Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	265,466	$34.62M	13.7%	$112.26	+22.0%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	30,838	$23.05M	9.1%	$590.02	+21.9%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,317	$17.94M	7.1%	$394.44	—	COM	017175100
MKL	MARKEL CORP	17,542	$14.07M	5.6%	$531.14	+59.3%	COM	570535104
WRB	BERKLEY W R CORP	235,921	$12.83M	5.1%	$9.54	+36.2%	COM	084423102
L	LOEWS CORP	289,647	$10.47M	4.1%	$41.64	-14.5%	COM	540424108
FRFHF	Fairfax Financial Hldgs Ltd	20,990	$9.563M	3.8%	$317.63	+22.2%	COM	303901102
—	LEUCADIA NATL CORP	429,219	$8.696M	3.4%	$25.78	—	COM	527288104
—	CIMAREX ENERGY CO	48,953	$5.017M	2.0%	$66.60	—	COM	171798101
—	ENSTAR GROUP LIMITED	32,335	$4.85M	1.9%	$149.99	—	SHS	G3075P101
—	GENERAL AMERN INVS INC	150,179	$4.653M	1.8%	$31.94	—	COM	368802104
DVN	DEVON ENERGY CORP NEW	105,290	$3.905M	1.5%	$38.08	-17.2%	COM	25179M103
WABC	WESTAMERICA BANCORPORATION	83,034	$3.69M	1.5%	$29.77	+14.6%	COM	957090103
TGNA	TEGNA INC	164,330	$3.679M	1.5%	$18.83	-10.0%	COM	87901J105
MSFT	MICROSOFT CORP	82,132	$3.635M	1.4%	$26.70	+45.8%	COM	594918104
RES	RPC INC	404,267	$3.578M	1.4%	$11.27	-12.2%	COM	749660106
BK	BANK NEW YORK MELLON CORP	90,039	$3.525M	1.4%	$21.29	+50.3%	COM	064058100
—	SOURCE CAP INC	50,963	$3.452M	1.4%	$63.34	—	COM	836144105
KO	COCA COLA CO	75,380	$3.024M	1.2%	$27.87	+3.4%	COM	191216100
—	CHICAGO BRIDGE & IRON CO N V	75,895	$3.01M	1.2%	$46.93	—	COM	167250109
JNJ	JOHNSON & JOHNSON	31,566	$2.947M	1.2%	$60.59	+19.6%	COM	478160104
—	LIBERTY MEDIA CORP DELAWARE	74,622	$2.571M	1.0%	$38.38	—	COM SER C	531229300
—	FOREST CITY ENTERPRISES INC	121,368	$2.443M	1.0%	$19.10	—	CL A	345550107
TPH	TRI POINTE GROUP INC	171,995	$2.251M	0.9%	$14.73	-1.7%	COM	87265H109
IBM	INTERNATIONAL BUSINESS MACHS	14,640	$2.122M	0.8%	$104.77	-9.0%	COM	459200101
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.562M	0.6%	$165023.42	+24.8%	CL A	084670108
—	AMERICAN NATL INS CO	15,796	$1.542M	0.6%	$100.11	—	COM	028591105
T	AT&T INC	43,645	$1.422M	0.6%	$12.19	+0.6%	COM	00206R102
ABT	ABBOTT LABS	34,406	$1.384M	0.5%	$28.85	+34.5%	COM	002824100
WFC	WELLS FARGO & CO NEW	26,919	$1.382M	0.5%	$28.41	+44.6%	COM	949746101
—	DU PONT E I DE NEMOURS & CO	28,414	$1.37M	0.5%	$52.51	—	COM	263534109
VIG	VANGUARD SPECIALIZED PORTFOL	18,071	$1.333M	0.5%	$74.74	—	DIV APP ETF	921908844
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$1.312M	0.5%	$20.36	+120.2%	COM	11133T103
SJT	SAN JUAN BASIN RTY TR	135,858	$1.285M	0.5%	$15.64	—	UNIT BEN INT	798241105
