Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	254,099	$52.86M	15.7%	$208.02	$115.89	+77.8%	CL B NEW	084670702
—	ALLEGHANY CORP DEL	36,841	$29.39M	8.7%	$797.75	$403.08	—	COM	017175100
WTM	WHITE MTNS INS GROUP LTD	27,075	$29.24M	8.7%	$1080.00	$595.64	+79.1%	COM	G9618E107
WRB	BERKLEY W R CORP	300,514	$21.71M	6.5%	$72.23 *	$13.86	+95.8%	COM	084423102
MKL	MARKEL CORP	18,143	$21.44M	6.4%	$1181.89 *	$619.88	+83.3%	COM	570535104
L	LOEWS CORP	333,464	$17.17M	5.1%	$51.48 *	$42.41	+18.5%	COM	540424108
—	ENSTAR GROUP LIMITED	83,248	$15.81M	4.7%	$189.91	$164.03	—	SHS	G3075P101
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	29,447	$12.99M	3.9%	$441.13 *	$413.99	-1.3%	Stock	303901102
JEF	JEFFERIES FINL GROUP INC	641,155	$11.8M	3.5%	$18.40 *	$16.30	-10.6%	COM	47233W109
MSFT	MICROSOFT CORP	55,712	$7.746M	2.3%	$139.04 *	$26.70	+386.5%	COM	594918104
BK	BANK NEW YORK MELLON CORP	91,623	$4.142M	1.2%	$45.21 *	$24.63	+50.2%	COM	064058100
WABC	WESTAMERICA BANCORPORATION	61,233	$3.807M	1.1%	$62.17 *	$29.77	+68.5%	COM	957090103
—	GENERAL AMERN INVS INC	101,469	$3.688M	1.1%	$36.35	$31.93	—	COM	368802104
JNJ	JOHNSON & JOHNSON	21,954	$2.84M	0.8%	$129.36 *	$60.59	+81.5%	COM	478160104
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$2.495M	0.7%	$311875.00	$283601.72	+9.1%	CL A	084670108
BR	BROADRIDGE FINL SOLUTIONS IN	19,050	$2.37M	0.7%	$124.41 *	$21.85	+428.3%	COM	11133T103
ABT	ABBOTT LABS	28,122	$2.353M	0.7%	$83.67 *	$28.85	+163.8%	COM	002824100
RES	RPC INC	405,672	$2.276M	0.7%	$5.61 *	$11.72	-53.6%	COM	749660106
AAPL	APPLE INC	9,344	$2.093M	0.6%	$223.99 *	$26.11	+92.4%	COM	037833100
DNOW	NOW INC	179,577	$2.06M	0.6%	$11.47 *	$16.66	-25.9%	COM	67011P100
MHK	MOHAWK INDS INC	16,460	$2.042M	0.6%	$124.06 *	$133.40	-3.8%	COM	608190104
—	SOURCE CAP INC	54,258	$1.981M	0.6%	$36.51	$55.20	—	COM	836144105
SCHW	THE CHARLES SCHWAB CORPORATI	47,335	$1.98M	0.6%	$41.83 *	$49.84	-26.0%	COM	808513105
VIG	VANGUARD GROUP	16,301	$1.949M	0.6%	$119.56	$76.53	—	DIV APP ETF	921908844
—	CIMAREX ENERGY CO	38,108	$1.827M	0.5%	$47.94	$66.60	—	COM	171798101
—	CONSOLIDATED TOMOKA LD CO	27,579	$1.809M	0.5%	$65.59	$50.65	—	COM	210226106
