Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	245,812	$33.96M	13.1%	$138.14 *	$110.33	+20.7%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	28,752	$18.12M	7.0%	$630.08	$585.03	+6.7%	COM	G9618E107
—	ALLEGHANY CORP DEL	33,917	$14.18M	5.5%	$418.14	$384.03	—	COM	017175100
WRB	BERKLEY W R CORP	242,046	$11.57M	4.5%	$47.80 *	$9.54	+12.1%	COM	084423102
MKL	MARKEL CORP	17,773	$11.31M	4.4%	$636.13	$531.14	+21.5%	COM	570535104
L	LOEWS CORP	261,115	$10.96M	4.2%	$41.96 *	$42.05	-3.2%	COM	540424108
FRFHF	Fairfax Financial Hldgs Ltd	23,526	$10.5M	4.0%	$446.23 *	$317.63	+18.0%	COM	303901102
—	LEUCADIA NATL CORP	385,337	$9.186M	3.5%	$23.84	$26.22	—	COM	527288104
RES	RPC INC	405,520	$8.905M	3.4%	$21.96 *	$11.27	+69.2%	COM	749660106
DVN	DEVON ENERGY CORP NEW	107,965	$7.361M	2.8%	$68.18 *	$38.08	+32.1%	COM	25179M103
—	CIMAREX ENERGY CO	49,268	$6.234M	2.4%	$126.53	$66.60	—	COM	171798101
—	GENERAL AMERN INVS INC	153,706	$5.696M	2.2%	$37.06	$31.94	—	COM	368802104
—	GANNETT INC	164,780	$4.889M	1.9%	$29.67	$24.46	—	COM	364730101
MSFT	MICROSOFT CORP	84,765	$3.93M	1.5%	$46.36 *	$26.70	+41.0%	COM	594918104
WABC	WESTAMERICA BANCORPORATION	83,054	$3.864M	1.5%	$46.52 *	$29.77	+14.2%	COM	957090103
BK	BANK NEW YORK MELLON CORP	92,334	$3.576M	1.4%	$38.73 *	$21.29	+38.2%	COM	064058100
JNJ	JOHNSON & JOHNSON	31,409	$3.348M	1.3%	$106.59 *	$60.42	+25.1%	COM	478160104
KO	COCA COLA CO	76,455	$3.262M	1.3%	$42.67 *	$27.87	+3.5%	COM	191216100
—	SOURCE CAP INC	47,160	$3.065M	1.2%	$64.99	$62.70	—	COM	836144105
ETR	ENTERGY CORP NEW	25,264	$2.976M	1.1%	$117.80 *	$22.95	+4.9%	COM	29364G103
—	DIRECTV	34,189	$2.958M	1.1%	$86.52	$61.63	—	COM	25490A309
SJT	SAN JUAN BASIN RTY TR	127,951	$2.431M	0.9%	$19.00	$16.24	—	UNIT BEN INT	798241105
—	PICO HLDGS INC	111,680	$2.228M	0.9%	$19.95	$21.25	—	COM NEW	693366205
—	CHESAPEAKE ENERGY CORP	89,353	$2.054M	0.8%	$22.99	$22.69	—	COM	165167107
—	DU PONT E I DE NEMOURS & CO	28,414	$2.039M	0.8%	$71.76	$52.51	—	COM	263534109
—	FOREST CITY ENTERPRISES INC	93,572	$1.83M	0.7%	$19.56	$18.59	—	CL A	345550107
—	NABORS INDUSTRIES LTD	75,157	$1.711M	0.7%	$22.77	$15.30	—	SHS	G6359F103
CVX	CHEVRON CORP NEW	14,038	$1.675M	0.6%	$119.32 *	$71.51	+9.8%	COM	166764100
