Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	244,969	$35.35M	13.2%	$110.33	+33.4%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	29,953	$20.5M	7.7%	$587.06	+12.4%	COM	G9618E107
—	ALLEGHANY CORP DEL	35,135	$17.11M	6.4%	$387.61	—	COM	017175100
MKL	MARKEL CORP	17,687	$13.6M	5.1%	$531.14	+36.1%	COM	570535104
WRB	BERKLEY W R CORP	238,612	$12.05M	4.5%	$9.54	+23.0%	COM	084423102
FRFHF	Fairfax Financial Hldgs Ltd	21,094	$11.78M	4.4%	$317.63	+37.6%	COM	303901102
L	LOEWS CORP	274,382	$11.29M	4.2%	$41.90	-8.3%	COM	540424108
—	LEUCADIA NATL CORP	402,724	$8.977M	3.4%	$26.06	—	COM	527288104
DVN	DEVON ENERGY CORP NEW	106,914	$6.448M	2.4%	$38.08	+9.2%	COM	25179M103
—	GANNETT INC	164,430	$6.097M	2.3%	$24.46	—	COM	364730101
—	CIMAREX ENERGY CO	48,950	$5.634M	2.1%	$66.60	—	COM	171798101
—	GENERAL AMERN INVS INC	150,929	$5.279M	2.0%	$31.94	—	COM	368802104
RES	RPC INC	405,233	$5.191M	1.9%	$11.27	-4.0%	COM	749660106
ETR	ENTERGY CORP NEW	32,493	$4.1M	1.5%	$23.77	+12.0%	COM	29364G103
BK	BANK NEW YORK MELLON CORP	90,784	$3.653M	1.4%	$21.29	+39.7%	COM	064058100
WABC	WESTAMERICA BANCORPORATION	83,054	$3.589M	1.3%	$29.77	+3.7%	COM	957090103
—	SOURCE CAP INC	47,692	$3.498M	1.3%	$62.99	—	COM	836144105
MSFT	MICROSOFT CORP	84,445	$3.433M	1.3%	$26.70	+39.5%	COM	594918104
JNJ	JOHNSON & JOHNSON	31,236	$3.142M	1.2%	$60.42	+24.3%	COM	478160104
KO	COCA COLA CO	76,254	$3.092M	1.2%	$27.87	+6.3%	COM	191216100
—	CHICAGO BRIDGE & IRON CO N V	62,655	$3.086M	1.2%	$47.91	—	COM	167250109
—	DIRECTV	34,228	$2.913M	1.1%	$61.63	—	COM	25490A309
—	FOREST CITY ENTERPRISES INC	94,518	$2.412M	0.9%	$18.68	—	CL A	345550107
—	DU PONT E I DE NEMOURS & CO	28,414	$2.031M	0.8%	$52.51	—	COM	263534109
—	PICO HLDGS INC	116,893	$1.895M	0.7%	$20.82	—	COM NEW	693366205
TPH	TRI POINTE HOMES INC	117,696	$1.816M	0.7%	$14.72	+2.1%	COM	87265H109
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.74M	0.7%	$165023.42	+33.9%	CL A	084670108
ABT	ABBOTT LABS	35,114	$1.627M	0.6%	$28.85	+29.7%	COM	002824100
—	AMERICAN NATL INS CO	15,793	$1.554M	0.6%	$100.11	—	COM	028591105
—	CHESAPEAKE ENERGY CORP	108,090	$1.531M	0.6%	$21.97	—	COM	165167107
CVX	CHEVRON CORP NEW	14,548	$1.527M	0.6%	$71.47	-6.4%	COM	166764100
GEF/B	GREIF INC	32,497	$1.487M	0.6%	$29.74	-10.5%	CL B	397624206
SJT	SAN JUAN BASIN RTY TR	122,284	$1.464M	0.5%	$16.24	—	UNIT BEN INT	798241105
CNA	CNA FINL CORP	34,778	$1.441M	0.5%	$14.83	+22.2%	COM	126117100
IBM	INTERNATIONAL BUSINESS MACHS	8,969	$1.44M	0.5%	$107.39	-10.2%	COM	459200101
