Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	245,707	$36.89M	13.9%	$110.33	+30.8%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	29,940	$18.86M	7.1%	$587.06	+8.3%	COM	G9618E107
—	ALLEGHANY CORP DEL	35,517	$16.46M	6.2%	$387.61	—	COM	017175100
WRB	BERKLEY W R CORP	241,929	$12.4M	4.7%	$9.54	+22.2%	COM	084423102
MKL	MARKEL CORP	17,815	$12.16M	4.6%	$531.14	+27.7%	COM	570535104
L	LOEWS CORP	267,382	$11.32M	4.3%	$41.99	-5.5%	COM	540424108
FRFHF	Fairfax Financial Hldgs Ltd	21,215	$11.12M	4.2%	$317.63	+24.4%	COM	303901102
—	LEUCADIA NATL CORP	393,889	$8.831M	3.3%	$26.14	—	COM	527288104
DVN	DEVON ENERGY CORP NEW	108,370	$6.633M	2.5%	$38.08	+8.0%	COM	25179M103
—	GENERAL AMERN INVS INC	152,634	$5.342M	2.0%	$31.94	—	COM	368802104
RES	RPC INC	405,606	$5.289M	2.0%	$11.27	+16.8%	COM	749660106
—	GANNETT INC	164,680	$5.258M	2.0%	$24.46	—	COM	364730101
—	CIMAREX ENERGY CO	48,999	$5.194M	2.0%	$66.60	—	COM	171798101
WABC	WESTAMERICA BANCORPORATION	83,054	$4.071M	1.5%	$29.77	+13.2%	COM	957090103
MSFT	MICROSOFT CORP	84,765	$3.937M	1.5%	$26.70	+49.3%	COM	594918104
BK	BANK NEW YORK MELLON CORP	92,634	$3.758M	1.4%	$21.29	+39.7%	COM	064058100
ETR	ENTERGY CORP NEW	26,478	$3.53M	1.3%	$23.12	+15.3%	COM	29364G103
—	SOURCE CAP INC	48,782	$3.484M	1.3%	$62.99	—	COM	836144105
JNJ	JOHNSON & JOHNSON	31,536	$3.298M	1.2%	$60.42	+27.9%	COM	478160104
KO	COCA COLA CO	75,826	$3.201M	1.2%	$27.87	+7.8%	COM	191216100
—	DIRECTV	34,162	$2.962M	1.1%	$61.63	—	COM	25490A309
—	CHICAGO BRIDGE & IRON CO N V	55,097	$2.313M	0.9%	$47.73	—	COM	167250109
—	DU PONT E I DE NEMOURS & CO	28,414	$2.101M	0.8%	$52.51	—	COM	263534109
—	FOREST CITY ENTERPRISES INC	96,768	$2.061M	0.8%	$18.68	—	CL A	345550107
—	CHESAPEAKE ENERGY CORP	104,450	$2.044M	0.8%	$22.24	—	COM	165167107
—	PICO HLDGS INC	106,830	$2.014M	0.8%	$21.25	—	COM NEW	693366205
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.808M	0.7%	$165023.42	+31.2%	CL A	084670108
SJT	SAN JUAN BASIN RTY TR	123,669	$1.762M	0.7%	$16.24	—	UNIT BEN INT	798241105
ABT	ABBOTT LABS	37,439	$1.686M	0.6%	$28.85	+22.4%	COM	002824100
CVX	CHEVRON CORP NEW	14,548	$1.632M	0.6%	$71.47	-1.3%	COM	166764100
GEF/B	GREIF INC	32,237	$1.588M	0.6%	$29.74	-4.7%	CL B	397624206
TPH	TRI POINTE HOMES INC	101,909	$1.554M	0.6%	$14.68	-3.0%	COM	87265H109
—	DIAMOND OFFSHORE DRILLING IN	40,662	$1.493M	0.6%	$61.38	—	COM	25271C102
WFC	WELLS FARGO & CO NEW	26,314	$1.443M	0.5%	$27.85	+39.2%	COM	949746101
—	AMERICAN NATL INS CO	11,623	$1.328M	0.5%	$100.72	—	COM	028591105
CNA	CNA FINL CORP	33,878	$1.311M	0.5%	$14.74	+14.0%	COM	126117100