UHAL	AMERCO	4,491	$1.752M	0.5%	$390.11 *	$35.08	+5.3%	COM	023586100
CNQ	CANADIAN NAT RES LTD	63,892	$1.701M	0.5%	$26.62 *	$9.84	-9.5%	COM	136385101
SBR	SABINE ROYALTY TR	36,347	$1.572M	0.5%	$43.25	$35.81	—	UNIT BEN INT	785688102
EMR	EMERSON ELEC CO	23,442	$1.567M	0.5%	$66.85 *	$38.98	+39.4%	COM	291011104
CNA	CNA FINL CORP	31,229	$1.538M	0.5%	$49.25 *	$15.22	+99.7%	COM	126117100
TGNA	TEGNA INC	98,445	$1.529M	0.5%	$15.53 *	$18.83	-19.7%	COM	87901J105
LEN/B	LENNAR CORP	34,185	$1.517M	0.5%	$44.38 *	$34.48	-0.2%	CL B	526057302
HP	HELMERICH & PAYNE INC	36,980	$1.482M	0.4%	$40.08 *	$65.64	-32.8%	COM	423452101
—	BROOKFIELD ASSET MGMT INC	27,498	$1.46M	0.4%	$53.09	$39.68	—	CL A LTD VT SH	112585104
CVX	CHEVRON CORP NEW	11,916	$1.413M	0.4%	$118.58 *	$70.82	+29.3%	COM	166764100
COP	CONOCOPHILLIPS	24,430	$1.392M	0.4%	$56.98 *	$34.28	+32.2%	COM	20825C104
—	AMERICAN NATL INS CO	11,184	$1.384M	0.4%	$123.75	$100.11	—	COM	028591105
—	ROYCE VALUE TR INC	93,696	$1.289M	0.4%	$13.76	$15.28	—	COM	780910105
DMLP	DORCHESTER MINERALS LP	68,676	$1.281M	0.4%	$18.65	$15.41	—	COM UNIT	25820R105
—	ISTAR INC	98,070	$1.28M	0.4%	$13.05	$10.65	—	COM	45031U101
—	PICO HLDGS INC	118,504	$1.196M	0.4%	$10.09	$18.08	—	COM NEW	693366205
—	ROYCE MICRO-CAP TR INC	140,996	$1.134M	0.3%	$8.04	$10.46	—	COM	780915104
CRT	CROSS TIMBERS RTY TR	128,963	$1.087M	0.3%	$8.43	$17.96	—	TR UNIT	22757R109
AMGN	AMGEN INC	5,500	$1.064M	0.3%	$193.45 *	$83.83	+88.5%	COM	031162100
AXP	AMERICAN EXPRESS CO	8,094	$957K	0.3%	$118.24 *	$55.97	+101.1%	COM	025816109
—	DISCOVERY INC	37,015	$911K	0.3%	$24.61	$21.26	—	COM SER C	25470F302
DD	DUPONT DE NEMOURS INC	12,607	$899K	0.3%	$71.31 *	$27.24	-4.9%	COM	26614N102
—	CALIFORNIA RES CORP	86,841	$886K	0.3%	$10.20	$15.30	—	COM NEW	13057Q206
TDW	TIDEWATER INC NEW	56,144	$848K	0.3%	$15.10 *	$26.89	-29.9%	COM	88642R109
APD	AIR PRODS & CHEMS INC	3,703	$822K	0.2%	$221.98 *	$64.78	+197.3%	COM	009158106
T	AT&T INC	21,681	$820K	0.2%	$37.82 *	$13.28	+28.0%	COM	00206R102
SYY	SYSCO CORP	9,975	$792K	0.2%	$79.40 *	$25.02	+146.9%	COM	871829107
CABO	CABLE ONE INC	625	$784K	0.2%	$1254.40 *	$366.69	+212.1%	COM	12685J105
PNC	PNC FINL SVCS GROUP INC	5,550	$778K	0.2%	$140.18 *	$47.34	+127.4%	COM	693475105
