Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	243,944	$30.87M	12.0%	$110.33	+14.7%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	27,979	$17.02M	6.6%	$583.95	+2.0%	COM	G9618E107
—	ALLEGHANY CORP DEL	32,919	$14.42M	5.6%	$383.00	—	COM	017175100
L	LOEWS CORP	256,028	$11.33M	4.4%	$42.07	-2.0%	COM	540424108
WRB	BERKLEY W R CORP	242,993	$11.25M	4.4%	$9.54	+4.8%	COM	084423102
FRFHF	Fairfax Financial Hldgs Ltd	23,605	$11.15M	4.3%	$317.63	+15.3%	COM	303901102
MKL	MARKEL CORP	16,915	$11.09M	4.3%	$525.36	+19.9%	COM	570535104
RES	RPC INC	406,680	$9.553M	3.7%	$11.27	+65.0%	COM	749660106
—	LEUCADIA NATL CORP	358,138	$9.39M	3.6%	$26.40	—	COM	527288104
—	CIMAREX ENERGY CO	60,662	$8.703M	3.4%	$66.60	—	COM	171798101
DVN	DEVON ENERGY CORP NEW	104,675	$8.311M	3.2%	$37.69	+30.1%	COM	25179M103
—	GENERAL AMERN INVS INC	154,741	$5.698M	2.2%	$31.94	—	COM	368802104
—	GANNETT INC	165,480	$5.181M	2.0%	$24.46	—	COM	364730101
WABC	WESTAMERICA BANCORPORATION	83,054	$4.342M	1.7%	$29.77	+18.2%	COM	957090103
MSFT	MICROSOFT CORP	85,113	$3.549M	1.4%	$26.70	+27.2%	COM	594918104
BK	BANK NEW YORK MELLON CORP	92,534	$3.468M	1.3%	$21.29	+22.5%	COM	064058100
JNJ	JOHNSON & JOHNSON	31,084	$3.252M	1.3%	$60.27	+21.4%	COM	478160104
KO	COCA COLA CO	75,285	$3.189M	1.2%	$27.85	+0.9%	COM	191216100
—	DIRECTV	34,199	$2.907M	1.1%	$61.63	—	COM	25490A309
—	SOURCE CAP INC	39,016	$2.73M	1.1%	$62.22	—	COM	836144105
SJT	SAN JUAN BASIN RTY TR	129,939	$2.507M	1.0%	$16.24	—	UNIT BEN INT	798241105
—	PICO HLDGS INC	103,722	$2.464M	1.0%	$21.35	—	COM NEW	693366205
—	NABORS INDUSTRIES LTD	75,157	$2.207M	0.9%	$15.30	—	SHS	G6359F103
—	DIAMOND OFFSHORE DRILLING IN	39,857	$1.978M	0.8%	$62.86	—	COM	25271C102
—	NOBLE CORP PLC	57,525	$1.931M	0.7%	$35.77	—	SHS USD	G65431101
—	DU PONT E I DE NEMOURS & CO	28,414	$1.859M	0.7%	$52.51	—	COM	263534109
—	FOREST CITY ENTERPRISES INC	91,572	$1.82M	0.7%	$18.57	—	CL A	345550107
—	ATWOOD OCEANICS INC	34,545	$1.813M	0.7%	$51.99	—	COM	050095108
CVX	CHEVRON CORP NEW	13,828	$1.805M	0.7%	$71.40	+6.3%	COM	166764100
—	ENSCO PLC	29,492	$1.639M	0.6%	$57.39	—	SHS CLASS A	G3157S106
ABT	ABBOTT LABS	37,464	$1.532M	0.6%	$28.85	+9.2%	COM	002824100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.519M	0.6%	$165023.42	+15.0%	CL A	084670108
—	LIBERTY MEDIA CORP DELAWARE	11,099	$1.517M	0.6%	$126.75	—	CL A	531229102
—	ROYCE MICRO-CAP TR INC	117,703	$1.485M	0.6%	$11.27	—	COM	780915104
PTEN	PATTERSON UTI ENERGY INC	40,500	$1.415M	0.5%	$21.83	+50.4%	COM	703481101