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.655M	0.6%	$206875.00 *	$165023.42	+21.1%	CL A	084670108
ABT	ABBOTT LABS	37,439	$1.557M	0.6%	$41.59 *	$28.85	+18.3%	COM	002824100
—	ATWOOD OCEANICS INC	34,445	$1.505M	0.6%	$43.69	$51.99	—	COM	050095108
—	ROYCE MICRO-CAP TR INC	117,703	$1.385M	0.5%	$11.77	$11.27	—	COM	780915104
WFC	WELLS FARGO & CO NEW	25,914	$1.344M	0.5%	$51.86 *	$27.68	+35.2%	COM	949746101
—	DIAMOND OFFSHORE DRILLING IN	38,357	$1.314M	0.5%	$34.26	$62.86	—	COM	25271C102
TPH	TRI POINTE HOMES INC	100,222	$1.297M	0.5%	$12.94 *	$14.68	-3.1%	COM	87265H109
PTEN	PATTERSON UTI ENERGY INC	39,600	$1.288M	0.5%	$32.53 *	$21.83	+55.6%	COM	703481101
CNA	CNA FINL CORP	33,728	$1.283M	0.5%	$38.04 *	$14.74	+14.1%	COM	126117100
—	AMERICAN NATL INS CO	11,218	$1.261M	0.5%	$112.41	$100.23	—	COM	028591105
—	ENSCO PLC	29,804	$1.231M	0.5%	$41.30	$57.22	—	SHS CLASS A	G3157S106
—	NOBLE CORP PLC	55,325	$1.229M	0.5%	$22.21	$35.77	—	SHS USD	G65431101
—	ROYCE VALUE TR INC	83,267	$1.207M	0.5%	$14.50	$15.16	—	COM	780910105
—	CHICAGO BRIDGE & IRON CO N V	19,970	$1.155M	0.4%	$57.84	$57.84	—	COM	167250109
HP	HELMERICH & PAYNE INC	10,500	$1.028M	0.4%	$97.90 *	$61.57	+72.6%	COM	423452101
—	LIBERTY MEDIA CORP DELAWARE	21,644	$1.017M	0.4%	$46.99	$46.99	—	COM SER C	531229300
VOD	VODAFONE GROUP PLC NEW	30,666	$1.009M	0.4%	$32.90	$36.80	—	SPNSR ADR NO PAR	92857W308
WY	WEYERHAEUSER CO	31,038	$989K	0.4%	$31.86 *	$18.73	+12.4%	COM	962166104
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$987K	0.4%	$41.65 *	$20.36	+66.4%	COM	11133T103
IBM	INTERNATIONAL BUSINESS MACHS	5,163	$980K	0.4%	$189.81 *	$114.34	-0.0%	COM	459200101
—	BROOKFIELD ASSET MGMT INC	20,820	$936K	0.4%	$44.96	$36.03	—	CL A LTD VT SH	112585104
USB	US BANCORP DEL	21,591	$903K	0.3%	$41.82 *	$22.51	+26.2%	COM NEW	902973304
OXY	OCCIDENTAL PETE CORP DEL	9,355	$899K	0.3%	$96.10 *	$57.83	+17.6%	COM	674599105
PBT	PERMIAN BASIN RTY TR	65,750	$893K	0.3%	$13.58	$13.20	—	UNIT BEN INT	714236106
—	ENCANA CORP	41,865	$888K	0.3%	$21.21	$18.54	—	COM	292505104
GEF/B	GREIF INC	17,847	$883K	0.3%	$49.48 *	$30.86	-0.8%	CL B	397624206
—	COVANTA HLDG CORP	40,250	$854K	0.3%	$21.22	$20.02	—	COM	22282E102
AMGN	AMGEN INC	5,983	$840K	0.3%	$140.40 *	$73.34	+28.9%	COM	031162100
