Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	250,211	$56.67M	16.2%	$226.50 *	$115.89	+87.4%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	26,685	$29.77M	8.5%	$1115.53 *	$595.64	+83.1%	COM	G9618E107
—	ALLEGHANY CORP DEL	36,237	$28.97M	8.3%	$799.57	$403.08	—	COM	017175100
MKL	MARKEL CORP	17,999	$20.58M	5.9%	$1143.17	$619.88	+83.7%	COM	570535104
WRB	BERKLEY W R CORP	292,663	$20.22M	5.8%	$69.10 *	$13.86	+94.7%	COM	084423102
L	LOEWS CORP	334,958	$17.58M	5.0%	$52.49 *	$42.41	+15.9%	COM	540424108
—	ENSTAR GROUP LIMITED	81,783	$16.92M	4.8%	$206.86	$164.03	—	SHS	G3075P101
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	30,002	$14.09M	4.0%	$469.70 *	$413.66	-4.2%	Stock	303901102
JEF	JEFFERIES FINL GROUP INC	633,682	$13.54M	3.9%	$21.37 *	$16.30	-4.3%	COM	47233W109
MSFT	MICROSOFT CORP	54,164	$8.542M	2.4%	$157.71 *	$26.70	+421.4%	COM	594918104
BK	BANK NEW YORK MELLON CORP	92,323	$4.647M	1.3%	$50.33 *	$24.63	+62.1%	COM	064058100
WABC	WESTAMERICA BANCORPORATION	61,233	$4.15M	1.2%	$67.77 *	$29.77	+78.8%	COM	957090103
—	GENERAL AMERN INVS INC	94,738	$3.575M	1.0%	$37.74	$31.93	—	COM	368802104
JNJ	JOHNSON & JOHNSON	21,954	$3.202M	0.9%	$145.85 *	$60.59	+88.3%	COM	478160104
AAPL	APPLE INC	8,998	$2.642M	0.8%	$293.62 *	$26.11	+137.5%	COM	037833100
ABT	ABBOTT LABS	28,122	$2.443M	0.7%	$86.87 *	$28.85	+161.0%	COM	002824100
BRK/A	BERKSHIRE HATHAWAY INC DEL	7	$2.377M	0.7%	$339571.43 *	$283601.72	+14.9%	CL A	084670108
BR	BROADRIDGE FINL SOLUTIONS IN	19,050	$2.353M	0.7%	$123.52 *	$21.85	+403.8%	COM	11133T103
RES	RPC INC	430,435	$2.255M	0.6%	$5.24 *	$11.28	-63.6%	COM	749660106
SCHW	THE CHARLES SCHWAB CORPORATI	47,335	$2.251M	0.6%	$47.55 *	$49.84	-18.8%	COM	808513105
MHK	MOHAWK INDS INC	16,160	$2.204M	0.6%	$136.39	$133.40	+2.0%	COM	608190104
CNQ	CANADIAN NAT RES LTD	67,452	$2.182M	0.6%	$32.35 *	$9.84	+0.3%	COM	136385101
VIG	VANGUARD GROUP	16,101	$2.007M	0.6%	$124.65	$76.53	—	DIV APP ETF	921908844
—	CIMAREX ENERGY CO	37,395	$1.963M	0.6%	$52.49	$66.60	—	COM	171798101
—	SOURCE CAP INC	50,209	$1.943M	0.6%	$38.70	$55.20	—	COM	836144105
DNOW	NOW INC	156,450	$1.758M	0.5%	$11.24	$16.66	-33.0%	COM	67011P100
EMR	EMERSON ELEC CO	23,026	$1.756M	0.5%	$76.26 *	$38.98	+61.2%	COM	291011104