—	PICO HLDGS INC	127,890	$1.238M	0.5%	$20.07	—	COM NEW	693366205
GEF/B	GREIF INC	31,847	$1.232M	0.5%	$29.74	-19.1%	CL B	397624206
CNA	CNA FINL CORP	35,078	$1.225M	0.5%	$14.83	+18.7%	COM	126117100
—	GANNETT CO INC	82,165	$1.21M	0.5%	$14.73	—	COM	36473H104
CVX	CHEVRON CORP NEW	15,333	$1.209M	0.5%	$70.72	-23.9%	COM	166764100
AAPL	APPLE INC	9,041	$997K	0.4%	$19.31	+36.1%	COM	037833100
—	CHESAPEAKE ENERGY CORP	133,941	$982K	0.4%	$19.78	—	COM	165167107
—	ROYCE VALUE TR INC	84,129	$967K	0.4%	$15.15	—	COM	780910105
—	BROOKFIELD ASSET MGMT INC	30,096	$946K	0.4%	$35.66	—	CL A LTD VT SH	112585104
VOD	VODAFONE GROUP PLC NEW	29,395	$933K	0.4%	$36.80	—	SPNSR ADR NO PAR	92857W308
USB	US BANCORP DEL	21,591	$885K	0.4%	$22.51	+32.4%	COM NEW	902973304
—	ROYCE MICRO-CAP TR INC	112,838	$873K	0.3%	$11.27	—	COM	780915104
EMR	EMERSON ELEC CO	19,539	$863K	0.3%	$38.30	-2.5%	COM	291011104
WY	WEYERHAEUSER CO	30,501	$834K	0.3%	$18.73	+4.6%	COM	962166104
NVS	NOVARTIS A G	8,924	$820K	0.3%	$72.59	—	SPONSORED ADR	66987V109
LEN/B	LENNAR CORP	20,575	$815K	0.3%	$32.59	+9.6%	CL B	526057302
AMGN	AMGEN INC	5,703	$789K	0.3%	$73.34	+58.5%	COM	031162100
—	EXPRESS SCRIPTS HLDG CO	9,049	$733K	0.3%	$70.58	—	COM	30219G108
SSP	SCRIPPS E W CO OHIO	41,033	$725K	0.3%	$9.20	+58.6%	CL A NEW	811054402
—	CONSOLIDATED TOMOKA LD CO	14,501	$722K	0.3%	$49.79	—	COM	210226106
SYY	SYSCO CORP	18,150	$707K	0.3%	$24.50	+18.7%	COM	871829107
—	COVANTA HLDG CORP	40,250	$702K	0.3%	$20.02	—	COM	22282E102
VZ	VERIZON COMMUNICATIONS INC	15,746	$685K	0.3%	$25.97	+4.0%	COM	92343V104
—	DIAMOND OFFSHORE DRILLING IN	39,496	$683K	0.3%	$61.38	—	COM	25271C102
CRT	CROSS TIMBERS RTY TR	43,800	$678K	0.3%	$24.34	—	TR UNIT	22757R109
DNOW	NOW INC	44,770	$663K	0.3%	$20.35	-14.4%	COM	67011P100
HIG	HARTFORD FINL SVCS GROUP INC	14,100	$645K	0.3%	$22.20	+66.6%	COM	416515104
MET	METLIFE INC	13,505	$637K	0.3%	$24.56	+34.0%	COM	59156R108
CSCO	CISCO SYS INC	24,019	$630K	0.2%	$15.65	+25.1%	COM	17275R102
—	DIAMOND FOODS INC	20,250	$625K	0.2%	$24.39	—	COM	252603105
WLY	WILEY JOHN & SONS INC	12,250	$613K	0.2%	$27.09	+40.0%	CL A	968223206
OXY	OCCIDENTAL PETE CORP DEL	9,172	$607K	0.2%	$57.83	-11.3%	COM	674599105
—	BLACKSTONE GROUP L P	18,600	$589K	0.2%	$23.26	—	COM UNIT LTD	09253U108
—	NABORS INDUSTRIES LTD	61,787	$584K	0.2%	$15.29	—	SHS	G6359F103
HP	HELMERICH & PAYNE INC	12,000	$567K	0.2%	$60.95	-7.1%	COM	423452101
GD	GENERAL DYNAMICS CORP	4,100	$566K	0.2%	$56.44	+104.6%	COM	369550108
