Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	273,603	$36.13M	13.8%	$112.91	+18.9%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	31,183	$22.66M	8.6%	$591.96	+29.4%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,326	$18.32M	7.0%	$394.44	—	COM	017175100
MKL	MARKEL CORP	17,378	$15.35M	5.9%	$531.14	+63.8%	COM	570535104
WRB	BERKLEY W R CORP	234,964	$12.86M	4.9%	$9.54	+36.0%	COM	084423102
L	LOEWS CORP	290,180	$11.14M	4.2%	$41.64	-14.8%	COM	540424108
FRFHF	Fairfax Financial Hldgs Ltd	21,039	$9.909M	3.8%	$317.63	+24.7%	COM	303901102
—	LEUCADIA NATL CORP	426,202	$7.412M	2.8%	$25.78	—	COM	527288104
—	ENSTAR GROUP LIMITED	37,450	$5.619M	2.1%	$150.00	—	SHS	G3075P101
RES	RPC INC	404,267	$4.831M	1.8%	$11.27	-7.8%	COM	749660106
—	GENERAL AMERN INVS INC	148,093	$4.73M	1.8%	$31.94	—	COM	368802104
MSFT	MICROSOFT CORP	81,532	$4.523M	1.7%	$26.70	+72.0%	COM	594918104
—	CIMAREX ENERGY CO	48,584	$4.342M	1.7%	$66.60	—	COM	171798101
TGNA	TEGNA INC	164,000	$4.185M	1.6%	$18.83	-10.2%	COM	87901J105
WABC	WESTAMERICA BANCORPORATION	83,034	$3.882M	1.5%	$29.77	+13.1%	COM	957090103
BK	BANK NEW YORK MELLON CORP	89,921	$3.707M	1.4%	$21.29	+52.5%	COM	064058100
—	SOURCE CAP INC	50,068	$3.317M	1.3%	$63.34	—	COM	836144105
JNJ	JOHNSON & JOHNSON	31,566	$3.242M	1.2%	$60.59	+25.3%	COM	478160104
KO	COCA COLA CO	75,180	$3.23M	1.2%	$27.87	+10.7%	COM	191216100
DVN	DEVON ENERGY CORP NEW	99,784	$3.193M	1.2%	$38.08	-25.5%	COM	25179M103
—	CHICAGO BRIDGE & IRON CO N V	79,193	$3.088M	1.2%	$46.60	—	COM	167250109
—	LIBERTY MEDIA CORP DELAWARE	74,682	$2.844M	1.1%	$38.38	—	COM SER C	531229300
—	FOREST CITY ENTERPRISES INC	121,368	$2.662M	1.0%	$19.10	—	CL A	345550107
TPH	TRI POINTE GROUP INC	182,795	$2.316M	0.9%	$14.65	-8.6%	COM	87265H109
IBM	INTERNATIONAL BUSINESS MACHS	15,717	$2.163M	0.8%	$103.59	-15.5%	COM	459200101
—	DU PONT E I DE NEMOURS & CO	28,414	$1.892M	0.7%	$52.51	—	COM	263534109
—	AMERICAN NATL INS CO	15,551	$1.59M	0.6%	$100.11	—	COM	028591105
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.582M	0.6%	$165023.42	+22.0%	CL A	084670108
ABT	ABBOTT LABS	34,408	$1.545M	0.6%	$28.85	+26.7%	COM	002824100
WFC	WELLS FARGO & CO NEW	26,994	$1.467M	0.6%	$28.41	+43.7%	COM	949746101
CVX	CHEVRON CORP NEW	15,788	$1.42M	0.5%	$70.37	-17.0%	COM	166764100
—	CONSOLIDATED TOMOKA LD CO	26,682	$1.406M	0.5%	$51.12	—	COM	210226106
VIG	VANGUARD SPECIALIZED PORTFOL	18,071	$1.405M	0.5%	$74.74	—	DIV APP ETF	921908844
GEF/B	GREIF INC	31,847	$1.362M	0.5%	$29.74	-15.4%	CL B	397624206
—	GANNETT CO INC	82,165	$1.338M	0.5%	$14.73	—	COM	36473H104