NVS	NOVARTIS A G	8,863	$834K	0.3%	$94.10	$72.59	—	SPONSORED ADR	66987V109
—	AXIALL CORP	22,735	$814K	0.3%	$35.80	$42.20	—	COM	05463D100
AAPL	APPLE INC	8,007	$807K	0.3%	$100.79 *	$18.42	+17.4%	COM	037833100
CRT	CROSS TIMBERS RTY TR	24,494	$779K	0.3%	$31.80	$30.28	—	TR UNIT	22757R109
VZ	VERIZON COMMUNICATIONS INC	15,351	$767K	0.3%	$49.96 *	$25.87	+7.4%	COM	92343V104
SYY	SYSCO CORP	19,124	$740K	0.3%	$38.69 *	$24.50	+12.5%	COM	871829107
MET	METLIFE INC	13,505	$725K	0.3%	$53.68 *	$24.56	+35.5%	COM	59156R108
VIG	VANGUARD SPECIALIZED PORTFOL	9,150	$704K	0.3%	$76.94	$69.86	—	DIV APP ETF	921908844
SSP	SCRIPPS E W CO OHIO	43,033	$702K	0.3%	$16.31 *	$9.20	+44.5%	CL A NEW	811054402
WLY	WILEY JOHN & SONS INC	12,450	$699K	0.3%	$56.14 *	$27.09	+57.3%	CL A	968223206
—	EXPRESS SCRIPTS HLDG CO	9,294	$656K	0.3%	$70.58	$70.58	—	COM	30219G108
—	HORSEHEAD HLDG CORP	37,705	$623K	0.2%	$16.52	$12.92	—	COM	440694305
CSCO	CISCO SYS INC	24,619	$620K	0.2%	$25.18 *	$15.43	+14.7%	COM	17275R102
—	MARKET VECTORS ETF TR	12,300	$610K	0.2%	$49.59	$42.96	—	OIL SVCS ETF	57060U191
—	BLACKSTONE GROUP L P	19,100	$601K	0.2%	$31.47	$22.14	—	COM UNIT LTD	09253U108
EBAY	EBAY INC	10,455	$592K	0.2%	$56.62 *	$20.18	-1.9%	COM	278642103
HIG	HARTFORD FINL SVCS GROUP INC	15,600	$581K	0.2%	$37.24 *	$22.20	+28.2%	COM	416515104
PFE	PFIZER INC	19,555	$578K	0.2%	$29.56 *	$16.87	+3.4%	COM	717081103
—	MONMOUTH REAL ESTATE INVT CO	54,625	$553K	0.2%	$10.12	$10.12	—	CL A	609720107
INTC	INTEL CORP	15,833	$551K	0.2%	$34.80 *	$18.15	+41.9%	COM	458140100
VFC	V F CORP	8,200	$541K	0.2%	$65.98 *	$49.70	+20.4%	COM	918204108
PNC	PNC FINL SVCS GROUP INC	6,190	$530K	0.2%	$85.62 *	$47.34	+26.4%	COM	693475105
—	LIBERTY GLOBAL PLC	12,834	$526K	0.2%	$40.98	$48.64	—	SHS CL C	G5480U120
APD	AIR PRODS & CHEMS INC	4,043	$526K	0.2%	$130.10 *	$63.13	+46.4%	COM	009158106
GHC	GRAHAM HLDGS CO	750	$525K	0.2%	$700.00 *	$339.79	+12.3%	COM	384637104
—	LIBERTY MEDIA CORP DELAWARE	11,099	$524K	0.2%	$47.21	$126.75	—	CL A	531229102
GD	GENERAL DYNAMICS CORP	4,100	$521K	0.2%	$127.07 *	$56.44	+68.4%	COM	369550108
WMT	WAL-MART STORES INC	6,795	$520K	0.2%	$76.53 *	$19.98	+1.6%	COM	931142103
GLNG	GOLAR LNG LTD BERMUDA	7,800	$518K	0.2%	$66.41 *	$26.25	+93.5%	SHS	G9456A100