WFC	WELLS FARGO CO NEW	15,336	$774K	0.2%	$50.47 *	$30.19	+31.8%	COM	949746101
CSCO	CISCO SYS INC	14,948	$739K	0.2%	$49.44 *	$15.65	+173.5%	COM	17275R102
—	LIBERTY GLOBAL PLC	30,815	$733K	0.2%	$23.79	$34.08	—	SHS CL C	G5480U120
ETR	ENTERGY CORP NEW	6,122	$718K	0.2%	$117.28 *	$23.86	+82.0%	COM	29364G103
—	MONMOUTH REAL ESTATE INVT CO	49,500	$713K	0.2%	$14.40	$10.46	—	CL A	609720107
—	COVANTA HLDG CORP	40,250	$696K	0.2%	$17.29	$20.02	—	COM	22282E102
PYPL	PAYPAL HLDGS INC	6,713	$695K	0.2%	$103.53 *	$35.85	+206.5%	COM	70450Y103
LBRDK	LIBERTY BROADBAND CORP	6,604	$691K	0.2%	$104.63 *	$48.64	+100.8%	COM SER C	530307305
COST	COSTCO WHSL CORP NEW	2,379	$685K	0.2%	$287.94 *	$142.32	+80.1%	COM	22160K105
VFC	V F CORP	7,500	$667K	0.2%	$88.93 *	$49.70	+71.9%	COM	918204108
—	DIAMOND OFFSHORE DRILLING IN	119,331	$663K	0.2%	$5.56	$24.58	—	COM	25271C102
GD	GENERAL DYNAMICS CORP	3,613	$660K	0.2%	$182.67 *	$56.44	+184.2%	COM	369550108
—	CENTURYLINK INC	52,448	$655K	0.2%	$12.49	$11.99	—	COM	156700106
BX	BLACKSTONE GROUP INC	13,200	$645K	0.2%	$48.86 *	$39.22	0.0%	COM CL A	09260D107
WY	WEYERHAEUSER CO	23,095	$640K	0.2%	$27.71 *	$18.73	+9.6%	COM	962166104
NVS	NOVARTIS A G	7,306	$635K	0.2%	$86.91	$72.71	—	SPONSORED ADR	66987V109
—	LIBERTY MEDIA CORP DELAWARE	14,919	$620K	0.2%	$41.56	$37.15	—	COM SER C FRMLA	531229854
JOE	ST JOE CO	36,001	$617K	0.2%	$17.14 *	$17.03	+4.2%	COM	790148100
AMAT	APPLIED MATLS INC	12,234	$610K	0.2%	$49.86 *	$12.31	+268.4%	COM	038222105
DOW	DOW INC	12,607	$601K	0.2%	$47.67 *	$36.37	-10.0%	COM	260557103
CACC	CREDIT ACCEP CORP MICH	1,300	$600K	0.2%	$461.54 *	$472.53	0.0%	COM	225310101
GLNG	GOLAR LNG LTD BERMUDA	45,711	$594K	0.2%	$12.99 *	$16.06	-16.9%	SHS	G9456A100
XOM	EXXON MOBIL CORP	8,404	$593K	0.2%	$70.56 *	$55.56	-3.2%	COM	30231G102
—	ABERDEEN EMRG MRKTS EQT INM	80,507	$560K	0.2%	$6.96	$6.97	—	COM	00301W105
MAC	MACERICH CO	17,450	$551K	0.2%	$31.58	$31.58	—	COM	554382101
GBDC	GOLUB CAP BDC INC	28,864	$544K	0.2%	$18.85 *	$7.51	+28.9%	COM	38173M102
GEOS	GEOSPACE TECHNOLOGIES CORP	34,770	$534K	0.2%	$15.36 *	$13.32	+8.3%	COM	37364X109
USB	US BANCORP DEL	9,463	$524K	0.2%	$55.37 *	$22.51	+82.7%	COM NEW	902973304
