Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	276,360	$39.21M	14.4%	$141.88 *	$113.10	+17.2%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	31,416	$25.21M	9.3%	$802.62 *	$591.96	+26.4%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,558	$19.13M	7.0%	$496.19	$394.44	—	COM	017175100
MKL	MARKEL CORP	17,293	$15.42M	5.7%	$891.57 *	$531.14	+61.8%	COM	570535104
WRB	BERKLEY W R CORP	232,862	$13.09M	4.8%	$56.20 *	$9.54	+28.3%	COM	084423102
FRFHF	Fairfax Financial Hldgs Ltd	20,917	$11.71M	4.3%	$560.02 *	$317.63	+38.3%	COM	303901102
L	LOEWS CORP	295,581	$11.31M	4.2%	$38.26 *	$41.52	-15.4%	COM	540424108
—	LEUCADIA NATL CORP	445,456	$7.203M	2.6%	$16.17	$25.37	—	COM	527288104
—	ENSTAR GROUP LIMITED	40,848	$6.641M	2.4%	$162.58	$151.05	—	SHS	G3075P101
RES	RPC INC	404,267	$5.733M	2.1%	$14.18 *	$11.27	-2.4%	COM	749660106
—	CIMAREX ENERGY CO	48,585	$4.726M	1.7%	$97.27	$66.60	—	COM	171798101
—	GENERAL AMERN INVS INC	147,725	$4.613M	1.7%	$31.23	$31.94	—	COM	368802104
MSFT	MICROSOFT CORP	79,803	$4.408M	1.6%	$55.24 *	$26.70	+72.5%	COM	594918104
WABC	WESTAMERICA BANCORPORATION	83,563	$4.07M	1.5%	$48.71 *	$29.77	+11.9%	COM	957090103
TGNA	TEGNA INC	164,000	$3.847M	1.4%	$23.46 *	$18.83	-19.3%	COM	87901J105
KO	COCA COLA CO	75,043	$3.481M	1.3%	$46.39 *	$27.87	+14.3%	COM	191216100
JNJ	JOHNSON & JOHNSON	30,969	$3.351M	1.2%	$108.20 *	$60.59	+30.0%	COM	478160104
BK	BANK NEW YORK MELLON CORP	90,021	$3.315M	1.2%	$36.82 *	$21.29	+32.3%	COM	064058100
—	CHICAGO BRIDGE & IRON CO N V	81,793	$2.993M	1.1%	$36.59	$46.28	—	COM	167250109
—	LIBERTY MEDIA CORP DELAWARE	76,069	$2.897M	1.1%	$38.08	$38.38	—	COM SER C	531229300
DVN	DEVON ENERGY CORP NEW	99,080	$2.719M	1.0%	$27.44 *	$38.08	-55.4%	COM	25179M103
IBM	INTERNATIONAL BUSINESS MACHS	15,579	$2.36M	0.9%	$151.49 *	$103.59	-18.8%	COM	459200101
TPH	TRI POINTE GROUP INC	186,393	$2.196M	0.8%	$11.78 *	$14.57	-27.5%	COM	87265H109
—	SOURCE CAP INC	58,111	$2.07M	0.8%	$35.62	$59.51	—	COM	836144105
—	DU PONT E I DE NEMOURS & CO	28,414	$1.799M	0.7%	$63.31	$52.51	—	COM	263534109
—	AMERICAN NATL INS CO	15,518	$1.792M	0.7%	$115.48	$100.11	—	COM	028591105
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.708M	0.6%	$213500.00 *	$165023.42	+20.9%	CL A	084670108
T	AT&T INC	38,691	$1.516M	0.6%	$39.18 *	$12.19	+13.5%	COM	00206R102
CVX	CHEVRON CORP NEW	15,790	$1.506M	0.6%	$95.38 *	$70.37	-18.4%	COM	166764100
—	CONSOLIDATED TOMOKA LD CO	31,952	$1.474M	0.5%	$46.13	$50.29	—	COM	210226106
VIG	VANGUARD SPECIALIZED PORTFOL	18,071	$1.468M	0.5%	$81.24	$74.74	—	DIV APP ETF	921908844
GEF/B	GREIF INC	31,047	$1.453M	0.5%	$46.80 *	$29.74	-19.6%	CL B	397624206