UHAL	AMERCO	4,471	$1.68M	0.5%	$375.75 *	$35.08	+8.2%	COM	023586100
—	CONSOLIDATED TOMOKA LD CO	27,112	$1.635M	0.5%	$60.31	$50.65	—	COM	210226106
COP	CONOCOPHILLIPS	24,286	$1.579M	0.5%	$65.02 *	$34.28	+37.6%	COM	20825C104
HP	HELMERICH & PAYNE INC	34,380	$1.562M	0.4%	$45.43 *	$65.64	-38.9%	COM	423452101
—	BROOKFIELD ASSET MGMT INC	26,954	$1.558M	0.4%	$57.80	$39.68	—	CL A LTD VT SH	112585104
TGNA	TEGNA INC	92,530	$1.544M	0.4%	$16.69 *	$18.83	-17.3%	COM	87901J105
LEN/B	LENNAR CORP	33,435	$1.495M	0.4%	$44.71 *	$34.48	+16.6%	CL B	526057302
SBR	SABINE ROYALTY TR	35,853	$1.445M	0.4%	$40.30	$35.81	—	UNIT BEN INT	785688102
CVX	CHEVRON CORP NEW	11,916	$1.436M	0.4%	$120.51 *	$70.82	+26.6%	COM	166764100
CNA	CNA FINL CORP	31,099	$1.394M	0.4%	$44.82 *	$15.22	+89.7%	COM	126117100
—	ISTAR INC	95,070	$1.379M	0.4%	$14.51	$10.65	—	COM	45031U101
—	ROYCE VALUE TR INC	93,033	$1.374M	0.4%	$14.77	$15.28	—	COM	780910105
DMLP	DORCHESTER MINERALS LP	68,976	$1.346M	0.4%	$19.51	$15.41	—	COM UNIT	25820R105
—	PICO HLDGS INC	120,330	$1.338M	0.4%	$11.12	$17.97	—	COM NEW	693366205
AMGN	AMGEN INC	5,450	$1.314M	0.4%	$241.10 *	$83.83	+117.9%	COM	031162100
—	AMERICAN NATL INS CO	11,059	$1.301M	0.4%	$117.64	$100.11	—	COM	028591105
—	ROYCE MICRO-CAP TR INC	140,864	$1.203M	0.3%	$8.54	$10.46	—	COM	780915104
—	DISCOVERY INC	36,465	$1.112M	0.3%	$30.49	$21.26	—	COM SER C	25470F302
CRT	CROSS TIMBERS RTY TR	120,767	$1.052M	0.3%	$8.71	$17.96	—	TR UNIT	22757R109
—	CENTURYLINK INC	76,251	$1.007M	0.3%	$13.21	$12.37	—	COM	156700106
SPB	SPECTRUM BRANDS HLDGS INC NE	15,375	$988K	0.3%	$64.26 *	$56.67	0.0%	COM	84790A105
AXP	AMERICAN EXPRESS CO	7,862	$979K	0.3%	$124.52 *	$55.97	+96.8%	COM	025816109
TDW	TIDEWATER INC NEW	50,444	$973K	0.3%	$19.29 *	$26.89	-40.6%	COM	88642R109
—	DIAMOND OFFSHORE DRILLING IN	134,949	$970K	0.3%	$7.19	$22.56	—	COM	25271C102
CACC	CREDIT ACCEP CORP MICH	2,155	$953K	0.3%	$442.23	$459.84	-4.2%	COM	225310101
CABO	CABLE ONE INC	625	$930K	0.3%	$1488.00 *	$366.69	+257.0%	COM	12685J105
PNC	PNC FINL SVCS GROUP INC	5,550	$886K	0.3%	$159.64 *	$47.34	+153.8%	COM	693475105
APD	AIR PRODS & CHEMS INC	3,703	$870K	0.2%	$234.94 *	$64.78	+199.7%	COM	009158106
