Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	232,408	$27.55M	12.3%	$110.02	+5.1%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	24,516	$14.79M	6.6%	$583.45	+1.0%	COM	G9618E107
—	ALLEGHANY CORP DEL	29,813	$11.92M	5.3%	$383.63	—	COM	017175100
L	LOEWS CORP	222,679	$10.74M	4.8%	$42.09	+6.9%	COM	540424108
MKL	MARKEL CORP	16,346	$9.486M	4.2%	$523.76	+3.6%	COM	570535104
FRFHF	Fairfax Financial Hldgs Ltd	23,609	$9.445M	4.2%	$316.93	+1.6%	Com	303901102
—	LEUCADIA NATL CORP	301,950	$8.557M	3.8%	$26.38	—	COM	527288104
WRB	BERKLEY W R CORP	194,403	$8.435M	3.8%	$9.58	+2.5%	COM	084423102
RES	RPC INC	411,980	$7.354M	3.3%	$11.27	+29.7%	COM	749660106
—	CIMAREX ENERGY CO	61,150	$6.415M	2.9%	$64.99	—	COM	171798101
DVN	DEVON ENERGY CORP NEW	99,510	$6.157M	2.7%	$37.37	+9.8%	COM	25179M103
—	GENERAL AMERN INVS INC	154,965	$5.455M	2.4%	$31.94	—	COM	368802104
—	GANNETT INC	167,780	$4.963M	2.2%	$24.46	—	COM	364730101
WABC	WESTAMERICA BANCORPORATION	85,091	$4.804M	2.1%	$29.77	+21.9%	COM	957090103
MSFT	MICROSOFT CORP	87,159	$3.261M	1.5%	$26.70	+12.4%	COM	594918104
KO	COCA COLA CO	77,183	$3.188M	1.4%	$27.85	-3.3%	COM	191216100
BK	BANK NEW YORK MELLON CORP	90,384	$3.158M	1.4%	$21.22	+14.5%	COM	064058100
JNJ	JOHNSON & JOHNSON	30,499	$2.793M	1.2%	$59.66	+10.2%	COM	478160104
—	SOURCE CAP INC	37,836	$2.539M	1.1%	$61.90	—	COM	836144105
—	VODAFONE GROUP PLC NEW	63,477	$2.495M	1.1%	$28.75	—	SPONS ADR NEW	92857W209
—	DIRECTV	34,843	$2.406M	1.1%	$61.63	—	COM	25490A309
—	PICO HLDGS INC	94,212	$2.177M	1.0%	$21.10	—	COM NEW	693366205
SJT	SAN JUAN BASIN RTY TR	128,839	$2.157M	1.0%	$16.17	—	UNIT BEN INT	798241105
—	DU PONT E I DE NEMOURS & CO	28,414	$1.846M	0.8%	$52.51	—	COM	263534109
—	ATWOOD OCEANICS INC	33,645	$1.796M	0.8%	$52.04	—	COM	050095108
CVX	CHEVRON CORP NEW	13,928	$1.74M	0.8%	$71.40	+1.5%	COM	166764100
—	LIBERTY MEDIA CORP DELAWARE	11,085	$1.622M	0.7%	$126.75	—	CL A	531229102
—	DIAMOND OFFSHORE DRILLING IN	27,967	$1.592M	0.7%	$68.71	—	COM	25271C102
—	ENSCO PLC	26,392	$1.509M	0.7%	$57.78	—	SHS CLASS A	G3157S106
ABT	ABBOTT LABS	38,814	$1.488M	0.7%	$28.85	+1.3%	COM	002824100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.423M	0.6%	$165023.42	+5.1%	CL A	084670108
WY	WEYERHAEUSER CO	44,350	$1.4M	0.6%	$18.73	+0.5%	COM	962166104
—	NOBLE CORP PLC	36,550	$1.37M	0.6%	$37.48	—	SHS USD	G65431101