WY	WEYERHAEUSER CO	40,750	$1.348M	0.5%	$18.73	+3.0%	COM	962166104
—	ROYCE VALUE TR INC	82,739	$1.324M	0.5%	$15.16	—	COM	780910105
WFC	WELLS FARGO & CO NEW	25,098	$1.319M	0.5%	$27.36	+32.7%	COM	949746101
HP	HELMERICH & PAYNE INC	10,500	$1.219M	0.5%	$61.57	+77.9%	COM	423452101
—	AMERICAN NATL INS CO	10,573	$1.207M	0.5%	$99.49	—	COM	028591105
—	AXIALL CORP	22,735	$1.075M	0.4%	$42.20	—	COM	05463D100
VOD	VODAFONE GROUP PLC NEW	30,666	$1.024M	0.4%	$36.80	—	SPNSR ADR NO PAR	92857W308
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$987K	0.4%	$20.36	+55.9%	COM	11133T103
CNA	CNA FINL CORP	24,362	$985K	0.4%	$13.94	+27.0%	COM	126117100
OXY	OCCIDENTAL PETE CORP DEL	9,453	$970K	0.4%	$57.83	+14.4%	COM	674599105
IBM	INTERNATIONAL BUSINESS MACHS	5,234	$949K	0.4%	$114.34	-1.8%	COM	459200101
—	BROOKFIELD ASSET MGMT INC	21,520	$947K	0.4%	$36.03	—	CL A LTD VT SH	112585104
USB	US BANCORP DEL	21,591	$935K	0.4%	$22.51	+24.0%	COM NEW	902973304
SSP	SCRIPPS E W CO OHIO	43,033	$911K	0.4%	$9.20	+35.0%	CL A NEW	811054402
GEF/B	GREIF INC	14,947	$895K	0.3%	$30.91	+6.9%	CL B	397624206
—	COVANTA HLDG CORP	40,250	$830K	0.3%	$20.02	—	COM	22282E102
PBT	PERMIAN BASIN RTY TR	58,150	$829K	0.3%	$13.15	—	UNIT BEN INT	714236106
NVS	NOVARTIS A G	8,658	$784K	0.3%	$72.08	—	SPONSORED ADR	66987V109
WLY	WILEY JOHN & SONS INC	12,850	$779K	0.3%	$27.09	+49.4%	CL A	968223206
—	ENCANA CORP	32,865	$779K	0.3%	$17.81	—	COM	292505104
—	CHESAPEAKE ENERGY CORP	24,634	$766K	0.3%	$21.92	—	COM	165167107
ETR	ENTERGY CORP NEW	8,620	$756K	0.3%	$20.80	+12.7%	COM	29364G103
VZ	VERIZON COMMUNICATIONS INC	15,350	$751K	0.3%	$25.87	+3.6%	COM	92343V104
AAPL	APPLE INC	8,064	$749K	0.3%	$18.42	+1.3%	COM	037833100
MET	METLIFE INC	13,305	$739K	0.3%	$24.43	+30.3%	COM	59156R108
—	MARKET VECTORS ETF TR	12,600	$728K	0.3%	$42.96	—	OIL SVCS ETF	57060U191
VIG	VANGUARD SPECIALIZED PORTFOL	9,150	$713K	0.3%	$69.86	—	DIV APP ETF	921908844
AMGN	AMGEN INC	5,982	$708K	0.3%	$73.34	+13.7%	COM	031162100
SYY	SYSCO CORP	18,550	$695K	0.3%	$24.40	+10.2%	COM	871829107
—	HORSEHEAD HLDG CORP	35,905	$656K	0.3%	$12.74	—	COM	440694305
MTR	MESA RTY TR	18,229	$621K	0.2%	$21.22	—	UNIT BEN INT	590660106
CRT	CROSS TIMBERS RTY TR	18,724	$620K	0.2%	$29.81	—	TR UNIT	22757R109
—	BLACKSTONE GROUP L P	18,300	$612K	0.2%	$21.73	—	COM UNIT LTD	09253U108
HIG	HARTFORD FINL SVCS GROUP INC	16,500	$591K	0.2%	$22.20	+24.1%	COM	416515104
GLW	CORNING INC	26,290	$577K	0.2%	$10.49	+49.4%	COM	219350105