IP	INTL PAPER CO	12,350	$516K	0.2%	$41.78 *	$22.81	+28.6%	COM	460146103
PG	PROCTER & GAMBLE CO	4,140	$515K	0.2%	$124.40 *	$58.43	+72.8%	COM	742718109
SRE	SEMPRA ENERGY	3,402	$502K	0.1%	$147.56 *	$28.74	+97.8%	COM	816851109
BXMT	BLACKSTONE MTG TR INC	13,875	$497K	0.1%	$35.82	$27.82	—	COM CL A	09257W100
SJT	SAN JUAN BASIN RTY TR	152,052	$459K	0.1%	$3.02	$13.90	—	UNIT BEN INT	798241105
OXY	OCCIDENTAL PETE CORP	10,253	$456K	0.1%	$44.47 *	$57.40	-27.3%	COM	674599105
HIG	HARTFORD FINL SVCS GROUP INC	7,427	$450K	0.1%	$60.59 *	$22.20	+128.8%	COM	416515104
—	GANNETT CO INC	41,050	$441K	0.1%	$10.74	$14.73	—	COM	36473H104
CMCSA	COMCAST CORP NEW	9,621	$434K	0.1%	$45.11 *	$27.32	+37.3%	CL A	20030N101
—	TOTAL S A	8,301	$432K	0.1%	$52.04	$49.85	—	SPONSORED ADS	89151E109
GLW	CORNING INC	15,030	$429K	0.1%	$28.54 *	$10.68	+134.0%	COM	219350105
SO	SOUTHERN CO	6,890	$426K	0.1%	$61.83 *	$27.42	+65.1%	COM	842587107
GHC	GRAHAM HLDGS CO	625	$415K	0.1%	$664.00	$339.79	+95.1%	COM	384637104
OSG	AMBAC FINL GROUP INC	21,100	$413K	0.1%	$19.57 *	$18.92	-2.9%	COM NEW	023139884
PEP	PEPSICO INC	2,858	$392K	0.1%	$137.16 *	$81.92	+33.5%	COM	713448108
OFG	OFG BANCORP	17,550	$384K	0.1%	$21.88	$16.32	+34.7%	COM	67103X102
INTC	INTEL CORP	7,332	$378K	0.1%	$51.55 *	$22.39	+92.2%	COM	458140100
CTVA	CORTEVA INC	12,807	$359K	0.1%	$28.03 *	$26.67	0.0%	COM	22052L104
PSLV	SPROTT PHYSICAL SILVER TR	57,413	$358K	0.1%	$6.24	$6.24	—	TR UNIT	85207K107
BAC	BANK AMER CORP	12,140	$354K	0.1%	$29.16 *	$12.48	+96.8%	COM	060505104
SPY	SPDR S&P 500 ETF TR	1,188	$353K	0.1%	$297.14	$217.64	—	TR UNIT	78462F103
SLV	ISHARES SILVER TRUST	21,990	$350K	0.1%	$15.92	$15.92	—	ISHARES	46428Q109
PBT	PERMIAN BASIN RTY TR	66,543	$345K	0.1%	$5.18	$12.56	—	UNIT BEN INT	714236106
AER	AERCAP HOLDINGS NV	6,182	$338K	0.1%	$54.67 *	$44.09	+17.9%	SHS	N00985106
CATY	CATHAY GEN BANCORP	9,700	$337K	0.1%	$34.74 *	$14.04	+99.4%	COM	149150104
PFE	PFIZER INC	9,370	$337K	0.1%	$35.97 *	$17.63	+53.2%	COM	717081103
BHF	BRIGHTHOUSE FINL INC	8,276	$335K	0.1%	$40.48 *	$56.67	-34.3%	COM	10922N103
VGK	VANGUARD INTL EQUITY INDEX F	6,165	$331K	0.1%	$53.69	$53.52	—	FTSE EUROPE ETF	922042874
