Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	235,089	$50.06M	18.6%	$212.94 *	$115.89	+76.5%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	25,464	$19.84M	7.4%	$779.02 *	$595.64	+45.2%	COM	G9618E107
—	ALLEGHANY CORP DEL	34,980	$18.2M	6.8%	$520.44	$404.07	—	COM	017175100
WRB	BERKLEY W R CORP	288,655	$17.65M	6.6%	$61.15 *	$14.35	+69.0%	COM	084423102
MKL	MARKEL CORP	17,197	$16.75M	6.2%	$973.72 *	$619.88	+63.9%	COM	570535104
—	ENSTAR GROUP LIMITED	85,992	$13.89M	5.2%	$161.50	$163.29	—	SHS	G3075P101
L	LOEWS CORP	321,385	$11.17M	4.2%	$34.75	$42.22	-16.8%	COM	540424108
JEF	JEFFERIES FINL GROUP INC	614,460	$11.06M	4.1%	$18.00 *	$16.22	-14.6%	COM	47233W109
FRFHF	FAIRFAX FINL HLDGS LTD SUB VTG	35,909	$10.57M	3.9%	$294.47 *	$394.37	-29.4%	Stock	303901102
MSFT	MICROSOFT CORP	28,819	$6.062M	2.3%	$210.35 *	$26.70	+651.8%	COM	594918104
JNJ	JOHNSON & JOHNSON	21,145	$3.148M	1.2%	$148.88 *	$60.59	+109.6%	COM	478160104
—	GENERAL AMERN INVS INC	88,218	$2.995M	1.1%	$33.95	$31.93	—	COM	368802104
BK	BANK NEW YORK MELLON CORP	85,749	$2.945M	1.1%	$34.34 *	$24.83	+25.6%	COM	064058100
UHAL	AMERCO	6,962	$2.478M	0.9%	$355.93 *	$33.83	+0.7%	COM	023586100
BRK/A	BERKSHIRE HATHAWAY INC DEL	7	$2.24M	0.8%	$320000.00 *	$283601.72	+8.2%	CL A	084670108
AAPL	APPLE INC	19,168	$2.22M	0.8%	$115.82 *	$73.01	+45.1%	COM	037833100
LEN/B	LENNAR CORP	31,210	$2.049M	0.8%	$65.65 *	$34.48	+42.9%	CL B	526057302
VIG	VANGUARD SPECIALIZED FUNDS	15,638	$2.012M	0.7%	$128.66	$76.53	—	DIV APP ETF	921908844
WABC	WESTAMERICA BANCORPORATION	34,494	$1.875M	0.7%	$54.36 *	$29.77	+63.2%	COM	957090103
NVR	NVR INC	443	$1.809M	0.7%	$4083.52 *	$3486.22	+10.7%	COM	62944T105
BR	BROADRIDGE FINL SOLUTIONS IN	13,490	$1.781M	0.7%	$132.02 *	$21.85	+458.9%	COM	11133T103
CACC	CREDIT ACCEP CORP MICH	5,073	$1.718M	0.6%	$338.66 *	$430.00	-2.2%	COM	225310101
SCHW	SCHWAB CHARLES CORP	47,335	$1.715M	0.6%	$36.23 *	$49.84	-35.0%	COM	808513105
—	LUMEN TECHNOLOGIES INC	167,638	$1.691M	0.6%	$10.09	$10.94	—	COM	156700106
—	SOURCE CAP INC	40,276	$1.484M	0.6%	$36.85	$55.20	—	COM	836144105
MHK	MOHAWK INDS INC	15,065	$1.47M	0.5%	$97.58 *	$133.40	-32.6%	COM	608190104
AMGN	AMGEN INC	5,341	$1.357M	0.5%	$254.07 *	$91.03	+130.2%	COM	031162100
CNQ	CANADIAN NAT RES LTD	82,884	$1.327M	0.5%	$16.01 *	$9.20	-24.2%	COM	136385101
EMR	EMERSON ELEC CO	19,956	$1.309M	0.5%	$65.59 *	$38.98	+50.8%	COM	291011104
ABT	ABBOTT LABS	11,643	$1.267M	0.5%	$108.82 *	$28.85	+220.1%	COM	002824100
GHC	GRAHAM HLDGS CO	2,962	$1.197M	0.4%	$404.12 *	$371.17	+2.3%	COM CL B	384637104