T	AT&T INC	38,684	$1.331M	0.5%	$12.19	+2.0%	COM	00206R102
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$1.273M	0.5%	$20.36	+131.1%	COM	11133T103
—	PICO HLDGS INC	123,145	$1.271M	0.5%	$20.07	—	COM NEW	693366205
CNA	CNA FINL CORP	35,568	$1.25M	0.5%	$14.86	+13.4%	COM	126117100
EMR	EMERSON ELEC CO	22,250	$1.064M	0.4%	$38.09	-4.1%	COM	291011104
—	BROOKFIELD ASSET MGMT INC	31,596	$996K	0.4%	$35.47	—	CL A LTD VT SH	112585104
—	ROYCE VALUE TR INC	83,405	$982K	0.4%	$15.15	—	COM	780910105
AAPL	APPLE INC	9,321	$981K	0.4%	$19.50	+31.9%	COM	037833100
AMGN	AMGEN INC	5,704	$926K	0.4%	$73.34	+58.8%	COM	031162100
USB	US BANCORP DEL	21,591	$921K	0.4%	$22.51	+31.4%	COM NEW	902973304
WY	WEYERHAEUSER CO	30,501	$914K	0.3%	$18.73	+8.7%	COM	962166104
—	BOARDWALK PIPELINE PARTNERS	69,563	$903K	0.3%	$16.68	—	UT LTD PARTNER	096627104
—	MONMOUTH REAL ESTATE INVT CO	86,028	$900K	0.3%	$10.46	—	CL A	609720107
—	DIAMOND OFFSHORE DRILLING IN	38,796	$819K	0.3%	$61.38	—	COM	25271C102
LEN/B	LENNAR CORP	20,045	$805K	0.3%	$32.59	+4.6%	CL B	526057302
DNOW	NOW INC	50,760	$803K	0.3%	$19.96	-14.5%	COM	67011P100
VOD	VODAFONE GROUP PLC NEW	24,728	$798K	0.3%	$36.80	—	SPNSR ADR NO PAR	92857W308
—	DIAMOND FOODS INC	20,250	$781K	0.3%	$24.39	—	COM	252603105
SSP	SCRIPPS E W CO OHIO	41,033	$780K	0.3%	$9.20	+67.0%	CL A NEW	811054402
—	ROYCE MICRO-CAP TR INC	107,238	$779K	0.3%	$11.27	—	COM	780915104
NVS	NOVARTIS A G	8,924	$768K	0.3%	$72.59	—	SPONSORED ADR	66987V109
—	EXPRESS SCRIPTS HLDG CO	8,749	$765K	0.3%	$70.58	—	COM	30219G108
SYY	SYSCO CORP	18,150	$744K	0.3%	$24.50	+28.5%	COM	871829107
VZ	VERIZON COMMUNICATIONS INC	15,048	$696K	0.3%	$25.97	+3.7%	COM	92343V104
CSCO	CISCO SYS INC	23,869	$648K	0.2%	$15.65	+28.9%	COM	17275R102
HP	HELMERICH & PAYNE INC	12,000	$643K	0.2%	$60.95	-9.3%	COM	423452101
MET	METLIFE INC	13,205	$637K	0.2%	$24.56	+27.0%	COM	59156R108
—	COVANTA HLDG CORP	40,250	$623K	0.2%	$20.02	—	COM	22282E102
OXY	OCCIDENTAL PETE CORP DEL	9,179	$621K	0.2%	$57.83	-7.6%	COM	674599105
HIG	HARTFORD FINL SVCS GROUP INC	14,100	$613K	0.2%	$22.20	+66.1%	COM	416515104
CRT	CROSS TIMBERS RTY TR	45,700	$595K	0.2%	$23.87	—	TR UNIT	22757R109
PFE	PFIZER INC	18,444	$595K	0.2%	$17.14	+18.9%	COM	717081103
PNC	PNC FINL SVCS GROUP INC	6,190	$590K	0.2%	$47.34	+41.9%	COM	693475105
SJT	SAN JUAN BASIN RTY TR	140,100	$580K	0.2%	$15.30	—	UNIT BEN INT	798241105
GD	GENERAL DYNAMICS CORP	4,100	$563K	0.2%	$56.44	+103.1%	COM	369550108
—	CHESAPEAKE ENERGY CORP	123,069	$554K	0.2%	$19.78	—	COM	165167107
