Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	243,545	$30.44M	12.7%	$110.33	+5.9%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	26,836	$16.1M	6.7%	$583.46	+0.0%	COM	G9618E107
—	ALLEGHANY CORP DEL	35,545	$13.5M	5.6%	$383.00	—	COM	017175100
L	LOEWS CORP	247,687	$10.98M	4.6%	$42.10	+0.2%	COM	540424108
MKL	MARKEL CORP	16,938	$10.1M	4.2%	$525.36	+8.4%	COM	570535104
FRFHF	Fairfax Financial Hldgs Ltd	23,275	$10.08M	4.2%	$316.93	+2.6%	COM	303901102
WRB	BERKLEY W R CORP	236,191	$9.83M	4.1%	$9.53	-2.8%	COM	084423102
—	LEUCADIA NATL CORP	312,425	$8.748M	3.7%	$26.43	—	COM	527288104
RES	RPC INC	408,360	$8.339M	3.5%	$11.27	+37.8%	COM	749660106
—	CIMAREX ENERGY CO	59,421	$7.078M	3.0%	$64.99	—	COM	171798101
DVN	DEVON ENERGY CORP NEW	103,103	$6.901M	2.9%	$37.52	+11.1%	COM	25179M103
—	GENERAL AMERN INVS INC	154,386	$5.439M	2.3%	$31.94	—	COM	368802104
WABC	WESTAMERICA BANCORPORATION	84,971	$4.595M	1.9%	$29.77	+19.8%	COM	957090103
—	GANNETT INC	165,580	$4.57M	1.9%	$24.46	—	COM	364730101
MSFT	MICROSOFT CORP	84,918	$3.481M	1.5%	$26.70	+17.1%	COM	594918104
BK	BANK NEW YORK MELLON CORP	92,184	$3.253M	1.4%	$21.29	+16.3%	COM	064058100
KO	COCA COLA CO	75,885	$2.934M	1.2%	$27.85	-4.7%	COM	191216100
JNJ	JOHNSON & JOHNSON	29,684	$2.916M	1.2%	$59.66	+11.7%	COM	478160104
—	SOURCE CAP INC	39,711	$2.728M	1.1%	$62.22	—	COM	836144105
—	DIRECTV	34,037	$2.601M	1.1%	$61.63	—	COM	25490A309
—	PICO HLDGS INC	94,012	$2.443M	1.0%	$21.10	—	COM NEW	693366205
SJT	SAN JUAN BASIN RTY TR	127,239	$2.246M	0.9%	$16.17	—	UNIT BEN INT	798241105
—	DIAMOND OFFSHORE DRILLING IN	39,557	$1.929M	0.8%	$62.86	—	COM	25271C102
—	DU PONT E I DE NEMOURS & CO	28,414	$1.907M	0.8%	$52.51	—	COM	263534109
—	NABORS INDUSTRIES LTD	76,677	$1.89M	0.8%	$15.30	—	SHS	G6359F103
—	NOBLE CORP PLC	56,225	$1.841M	0.8%	$35.82	—	SHS USD	G65431101
—	ATWOOD OCEANICS INC	34,745	$1.751M	0.7%	$51.99	—	COM	050095108
—	FOREST CITY ENTERPRISES INC	90,072	$1.72M	0.7%	$18.55	—	CL A	345550107
CVX	CHEVRON CORP NEW	13,928	$1.656M	0.7%	$71.40	-1.5%	COM	166764100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.499M	0.6%	$165023.42	+6.4%	CL A	084670108
ABT	ABBOTT LABS	38,664	$1.489M	0.6%	$28.85	+6.5%	COM	002824100
—	ENSCO PLC	28,092	$1.483M	0.6%	$57.48	—	SHS CLASS A	G3157S106
—	LIBERTY MEDIA CORP DELAWARE	11,079	$1.448M	0.6%	$126.75	—	CL A	531229102
—	ROYCE VALUE TR INC	84,673	$1.332M	0.6%	$15.16	—	COM	780910105
