453K	0.1%	$58.43	+54.9%	COM	742718109
SPY	SPDR S&P 500 ETF TR	1,477	$433K	0.1%	$217.64	—	TR UNIT	78462F103
GHC	GRAHAM HLDGS CO	625	$431K	0.1%	$339.79	+91.8%	COM	384637104
HIG	HARTFORD FINL SVCS GROUP INC	7,427	$414K	0.1%	$22.20	+105.3%	COM	416515104
PFE	PFIZER INC	9,545	$413K	0.1%	$17.63	+65.8%	COM	717081103
CMCSA	COMCAST CORP NEW	9,619	$407K	0.1%	$27.32	+30.1%	CL A	20030N101
PBT	PERMIAN BASIN RTY TR	66,543	$404K	0.1%	$12.56	—	UNIT BEN INT	714236106
MEOH	METHANEX CORP	8,800	$400K	0.1%	$31.94	+57.0%	COM	59151K108
AER	AERCAP HOLDINGS NV	7,662	$399K	0.1%	$44.09	+9.5%	SHS	N00985106
—	GANNETT CO INC	48,275	$394K	0.1%	$14.73	—	COM	36473H104
PTEN	PATTERSON UTI ENERGY INC	33,600	$387K	0.1%	$21.55	-40.3%	COM	703481101
SO	SOUTHERN CO	6,890	$381K	0.1%	$27.42	+50.8%	COM	842587107
CATY	CATHAY GEN BANCORP	10,500	$377K	0.1%	$14.04	+101.2%	COM	149150104
PEP	PEPSICO INC	2,878	$377K	0.1%	$81.92	+27.9%	COM	713448108
OSG	AMBAC FINL GROUP INC	22,100	$372K	0.1%	$18.92	-9.7%	COM NEW	023139884
BHF	BRIGHTHOUSE FINL INC	9,876	$362K	0.1%	$56.67	-31.8%	COM	10922N103
BAC	BANK AMER CORP	12,129	$352K	0.1%	$12.48	+96.3%	COM	060505104
—	ARGO GROUP INTL HLDGS LTD	4,700	$348K	0.1%	$51.93	—	COM	G0464B107
—	APACHE CORP	11,889	$344K	0.1%	$38.94	—	COM	037411105
OEC	ORION ENGINEERED CARBONS S A	16,080	$344K	0.1%	$24.78	-20.2%	COM	L72967109
FCX	FREEPORT-MCMORAN INC	29,258	$340K	0.1%	$10.76	-0.2%	CL B	35671D857
VGK	VANGUARD INTL EQUITY INDEX F	6,165	$338K	0.1%	$53.52	—	FTSE EUROPE ETF	922042874
MET	METLIFE INC	6,462	$321K	0.1%	$25.07	+49.9%	COM	59156R108
ENB	ENBRIDGE INC	8,853	$319K	0.1%	$20.25	+16.0%	COM	29250N105
MRK	MERCK & CO INC	3,782	$317K	0.1%	$31.85	+95.1%	COM	58933Y105
VIGI	VANGUARD WHITEHALL FDS INC	4,520	$308K	0.1%	$64.35	—	INTL DVD ETF	921946810
—	C&J ENERGY SVCS INC NEW	26,035	$307K	0.1%	$26.80	—	COM	12674R100
VZ	VERIZON COMMUNICATIONS INC	5,352	$306K	0.1%	$28.62	+39.9%	COM	92343V104
CVE	CENOVUS ENERGY INC	34,375	$303K	0.1%	$7.63	+3.8%	COM	15135U109
VT	VANGUARD INTL EQUITY INDEX F	3,900	$293K	0.1%	$75.13	—	TT WRLD ST ETF	922042742
—	CELGENE CORP	3,100	$287K	0.1%	$89.12	—	COM	151020104
ZTS	ZOETIS INC	2,500	$284K	0.1%	$79.49	+24.9%	CL A	98978V103
OVLY	OAK VALLEY BANCORP OAKDALE C	14,441	$282K	0.1%	$8.75	+119.2%	COM	671807105
—	LIBERTY MEDIA CORP DELAWARE	9,752	$273K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
VOD	VODAFONE GROUP PLC NEW	16,558	$270K	0.1%	$36.24	—	SPONSORED ADR	92857W308