SYY	SYSCO CORP	9,975	$853K	0.2%	$85.51 *	$25.02	+173.8%	COM	871829107
T	AT&T INC	21,681	$847K	0.2%	$39.07 *	$13.28	+42.1%	COM	00206R102
WFC	WELLS FARGO CO NEW	15,336	$825K	0.2%	$53.79 *	$30.19	+48.1%	COM	949746101
LBRDK	LIBERTY BROADBAND CORP	6,538	$822K	0.2%	$125.73 *	$48.64	+124.2%	COM SER C	530307305
DD	DUPONT DE NEMOURS INC	12,607	$809K	0.2%	$64.17 *	$27.24	-10.0%	COM	26614N102
VFC	V F CORP	7,500	$747K	0.2%	$99.60 *	$49.70	+80.4%	COM	918204108
JOE	ST JOE CO	37,001	$734K	0.2%	$19.84 *	$17.07	+8.5%	COM	790148100
ETR	ENTERGY CORP NEW	6,122	$733K	0.2%	$119.73 *	$23.86	+97.7%	COM	29364G103
BX	BLACKSTONE GROUP INC	13,100	$733K	0.2%	$55.95 *	$39.22	+7.3%	COM CL A	09260D107
PYPL	PAYPAL HLDGS INC	6,713	$726K	0.2%	$108.15 *	$35.85	+190.0%	COM	70450Y103
CSCO	CISCO SYS INC	14,848	$712K	0.2%	$47.95 *	$15.65	+146.4%	COM	17275R102
COST	COSTCO WHSL CORP NEW	2,379	$699K	0.2%	$293.82 *	$142.32	+90.8%	COM	22160K105
NVS	NOVARTIS A G	7,306	$692K	0.2%	$94.72	$72.71	—	SPONSORED ADR	66987V109
DOW	DOW INC	12,607	$690K	0.2%	$54.73 *	$36.37	+0.9%	COM	260557103
WY	WEYERHAEUSER CO	22,693	$685K	0.2%	$30.19 *	$18.73	+23.4%	COM	962166104
—	LIBERTY GLOBAL PLC	31,261	$681K	0.2%	$21.78	$33.90	—	SHS CL C	G5480U120
AMAT	APPLIED MATLS INC	11,134	$680K	0.2%	$61.07 *	$12.31	+330.7%	COM	038222105
CVE	CENOVUS ENERGY INC	65,975	$670K	0.2%	$10.16 *	$7.83	+2.7%	COM	15135U109
—	LIBERTY MEDIA CORP DELAWARE	14,563	$669K	0.2%	$45.94	$37.15	—	COM SER C FRMLA	531229854
—	CALIFORNIA RES CORP	72,371	$654K	0.2%	$9.04	$15.30	—	COM NEW	13057Q206
GD	GENERAL DYNAMICS CORP	3,613	$637K	0.2%	$176.31 *	$56.44	+176.2%	COM	369550108
GLNG	GOLAR LNG LTD BERMUDA	44,411	$632K	0.2%	$14.23 *	$16.06	-23.3%	SHS	G9456A100
—	MONMOUTH REAL ESTATE INVT CO	43,400	$628K	0.2%	$14.47	$10.46	—	CL A	609720107
—	COVANTA HLDG CORP	40,250	$597K	0.2%	$14.83	$20.02	—	COM	22282E102
GEOS	GEOSPACE TECHNOLOGIES CORP	34,770	$583K	0.2%	$16.77 *	$13.32	+14.0%	COM	37364X109
USB	US BANCORP DEL	9,463	$561K	0.2%	$59.28 *	$22.51	+96.9%	COM NEW	902973304
—	ABERDEEN EMRG MRKTS EQT INM	72,810	$555K	0.2%	$7.62	$6.97	—	COM	00301W105
XOM	EXXON MOBIL CORP	7,904	$552K	0.2%	$69.84 *	$55.56	-6.3%	COM	30231G102
GBDC	GOLUB CAP BDC INC	28,864	$533K	0.2%	$18.47 *	$7.51	+28.4%	COM	38173M102