WFC	WELLS FARGO & CO NEW	25,994	$1.414M	0.5%	$27.85	+43.1%	COM	949746101
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$1.304M	0.5%	$20.36	+105.9%	COM	11133T103
—	ROYCE VALUE TR INC	84,129	$1.205M	0.5%	$15.15	—	COM	780910105
SSP	SCRIPPS E W CO OHIO	41,033	$1.167M	0.4%	$9.20	+64.4%	CL A NEW	811054402
VIG	VANGUARD SPECIALIZED PORTFOL	14,050	$1.131M	0.4%	$73.84	—	DIV APP ETF	921908844
—	BROOKFIELD ASSET MGMT INC	20,796	$1.115M	0.4%	$36.03	—	CL A LTD VT SH	112585104
—	ROYCE MICRO-CAP TR INC	112,638	$1.103M	0.4%	$11.27	—	COM	780915104
—	DIAMOND OFFSHORE DRILLING IN	40,662	$1.089M	0.4%	$61.38	—	COM	25271C102
AAPL	APPLE INC	8,497	$1.057M	0.4%	$18.72	+43.4%	COM	037833100
—	ATWOOD OCEANICS INC	37,370	$1.05M	0.4%	$50.14	—	COM	050095108
WY	WEYERHAEUSER CO	30,680	$1.017M	0.4%	$18.73	+22.1%	COM	962166104
VOD	VODAFONE GROUP PLC NEW	30,731	$1.004M	0.4%	$36.80	—	SPNSR ADR NO PAR	92857W308
USB	US BANCORP DEL	21,591	$943K	0.4%	$22.51	+32.3%	COM NEW	902973304
—	NABORS INDUSTRIES LTD	68,187	$931K	0.3%	$15.30	—	SHS	G6359F103
—	AXIALL CORP	19,740	$927K	0.3%	$42.20	—	COM	05463D100
AMGN	AMGEN INC	5,784	$925K	0.3%	$73.34	+56.9%	COM	031162100
—	COVANTA HLDG CORP	40,250	$903K	0.3%	$20.02	—	COM	22282E102
NVS	NOVARTIS A G	8,924	$880K	0.3%	$72.59	—	SPONSORED ADR	66987V109
—	LIBERTY MEDIA CORP DELAWARE	21,342	$815K	0.3%	$46.99	—	COM SER C	531229300
—	CALIFORNIA RES CORP	106,707	$812K	0.3%	$5.63	—	COM	13057Q107
—	EXPRESS SCRIPTS HLDG CO	9,244	$802K	0.3%	$70.58	—	COM	30219G108
VZ	VERIZON COMMUNICATIONS INC	15,870	$772K	0.3%	$25.93	+6.5%	COM	92343V104
CRT	CROSS TIMBERS RTY TR	39,894	$765K	0.3%	$25.20	—	TR UNIT	22757R109
GHC	GRAHAM HLDGS CO	725	$761K	0.3%	$339.79	+55.5%	COM	384637104
WLY	WILEY JOHN & SONS INC	12,450	$761K	0.3%	$27.09	+63.8%	CL A	968223206
PTEN	PATTERSON UTI ENERGY INC	39,600	$743K	0.3%	$21.83	-21.4%	COM	703481101
—	HORSEHEAD HLDG CORP	58,175	$736K	0.3%	$12.99	—	COM	440694305
—	BLACKSTONE GROUP L P	18,900	$735K	0.3%	$22.14	—	COM UNIT LTD	09253U108
HP	HELMERICH & PAYNE INC	10,500	$715K	0.3%	$61.57	+6.3%	COM	423452101
PFE	PFIZER INC	20,255	$705K	0.3%	$16.91	+18.9%	COM	717081103
SYY	SYSCO CORP	18,150	$685K	0.3%	$24.50	+20.6%	COM	871829107
MET	METLIFE INC	13,505	$683K	0.3%	$24.56	+27.1%	COM	59156R108
OXY	OCCIDENTAL PETE CORP DEL	9,158	$669K	0.3%	$57.83	-3.6%	COM	674599105
—	LIBERTY GLOBAL PLC	13,153	$655K	0.2%	$48.63	—	SHS CL C	G5480U120
CSCO	CISCO SYS INC	23,019	$634K	0.2%	$15.43	+30.3%	COM	17275R102
HIG	HARTFORD FINL SVCS GROUP INC	15,100	$631K	0.2%	$22.20	+46.5%	COM	416515104