GLW	CORNING INC	25,790	$499K	0.2%	$19.35 *	$10.49	+47.5%	COM	219350105
SRE	SEMPRA ENERGY	4,577	$482K	0.2%	$105.31 *	$27.60	+31.0%	COM	816851109
OFG	OFG BANCORP	30,850	$462K	0.2%	$14.98 *	$16.32	0.0%	COM	67103X102
—	MEDTRONIC INC	6,984	$433K	0.2%	$62.00	$51.63	—	COM	585055106
—	APACHE CORP	4,594	$431K	0.2%	$93.82	$83.80	—	COM	037411105
BAC	BANK AMER CORP	24,489	$418K	0.2%	$17.07 *	$10.47	+20.1%	COM	060505104
AMAT	APPLIED MATLS INC	19,200	$415K	0.2%	$21.61 *	$12.22	+56.9%	COM	038222105
NRG	NRG ENERGY INC	13,569	$414K	0.2%	$30.51 *	$20.54	+18.2%	COM NEW	629377508
PG	PROCTER & GAMBLE CO	4,912	$411K	0.2%	$83.67 *	$55.00	+8.6%	COM	742718109
XOM	EXXON MOBIL CORP	4,207	$396K	0.2%	$94.13 *	$55.31	+11.2%	COM	30231G102
—	ATLAS ENERGY LP	8,925	$393K	0.2%	$44.03	$44.87	—	COM UNITS LP	04930A104
—	DOW CHEM CO	7,374	$387K	0.1%	$52.48	$32.16	—	COM	260543103
—	STARZ	11,201	$374K	0.1%	$33.39	$22.20	—	COM SER A	85571Q102
—	ANNALY CAP MGMT INC	34,800	$372K	0.1%	$10.69	$9.96	—	COM	035710409
—	DIAMOND FOODS INC	12,942	$370K	0.1%	$28.59	$20.73	—	COM	252603105
COP	CONOCOPHILLIPS	4,836	$370K	0.1%	$76.51 *	$39.96	+41.9%	COM	20825C104
SO	SOUTHERN CO	8,466	$370K	0.1%	$43.70 *	$26.74	+1.4%	COM	842587107
EQT	EQT CORP	3,900	$357K	0.1%	$91.54 *	$37.67	+29.0%	COM	26884L109
—	GENERAL ELECTRIC CO	13,383	$343K	0.1%	$25.63	$23.46	—	COM	369604103
T	AT&T INC	9,646	$340K	0.1%	$35.25 *	$11.90	0.0%	COM	00206R102
EMR	EMERSON ELEC CO	5,250	$329K	0.1%	$62.67 *	$40.02	+19.4%	COM	291011104
—	POTASH CORP SASK INC	9,100	$314K	0.1%	$34.51	$32.97	—	COM	73755L107
—	TCW STRATEGIC INCOME FUND IN	53,918	$304K	0.1%	$5.64	$5.54	—	COM	872340104
MRK	MERCK & CO INC NEW	5,074	$301K	0.1%	$59.32 *	$30.45	+29.3%	COM	58933Y105
AXP	AMERICAN EXPRESS CO	3,277	$287K	0.1%	$87.58 *	$61.52	+24.3%	COM	025816109
CLX	CLOROX CO DEL	2,828	$272K	0.1%	$96.18 *	$60.00	+9.4%	COM	189054109
CATY	CATHAY GEN BANCORP	10,800	$268K	0.1%	$24.81 *	$14.04	+31.4%	COM	149150104
DJCO	DAILY JOURNAL CORP	1,458	$263K	0.1%	$180.38 *	$133.49	+39.0%	COM	233912104
OVLY	OAK VALLEY BANCORP OAKDALE C	25,425	$255K	0.1%	$10.03	$8.72	+15.8%	COM	671807105
—	BOARDWALK PIPELINE PARTNERS	13,501	$252K	0.1%	$18.67	$27.16	—	UT LTD PARTNER	096627104
FCX	FREEPORT-MCMORAN INC	7,552	$247K	0.1%	$32.71 *	$25.85	+22.4%	CL B	35671D857