CARS	CARS COM INC	35,874	$322K	0.1%	$8.98 *	$26.86	-49.8%	COM	14575E105
VZ	VERIZON COMMUNICATIONS INC	5,202	$314K	0.1%	$60.36 *	$28.62	+41.3%	COM	92343V104
CVE	CENOVUS ENERGY INC	33,475	$314K	0.1%	$9.38 *	$7.63	+5.1%	COM	15135U109
ZTS	ZOETIS INC	2,500	$311K	0.1%	$124.40 *	$79.49	+44.1%	CL A	98978V103
MET	METLIFE INC	6,462	$305K	0.1%	$47.20 *	$25.07	+53.4%	COM	59156R108
—	APACHE CORP	11,889	$304K	0.1%	$25.57	$38.94	—	COM	037411105
VT	VANGUARD INTL EQUITY INDEX F	3,900	$292K	0.1%	$74.87	$75.13	—	TT WRLD ST ETF	922042742
—	ARGO GROUP INTL HLDGS LTD	4,130	$290K	0.1%	$70.22	$51.93	—	COM	G0464B107
—	CELGENE CORP	2,925	$290K	0.1%	$99.15	$89.12	—	COM	151020104
MEOH	METHANEX CORP	8,100	$288K	0.1%	$35.56 *	$31.94	+15.7%	COM	59151K108
SALTUSD	SCORPIO BULKERS INC	46,800	$285K	0.1%	$6.09	$4.00	—	COM	Y7546A122
ENB	ENBRIDGE INC	8,047	$282K	0.1%	$35.04 *	$20.25	+11.9%	COM	29250N105
VIGI	VANGUARD WHITEHALL FDS INC	4,220	$281K	0.1%	$66.59	$64.35	—	INTL DVD ETF	921946810
OEC	ORION ENGINEERED CARBONS S A	16,080	$269K	0.1%	$16.73 *	$24.78	-34.0%	COM	L72967109
MRK	MERCK & CO INC	3,182	$268K	0.1%	$84.22 *	$31.85	+105.5%	COM	58933Y105
PTEN	PATTERSON UTI ENERGY INC	31,400	$268K	0.1%	$8.54 *	$21.55	-54.5%	COM	703481101
FCX	FREEPORT-MCMORAN INC	27,461	$263K	0.1%	$9.58	$10.76	-11.6%	CL B	35671D857
—	LIBERTY MEDIA CORP DELAWARE	9,425	$262K	0.1%	$27.80	$14.63	—	COM C BRAVES GRP	531229888
ALLY	ALLY FINL INC	7,849	$260K	0.1%	$33.13 *	$21.00	+25.5%	COM	02005N100
CMBT	EURONAV NV ANTWERPEN	28,091	$258K	0.1%	$9.18 *	$4.20	-1.4%	SHS	B38564108
VOD	VODAFONE GROUP PLC NEW	12,925	$257K	0.1%	$19.88	$36.24	—	SPONSORED ADR	92857W308
ALK	ALASKA AIR GROUP INC	3,800	$247K	0.1%	$65.00 *	$65.42	-5.0%	COM	011659109
CUBI	CUSTOMERS BANCORP INC	11,800	$245K	0.1%	$20.76 *	$19.84	0.0%	COM	23204G100
—	CONTURA ENERGY INC	8,718	$244K	0.1%	$27.99	$64.27	—	COM	21241B100
—	C&J ENERGY SVCS INC NEW	22,775	$244K	0.1%	$10.71	$26.80	—	COM	12674R100
SLRC	SOLAR CAP LTD	11,763	$243K	0.1%	$20.66 *	$10.00	+7.8%	COM	83413U100
EBAY	EBAY INC	6,200	$242K	0.1%	$39.03 *	$30.92	+16.5%	COM	278642103
OVLY	OAK VALLEY BANCORP OAKDALE C	14,265	$239K	0.1%	$16.75 *	$8.75	+105.2%	COM	671807105