CMBT	EURONAV NV ANTWERPEN	28,491	$269K	0.1%	$4.20	+5.3%	SHS	B38564108
ALK	ALASKA AIR GROUP INC	4,100	$262K	0.1%	$65.42	-8.8%	COM	011659109
FTI	TECHNIPFMC PLC	9,800	$254K	0.1%	$15.89	+4.5%	COM	G87110105
AR	ANTERO RES CORP	45,525	$252K	0.1%	$20.10	-64.1%	COM	03674X106
EBAY	EBAY INC	6,200	$245K	0.1%	$30.92	+8.7%	COM	278642103
ALLY	ALLY FINL INC	7,849	$243K	0.1%	$21.00	+13.7%	COM	02005N100
SLRC	SOLAR CAP LTD	11,763	$241K	0.1%	$10.00	+8.1%	COM	83413U100
UBFO	UNITED SECURITY BANCSHARES C	21,049	$240K	0.1%	$2.58	+174.3%	COM	911460103
NTR	NUTRIEN LTD	4,434	$237K	0.1%	$41.64	0.0%	COM	67077M108
LBRDA	LIBERTY BROADBAND CORP	2,239	$230K	0.1%	$79.63	+15.6%	COM SER A	530307107
CLX	CLOROX CO DEL	1,500	$230K	0.1%	$60.00	+109.5%	COM	189054109
—	TCW STRATEGIC INCOME FUND IN	39,433	$227K	0.1%	$5.53	—	COM	872340104
SNY	SANOFI	5,100	$221K	0.1%	$40.03	—	SPONSORED ADR	80105N105
RSP	INVESCO EXCHANGE TRADED FD T	2,032	$219K	0.1%	$102.27	—	S&P500 EQL WGT	46137V357
JPM	JPMORGAN CHASE & CO	1,937	$217K	0.1%	$68.54	+34.3%	COM	46625H100
SALTUSD	SCORPIO BULKERS INC	46,800	$215K	0.1%	$4.00	—	COM	Y7546A122
GNK	GENCO SHIPPING & TRADING LTD	25,284	$213K	0.1%	$8.17	+1.3%	SHS	Y2685T131
DJCO	DAILY JOURNAL CORP	889	$212K	0.1%	$220.08	0.0%	COM	233912104
UNP	UNION PACIFIC CORP	1,211	$205K	0.1%	$138.09	+7.0%	COM	907818108
—	ANIXTER INTL INC	3,400	$203K	0.1%	$59.71	—	COM	035290105
LMT	LOCKHEED MARTIN CORP	552	$201K	0.1%	$279.77	0.0%	COM	539830109
TRC	TEJON RANCH CO	10,862	$180K	0.1%	$20.20	-15.6%	COM	879080109
—	ENSCO ROWAN PLC	18,205	$155K	0.0%	$8.51	—	SHS CLASS A	G3166L100
—	ANNALY CAP MGMT INC	16,000	$146K	0.0%	$9.96	—	COM	035710409
—	ROYCE GLOBAL VALUE TR INC	11,654	$123K	0.0%	$10.55	—	COM	78081T104
AM	ANTERO MIDSTREAM CORP	10,325	$118K	0.0%	$6.28	0.0%	COM	03676B102
—	SPROTT FOCUS TR INC	16,837	$113K	0.0%	$7.84	—	COM	85208J109
HNRG	HALLADOR ENERGY COMPANY	16,661	$94,000	0.0%	$4.97	+8.4%	COM	40609P105
—	NOBLE CORP PLC	47,075	$88,000	0.0%	$24.88	—	SHS USD	G65431101
—	GRINDROD SHIPPING HOLDINGS L	15,800	$76,000	0.0%	$4.81	—	SHS	Y28895103
—	CONTANGO OIL & GAS COMPANY	34,928	$61,000	0.0%	$6.80	—	COM NEW	21075N204
—	RAMACO RES INC	10,677	$57,000	0.0%	$4.95	—	COM	75134P303
—	MEDLEY CAP CORP	21,408	$50,000	0.0%	$3.76	—	COM	58503F106
—	TEEKAY CORPORATION	13,000	$45,000	0.0%	$3.46	—	COM	Y8564W103
XPL	SOLITARIO ZINC CORP	14,300	$5,000	0.0%	$0.76	-52.3%	COM	8342EP107