—	Oriental Financial Grp	30,850	$568K	0.2%	$17.34	—	COM	68618W100
CSCO	CISCO SYS INC	22,696	$564K	0.2%	$15.24	+9.2%	COM	17275R102
PNC	PNC FINL SVCS GROUP INC	6,190	$551K	0.2%	$47.34	+26.3%	COM	693475105
—	LIBERTY GLOBAL PLC	12,984	$549K	0.2%	$48.64	—	SHS CL C	G5480U120
EBAY	EBAY INC	10,805	$541K	0.2%	$20.18	-3.9%	COM	278642103
WMT	WAL-MART STORES INC	7,195	$540K	0.2%	$19.98	+2.7%	COM	931142103
GHC	GRAHAM HLDGS CO	750	$539K	0.2%	$339.79	+8.3%	COM	384637104
APD	AIR PRODS & CHEMS INC	4,043	$520K	0.2%	$63.13	+32.9%	COM	009158106
VFC	V F CORP	8,200	$517K	0.2%	$49.70	+17.0%	COM	918204108
NRG	NRG ENERGY INC	13,568	$505K	0.2%	$20.54	+29.7%	COM NEW	629377508
SRE	SEMPRA ENERGY	4,577	$479K	0.2%	$27.60	+25.4%	COM	816851109
GD	GENERAL DYNAMICS CORP	4,100	$478K	0.2%	$56.44	+56.9%	COM	369550108
GLNG	GOLAR LNG LTD BERMUDA	7,800	$469K	0.2%	$26.25	+42.0%	SHS	G9456A100
—	APACHE CORP	4,594	$462K	0.2%	$83.80	—	COM	037411105
INTC	INTEL CORP	14,283	$441K	0.2%	$17.32	+19.4%	COM	458140100
—	MEDTRONIC INC	6,878	$439K	0.2%	$51.47	—	COM	585055106
AMAT	APPLIED MATLS INC	19,200	$433K	0.2%	$12.22	+43.9%	COM	038222105
EQT	EQT CORP	3,900	$417K	0.2%	$37.67	+39.6%	COM	26884L109
COP	CONOCOPHILLIPS	4,836	$415K	0.2%	$39.96	+33.5%	COM	20825C104
XOM	EXXON MOBIL CORP	4,067	$409K	0.2%	$55.10	+12.3%	COM	30231G102
—	ANNALY CAP MGMT INC	34,800	$398K	0.2%	$9.96	—	COM	035710409
—	ATLAS ENERGY LP	8,800	$395K	0.2%	$44.89	—	COM UNITS LP	04930A104
PG	PROCTER & GAMBLE CO	4,888	$384K	0.1%	$55.00	+6.0%	COM	742718109
SO	SOUTHERN CO	8,466	$384K	0.1%	$26.74	+0.8%	COM	842587107
—	DOW CHEM CO	7,374	$379K	0.1%	$32.16	—	COM	260543103
TPH	TRI POINTE HOMES INC	23,710	$373K	0.1%	$16.16	0.0%	COM	87265H109
PFE	PFIZER INC	12,555	$373K	0.1%	$16.55	+6.0%	COM	717081103
—	PIONEER NAT RES CO	1,600	$368K	0.1%	$189.00	—	COM	723787107
—	DIAMOND FOODS INC	12,942	$365K	0.1%	$20.73	—	COM	252603105
EMR	EMERSON ELEC CO	5,250	$348K	0.1%	$40.02	+22.8%	COM	291011104
—	POTASH CORP SASK INC	9,100	$345K	0.1%	$32.97	—	COM	73755L107
—	STARZ	11,141	$332K	0.1%	$22.20	—	COM SER A	85571Q102
—	GENERAL ELECTRIC CO	12,428	$327K	0.1%	$23.30	—	COM	369604103
BAC	BANK OF AMERICA CORPORATION	20,791	$320K	0.1%	$10.09	+21.3%	COM	060505104
DJCO	DAILY JOURNAL CORP	1,538	$318K	0.1%	$133.49	+33.9%	COM	233912104
—	TCW STRATEGIC INCOME FUND IN	53,918	$298K	0.1%	$5.54	—	COM	872340104
—	BOARDWALK PIPELINE PARTNERS	15,501	$287K	0.1%	$27.16	—	UT LTD PARTNER	096627104
MRK	MERCK & CO INC NEW	4,890	$283K	0.1%	$30.11	+26.1%	COM	58933Y105