—	BROOKFIELD ASSET MGMT INC	35,762	$1.182M	0.4%	$33.05	$37.75	—	CL A LTD VT SH	112585104
—	PICO HLDGS INC	130,357	$1.168M	0.4%	$8.96	$17.16	—	COM NEW	693366205
—	ROYCE VALUE TR INC	89,570	$1.132M	0.4%	$12.64	$15.28	—	COM	780910105
—	CTO REALTY GROWTH INC	25,165	$1.11M	0.4%	$44.11	$39.52	—	COM	22948P103
APD	AIR PRODS & CHEMS INC	3,720	$1.108M	0.4%	$297.85 *	$64.78	+288.6%	COM	009158106
—	ROYCE MICRO-CAP TR INC	137,175	$1.052M	0.4%	$7.67	$10.46	—	COM	780915104
—	ISTAR INC	86,020	$1.016M	0.4%	$11.81	$10.65	—	COM	45031U101
RES	RPC INC	377,970	$998K	0.4%	$2.64 *	$11.20	-74.5%	COM	749660106
SBR	SABINE ROYALTY TR	33,495	$975K	0.4%	$29.11	$35.81	—	UNIT BEN INT	785688102
—	DISCOVERY INC	49,370	$968K	0.4%	$19.61	$20.37	—	COM SER C	25470F302
TGNA	TEGNA INC	82,130	$965K	0.4%	$11.75	$18.79	-36.7%	COM	87901J105
LBRDK	LIBERTY BROADBAND CORP	6,425	$918K	0.3%	$142.88 *	$48.64	+164.5%	COM SER C	530307305
PSLV	SPROTT PHYSICAL SILVER TR	110,210	$911K	0.3%	$8.27	$6.42	—	TR UNIT	85207K107
CNA	CNA FINL CORP	27,787	$833K	0.3%	$29.98 *	$15.22	+45.4%	COM	126117100
CVX	CHEVRON CORP NEW	11,098	$799K	0.3%	$71.99 *	$70.82	-6.1%	COM	166764100
CMBT	EURONAV NV	85,496	$755K	0.3%	$8.83 *	$4.79	+9.8%	SHS	B38564108
AXP	AMERICAN EXPRESS CO	7,302	$732K	0.3%	$100.25 *	$55.97	+64.2%	COM	025816109
—	CIMAREX ENERGY CO	29,754	$724K	0.3%	$24.33	$66.60	—	COM	171798101
FCX	FREEPORT-MCMORAN INC	46,165	$722K	0.3%	$15.64 *	$10.56	+27.9%	CL B	35671D857
CABO	CABLE ONE INC	375	$707K	0.3%	$1885.33 *	$366.69	+358.0%	COM	12685J105
DMLP	DORCHESTER MINERALS LP	68,376	$706K	0.3%	$10.33	$15.32	—	COM UNIT	25820R105
SPB	SPECTRUM BRANDS HLDGS INC NE	12,251	$700K	0.3%	$57.14 *	$56.67	-3.2%	COM	84790A105
DD	DUPONT DE NEMOURS INC	12,609	$700K	0.3%	$55.52 *	$27.24	-22.6%	COM	26614N102
VGSH	VANGUARD SCOTTSDALE FDS	11,265	$699K	0.3%	$62.05	$62.10	—	SHORT TERM TREAS	92206C102
JOE	ST JOE CO	33,901	$699K	0.3%	$20.62	$17.07	+22.9%	COM	790148100
COP	CONOCOPHILLIPS	21,188	$696K	0.3%	$32.85 *	$34.28	-9.0%	COM	20825C104
VIGI	VANGUARD WHITEHALL FDS	9,279	$668K	0.2%	$71.99	$70.29	—	INTL DVD ETF	921946810
CRT	CROSS TIMBERS RTY TR	118,801	$653K	0.2%	$5.50	$17.96	—	TR UNIT	22757R109
PYPL	PAYPAL HLDGS INC	3,257	$642K	0.2%	$197.11 *	$35.85	+424.1%	COM	70450Y103
—	AMERICAN NATIONAL GROUP INC	9,059	$612K	0.2%	$67.56	$67.56	—	COM NEW	02772A109
—	LIBERTY GLOBAL PLC	29,759	$611K	0.2%	$20.53	$33.90	—	SHS CL C	G5480U120
DOW	DOW INC	12,613	$593K	0.2%	$47.01 *	$36.37	-7.9%	COM	260557103
BX	BLACKSTONE GROUP INC	11,330	$591K	0.2%	$52.16 *	$39.22	+13.5%	COM CL A	09260D107