PTEN	PATTERSON UTI ENERGY INC	41,500	$1.315M	0.5%	$21.83	+27.4%	COM	703481101
WY	WEYERHAEUSER CO	43,150	$1.266M	0.5%	$18.73	+1.6%	COM	962166104
WFC	WELLS FARGO & CO NEW	25,138	$1.25M	0.5%	$27.36	+22.1%	COM	949746101
—	AMERICAN NATL INS CO	10,623	$1.201M	0.5%	$99.49	—	COM	028591105
—	ROYCE MICRO-CAP TR INC	95,486	$1.169M	0.5%	$10.96	—	COM	780915104
VOD	VODAFONE GROUP PLC NEW	31,222	$1.149M	0.5%	$36.80	—	SPNSR ADR NO PAR	92857W308
HP	HELMERICH & PAYNE INC	10,500	$1.129M	0.5%	$61.57	+51.0%	COM	423452101
—	AXIALL CORP	22,735	$1.021M	0.4%	$42.20	—	COM	05463D100
CNA	CNA FINL CORP	22,909	$979K	0.4%	$13.70	+28.4%	COM	126117100
USB	US BANCORP DEL	21,591	$925K	0.4%	$22.51	+21.4%	COM NEW	902973304
BR	BROADRIDGE FINL SOLUTIONS IN	24,600	$914K	0.4%	$20.36	+48.6%	COM	11133T103
OXY	OCCIDENTAL PETE CORP DEL	9,448	$900K	0.4%	$57.83	+8.0%	COM	674599105
—	BROOKFIELD ASSET MGMT INC	22,025	$900K	0.4%	$36.03	—	CL A LTD VT SH	112585104
GEF/B	GREIF INC	14,947	$877K	0.4%	$30.91	+1.4%	CL B	397624206
PBT	PERMIAN BASIN RTY TR	59,750	$789K	0.3%	$13.15	—	UNIT BEN INT	714236106
SSP	SCRIPPS E W CO OHIO	43,033	$763K	0.3%	$9.20	+35.3%	CL A NEW	811054402
WLY	WILEY JOHN & SONS INC	12,850	$741K	0.3%	$27.09	+45.5%	CL A	968223206
AMGN	AMGEN INC	5,981	$738K	0.3%	$73.34	+18.5%	COM	031162100
VZ	VERIZON COMMUNICATIONS INC	15,355	$730K	0.3%	$25.87	0.0%	COM	92343V104
—	COVANTA HLDG CORP	40,250	$727K	0.3%	$20.02	—	COM	22282E102
MET	METLIFE INC	13,305	$703K	0.3%	$24.43	+27.2%	COM	59156R108
VIG	VANGUARD SPECIALIZED PORTFOL	9,150	$688K	0.3%	$69.86	—	DIV APP ETF	921908844
NVS	NOVARTIS A G	8,056	$685K	0.3%	$70.70	—	SPONSORED ADR	66987V109
SYY	SYSCO CORP	18,550	$670K	0.3%	$24.40	+7.0%	COM	871829107
—	ENCANA CORP	30,565	$653K	0.3%	$17.37	—	COM	292505104
—	MARKET VECTORS ETF TR	12,600	$634K	0.3%	$42.96	—	OIL SVCS ETF	57060U191
—	BLACKSTONE GROUP L P	18,300	$608K	0.3%	$21.73	—	COM UNIT LTD	09253U108
—	HORSEHEAD HLDG CORP	35,905	$604K	0.3%	$12.74	—	COM	440694305
EBAY	EBAY INC	10,805	$597K	0.2%	$20.18	+2.4%	COM	278642103
CRT	CROSS TIMBERS RTY TR	18,924	$590K	0.2%	$29.81	—	TR UNIT	22757R109
HIG	HARTFORD FINL SVCS GROUP INC	16,700	$589K	0.2%	$22.20	+22.1%	COM	416515104
—	CHESAPEAKE ENERGY CORP	22,434	$575K	0.2%	$21.02	—	COM	165167107
WMT	WAL-MART STORES INC	7,195	$550K	0.2%	$19.98	-0.4%	COM	931142103
GLW	CORNING INC	26,290	$547K	0.2%	$10.49	+31.8%	COM	219350105
PNC	PNC FINL SVCS GROUP INC	6,150	$535K	0.2%	$47.34	+20.0%	COM	693475105