—	ROYCE MICRO-CAP TR INC	117,538	$1.185M	0.4%	$11.27	—	COM	780915104
—	ROYCE VALUE TR INC	82,667	$1.185M	0.4%	$15.16	—	COM	780910105
VIG	VANGUARD SPECIALIZED PORTFOL	14,150	$1.148M	0.4%	$73.84	—	DIV APP ETF	921908844
WY	WEYERHAEUSER CO	31,038	$1.114M	0.4%	$18.73	+19.0%	COM	962166104
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$1.094M	0.4%	$20.36	+76.3%	COM	11133T103
—	ATWOOD OCEANICS INC	37,370	$1.06M	0.4%	$50.14	—	COM	050095108
IBM	INTERNATIONAL BUSINESS MACHS	6,587	$1.057M	0.4%	$111.34	-9.8%	COM	459200101
VOD	VODAFONE GROUP PLC NEW	30,894	$1.056M	0.4%	$36.80	—	SPNSR ADR NO PAR	92857W308
—	BROOKFIELD ASSET MGMT INC	20,796	$1.043M	0.4%	$36.03	—	CL A LTD VT SH	112585104
USB	US BANCORP DEL	21,591	$971K	0.4%	$22.51	+29.4%	COM NEW	902973304
AAPL	APPLE INC	8,462	$934K	0.4%	$18.72	+28.7%	COM	037833100
AMGN	AMGEN INC	5,783	$921K	0.3%	$73.34	+54.5%	COM	031162100
SSP	SCRIPPS E W CO OHIO	41,033	$917K	0.3%	$9.20	+38.8%	CL A NEW	811054402
—	COVANTA HLDG CORP	40,250	$886K	0.3%	$20.02	—	COM	22282E102
—	NABORS INDUSTRIES LTD	68,187	$885K	0.3%	$15.30	—	SHS	G6359F103
—	ENSCO PLC	28,821	$863K	0.3%	$57.22	—	SHS CLASS A	G3157S106
—	AXIALL CORP	20,240	$860K	0.3%	$42.20	—	COM	05463D100
NVS	NOVARTIS A G	8,924	$827K	0.3%	$72.59	—	SPONSORED ADR	66987V109
—	EXPRESS SCRIPTS HLDG CO	9,294	$787K	0.3%	$70.58	—	COM	30219G108
—	LIBERTY MEDIA CORP DELAWARE	21,450	$751K	0.3%	$46.99	—	COM SER C	531229300
OXY	OCCIDENTAL PETE CORP DEL	9,152	$738K	0.3%	$57.83	+2.5%	COM	674599105
WLY	WILEY JOHN & SONS INC	12,450	$738K	0.3%	$27.09	+52.7%	CL A	968223206
VZ	VERIZON COMMUNICATIONS INC	15,699	$734K	0.3%	$25.91	+6.7%	COM	92343V104
MET	METLIFE INC	13,505	$730K	0.3%	$24.56	+33.4%	COM	59156R108
PBT	PERMIAN BASIN RTY TR	75,550	$722K	0.3%	$12.73	—	UNIT BEN INT	714236106
SYY	SYSCO CORP	18,150	$720K	0.3%	$24.50	+17.8%	COM	871829107
HP	HELMERICH & PAYNE INC	10,500	$708K	0.3%	$61.57	+26.5%	COM	423452101
CRT	CROSS TIMBERS RTY TR	40,294	$698K	0.3%	$25.20	—	TR UNIT	22757R109
PTEN	PATTERSON UTI ENERGY INC	39,600	$657K	0.2%	$21.83	-3.3%	COM	703481101
HIG	HARTFORD FINL SVCS GROUP INC	15,600	$650K	0.2%	$22.20	+40.8%	COM	416515104
—	NOBLE CORP PLC	39,175	$649K	0.2%	$35.77	—	SHS USD	G65431101
GHC	GRAHAM HLDGS CO	750	$648K	0.2%	$339.79	+29.1%	COM	384637104
—	HORSEHEAD HLDG CORP	40,785	$646K	0.2%	$13.14	—	COM	440694305
—	LIBERTY GLOBAL PLC	13,261	$641K	0.2%	$48.63	—	SHS CL C	G5480U120
CSCO	CISCO SYS INC	23,019	$640K	0.2%	$15.43	+18.6%	COM	17275R102
—	BLACKSTONE GROUP L P	18,900	$639K	0.2%	$22.14	—	COM UNIT LTD	09253U108