—	ROYCE VALUE TR INC	85,373	$1.367M	0.6%	$15.16	—	COM	780910105
—	NABORS INDUSTRIES LTD	76,777	$1.304M	0.6%	$15.30	—	SHS	G6359F103
—	AMERICAN NATL INS CO	10,623	$1.217M	0.5%	$99.49	—	COM	028591105
—	ROYCE MICRO-CAP TR INC	92,486	$1.166M	0.5%	$10.91	—	COM	780915104
WFC	WELLS FARGO & CO NEW	25,188	$1.144M	0.5%	$27.36	+12.4%	COM	949746101
PTEN	PATTERSON UTI ENERGY INC	43,800	$1.109M	0.5%	$21.83	+9.7%	COM	703481101
—	AXIALL CORP	22,735	$1.079M	0.5%	$42.20	—	COM	05463D100
CNA	CNA FINL CORP	22,909	$983K	0.4%	$13.70	+23.1%	COM	126117100
BR	BROADRIDGE FINL SOLUTIONS IN	24,600	$972K	0.4%	$20.36	+42.4%	COM	11133T103
SSP	SCRIPPS E W CO OHIO	43,033	$935K	0.4%	$9.20	+41.1%	CL A NEW	811054402
—	BROOKFIELD ASSET MGMT INC	23,725	$921K	0.4%	$36.03	—	CL A LTD VT SH	112585104
OXY	OCCIDENTAL PETE CORP DEL	9,584	$911K	0.4%	$57.83	+9.6%	COM	674599105
HP	HELMERICH & PAYNE INC	10,500	$883K	0.4%	$61.57	+26.4%	COM	423452101
GEF/B	GREIF INC	14,947	$878K	0.4%	$30.91	0.0%	CL B	397624206
USB	US BANCORP DEL	21,147	$854K	0.4%	$22.41	+13.2%	COM NEW	902973304
—	FOREST CITY ENTERPRISES INC	41,872	$800K	0.4%	$17.91	—	CL A	345550107
ABBV	ABBVIE INC	14,026	$741K	0.3%	$26.55	+14.5%	COM	00287Y109
PBT	PERMIAN BASIN RTY TR	56,850	$731K	0.3%	$13.15	—	UNIT BEN INT	714236106
MET	METLIFE INC	13,305	$717K	0.3%	$24.43	+23.3%	COM	59156R108
—	COVANTA HLDG CORP	40,250	$714K	0.3%	$20.02	—	COM	22282E102
WLY	WILEY JOHN & SONS INC	12,850	$709K	0.3%	$27.09	+31.7%	CL A	968223206
AMGN	AMGEN INC	5,980	$682K	0.3%	$73.34	+10.6%	COM	031162100
NVS	NOVARTIS A G	8,434	$678K	0.3%	$70.70	—	SPONSORED ADR	66987V109
SYY	SYSCO CORP	18,550	$670K	0.3%	$24.40	-0.1%	COM	871829107
HIG	HARTFORD FINL SVCS GROUP INC	17,900	$649K	0.3%	$22.20	+20.4%	COM	416515104
—	CHESAPEAKE ENERGY CORP	22,434	$609K	0.3%	$21.02	—	COM	165167107
EBAY	EBAY INC	11,055	$607K	0.3%	$20.18	-2.4%	COM	278642103
—	MARKET VECTORS ETF TR	12,300	$591K	0.3%	$42.78	—	OIL SVCS ETF	57060U191
—	HORSEHEAD HLDG CORP	35,905	$582K	0.3%	$12.74	—	COM	440694305
WMT	WAL-MART STORES INC	7,215	$568K	0.3%	$19.98	+1.8%	COM	931142103
—	BLACKSTONE GROUP L P	17,300	$545K	0.2%	$21.06	—	COM UNIT LTD	09253U108
—	Oriental Financial Grp	30,850	$535K	0.2%	$17.34	—	Common	68618W100
ETR	ENTERGY CORP NEW	8,092	$512K	0.2%	$20.57	-5.0%	COM	29364G103
VFC	V F CORP	8,200	$511K	0.2%	$49.70	+4.9%	COM	918204108