ETR	ENTERGY CORP NEW	7,942	$531K	0.2%	$20.57	-4.5%	COM	29364G103
—	Oriental Financial Grp	30,850	$530K	0.2%	$17.34	—	COM	68618W100
GHC	GRAHAM HLDGS CO	750	$528K	0.2%	$339.79	+5.7%	COM	384637104
CSCO	CISCO SYS INC	22,746	$510K	0.2%	$15.24	+0.4%	COM	17275R102
VFC	V F CORP	8,200	$507K	0.2%	$49.70	+13.3%	COM	918204108
—	LIBERTY GLOBAL PLC	12,438	$506K	0.2%	$48.92	—	SHS CL C	G5480U120
AAPL	APPLE INC	930	$499K	0.2%	$16.58	0.0%	COM	037833100
APD	AIR PRODS & CHEMS INC	4,143	$493K	0.2%	$63.13	+25.6%	COM	009158106
MTR	MESA RTY TR	18,229	$471K	0.2%	$21.22	—	UNIT BEN INT	590660106
—	DIAMOND FOODS INC	12,942	$452K	0.2%	$20.73	—	COM	252603105
GD	GENERAL DYNAMICS CORP	4,100	$447K	0.2%	$56.44	+41.9%	COM	369550108
SRE	SEMPRA ENERGY	4,577	$443K	0.2%	$27.60	+16.7%	COM	816851109
NRG	NRG ENERGY INC	13,390	$426K	0.2%	$20.46	+8.0%	COM NEW	629377508
—	MEDTRONIC INC	6,878	$423K	0.2%	$51.47	—	COM	585055106
EQT	EQT CORP	4,264	$413K	0.2%	$37.67	+26.9%	COM	26884L109
AMAT	APPLIED MATLS INC	19,800	$404K	0.2%	$12.22	+29.0%	COM	038222105
PG	PROCTER & GAMBLE CO	4,866	$392K	0.2%	$55.00	+2.7%	COM	742718109
—	ANNALY CAP MGMT INC	34,925	$383K	0.2%	$9.96	—	COM	035710409
—	APACHE CORP	4,594	$381K	0.2%	$83.80	—	COM	037411105
—	DOW CHEM CO	7,774	$378K	0.2%	$32.16	—	COM	260543103
SO	SOUTHERN CO	8,466	$372K	0.2%	$26.74	-5.5%	COM	842587107
PFE	PFIZER INC	11,455	$368K	0.2%	$16.46	+10.6%	COM	717081103
BAC	BANK OF AMERICA CORPORATION	20,791	$358K	0.1%	$10.09	+31.3%	COM	060505104
—	STARZ	11,004	$355K	0.1%	$22.10	—	COM SER A	85571Q102
INTC	INTEL CORP	13,633	$352K	0.1%	$17.16	+8.8%	COM	458140100
EMR	EMERSON ELEC CO	5,250	$351K	0.1%	$40.02	+19.4%	COM	291011104
IBM	INTERNATIONAL BUSINESS MACHS	1,824	$351K	0.1%	$118.19	-7.6%	COM	459200101
PSX	PHILLIPS 66	4,466	$344K	0.1%	$40.44	+23.2%	COM	718546104
COP	CONOCOPHILLIPS	4,836	$340K	0.1%	$39.96	+13.7%	COM	20825C104
—	POTASH CORP SASK INC	9,100	$330K	0.1%	$32.97	—	COM	73755L107
XOM	EXXON MOBIL CORP	3,366	$329K	0.1%	$53.69	+8.2%	COM	30231G102
GLNG	GOLAR LNG LTD BERMUDA	7,800	$325K	0.1%	$26.25	+10.9%	SHS	G9456A100
—	GENERAL ELECTRIC CO	12,428	$322K	0.1%	$23.30	—	COM	369604103
—	PIONEER NAT RES CO	1,600	$299K	0.1%	$189.00	—	COM	723787107
—	TCW STRATEGIC INCOME FUND IN	53,918	$294K	0.1%	$5.54	—	COM	872340104
MRK	MERCK & CO INC NEW	4,984	$283K	0.1%	$30.11	+18.8%	COM	58933Y105
CCJ	CAMECO CORP	12,100	$277K	0.1%	$17.55	+11.3%	COM	13321L108
CATY	CATHAY GEN BANCORP	10,800	$272K	0.1%	$14.04	+26.7%	COM	149150104