APD	AIR PRODS & CHEMS INC	4,102	$621K	0.2%	$63.61	+66.4%	COM	009158106
PBT	PERMIAN BASIN RTY TR	75,650	$612K	0.2%	$12.73	—	UNIT BEN INT	714236106
—	ENSCO PLC	28,826	$607K	0.2%	$57.22	—	SHS CLASS A	G3157S106
—	MONMOUTH REAL ESTATE INVT CO	52,450	$583K	0.2%	$10.12	—	CL A	609720107
PNC	PNC FINL SVCS GROUP INC	6,190	$577K	0.2%	$47.34	+35.8%	COM	693475105
GLW	CORNING INC	25,460	$577K	0.2%	$10.49	+70.0%	COM	219350105
EBAY	EBAY INC	9,955	$574K	0.2%	$20.18	+5.2%	COM	278642103
VFC	V F CORP	7,600	$572K	0.2%	$49.70	+39.3%	COM	918204108
WMT	WAL-MART STORES INC	6,773	$557K	0.2%	$19.98	+15.3%	COM	931142103
GD	GENERAL DYNAMICS CORP	4,100	$556K	0.2%	$56.44	+92.0%	COM	369550108
—	NOBLE CORP PLC	38,575	$551K	0.2%	$35.77	—	SHS USD	G65431101
INTC	INTEL CORP	16,385	$512K	0.2%	$18.43	+41.1%	COM	458140100
SRE	SEMPRA ENERGY	4,677	$510K	0.2%	$27.83	+40.7%	COM	816851109
OFG	OFG BANCORP	30,850	$503K	0.2%	$16.32	+2.3%	COM	67103X102
AMAT	APPLIED MATLS INC	19,434	$438K	0.2%	$12.31	+70.1%	COM	038222105
—	BOARDWALK PIPELINE PARTNERS	26,701	$430K	0.2%	$22.44	—	UT LTD PARTNER	096627104
—	LIBERTY MEDIA CORP DELAWARE	10,982	$423K	0.2%	$126.75	—	CL A	531229102
—	DIAMOND FOODS INC	12,945	$422K	0.2%	$20.73	—	COM	252603105
PG	PROCTER & GAMBLE CO	5,111	$419K	0.2%	$55.33	+14.9%	COM	742718109
—	MARKET VECTORS ETF TR	12,300	$415K	0.2%	$42.96	—	OIL SVCS ETF	57060U191
—	ENCANA CORP	35,300	$394K	0.1%	$18.54	—	COM	292505104
LBRDK	LIBERTY BROADBAND CORP	6,946	$393K	0.1%	$46.41	+2.2%	COM SER C	530307305
—	STARZ	10,986	$378K	0.1%	$22.20	—	COM SER A	85571Q102
BAC	BANK AMER CORP	24,477	$377K	0.1%	$10.47	+21.9%	COM	060505104
SO	SOUTHERN CO	8,466	$375K	0.1%	$26.74	+12.0%	COM	842587107
XOM	EXXON MOBIL CORP	4,383	$373K	0.1%	$55.32	+0.5%	COM	30231G102
—	DOW CHEM CO	7,374	$354K	0.1%	$32.16	—	COM	260543103
—	ANNALY CAP MGMT INC	33,600	$349K	0.1%	$9.96	—	COM	035710409
—	GENERAL ELECTRIC CO	13,730	$341K	0.1%	$23.50	—	COM	369604103
MRK	MERCK & CO INC NEW	5,756	$331K	0.1%	$31.50	+28.0%	COM	58933Y105
EQT	EQT CORP	3,900	$323K	0.1%	$37.67	+3.3%	COM	26884L109
NRG	NRG ENERGY INC	12,507	$315K	0.1%	$20.54	-3.5%	COM NEW	629377508
CLX	CLOROX CO DEL	2,828	$312K	0.1%	$60.00	+33.2%	COM	189054109
COP	CONOCOPHILLIPS	4,987	$310K	0.1%	$40.23	+13.3%	COM	20825C104
CATY	CATHAY GEN BANCORP	10,800	$307K	0.1%	$14.04	+32.2%	COM	149150104
GBDC	GOLUB CAP BDC INC	17,400	$305K	0.1%	$6.28	+4.8%	COM	38173M102
EMR	EMERSON ELEC CO	5,250	$297K	0.1%	$40.02	+8.4%	COM	291011104
—	POTASH CORP SASK INC	9,100	$293K	0.1%	$32.97	—	COM	73755L107