IP	INTL PAPER CO	11,350	$523K	0.1%	$46.08 *	$22.81	+39.8%	COM	460146103
BXMT	BLACKSTONE MTG TR INC	13,875	$516K	0.1%	$37.19	$27.82	—	COM CL A	09257W100
SRE	SEMPRA ENERGY	3,402	$515K	0.1%	$151.38 *	$28.74	+108.6%	COM	816851109
—	TOTAL S A	8,301	$459K	0.1%	$55.29	$49.85	—	SPONSORED ADS	89151E109
OSG	AMBAC FINL GROUP INC	21,100	$455K	0.1%	$21.56 *	$18.92	+8.4%	COM NEW	023139884
MAC	MACERICH CO	16,450	$443K	0.1%	$26.93	$31.58	—	COM	554382101
HIG	HARTFORD FINL SVCS GROUP INC	7,227	$439K	0.1%	$60.74 *	$22.20	+135.8%	COM	416515104
SO	SOUTHERN CO	6,890	$439K	0.1%	$63.72 *	$27.42	+78.4%	COM	842587107
INTC	INTEL CORP	7,332	$439K	0.1%	$59.87 *	$22.39	+120.0%	COM	458140100
GLW	CORNING INC	15,030	$438K	0.1%	$29.14 *	$10.68	+128.8%	COM	219350105
CARS	CARS COM INC	35,381	$432K	0.1%	$12.21 *	$26.86	-56.6%	COM	14575E105
BAC	BANK AMER CORP	12,146	$428K	0.1%	$35.24 *	$12.48	+122.6%	COM	060505104
OXY	OCCIDENTAL PETE CORP	10,255	$423K	0.1%	$41.25 *	$57.40	-37.3%	COM	674599105
CMCSA	COMCAST CORP NEW	9,395	$422K	0.1%	$44.92 *	$27.32	+38.6%	CL A	20030N101
OFG	OFG BANCORP	17,550	$414K	0.1%	$23.59 *	$16.32	+33.9%	COM	67103X102
SJT	SAN JUAN BASIN RTY TR	157,952	$400K	0.1%	$2.53	$13.48	—	UNIT BEN INT	798241105
GHC	GRAHAM HLDGS CO	625	$399K	0.1%	$638.40 *	$339.79	+76.4%	COM	384637104
PEP	PEPSICO INC	2,858	$391K	0.1%	$136.81 *	$81.92	+37.7%	COM	713448108
SPY	SPDR S&P 500 ETF TR	1,188	$382K	0.1%	$321.55	$217.64	—	TR UNIT	78462F103
BHF	BRIGHTHOUSE FINL INC	9,676	$380K	0.1%	$39.27	$54.16	-27.3%	COM	10922N103
CTVA	CORTEVA INC	12,807	$379K	0.1%	$29.59 *	$26.67	-8.1%	COM	22052L104
PSLV	SPROTT PHYSICAL SILVER TR	57,413	$375K	0.1%	$6.53	$6.24	—	TR UNIT	85207K107
PFE	PFIZER INC	9,370	$367K	0.1%	$39.17 *	$17.63	+51.5%	COM	717081103
SLV	ISHARES SILVER TRUST	21,990	$367K	0.1%	$16.69	$15.92	—	ISHARES	46428Q109
VGK	VANGUARD INTL EQUITY INDEX F	6,165	$361K	0.1%	$58.56	$53.52	—	FTSE EUROPE ETF	922042874
CATY	CATHAY GEN BANCORP	9,500	$361K	0.1%	$38.00 *	$14.04	+111.0%	COM	149150104
FCX	FREEPORT-MCMORAN INC	27,463	$360K	0.1%	$13.11 *	$10.76	-4.9%	CL B	35671D857
AER	AERCAP HOLDINGS NV	5,782	$355K	0.1%	$61.40 *	$44.09	+31.3%	SHS	N00985106