SJT	SAN JUAN BASIN RTY TR	232,915	$587K	0.2%	$2.52	$9.88	—	UNIT BEN INT	798241105
AMAT	APPLIED MATLS INC	9,600	$571K	0.2%	$59.48	$12.31	+378.5%	COM	038222105
DNOW	NOW INC	122,848	$558K	0.2%	$4.54 *	$16.66	-54.4%	COM	67011P100
CVS	CVS HEALTH CORP	9,520	$556K	0.2%	$58.40 *	$52.38	0.0%	COM	126650100
NVS	NOVARTIS AG	6,245	$543K	0.2%	$86.95	$72.71	—	SPONSORED ADR	66987V109
VFC	V F CORP	7,500	$527K	0.2%	$70.27 *	$49.70	+30.0%	COM	918204108
—	MONMOUTH REAL ESTATE INVT CO	38,000	$526K	0.2%	$13.84	$10.46	—	CL A	609720107
WY	WEYERHAEUSER CO MTN BE	17,690	$505K	0.2%	$28.55 *	$18.73	+19.2%	COM NEW	962166104
—	LIBERTY MEDIA CORP DEL	13,887	$504K	0.2%	$36.29	$37.15	—	COM SER C FRMLA	531229854
T	AT&T INC	17,471	$498K	0.2%	$28.50 *	$13.28	+17.2%	COM	00206R102
—	ABERDEEN EMRG MRKTS EQT INM	72,110	$467K	0.2%	$6.48	$6.97	—	COM	00301W105
—	TEXAS PAC LD TR	1,033	$466K	0.2%	$451.11	$426.61	—	SUB CTF PROP I T	882610108
USB	US BANCORP DEL	12,808	$459K	0.2%	$35.84 *	$25.39	+14.0%	COM NEW	902973304
GLW	CORNING INC	14,144	$458K	0.2%	$32.38 *	$10.68	+149.6%	COM	219350105
—	ISHARES GOLD TRUST	25,011	$450K	0.2%	$17.99	$17.99	—	ISHARES	464285105
CMCSA	COMCAST CORP NEW	9,114	$422K	0.2%	$46.30 *	$27.44	+37.1%	CL A	20030N101
SLB	SCHLUMBERGER LTD	26,646	$415K	0.2%	$15.57 *	$22.56	-26.7%	COM	806857108
HP	HELMERICH & PAYNE INC	28,130	$412K	0.2%	$14.65 *	$65.64	-73.5%	COM	423452101
IP	INTERNATIONAL PAPER CO	9,850	$399K	0.1%	$40.51 *	$22.81	+22.6%	COM	460146103
ZTS	ZOETIS INC	2,266	$375K	0.1%	$165.49 *	$79.49	+84.5%	CL A	98978V103
SO	SOUTHERN CO	6,890	$374K	0.1%	$54.28 *	$27.42	+58.8%	COM	842587107
CTVA	CORTEVA INC	12,811	$369K	0.1%	$28.80 *	$26.67	-0.7%	COM	22052L104
INTC	INTEL CORP	6,936	$359K	0.1%	$51.76 *	$22.39	+107.8%	COM	458140100
VT	VANGUARD INTL EQUITY INDEX F	4,329	$349K	0.1%	$80.62	$75.26	—	TT WRLD ST ETF	922042742
CSCO	CISCO SYS INC	8,857	$349K	0.1%	$39.40 *	$16.34	+126.8%	COM	17275R102
GBDC	GOLUB CAP BDC INC	26,364	$349K	0.1%	$13.24 *	$7.51	-2.6%	COM	38173M102
ETR	ENTERGY CORP NEW	3,472	$342K	0.1%	$98.50 *	$23.86	+70.3%	COM	29364G103
WFC	WELLS FARGO CO NEW	14,400	$339K	0.1%	$23.54 *	$30.19	-27.7%	COM	949746101
COST	COSTCO WHSL CORP NEW	952	$338K	0.1%	$355.04 *	$142.32	+117.2%	COM	22160K105
EBAY	EBAY INC.	6,200	$323K	0.1%	$52.10 *	$38.43	+30.7%	COM	278642103
VGK	VANGUARD INTL EQUITY INDEX F	6,165	$323K	0.1%	$52.39	$53.52	—	FTSE EUROPE ETF	922042874
NTR	NUTRIEN LTD	7,994	$314K	0.1%	$39.28 *	$38.88	-21.1%	COM	67077M108