PFE	PFIZER INC	20,255	$631K	0.2%	$16.91	+6.3%	COM	717081103
VFC	V F CORP	8,200	$614K	0.2%	$49.70	+33.1%	COM	918204108
INTC	INTEL CORP	16,385	$595K	0.2%	$18.43	+44.5%	COM	458140100
—	MONMOUTH REAL ESTATE INVT CO	53,625	$594K	0.2%	$10.12	—	CL A	609720107
APD	AIR PRODS & CHEMS INC	4,102	$592K	0.2%	$63.61	+51.3%	COM	009158106
GLW	CORNING INC	25,790	$591K	0.2%	$10.49	+44.9%	COM	219350105
EBAY	EBAY INC	10,455	$587K	0.2%	$20.18	+0.1%	COM	278642103
WMT	WAL-MART STORES INC	6,784	$583K	0.2%	$19.98	+9.2%	COM	931142103
PNC	PNC FINL SVCS GROUP INC	6,190	$565K	0.2%	$47.34	+29.6%	COM	693475105
GD	GENERAL DYNAMICS CORP	4,100	$564K	0.2%	$56.44	+89.6%	COM	369550108
—	CALIFORNIA RES CORP	100,507	$554K	0.2%	$5.51	—	COM	13057Q107
SRE	SEMPRA ENERGY	4,677	$521K	0.2%	$27.83	+38.2%	COM	816851109
OFG	OFG BANCORP	30,850	$514K	0.2%	$16.32	-5.9%	COM	67103X102
—	MEDTRONIC INC	6,984	$504K	0.2%	$51.63	—	COM	585055106
—	ENCANA CORP	35,300	$490K	0.2%	$18.54	—	COM	292505104
AMAT	APPLIED MATLS INC	19,434	$484K	0.2%	$12.31	+59.7%	COM	038222105
PG	PROCTER & GAMBLE CO	5,088	$463K	0.2%	$55.33	+16.7%	COM	742718109
—	BOARDWALK PIPELINE PARTNERS	25,301	$450K	0.2%	$22.79	—	UT LTD PARTNER	096627104
—	MARKET VECTORS ETF TR	12,300	$442K	0.2%	$42.96	—	OIL SVCS ETF	57060U191
BAC	BANK AMER CORP	24,489	$438K	0.2%	$10.47	+29.5%	COM	060505104
SO	SOUTHERN CO	8,466	$416K	0.2%	$26.74	+10.3%	COM	842587107
XOM	EXXON MOBIL CORP	4,208	$389K	0.1%	$55.31	+4.9%	COM	30231G102
—	LIBERTY MEDIA CORP DELAWARE	11,036	$389K	0.1%	$126.75	—	CL A	531229102
DJCO	DAILY JOURNAL CORP	1,393	$366K	0.1%	$133.49	+51.4%	COM	233912104
—	DIAMOND FOODS INC	12,942	$365K	0.1%	$20.73	—	COM	252603105
—	ANNALY CAP MGMT INC	33,600	$363K	0.1%	$9.96	—	COM	035710409
COP	CONOCOPHILLIPS	4,987	$344K	0.1%	$40.23	+21.5%	COM	20825C104
NRG	NRG ENERGY INC	12,643	$341K	0.1%	$20.54	+12.5%	COM NEW	629377508
—	GENERAL ELECTRIC CO	13,383	$338K	0.1%	$23.46	—	COM	369604103
—	DOW CHEM CO	7,374	$336K	0.1%	$32.16	—	COM	260543103
MRK	MERCK & CO INC NEW	5,751	$327K	0.1%	$31.50	+24.9%	COM	58933Y105
—	STARZ	10,973	$326K	0.1%	$22.20	—	COM SER A	85571Q102
T	AT&T INC	9,646	$324K	0.1%	$11.90	-0.8%	COM	00206R102
EMR	EMERSON ELEC CO	5,250	$324K	0.1%	$40.02	+16.0%	COM	291011104
—	POTASH CORP SASK INC	9,100	$321K	0.1%	$32.97	—	COM	73755L107
GBDC	GOLUB CAP BDC INC	17,800	$319K	0.1%	$6.28	0.0%	COM	38173M102
AXP	AMERICAN EXPRESS CO	3,277	$305K	0.1%	$61.52	+24.2%	COM	025816109
CLX	CLOROX CO DEL	2,828	$295K	0.1%	$60.00	+21.8%	COM	189054109
EQT	EQT CORP	3,900	$295K	0.1%	$37.67	+15.2%	COM	26884L109
—	TCW STRATEGIC INCOME FUND IN	53,918	$291K	0.1%	$5.54	—	COM	872340104