SALTUSD	SCORPIO BULKERS INC	53,800	$343K	0.1%	$6.38	$4.31	—	COM	Y7546A122
CMBT	EURONAV NV ANTWERPEN	26,591	$333K	0.1%	$12.52 *	$4.20	+29.7%	SHS	B38564108
NTR	NUTRIEN LTD	6,934	$332K	0.1%	$47.88 *	$40.77	-3.8%	COM	67077M108
SLB	SCHLUMBERGER LTD	8,237	$331K	0.1%	$40.18 *	$30.72	0.0%	COM	806857108
ZTS	ZOETIS INC	2,500	$331K	0.1%	$132.40 *	$79.49	+48.6%	CL A	98978V103
OEC	ORION ENGINEERED CARBONS S A	17,080	$330K	0.1%	$19.32 *	$24.39	-25.9%	COM	L72967109
MET	METLIFE INC	6,462	$329K	0.1%	$50.91 *	$25.07	+56.9%	COM	59156R108
DSSI	DIAMOND S SHIPPING INC	19,367	$324K	0.1%	$16.73	$16.73	—	COM	Y20676105
PTEN	PATTERSON UTI ENERGY INC	30,500	$320K	0.1%	$10.49 *	$21.55	-58.0%	COM	703481101
VZ	VERIZON COMMUNICATIONS INC	5,202	$319K	0.1%	$61.32 *	$28.62	+49.5%	COM	92343V104
VT	VANGUARD INTL EQUITY INDEX F	3,900	$316K	0.1%	$81.03	$75.13	—	TT WRLD ST ETF	922042742
ENB	ENBRIDGE INC	7,820	$311K	0.1%	$39.77 *	$20.25	+22.7%	COM	29250N105
MRK	MERCK & CO INC	3,182	$289K	0.1%	$90.82 *	$31.85	+112.1%	COM	58933Y105
CUBI	CUSTOMERS BANCORP INC	11,800	$281K	0.1%	$23.81 *	$19.84	+15.7%	COM	23204G100
—	BORR DRILLING LTD	30,862	$279K	0.1%	$9.04	$9.04	—	SHS	G1466R207
OVLY	OAK VALLEY BANCORP OAKDALE C	14,265	$278K	0.1%	$19.49 *	$8.75	+102.5%	COM	671807105
LBRDA	LIBERTY BROADBAND CORP	2,196	$274K	0.1%	$124.77 *	$79.63	+36.3%	COM SER A	530307107
ALLY	ALLY FINL INC	8,849	$270K	0.1%	$30.51 *	$21.51	+18.7%	COM	02005N100
GNK	GENCO SHIPPING & TRADING LTD	25,284	$269K	0.1%	$10.64 *	$8.17	+26.1%	SHS	Y2685T131
—	LIBERTY MEDIA CORP DELAWARE	9,092	$269K	0.1%	$29.59	$14.63	—	COM C BRAVES GRP	531229888
—	APACHE CORP	10,414	$266K	0.1%	$25.54	$38.94	—	COM	037411105
DJCO	DAILY JOURNAL CORP	889	$258K	0.1%	$290.21 *	$220.08	+27.1%	COM	233912104
ALK	ALASKA AIR GROUP INC	3,800	$257K	0.1%	$67.63	$65.42	+3.5%	COM	011659109
SNY	SANOFI	5,100	$256K	0.1%	$50.20	$40.03	—	SPONSORED ADR	80105N105
PBT	PERMIAN BASIN RTY TR	65,000	$252K	0.1%	$3.88	$12.56	—	UNIT BEN INT	714236106
JPM	JPMORGAN CHASE & CO	1,787	$249K	0.1%	$139.34 *	$68.54	+58.6%	COM	46625H100
SLRC	SOLAR CAP LTD	11,763	$243K	0.1%	$20.66 *	$10.00	+9.8%	COM	83413U100
—	CONTANGO OIL & GAS COMPANY	64,832	$238K	0.1%	$3.67	$5.36	—	COM NEW	21075N204