—	COVANTA HLDG CORP	40,250	$312K	0.1%	$7.75	$20.02	—	COM	22282E102
VZ	VERIZON COMMUNICATIONS INC	5,202	$309K	0.1%	$59.40 *	$28.97	+47.0%	COM	92343V104
BXMT	BLACKSTONE MTG TR INC	13,875	$305K	0.1%	$21.98	$27.82	—	COM CL A	09257W100
LBRDA	LIBERTY BROADBAND CORP	2,146	$304K	0.1%	$141.66 *	$79.63	+59.5%	COM SER A	530307107
VEA	VANGUARD TAX-MANAGED INTL FD	7,268	$297K	0.1%	$40.86	$40.86	—	FTSE DEV MKT ETF	921943858
TDW	TIDEWATER INC NEW	44,060	$296K	0.1%	$6.72 *	$25.88	-74.6%	COM	88642R109
VONV	VANGUARD SCOTTSDALE FDS	2,855	$296K	0.1%	$103.68	$103.68	—	VNG RUS1000VAL	92206C714
CUBI	CUSTOMERS BANCORP INC	26,300	$295K	0.1%	$11.22 *	$15.29	-22.4%	COM	23204G100
GD	GENERAL DYNAMICS CORP	2,028	$281K	0.1%	$138.56 *	$56.44	+132.2%	COM	369550108
—	TOTAL SE	7,950	$273K	0.1%	$34.34	$49.85	—	SPONSORED ADS	89151E109
SRE	SEMPRA ENERGY	2,291	$271K	0.1%	$118.29 *	$28.74	+79.6%	COM	816851109
OSG	AMBAC FINL GROUP INC	21,100	$269K	0.1%	$12.75	$18.92	-31.9%	COM NEW	023139884
ENB	ENBRIDGE INC	9,208	$269K	0.1%	$29.21 *	$20.51	+7.3%	COM	29250N105
OEC	ORION ENGINEERED CARBONS S A	21,380	$267K	0.1%	$12.49 *	$21.20	-43.5%	COM	L72967109
CEF	SPROTT PHYSICAL GOLD & SILVE	14,167	$260K	0.1%	$18.35	$17.03	—	TR UNIT	85208R101
OXY	OCCIDENTAL PETE CORP	25,731	$258K	0.1%	$10.03 *	$33.32	-60.2%	COM	674599105
AVDV	AMERICAN CENTY ETF TR	5,344	$253K	0.1%	$47.34	$47.34	—	INTL SMCP VLU	025072802
GLNG	GOLAR LNG LTD	41,811	$253K	0.1%	$6.05 *	$16.06	-49.4%	SHS	G9456A100
CVE	CENOVUS ENERGY INC	63,800	$248K	0.1%	$3.89 *	$7.83	-47.0%	COM	15135U109
—	CONTANGO OIL & GAS CO	181,851	$244K	0.1%	$1.34	$3.09	—	COM NEW	21075N204
CARS	CARS COM INC	30,218	$244K	0.1%	$8.07 *	$26.86	-71.1%	COM	14575E105
WMB	WILLIAMS COS INC	12,300	$242K	0.1%	$19.67 *	$14.11	+9.2%	COM	969457100
MET	METLIFE INC	6,362	$236K	0.1%	$37.10 *	$28.97	+10.5%	COM	59156R108
—	SOUTHWESTERN ENERGY CO	99,400	$234K	0.1%	$2.35	$2.07	—	COM	845467109
FNF	FIDELITY NATIONAL FINANCIAL	7,429	$233K	0.1%	$31.36 *	$24.42	0.0%	FNF GROUP COM	31620R303
QCOM	QUALCOMM INC	1,970	$232K	0.1%	$117.77 *	$95.15	0.0%	COM	747525103
GEOS	GEOSPACE TECHNOLOGIES CORP	36,060	$223K	0.1%	$6.18 *	$12.82	-46.7%	COM	37364X109
—	TCW STRATEGIC INCOME FD INC	39,233	$220K	0.1%	$5.61	$5.53	—	COM	872340104
MMM	3M CO	1,365	$219K	0.1%	$160.44 *	$105.95	+4.2%	COM	88579Y101
OFG	OFG BANCORP	17,550	$219K	0.1%	$12.48 *	$16.32	-19.7%	COM	67103X102
DSSI	DIAMOND S SHIPPING INC	31,617	$217K	0.1%	$6.86	$14.10	—	COM	Y20676105
—	CENTRAL SECS CORP	7,496	$217K	0.1%	$28.95	$28.88	—	COM	155123102