DJCO	DAILY JOURNAL CORP	1,538	$266K	0.1%	$133.49	+25.1%	COM	233912104
CLX	CLOROX CO DEL	2,978	$262K	0.1%	$60.00	+4.5%	COM	189054109
AXP	AMERICAN EXPRESS CO	2,907	$262K	0.1%	$59.62	+26.6%	COM	025816109
—	RESOLUTE FST PRODS INC	13,038	$262K	0.1%	$13.16	—	COM	76117W109
NEE	NEXTERA ENERGY INC	2,700	$258K	0.1%	$14.15	+17.1%	COM	65339F101
FCX	FREEPORT-MCMORAN COPPER & GO	7,552	$250K	0.1%	$25.85	+10.1%	COM	35671D857
BP	BP PLC	5,082	$244K	0.1%	$41.72	—	SPONSORED ADR	055622104
—	JOY GLOBAL INC	3,983	$231K	0.1%	$50.97	—	COM	481165108
IDT	IDT CORP	13,568	$226K	0.1%	$9.77	+24.4%	CL B NEW	448947507
—	CONTANGO OIL & GAS COMPANY	4,693	$224K	0.1%	$47.30	—	COM NEW	21075N204
EIX	EDISON INTL	3,900	$221K	0.1%	$31.68	0.0%	COM	281020107
—	SEARS HLDGS CORP	4,597	$220K	0.1%	$58.68	—	COM	812350106
—	CORE LABORATORIES N V	1,100	$218K	0.1%	$190.91	—	COM	N22717107
—	HARMAN INTL INDS INC	2,000	$213K	0.1%	$106.50	—	COM	413086109
—	FORESTAR GROUP INC	11,550	$206K	0.1%	$17.84	—	COM	346233109
LBTYAUSD	LIBERTY GLOBAL PLC	4,926	$205K	0.1%	$73.50	—	SHS CL A	G5480U104
—	ROCKWELL COLLINS INC	2,575	$205K	0.1%	$79.61	—	COM	774341101
WSBF	WATERSTONE FINL INC MD	18,604	$193K	0.1%	$10.47	0.0%	COM	94188P101
—	MCDERMOTT INTL INC	22,700	$178K	0.1%	$8.06	—	COM	580037109
—	MFC INDL LTD	21,636	$172K	0.1%	$8.00	—	COM	55278T105
—	ROYCE FOCUS TR	20,807	$166K	0.1%	$6.97	—	COM	78080N108
HGTXU	HUGOTON RTY TR TEX	19,379	$156K	0.1%	$8.62	—	UNIT BEN INT	444717102
—	BOARDWALK PIPELINE PARTNERS	11,501	$154K	0.1%	$30.17	—	UT LTD PARTNER	096627104
—	ENDURO RTY TR	12,200	$153K	0.1%	$12.05	—	TR UNIT	29269K100
OVLY	OAK VALLEY BANCORP OAKDALE C	14,448	$136K	0.1%	$7.81	+22.7%	COM	671807105
—	ACCURIDE CORP NEW	29,400	$130K	0.1%	$4.72	—	COM NEW	00439T206
SB	SAFE BULKERS INC	11,600	$110K	0.0%	$5.08	+95.3%	COM	Y7388L103
—	ROYCE GLOBAL VALUE TR INC	11,867	$107K	0.0%	$8.90	—	COM	78081T104
IRDM	IRIDIUM COMMUNICATIONS INC	13,000	$98,000	0.0%	$6.69	0.0%	COM	46269C102
—	EXCO RESOURCES INC	17,375	$97,000	0.0%	$5.38	—	COM	269279402
—	CAREER EDUCATION CORP	12,000	$90,000	0.0%	$5.67	—	COM	141665109
UBFO	UNITED SECURITY BANCSHARES C	16,047	$89,000	0.0%	$2.42	+27.1%	COM	911460103
—	MATTSON TECHNOLOGY INC	30,000	$70,000	0.0%	$2.73	—	COM	577223100
—	ION GEOPHYSICAL CORP	11,900	$50,000	0.0%	$5.98	—	COM	462044108
—	HERCULES OFFSHORE INC	10,400	$48,000	0.0%	$4.62	—	COM	427093109
—	TIMMINS GOLD CORP	10,000	$12,000	0.0%	$1.70	—	COM	88741P103