—	TCW STRATEGIC INCOME FUND IN	53,918	$292K	0.1%	$5.54	—	COM	872340104
—	APACHE CORP	4,594	$277K	0.1%	$83.80	—	COM	037411105
LBTYAUSD	LIBERTY GLOBAL PLC	5,368	$276K	0.1%	$71.10	—	SHS CL A	G5480U104
—	HARMAN INTL INDS INC	2,000	$267K	0.1%	$106.50	—	COM	413086109
GLNG	GOLAR LNG LTD BERMUDA	7,800	$260K	0.1%	$26.25	-0.1%	SHS	G9456A100
T	AT&T INC	7,966	$260K	0.1%	$11.90	-0.9%	COM	00206R102
AXP	AMERICAN EXPRESS CO	3,277	$256K	0.1%	$61.52	+15.4%	COM	025816109
OVLY	OAK VALLEY BANCORP OAKDALE C	25,425	$251K	0.1%	$8.72	+15.0%	COM	671807105
PCG	PG&E CORP	4,703	$250K	0.1%	$40.82	+22.3%	COM	69331C108
BIIB	BIOGEN INC	573	$242K	0.1%	$394.14	0.0%	COM	09062X103
—	REIS INC	9,400	$241K	0.1%	$23.62	—	COM	75936P105
IP	INTL PAPER CO	4,302	$239K	0.1%	$27.05	+21.1%	COM	460146103
IDT	IDT CORP	13,080	$232K	0.1%	$9.77	+48.6%	CL B NEW	448947507
SPY	SPDR S&P 500 ETF TR	1,095	$226K	0.1%	$205.48	—	TR UNIT	78462F103
—	SEARS HLDGS CORP	5,425	$224K	0.1%	$41.29	—	COM	812350106
—	RESOLUTE FST PRODS INC	12,800	$221K	0.1%	$13.16	—	COM	76117W109
EIX	EDISON INTL	3,500	$219K	0.1%	$40.28	+5.6%	COM	281020107
—	ARGO GROUP INTL HLDGS LTD	4,269	$214K	0.1%	$51.04	—	COM	G0464B107
—	FORTRESS INVESTMENT GROUP LL	25,800	$208K	0.1%	$8.02	—	CL A	34958B106
BP	BP PLC	5,102	$200K	0.1%	$39.20	—	SPONSORED ADR	055622104
CCJ	CAMECO CORP	13,103	$183K	0.1%	$17.53	-23.8%	COM	13321L108
—	FORESTAR GROUP INC	11,550	$182K	0.1%	$17.84	—	COM	346233109
—	INVESTORS BANCORP INC NEW	13,630	$160K	0.1%	$10.12	—	COM	46146L101
—	MCDERMOTT INTL INC	41,500	$159K	0.1%	$5.42	—	COM	580037109
—	ACCURIDE CORP NEW	33,400	$156K	0.1%	$4.56	—	COM NEW	00439T206
WSBF	WATERSTONE FINL INC MD	11,696	$150K	0.1%	$10.47	+23.2%	COM	94188P101
HGTXU	HUGOTON RTY TR TEX	19,379	$113K	0.0%	$8.62	—	UNIT BEN INT	444717102
—	ROYCE GLOBAL VALUE TR INC	11,861	$95,000	0.0%	$8.89	—	COM	78081T104
—	MFC INDL LTD	23,261	$94,000	0.0%	$7.97	—	COM	55278T105
UBFO	UNITED SECURITY BANCSHARES C	16,693	$90,000	0.0%	$2.42	+33.7%	COM	911460103
—	ENDURO RTY TR	12,130	$50,000	0.0%	$12.05	—	TR UNIT	29269K100
IAG	IAMGOLD CORP	18,473	$35,000	0.0%	$2.35	+4.5%	COM	450913108
—	GRAN TIERRA ENERGY INC	12,000	$33,000	0.0%	$5.50	—	COM	38500T101
—	ION GEOPHYSICAL CORP	11,900	$26,000	0.0%	$5.98	—	COM	462044108
—	EXCO RESOURCES INC	12,500	$23,000	0.0%	$5.38	—	COM	269279402
PGN1EUR	PARAGON OFFSHORE PLC	11,143	$14,000	0.0%	$6.14	—	SHS	G6S01W108
—	TIMMINS GOLD CORP	10,000	$7,000	0.0%	$1.70	—	COM	88741P103
—	HERCULES OFFSHORE INC	10,400	$4,000	0.0%	$4.40	—	COM	427093109