CSCO	CISCO SYS INC	22,746	$510K	0.2%	$15.24	-0.2%	COM	17275R102
GLW	CORNING INC	28,590	$509K	0.2%	$10.49	+14.9%	COM	219350105
—	ENCANA CORP	27,565	$498K	0.2%	$16.93	—	COM	292505104
GHC	GRAHAM HLDGS CO	750	$497K	0.2%	$339.79	0.0%	COM	384637104
PNC	PNC FINL SVCS GROUP INC	6,150	$477K	0.2%	$47.34	+9.6%	COM	693475105
LBTYAUSD	LIBERTY GLOBAL PLC	4,932	$439K	0.2%	$73.50	—	SHS CL A	G5480U104
PG	PROCTER & GAMBLE CO	5,205	$424K	0.2%	$55.00	+5.5%	COM	742718109
APD	AIR PRODS & CHEMS INC	3,773	$422K	0.2%	$61.55	+21.6%	COM	009158106
CRT	CROSS TIMBERS RTY TR	14,324	$421K	0.2%	$29.37	—	TR UNIT	22757R109
SRE	SEMPRA ENERGY	4,577	$411K	0.2%	$27.60	+10.6%	COM	816851109
VIG	VANGUARD SPECIALIZED PORTFOL	5,450	$410K	0.2%	$66.24	—	DIV APP ETF	921908844
—	APACHE CORP	4,594	$395K	0.2%	$83.80	—	COM	037411105
—	MEDTRONIC INC	6,878	$395K	0.2%	$51.47	—	COM	585055106
GD	GENERAL DYNAMICS CORP	4,100	$392K	0.2%	$56.44	+21.7%	COM	369550108
INTC	INTEL CORP	15,121	$392K	0.2%	$17.16	+4.4%	COM	458140100
MTR	MESA RTY TR	18,093	$384K	0.2%	$21.22	—	UNIT BEN INT	590660106
EQT	EQT CORP	4,264	$383K	0.2%	$37.67	+15.0%	COM	26884L109
NRG	NRG ENERGY INC	13,286	$382K	0.2%	$20.46	+4.8%	COM NEW	629377508
EMR	EMERSON ELEC CO	5,250	$368K	0.2%	$40.02	+20.4%	COM	291011104
IBM	INTERNATIONAL BUSINESS MACHS	1,896	$356K	0.2%	$118.19	-10.0%	COM	459200101
PFE	PFIZER INC	11,455	$351K	0.2%	$16.46	+7.1%	COM	717081103
AMAT	APPLIED MATLS INC	19,800	$350K	0.2%	$12.22	+21.6%	COM	038222105
—	ANNALY CAP MGMT INC	34,925	$348K	0.2%	$9.96	—	COM	035710409
SO	SOUTHERN CO	8,466	$348K	0.2%	$26.74	-8.1%	COM	842587107
—	DOW CHEM CO	7,774	$345K	0.2%	$32.16	—	COM	260543103
XOM	EXXON MOBIL CORP	3,410	$345K	0.2%	$53.69	+4.2%	COM	30231G102
PSX	PHILLIPS 66	4,464	$344K	0.2%	$40.44	+7.4%	COM	718546104
COP	CONOCOPHILLIPS	4,832	$341K	0.2%	$39.96	+21.1%	COM	20825C104
—	GENERAL ELECTRIC CO	12,028	$337K	0.2%	$23.21	—	COM	369604103
—	DIAMOND FOODS INC	12,942	$334K	0.1%	$20.73	—	COM	252603105
—	STARZ	11,065	$324K	0.1%	$22.10	—	COM SER A	85571Q102
BAC	BANK OF AMERICA CORPORATION	20,461	$319K	0.1%	$10.04	+16.3%	COM	060505104
—	LIBERTY GLOBAL PLC	3,762	$317K	0.1%	$67.92	—	SHS CL C	G5480U120
DJCO	DAILY JOURNAL CORP	1,598	$307K	0.1%	$133.49	+11.2%	COM	233912104
—	TCW STRATEGIC INCOME FUND IN	57,418	$307K	0.1%	$5.54	—	COM	872340104