CATY	CATHAY GEN BANCORP	10,800	$276K	0.1%	$14.04	+25.0%	COM	149150104
AXP	AMERICAN EXPRESS CO	2,907	$276K	0.1%	$59.62	+28.1%	COM	025816109
FCX	FREEPORT-MCMORAN COPPER & GO	7,552	$276K	0.1%	$25.85	+14.3%	COM	35671D857
BP	BP PLC	5,082	$268K	0.1%	$41.72	—	SPONSORED ADR	055622104
CLX	CLOROX CO DEL	2,828	$258K	0.1%	$60.00	+7.5%	COM	189054109
NEE	NEXTERA ENERGY INC	2,500	$256K	0.1%	$14.15	+26.6%	COM	65339F101
—	JOY GLOBAL INC	3,983	$245K	0.1%	$50.97	—	COM	481165108
CCJ	CAMECO CORP	12,100	$237K	0.1%	$17.55	+4.6%	COM	13321L108
IDT	IDT CORP	13,568	$236K	0.1%	$9.77	+18.8%	CL B NEW	448947507
LBTYAUSD	LIBERTY GLOBAL PLC	5,226	$231K	0.1%	$71.81	—	SHS CL A	G5480U104
EIX	EDISON INTL	3,900	$227K	0.1%	$31.68	+13.2%	COM	281020107
—	FORESTAR GROUP INC	11,550	$220K	0.1%	$17.84	—	COM	346233109
—	RESOLUTE FST PRODS INC	13,038	$219K	0.1%	$13.16	—	COM	76117W109
IP	INTL PAPER CO	4,302	$217K	0.1%	$27.05	0.0%	COM	460146103
OVLY	OAK VALLEY BANCORP OAKDALE C	21,900	$217K	0.1%	$8.50	+15.7%	COM	671807105
—	HARMAN INTL INDS INC	2,000	$215K	0.1%	$106.50	—	COM	413086109
—	ARGO GROUP INTL HLDGS LTD	4,211	$215K	0.1%	$51.06	—	COM	G0464B107
CNQ	CANADIAN NAT RES LTD	4,653	$214K	0.1%	$12.47	0.0%	COM	136385101
HGTXU	HUGOTON RTY TR TEX	19,379	$213K	0.1%	$8.62	—	UNIT BEN INT	444717102
WSBF	WATERSTONE FINL INC MD	18,064	$206K	0.1%	$10.47	+2.4%	COM	94188P101
—	ROCKWELL COLLINS INC	2,575	$201K	0.1%	$79.61	—	COM	774341101
—	OAKTREE CAP GROUP LLC	4,000	$200K	0.1%	$50.00	—	UNIT CL A	674001201
—	MCDERMOTT INTL INC	22,700	$184K	0.1%	$8.06	—	COM	580037109
—	MFC INDL LTD	23,636	$181K	0.1%	$7.97	—	COM	55278T105
—	ROYCE FOCUS TR	20,807	$178K	0.1%	$6.97	—	COM	78080N108
—	ENDURO RTY TR	12,200	$169K	0.1%	$12.05	—	TR UNIT	29269K100
—	ACCURIDE CORP NEW	29,400	$144K	0.1%	$4.72	—	COM NEW	00439T206
SB	SAFE BULKERS INC	11,600	$113K	0.0%	$5.08	+71.0%	COM	Y7388L103
—	ROYCE GLOBAL VALUE TR INC	11,653	$110K	0.0%	$8.90	—	COM	78081T104
IRDM	IRIDIUM COMMUNICATIONS INC	13,000	$110K	0.0%	$6.69	+12.4%	COM	46269C102
—	EXCO RESOURCES INC	17,375	$102K	0.0%	$5.38	—	COM	269279402
UBFO	UNITED SECURITY BANCSHARES C	16,206	$90,000	0.0%	$2.42	+37.8%	COM	911460103
—	MATTSON TECHNOLOGY INC	30,000	$66,000	0.0%	$2.73	—	COM	577223100
—	CAREER EDUCATION CORP	12,000	$56,000	0.0%	$5.67	—	COM	141665109
—	ION GEOPHYSICAL CORP	11,900	$50,000	0.0%	$5.98	—	COM	462044108
—	HERCULES OFFSHORE INC	10,400	$42,000	0.0%	$4.62	—	COM	427093109
—	TIMMINS GOLD CORP	10,000	$18,000	0.0%	$1.70	—	COM	88741P103