—	NEW MEDIA INVT GROUP INC	28,106	$547K	0.2%	$15.44	—	COM	64704V106
—	BLACKSTONE GROUP L P	18,500	$541K	0.2%	$23.26	—	COM UNIT LTD	09253U108
PTEN	PATTERSON UTI ENERGY INC	35,700	$538K	0.2%	$21.83	-29.5%	COM	703481101
ETR	ENTERGY CORP NEW	7,850	$537K	0.2%	$23.86	-5.3%	COM	29364G103
—	LIBERTY GLOBAL PLC	13,111	$535K	0.2%	$48.63	—	SHS CL C	G5480U120
APD	AIR PRODS & CHEMS INC	4,102	$534K	0.2%	$63.61	+54.0%	COM	009158106
WLY	WILEY JOHN & SONS INC	11,850	$534K	0.2%	$27.09	+34.3%	CL A	968223206
—	NABORS INDUSTRIES LTD	56,887	$484K	0.2%	$15.29	—	SHS	G6359F103
VFC	V F CORP	7,600	$473K	0.2%	$49.70	+25.6%	COM	918204108
—	FORTRESS INVESTMENT GROUP LL	92,460	$471K	0.2%	$5.09	—	CL A	34958B106
PG	PROCTER & GAMBLE CO	5,701	$453K	0.2%	$55.71	+4.0%	COM	742718109
—	NOBLE CORP PLC	42,937	$453K	0.2%	$33.34	—	SHS USD	G65431101
—	GENERAL ELECTRIC CO	14,450	$450K	0.2%	$23.82	—	COM	369604103
SRE	SEMPRA ENERGY	4,777	$449K	0.2%	$28.00	+28.0%	COM	816851109
GLW	CORNING INC	24,430	$447K	0.2%	$10.49	+32.1%	COM	219350105
INTC	INTEL CORP	12,983	$447K	0.2%	$18.43	+44.6%	COM	458140100
WMT	WAL-MART STORES INC	7,095	$435K	0.2%	$20.03	-17.0%	COM	931142103
—	LIBERTY MEDIA CORP DELAWARE	11,005	$432K	0.2%	$126.75	—	CL A	531229102
BAC	BANK AMER CORP	24,477	$412K	0.2%	$10.47	+29.5%	COM	060505104
XOM	EXXON MOBIL CORP	5,185	$404K	0.2%	$54.72	-6.1%	COM	30231G102
SO	SOUTHERN CO	8,466	$396K	0.2%	$26.74	+10.8%	COM	842587107
PBT	PERMIAN BASIN RTY TR	77,650	$393K	0.1%	$12.56	—	UNIT BEN INT	714236106
—	ATWOOD OCEANICS INC	36,770	$376K	0.1%	$50.14	—	COM	050095108
—	CBL & ASSOC PPTYS INC	30,113	$372K	0.1%	$12.35	—	COM	124830100
—	DOW CHEM CO	7,174	$369K	0.1%	$32.16	—	COM	260543103
AMAT	APPLIED MATLS INC	19,434	$363K	0.1%	$12.31	+25.3%	COM	038222105
LBRDK	LIBERTY BROADBAND CORP	6,915	$359K	0.1%	$46.41	+7.0%	COM SER C	530307305
CLX	CLOROX CO DEL	2,828	$359K	0.1%	$60.00	+55.4%	COM	189054109
—	STARZ	10,667	$357K	0.1%	$22.20	—	COM SER A	85571Q102
GHC	GRAHAM HLDGS CO	725	$352K	0.1%	$339.79	+44.6%	COM	384637104
CATY	CATHAY GEN BANCORP	10,800	$338K	0.1%	$14.04	+66.6%	COM	149150104
—	MARKET VECTORS ETF TR	12,000	$317K	0.1%	$42.96	—	OIL SVCS ETF	57060U191
PYPL	PAYPAL HLDGS INC	8,703	$315K	0.1%	$35.85	-1.8%	COM	70450Y103
—	ANNALY CAP MGMT INC	33,600	$315K	0.1%	$9.96	—	COM	035710409
CABO	CABLE ONE INC	725	$314K	0.1%	$366.69	+6.9%	COM	12685J105
—	ENSCO PLC	20,203	$311K	0.1%	$57.22	—	SHS CLASS A	G3157S106
MRK	MERCK & CO INC NEW	5,613	$296K	0.1%	$31.62	+16.3%	COM	58933Y105
—	CALIFORNIA RES CORP	126,457	$295K	0.1%	$5.44	—	COM	13057Q107