RSP	INVESCO EXCHANGE TRADED FD T	2,032	$235K	0.1%	$115.65	$102.27	—	S&P500 EQL WGT	46137V357
—	ARGO GROUP INTL HLDGS LTD	3,560	$234K	0.1%	$65.73	$51.93	—	COM	G0464B107
VIGI	VANGUARD WHITEHALL FDS INC	3,248	$234K	0.1%	$72.04	$64.35	—	INTL DVD ETF	921946810
CLX	CLOROX CO DEL	1,500	$230K	0.1%	$153.33 *	$60.00	+107.6%	COM	189054109
—	TCW STRATEGIC INCOME FUND IN	39,433	$228K	0.1%	$5.78	$5.53	—	COM	872340104
UBFO	UNITED SECURITY BANCSHARES C	21,049	$226K	0.1%	$10.74 *	$2.58	+177.8%	COM	911460103
EBAY	EBAY INC	6,200	$224K	0.1%	$36.13 *	$30.92	+5.6%	COM	278642103
UNP	UNION PACIFIC CORP	1,215	$220K	0.1%	$181.07 *	$149.35	0.0%	COM	907818108
CSW	CSW INDUSTRIALS INC	2,800	$216K	0.1%	$77.14 *	$69.67	0.0%	COM	126402106
LMT	LOCKHEED MARTIN CORP	552	$215K	0.1%	$389.49 *	$279.77	+16.1%	COM	539830109
—	NEXTIER OILFIELD SOLUTIONS I	31,575	$212K	0.1%	$6.71	$6.71	—	COM	65290C105
PG	PROCTER & GAMBLE CO	1,668	$208K	0.1%	$124.70 *	$58.43	+80.1%	COM	742718109
VOD	VODAFONE GROUP PLC NEW	10,309	$199K	0.1%	$19.30	$36.24	—	SPONSORED ADR	92857W308
BSM	BLACK STONE MINERALS L P	15,200	$193K	0.1%	$12.70	$12.70	—	COM UNIT	09225M101
TRC	TEJON RANCH CO	10,957	$175K	0.0%	$15.97 *	$20.20	-19.2%	COM	879080109
AR	ANTERO RES CORP	56,431	$161K	0.0%	$2.85 *	$16.69	-84.7%	COM	03674X106
—	ANNALY CAP MGMT INC	16,000	$151K	0.0%	$9.44	$9.96	—	COM	035710409
—	TEEKAY CORPORATION	26,000	$138K	0.0%	$5.31	$4.28	—	COM	Y8564W103
TDAY	GANNETT CO INC NEW	20,365	$130K	0.0%	$6.38 *	$7.33	0.0%	COM	36472T109
—	ROYCE GLOBAL VALUE TR INC	10,810	$126K	0.0%	$11.66	$10.55	—	COM	78081T104
—	SPROTT FOCUS TR INC	16,837	$124K	0.0%	$7.36	$7.84	—	COM	85208J109
—	SOUTHWESTERN ENERGY CO	49,100	$119K	0.0%	$2.42	$2.42	—	COM	845467109
VALPQ	VALARIS PLC	17,002	$112K	0.0%	$6.59	$4.80	—	SHS CLASS A	G9402V109
—	GRINDROD SHIPPING HOLDINGS L	17,246	$112K	0.0%	$6.49	$4.84	—	SHS	Y28895103
—	CONTURA ENERGY INC	12,318	$111K	0.0%	$9.01	$48.12	—	COM	21241B100
CLF	CLEVELAND CLIFFS INC	12,120	$102K	0.0%	$8.42 *	$7.50	0.0%	COM	185899101
TPHS	TRINITY PL HLDGS INC	15,350	$46,000	0.0%	$3.00 *	$3.82	-6.8%	COM	89656D101
HNRG	HALLADOR ENERGY COMPANY	14,665	$44,000	0.0%	$3.00 *	$4.97	-38.3%	COM	40609P105
—	NOBLE CORP PLC	32,875	$40,000	0.0%	$1.22	$24.88	—	SHS USD	G65431101