SNY	SANOFI	5,100	$236K	0.1%	$46.27	$40.03	—	SPONSORED ADR	80105N105
—	ANIXTER INTL INC	3,400	$235K	0.1%	$69.12	$59.71	—	COM	035290105
GNK	GENCO SHIPPING & TRADING LTD	25,284	$233K	0.1%	$9.22 *	$8.17	+16.5%	SHS	Y2685T131
LBRDA	LIBERTY BROADBAND CORP	2,220	$232K	0.1%	$104.50 *	$79.63	+21.5%	COM SER A	530307107
CLX	CLOROX CO DEL	1,500	$228K	0.1%	$152.00 *	$60.00	+118.1%	COM	189054109
FTI	TECHNIPFMC PLC	9,300	$225K	0.1%	$24.19 *	$15.89	+11.8%	COM	G87110105
—	TCW STRATEGIC INCOME FUND IN	39,433	$224K	0.1%	$5.68	$5.53	—	COM	872340104
UBFO	UNITED SECURITY BANCSHARES C	21,049	$221K	0.1%	$10.50 *	$2.58	+180.7%	COM	911460103
NTR	NUTRIEN LTD	4,434	$221K	0.1%	$49.84 *	$41.64	-1.5%	COM	67077M108
DJCO	DAILY JOURNAL CORP	889	$220K	0.1%	$247.47 *	$220.08	+3.8%	COM	233912104
RSP	INVESCO EXCHANGE TRADED FD T	2,032	$220K	0.1%	$108.27	$102.27	—	S&P500 EQL WGT	46137V357
LMT	LOCKHEED MARTIN CORP	552	$215K	0.1%	$389.49 *	$279.77	+13.1%	COM	539830109
JPM	JPMORGAN CHASE & CO	1,787	$210K	0.1%	$117.52 *	$68.54	+38.7%	COM	46625H100
TRC	TEJON RANCH CO	10,862	$184K	0.1%	$16.94 *	$20.20	-13.7%	COM	879080109
—	ANNALY CAP MGMT INC	16,000	$141K	0.0%	$8.81	$9.96	—	COM	035710409
AR	ANTERO RES CORP	45,481	$137K	0.0%	$3.01 *	$20.10	-79.7%	COM	03674X106
—	SPROTT FOCUS TR INC	16,837	$113K	0.0%	$6.71	$7.84	—	COM	85208J109
—	ROYCE GLOBAL VALUE TR INC	10,854	$110K	0.0%	$10.13	$10.55	—	COM	78081T104
—	CONTANGO OIL & GAS COMPANY	34,928	$97,000	0.0%	$2.78	$6.80	—	COM NEW	21075N204
—	GRINDROD SHIPPING HOLDINGS L	17,246	$90,000	0.0%	$5.22	$4.84	—	SHS	Y28895103
VALPQ	VALARIS PLC	17,715	$85,000	0.0%	$4.80	$4.80	—	SHS CLASS A	G9402V109
AM	ANTERO MIDSTREAM CORP	10,325	$76,000	0.0%	$7.36 *	$6.28	-30.9%	COM	03676B102
—	TEEKAY CORPORATION	15,000	$60,000	0.0%	$4.00	$3.53	—	COM	Y8564W103
—	NOBLE CORP PLC	43,875	$56,000	0.0%	$1.28	$24.88	—	SHS USD	G65431101
HNRG	HALLADOR ENERGY COMPANY	14,663	$53,000	0.0%	$3.61 *	$4.97	-4.8%	COM	40609P105
TPHS	TRINITY PL HLDGS INC	13,350	$53,000	0.0%	$3.97 *	$3.86	0.0%	COM	89656D101
—	SANDRIDGE MISSISSIPPIAN TR I	18,500	$9,000	0.0%	$0.49	$0.49	—	SH BEN INT	80007V106
XPL	SOLITARIO ZINC CORP	14,300	$4,000	0.0%	$0.28	$0.76	-59.9%	COM	8342EP107