—	ATWOOD OCEANICS INC	37,370	$553K	0.2%	$50.14	—	COM	050095108
PNC	PNC FINL SVCS GROUP INC	6,190	$552K	0.2%	$47.34	+43.0%	COM	693475105
PFE	PFIZER INC	17,444	$548K	0.2%	$16.95	+21.5%	COM	717081103
—	LIBERTY GLOBAL PLC	13,111	$538K	0.2%	$48.63	—	SHS CL C	G5480U120
APD	AIR PRODS & CHEMS INC	4,102	$523K	0.2%	$63.61	+54.7%	COM	009158106
VFC	V F CORP	7,600	$518K	0.2%	$49.70	+37.8%	COM	918204108
ETR	ENTERGY CORP NEW	7,850	$511K	0.2%	$23.86	-5.6%	COM	29364G103
PTEN	PATTERSON UTI ENERGY INC	37,100	$487K	0.2%	$21.83	-27.4%	COM	703481101
PBT	PERMIAN BASIN RTY TR	77,650	$474K	0.2%	$12.56	—	UNIT BEN INT	714236106
—	NOBLE CORP PLC	43,125	$470K	0.2%	$33.34	—	SHS USD	G65431101
WMT	WAL-MART STORES INC	7,095	$460K	0.2%	$20.03	-5.6%	COM	931142103
SRE	SEMPRA ENERGY	4,677	$452K	0.2%	$27.83	+27.3%	COM	816851109
—	NEW MEDIA INVT GROUP INC	28,100	$434K	0.2%	$15.44	—	COM	64704V106
—	BOARDWALK PIPELINE PARTNERS	36,001	$424K	0.2%	$20.13	—	UT LTD PARTNER	096627104
GLW	CORNING INC	24,430	$418K	0.2%	$10.49	+30.0%	COM	219350105
GHC	GRAHAM HLDGS CO	725	$418K	0.2%	$339.79	+75.3%	COM	384637104
PG	PROCTER & GAMBLE CO	5,692	$409K	0.2%	$55.71	+1.1%	COM	742718109
INTC	INTEL CORP	13,433	$405K	0.2%	$18.43	+22.7%	COM	458140100
—	STARZ	10,667	$398K	0.2%	$22.20	—	COM SER A	85571Q102
—	LIBERTY MEDIA CORP DELAWARE	11,013	$393K	0.2%	$126.75	—	CL A	531229102
BAC	BANK AMER CORP	24,477	$381K	0.2%	$10.47	+28.4%	COM	060505104
SO	SOUTHERN CO	8,466	$378K	0.1%	$26.74	+5.9%	COM	842587107
LBRDK	LIBERTY BROADBAND CORP	6,915	$354K	0.1%	$46.41	+7.7%	COM SER C	530307305
—	GENERAL ELECTRIC CO	13,845	$349K	0.1%	$23.50	—	COM	369604103
—	ANNALY CAP MGMT INC	33,600	$332K	0.1%	$9.96	—	COM	035710409
—	MARKET VECTORS ETF TR	12,000	$330K	0.1%	$42.96	—	OIL SVCS ETF	57060U191
CLX	CLOROX CO DEL	2,828	$327K	0.1%	$60.00	+39.8%	COM	189054109
XOM	EXXON MOBIL CORP	4,384	$326K	0.1%	$55.32	-11.3%	COM	30231G102
—	CALIFORNIA RES CORP	124,907	$325K	0.1%	$5.48	—	COM	13057Q107
CATY	CATHAY GEN BANCORP	10,800	$324K	0.1%	$14.04	+61.5%	COM	149150104
—	ENSCO PLC	21,995	$310K	0.1%	$57.22	—	SHS CLASS A	G3157S106
CABO	CABLE ONE INC	725	$304K	0.1%	$366.69	0.0%	COM	12685J105
—	DOW CHEM CO	7,174	$304K	0.1%	$32.16	—	COM	260543103
—	AXIALL CORP	18,955	$297K	0.1%	$42.20	—	COM	05463D100
AMAT	APPLIED MATLS INC	19,434	$285K	0.1%	$12.31	+19.8%	COM	038222105
—	TCW STRATEGIC INCOME FUND IN	53,918	$280K	0.1%	$5.54	—	COM	872340104
GBDC	GOLUB CAP BDC INC	17,400	$278K	0.1%	$6.28	+1.8%	COM	38173M102
—	STRAIGHT PATH COMMUNICATNS I	6,837	$276K	0.1%	$32.76	—	CL B	862578101