—	POTASH CORP SASK INC	9,100	$300K	0.1%	$32.97	—	COM	73755L107
—	PIONEER NAT RES CO	1,600	$295K	0.1%	$189.00	—	COM	723787107
—	BOARDWALK PIPELINE PARTNERS	11,501	$294K	0.1%	$30.17	—	UT LTD PARTNER	096627104
CATY	CATHAY GENERAL BANCORP	10,800	$289K	0.1%	$14.04	+28.3%	COM	149150104
HGTXU	HUGOTON RTY TR TEX	38,500	$289K	0.1%	$8.62	—	UNIT BEN INT	444717102
GLNG	GOLAR LNG LTD BERMUDA	7,800	$283K	0.1%	$26.25	+8.4%	SHS	G9456A100
CLX	CLOROX CO DEL	2,978	$276K	0.1%	$60.00	+6.3%	COM	189054109
FCX	FREEPORT-MCMORAN COPPER & GO	7,052	$266K	0.1%	$25.67	+17.1%	COM	35671D857
AXP	AMERICAN EXPRESS CO	2,885	$262K	0.1%	$59.62	+16.2%	COM	025816109
CCJ	CAMECO CORP	12,100	$251K	0.1%	$17.55	-3.5%	COM	13321L108
BP	BP PLC	5,082	$247K	0.1%	$41.72	—	SPONSORED ADR	055622104
MRK	MERCK & CO INC NEW	4,903	$245K	0.1%	$30.02	+4.2%	COM	58933Y105
IDT	IDT CORP	13,566	$242K	0.1%	$9.77	+44.6%	CL B NEW	448947507
—	JOY GLOBAL INC	3,983	$233K	0.1%	$50.97	—	COM	481165108
NEE	NEXTERA ENERGY INC	2,700	$231K	0.1%	$14.15	+8.1%	COM	65339F101
—	CONTANGO OIL & GAS COMPANY	4,693	$222K	0.1%	$47.30	—	COM NEW	21075N204
—	SEARS HLDGS CORP	4,499	$221K	0.1%	$58.91	—	COM	812350106
—	RESOLUTE FST PRODS INC	13,300	$213K	0.1%	$13.16	—	COM	76117W109
IP	INTL PAPER CO	4,302	$211K	0.1%	$26.03	0.0%	COM	460146103
—	CORE LABORATORIES N V	1,100	$210K	0.1%	$190.91	—	COM	N22717107
—	MCDERMOTT INTL INC	22,700	$208K	0.1%	$8.06	—	COM	580037109
—	WATERSTONE FINANCIAL INC	18,665	$207K	0.1%	$10.17	—	COM	941888109
—	MFC INDL LTD	19,996	$160K	0.1%	$8.00	—	COM	55278T105
—	ROYCE FOCUS TR	20,807	$159K	0.1%	$6.97	—	COM	78080N108
—	ENDURO RTY TR	12,200	$147K	0.1%	$12.05	—	TR UNIT	29269K100
OVLY	OAK VALLEY BANCORP OAKDALE C	14,448	$121K	0.1%	$7.81	+3.7%	COM	671807105
SB	SAFE BULKERS INC	11,600	$121K	0.1%	$5.08	+56.2%	COM	Y7388L103
—	ACCURIDE CORP NEW	29,400	$110K	0.0%	$4.72	—	COM NEW	00439T206
—	ROYCE GLOBAL VALUE TR INC	12,242	$109K	0.0%	$8.90	—	COM	78081T104
—	MATTSON TECHNOLOGY INC	30,000	$82,000	0.0%	$2.73	—	COM	577223100
UBFO	UNITED SECURITY BANCSHARES C	15,889	$78,000	0.0%	$2.42	+16.2%	COM	911460103
—	EXCO RESOURCES INC	13,900	$74,000	0.0%	$5.32	—	COM	269279402
—	CAREER EDUCATION CORP	12,000	$68,000	0.0%	$5.67	—	COM	141665109
—	ION GEOPHYSICAL CORP	11,900	$39,000	0.0%	$5.98	—	COM	462044108
—	TIMMINS GOLD CORP	10,000	$11,000	0.0%	$1.70	—	COM	88741P103