MRK	MERCK & CO. INC	2,606	$216K	0.1%	$82.89 *	$31.85	+107.0%	COM	58933Y105
CSW	CSW INDUSTRIALS INC	2,800	$216K	0.1%	$77.14 *	$70.66	0.0%	COM	126402106
DJCO	DAILY JOURNAL CORP	889	$215K	0.1%	$241.84 *	$220.08	+24.9%	COM	233912104
LMT	LOCKHEED MARTIN CORP	552	$212K	0.1%	$384.06 *	$323.73	+1.6%	COM	539830109
SNY	SANOFI	4,100	$206K	0.1%	$50.24	$40.03	—	SPONSORED ADR	80105N105
VTWV	VANGUARD SCOTTSDALE FDS	2,352	$205K	0.1%	$87.16	$87.16	—	VNG RUS2000VAL	92206C649
CATY	CATHAY GEN BANCORP	9,460	$205K	0.1%	$21.67 *	$14.04	+45.4%	COM	149150104
AR	ANTERO RESOURCES CORP	73,431	$202K	0.1%	$2.75 *	$12.66	-75.0%	COM	03674X106
SLRC	SOLAR CAP LTD	11,763	$186K	0.1%	$15.81 *	$10.00	-5.2%	COM	83413U100
GNK	GENCO SHIPPING & TRADING LTD	25,284	$174K	0.1%	$6.88 *	$8.17	-17.5%	SHS	Y2685T131
OVLY	OAK VALLEY BANCORP OAKDALE C	14,215	$163K	0.1%	$11.47 *	$8.75	+48.7%	COM	671807105
—	CORE LABORATORIES N V	10,480	$160K	0.1%	$15.27	$15.27	—	COM	N22717107
MAC	MACERICH CO	23,418	$159K	0.1%	$6.79	$24.50	—	COM	554382101
TRC	TEJON RANCH CO	10,957	$155K	0.1%	$14.15 *	$20.20	-28.6%	COM	879080109
—	CONTURA ENERGY INC	17,568	$129K	0.0%	$7.34	$34.79	—	COM	21241B100
UBFO	UNITED SEC BANCSHARES CALIF	21,049	$129K	0.0%	$6.13 *	$2.58	+75.6%	COM	911460103
—	ROYCE GLOBAL VALUE TR INC	10,410	$128K	0.0%	$12.30	$10.55	—	COM	78081T104
PK	PARK HOTELS RESORTS INC	10,000	$100K	0.0%	$10.00	$7.92	—	COM	700517105
—	SPROTT FOCUS TR INC	16,837	$100K	0.0%	$5.94	$7.84	—	COM	85208J109
—	GRINDROD SHIPPING HOLDINGS L	24,445	$95,000	0.0%	$3.89	$4.26	—	SHS	Y28895103
—	ANNALY CAPITAL MANAGEMENT IN	13,000	$93,000	0.0%	$7.15	$9.96	—	COM	035710409
BSM	BLACK STONE MINERALS L P	15,200	$93,000	0.0%	$6.12	$11.76	—	COM UNIT	09225M101
—	RAMACO RES INC	25,000	$88,000	0.0%	$3.52	$3.52	—	COM	75134P303
CLF	CLEVELAND-CLIFFS INC NEW	13,120	$84,000	0.0%	$6.40 *	$7.30	-17.6%	COM	185899101
PTEN	PATTERSON UTI ENERGY INC	26,739	$76,000	0.0%	$2.84 *	$21.55	-82.9%	COM	703481101
FTI	TECHNIPFMC PLC	10,400	$66,000	0.0%	$6.35 *	$5.52	0.0%	COM	G87110105
—	TEEKAY CORPORATION	25,400	$57,000	0.0%	$2.24	$4.28	—	COM	Y8564W103
—	NEXTIER OILFIELD SOLUTIONS	17,133	$32,000	0.0%	$1.87	$6.71	—	COM	65290C105
TPHS	TRINITY PL HLDGS INC	15,350	$22,000	0.0%	$1.43	$3.82	-63.2%	COM	89656D101
TDAY	GANNETT CO INC	16,951	$22,000	0.0%	$1.30 *	$7.33	-79.2%	COM	36472T109
—	BORR DRILLING LTD	26,754	$15,000	0.0%	$0.56	$8.06	—	SHS	G1466R207
TTI	TETRA TECHNOLOGIES INC DEL	15,000	$8,000	0.0%	$0.53 *	$0.61	0.0%	COM	88162F105
HNRG	HALLADOR ENERGY COMPANY	12,671	$8,000	0.0%	$0.63 *	$4.97	-85.4%	COM	40609P105