GBDC	GOLUB CAP BDC INC	17,400	$289K	0.1%	$6.28	+5.3%	COM	38173M102
—	TCW STRATEGIC INCOME FUND IN	53,918	$284K	0.1%	$5.54	—	COM	872340104
OVLY	OAK VALLEY BANCORP OAKDALE C	25,425	$264K	0.1%	$8.72	+13.5%	COM	671807105
—	ARGO GROUP INTL HLDGS LTD	4,269	$255K	0.1%	$51.04	—	COM	G0464B107
EBAY	EBAY INC	9,255	$254K	0.1%	$20.18	+21.8%	COM	278642103
—	ANIXTER INTL INC	4,000	$242K	0.1%	$57.75	—	COM	035290105
—	MARATHON OIL CORP	19,075	$240K	0.1%	$12.58	—	COM	565849106
COP	CONOCOPHILLIPS	4,987	$233K	0.1%	$40.23	-4.6%	COM	20825C104
AXP	AMERICAN EXPRESS CO	3,313	$230K	0.1%	$61.58	+2.1%	COM	025816109
RNR	RENAISSANCERE HOLDINGS LTD	2,000	$226K	0.1%	$103.07	+7.3%	COM	G7496G103
LBTYAUSD	LIBERTY GLOBAL PLC	5,304	$225K	0.1%	$71.10	—	SHS CL A	G5480U104
—	REIS INC	9,400	$223K	0.1%	$23.62	—	COM	75936P105
—	AXIALL CORP	14,455	$223K	0.1%	$42.20	—	COM	05463D100
SPY	SPDR S&P 500 ETF TR	1,095	$223K	0.1%	$205.48	—	TR UNIT	78462F103
OFG	OFG BANCORP	29,916	$219K	0.1%	$16.32	-47.4%	COM	67103X102
EPD	ENTERPRISE PRODS PARTNERS L	8,264	$211K	0.1%	$25.53	—	COM	293792107
EIX	EDISON INTL	3,500	$207K	0.1%	$39.30	+3.6%	COM	281020107
—	APACHE CORP	4,594	$204K	0.1%	$44.41	—	COM	037411105
EQT	EQT CORP	3,900	$203K	0.1%	$37.67	-18.1%	COM	26884L109
—	AMERICAN CAP LTD	14,616	$202K	0.1%	$12.18	—	COM	02503Y103
IDT	IDT CORP	13,417	$156K	0.1%	$9.84	-7.6%	CL B NEW	448947507
—	HORSEHEAD HLDG CORP	74,285	$152K	0.1%	$11.61	—	COM	440694305
CCJ	CAMECO CORP	12,103	$149K	0.1%	$17.53	-33.5%	COM	13321L108
WSBF	WATERSTONE FINL INC MD	10,602	$149K	0.1%	$10.47	+30.5%	COM	94188P101
—	INVESTORS BANCORP INC NEW	11,453	$142K	0.1%	$10.12	—	COM	46146L101
—	MCDERMOTT INTL INC	41,500	$139K	0.1%	$5.42	—	COM	580037109
—	ENCANA CORP	27,300	$139K	0.1%	$18.54	—	COM	292505104
NRG	NRG ENERGY INC	10,688	$126K	0.0%	$20.54	-50.6%	COM NEW	629377508
UBFO	UNITED SECURITY BANCSHARES C	18,720	$100K	0.0%	$2.50	+30.9%	COM	911460103
—	RESOLUTE FST PRODS INC	12,800	$97,000	0.0%	$13.16	—	COM	76117W109
—	ROYCE GLOBAL VALUE TR INC	11,578	$86,000	0.0%	$8.89	—	COM	78081T104
—	CONSOL ENERGY INC	10,450	$83,000	0.0%	$7.94	—	COM	20854P109
—	TIDEWATER INC	10,600	$74,000	0.0%	$13.12	—	COM	886423102
—	ACCURIDE CORP NEW	32,900	$55,000	0.0%	$4.56	—	COM NEW	00439T206
—	MFC INDL LTD	22,886	$45,000	0.0%	$7.83	—	COM	55278T105
—	MCCLATCHY CO	25,000	$30,000	0.0%	$1.08	—	CL A	579489105
—	GRAN TIERRA ENERGY INC	12,000	$26,000	0.0%	$5.50	—	COM	38500T101
—	KLONDEX MNS LTD	11,000	$23,000	0.0%	$2.09	—	COM	498696103
—	TIMMINS GOLD CORP	10,000	$1,000	0.0%	$1.70	—	COM	88741P103