—	APACHE CORP	4,594	$288K	0.1%	$83.80	—	COM	037411105
—	ATLAS ENERGY LP	9,175	$286K	0.1%	$44.50	—	COM UNITS LP	04930A104
GLNG	GOLAR LNG LTD BERMUDA	7,800	$284K	0.1%	$26.25	+46.3%	SHS	G9456A100
CATY	CATHAY GEN BANCORP	10,800	$276K	0.1%	$14.04	+29.6%	COM	149150104
IDT	IDT CORP	13,409	$272K	0.1%	$9.77	+23.2%	CL B NEW	448947507
LBTYAUSD	LIBERTY GLOBAL PLC	5,404	$271K	0.1%	$71.10	—	SHS CL A	G5480U104
LBRDK	LIBERTY BROADBAND CORP	5,339	$266K	0.1%	$46.10	0.0%	COM SER C	530307305
OVLY	OAK VALLEY BANCORP OAKDALE C	25,425	$258K	0.1%	$8.72	+16.0%	COM	671807105
PCG	PG&E CORP	4,703	$250K	0.1%	$40.82	+8.8%	COM	69331C108
—	REIS INC	9,400	$246K	0.1%	$23.62	—	COM	75936P105
—	ARGO GROUP INTL HLDGS LTD	4,211	$234K	0.1%	$51.06	—	COM	G0464B107
IP	INTL PAPER CO	4,302	$231K	0.1%	$27.05	+13.4%	COM	460146103
—	RESOLUTE FST PRODS INC	13,038	$230K	0.1%	$13.16	—	COM	76117W109
EIX	EDISON INTL	3,500	$229K	0.1%	$40.28	0.0%	COM	281020107
SPY	SPDR S&P 500 ETF TR	1,095	$225K	0.1%	$205.48	—	TR UNIT	78462F103
CCJ	CAMECO CORP	13,103	$215K	0.1%	$17.53	-13.0%	COM	13321L108
ALLY	ALLY FINL INC	9,104	$215K	0.1%	$17.28	0.0%	COM	02005N100
—	HARMAN INTL INDS INC	2,000	$213K	0.1%	$106.50	—	COM	413086109
—	FORESTAR GROUP INC	11,550	$178K	0.1%	$17.84	—	COM	346233109
—	MFC INDL LTD	23,261	$165K	0.1%	$7.97	—	COM	55278T105
WSBF	WATERSTONE FINL INC MD	12,496	$164K	0.1%	$10.47	+17.0%	COM	94188P101
HGTXU	HUGOTON RTY TR TEX	19,379	$164K	0.1%	$8.62	—	UNIT BEN INT	444717102
—	INVESTORS BANCORP INC NEW	13,630	$153K	0.1%	$10.12	—	COM	46146L101
—	FORTRESS INVESTMENT GROUP LL	19,000	$152K	0.1%	$8.00	—	CL A	34958B106
—	ROYCE FOCUS TR	20,807	$151K	0.1%	$6.97	—	COM	78080N108
—	ACCURIDE CORP NEW	33,400	$145K	0.1%	$4.56	—	COM NEW	00439T206
—	MCDERMOTT INTL INC	46,500	$135K	0.1%	$5.42	—	COM	580037109
—	MONOGRAM RESIDENTIAL TR INC	13,888	$129K	0.0%	$9.29	—	COM	60979P105
—	ROYCE GLOBAL VALUE TR INC	11,653	$94,000	0.0%	$8.90	—	COM	78081T104
UBFO	UNITED SECURITY BANCSHARES C	16,529	$90,000	0.0%	$2.42	+39.2%	COM	911460103
—	ENDURO RTY TR	12,130	$58,000	0.0%	$12.05	—	TR UNIT	29269K100
—	GRAN TIERRA ENERGY INC	12,000	$46,000	0.0%	$5.50	—	COM	38500T101
IAG	IAMGOLD CORP	13,553	$37,000	0.0%	$2.31	0.0%	COM	450913108
—	ION GEOPHYSICAL CORP	11,900	$33,000	0.0%	$5.98	—	COM	462044108
PGN1EUR	PARAGON OFFSHORE PLC	11,343	$31,000	0.0%	$6.14	—	SHS	G6S01W108
—	EXCO RESOURCES INC	12,500	$27,000	0.0%	$5.38	—	COM	269279402
—	HERCULES OFFSHORE INC	10,400	$10,000	0.0%	$4.40	—	COM	427093109
—	TIMMINS GOLD CORP	10,000	$10,000	0.0%	$1.70	—	COM	88741P103