MRK	MERCK & CO INC NEW	5,477	$271K	0.1%	$31.50	+21.9%	COM	58933Y105
PYPL	PAYPAL HLDGS INC	8,703	$270K	0.1%	$35.85	0.0%	COM	70450Y103
OFG	OFG BANCORP	30,916	$270K	0.1%	$16.32	-47.3%	COM	67103X102
EQT	EQT CORP	3,900	$253K	0.1%	$37.67	-0.5%	COM	26884L109
AXP	AMERICAN EXPRESS CO	3,313	$246K	0.1%	$61.58	+7.6%	COM	025816109
—	ARGO GROUP INTL HLDGS LTD	4,269	$242K	0.1%	$51.04	—	COM	G0464B107
OVLY	OAK VALLEY BANCORP OAKDALE C	25,425	$241K	0.1%	$8.72	+12.5%	COM	671807105
COP	CONOCOPHILLIPS	4,987	$239K	0.1%	$40.23	-8.5%	COM	20825C104
—	HORSEHEAD HLDG CORP	78,300	$238K	0.1%	$11.61	—	COM	440694305
—	ANIXTER INTL INC	4,000	$231K	0.1%	$57.75	—	COM	035290105
LBTYAUSD	LIBERTY GLOBAL PLC	5,304	$228K	0.1%	$71.10	—	SHS CL A	G5480U104
EBAY	EBAY INC	9,255	$226K	0.1%	$20.18	+18.6%	COM	278642103
EIX	EDISON INTL	3,500	$221K	0.1%	$39.30	0.0%	COM	281020107
—	ENCANA CORP	33,700	$217K	0.1%	$18.54	—	COM	292505104
GLNG	GOLAR LNG LTD BERMUDA	7,800	$217K	0.1%	$26.25	+23.5%	SHS	G9456A100
RNR	RENAISSANCERE HOLDINGS LTD	2,000	$213K	0.1%	$103.07	+1.8%	COM	G7496G103
—	REIS INC	9,400	$213K	0.1%	$23.62	—	COM	75936P105
SPY	SPDR S&P 500 ETF TR	1,095	$210K	0.1%	$205.48	—	TR UNIT	78462F103
IDT	IDT CORP	13,414	$192K	0.1%	$9.84	+17.0%	CL B NEW	448947507
NRG	NRG ENERGY INC	12,337	$183K	0.1%	$20.54	-23.2%	COM NEW	629377508
—	MCDERMOTT INTL INC	41,500	$178K	0.1%	$5.42	—	COM	580037109
—	AMERICAN CAP LTD	14,616	$178K	0.1%	$12.18	—	COM	02503Y103
—	TIDEWATER INC	12,500	$164K	0.1%	$13.12	—	COM	886423102
CCJ	CAMECO CORP	13,103	$159K	0.1%	$17.53	-30.4%	COM	13321L108
WSBF	WATERSTONE FINL INC MD	10,602	$143K	0.1%	$10.47	+24.9%	COM	94188P101
—	INVESTORS BANCORP INC NEW	11,453	$141K	0.1%	$10.12	—	COM	46146L101
—	FORESTAR GROUP INC	10,675	$140K	0.1%	$17.79	—	COM	346233109
—	RESOLUTE FST PRODS INC	12,800	$106K	0.0%	$13.16	—	COM	76117W109
—	ACCURIDE CORP NEW	32,900	$91,000	0.0%	$4.56	—	COM NEW	00439T206
UBFO	UNITED SECURITY BANCSHARES C	17,026	$90,000	0.0%	$2.42	+31.2%	COM	911460103
—	ROYCE GLOBAL VALUE TR INC	11,861	$83,000	0.0%	$8.89	—	COM	78081T104
—	MFC INDL LTD	23,886	$68,000	0.0%	$7.83	—	COM	55278T105
—	GRAN TIERRA ENERGY INC	12,000	$26,000	0.0%	$5.50	—	COM	38500T101
—	MCCLATCHY CO	25,000	$24,000	0.0%	$1.08	—	CL A	579489105
IAG	IAMGOLD CORP	13,150	$21,000	0.0%	$2.35	-30.9%	COM	450913108
—	EXCO RESOURCES INC	12,500	$9,000	0.0%	$5.38	—	COM	269279402
—	ION GEOPHYSICAL CORP	11,900	$5,000	0.0%	$5.98	—	COM	462044108
—	TIMMINS GOLD CORP	10,000	$2,000	0.0%	$1.70	—	COM	88741P103