MTR	MESA RTY TR	6,971	$243K	0.1%	$34.86	$21.22	—	UNIT BEN INT	590660106
CCJ	CAMECO CORP	13,103	$231K	0.1%	$17.63	$17.53	-1.1%	COM	13321L108
BP	BP PLC	5,082	$223K	0.1%	$43.88	$41.72	—	SPONSORED ADR	055622104
LBTYAUSD	LIBERTY GLOBAL PLC	5,226	$222K	0.1%	$42.48	$71.81	—	SHS CL A	G5480U104
—	REIS INC	9,400	$222K	0.1%	$23.62	$23.62	—	COM	75936P105
IDT	IDT CORP	13,568	$218K	0.1%	$16.07 *	$9.77	+16.4%	CL B NEW	448947507
—	JOY GLOBAL INC	3,983	$217K	0.1%	$54.48	$50.97	—	COM	481165108
—	PIONEER NAT RES CO	1,100	$217K	0.1%	$197.27	$189.00	—	COM	723787107
PCG	PG&E CORP	4,703	$212K	0.1%	$45.08 *	$40.82	0.0%	COM	69331C108
—	ARGO GROUP INTL HLDGS LTD	4,211	$212K	0.1%	$50.34	$51.06	—	COM	G0464B107
IP	INTL PAPER CO	4,302	$205K	0.1%	$47.65 *	$27.05	+5.8%	COM	460146103
—	FORESTAR GROUP INC	11,550	$205K	0.1%	$17.75	$17.84	—	COM	346233109
—	RESOLUTE FST PRODS INC	13,038	$204K	0.1%	$15.65	$13.16	—	COM	76117W109
HGTXU	HUGOTON RTY TR TEX	19,379	$174K	0.1%	$8.98	$8.62	—	UNIT BEN INT	444717102
—	MFC INDL LTD	23,636	$168K	0.1%	$7.11	$7.97	—	COM	55278T105
WSBF	WATERSTONE FINL INC MD	14,393	$166K	0.1%	$11.53	$10.47	+9.2%	COM	94188P101
—	ROYCE FOCUS TR	20,807	$164K	0.1%	$7.88	$6.97	—	COM	78080N108
—	INVESTORS BANCORP INC NEW	16,107	$163K	0.1%	$10.12	$10.12	—	COM	46146L101
—	ENDURO RTY TR	12,130	$137K	0.1%	$11.29	$12.05	—	TR UNIT	29269K100
—	ACCURIDE CORP NEW	35,400	$134K	0.1%	$3.79	$4.56	—	COM NEW	00439T206
—	MCDERMOTT INTL INC	22,700	$130K	0.1%	$5.73	$8.06	—	COM	580037109
PGN1EUR	PARAGON OFFSHORE PLC	18,086	$111K	0.0%	$6.14	$6.14	—	SHS	G6S01W108
—	ROYCE GLOBAL VALUE TR INC	11,653	$101K	0.0%	$8.67	$8.90	—	COM	78081T104
UBFO	UNITED SECURITY BANCSHARES C	16,367	$91,000	0.0%	$5.56 *	$2.42	+44.2%	COM	911460103
—	MATTSON TECHNOLOGY INC	30,000	$74,000	0.0%	$2.47	$2.73	—	COM	577223100
—	GRAN TIERRA ENERGY INC	12,000	$66,000	0.0%	$5.50	$5.50	—	COM	38500T101
—	CAREER EDUCATION CORP	12,000	$61,000	0.0%	$5.08	$5.67	—	COM	141665109
—	EXCO RESOURCES INC	14,875	$50,000	0.0%	$3.36	$5.38	—	COM	269279402
—	ION GEOPHYSICAL CORP	11,900	$33,000	0.0%	$2.77	$5.98	—	COM	462044108
—	HERCULES OFFSHORE INC	11,400	$25,000	0.0%	$2.19	$4.40	—	COM	427093109
—	TIMMINS GOLD CORP	10,000	$13,000	0.0%	$1.30	$1.70	—	COM	88741P103