ABT	ABBOTT LABS	34,387	$1.438M	0.5%	$41.82 *	$28.85	+14.4%	COM	002824100
BR	BROADRIDGE FINL SOLUTIONS IN	23,700	$1.406M	0.5%	$59.32 *	$20.36	+126.0%	COM	11133T103
WFC	WELLS FARGO & CO NEW	27,017	$1.307M	0.5%	$48.38 *	$28.41	+30.6%	COM	949746101
—	PICO HLDGS INC	125,260	$1.281M	0.5%	$10.23	$19.91	—	COM NEW	693366205
—	GANNETT CO INC	82,165	$1.244M	0.5%	$15.14	$14.73	—	COM	36473H104
EMR	EMERSON ELEC CO	22,654	$1.232M	0.5%	$54.38 *	$38.07	-1.8%	COM	291011104
—	BOARDWALK PIPELINE PARTNERS	83,438	$1.23M	0.5%	$14.74	$16.36	—	UT LTD PARTNER	096627104
CNA	CNA FINL CORP	37,263	$1.199M	0.4%	$32.18 *	$14.88	+3.6%	COM	126117100
—	BROOKFIELD ASSET MGMT INC	31,296	$1.089M	0.4%	$34.80	$35.47	—	CL A LTD VT SH	112585104
AAPL	APPLE INC	9,849	$1.073M	0.4%	$108.95 *	$19.67	+14.7%	COM	037833100
—	MONMOUTH REAL ESTATE INVT CO	83,928	$998K	0.4%	$11.89	$10.46	—	CL A	609720107
—	ROYCE VALUE TR INC	83,405	$977K	0.4%	$11.71	$15.15	—	COM	780910105
WY	WEYERHAEUSER CO	29,929	$927K	0.3%	$30.97 *	$18.73	-3.1%	COM	962166104
DNOW	NOW INC	50,760	$899K	0.3%	$17.71 *	$19.96	-23.0%	COM	67011P100
USB	US BANCORP DEL	21,591	$876K	0.3%	$40.57 *	$22.51	+23.5%	COM NEW	902973304
AMGN	AMGEN INC	5,706	$855K	0.3%	$149.84 *	$73.34	+51.1%	COM	031162100
SYY	SYSCO CORP	18,080	$845K	0.3%	$46.74 *	$24.50	+36.2%	COM	871829107
—	DIAMOND OFFSHORE DRILLING IN	38,496	$837K	0.3%	$21.74	$61.38	—	COM	25271C102
LEN/B	LENNAR CORP	20,875	$808K	0.3%	$38.71 *	$32.44	-10.7%	CL B	526057302
VOD	VODAFONE GROUP PLC NEW	24,456	$784K	0.3%	$32.06	$36.80	—	SPNSR ADR NO PAR	92857W308
—	ROYCE MICRO-CAP TR INC	107,238	$751K	0.3%	$7.00	$11.27	—	COM	780915104
VZ	VERIZON COMMUNICATIONS INC	13,637	$737K	0.3%	$54.04 *	$25.97	+15.6%	COM	92343V104
SJT	SAN JUAN BASIN RTY TR	140,396	$723K	0.3%	$5.15	$15.30	—	UNIT BEN INT	798241105
HP	HELMERICH & PAYNE INC	12,000	$705K	0.3%	$58.75 *	$60.95	-13.3%	COM	423452101
CRT	CROSS TIMBERS RTY TR	44,900	$684K	0.3%	$15.23	$23.87	—	TR UNIT	22757R109
—	COVANTA HLDG CORP	40,250	$679K	0.2%	$16.87	$20.02	—	COM	22282E102
IP	INTL PAPER CO	16,052	$659K	0.2%	$41.05 *	$22.81	0.0%	COM	460146103
CSCO	CISCO SYS INC	23,106	$658K	0.2%	$28.48 *	$15.65	+21.1%	COM	17275R102
HIG	HARTFORD FINL SVCS GROUP INC	14,100	$650K	0.2%	$46.10 *	$22.20	+53.0%	COM	416515104
NVS	NOVARTIS A G	8,926	$647K	0.2%	$72.48	$72.59	—	SPONSORED ADR	66987V109
SSP	SCRIPPS E W CO OHIO	41,033	$640K	0.2%	$15.60 *	$9.20	+43.7%	CL A NEW	811054402
OXY	OCCIDENTAL PETE CORP DEL	9,188	$629K	0.2%	$68.46 *	$57.83	-12.9%	COM	674599105
ETR	ENTERGY CORP NEW	7,850	$622K	0.2%	$79.24 *	$23.86	+3.6%	COM	29364G103
PTEN	PATTERSON UTI ENERGY INC	35,200	$620K	0.2%	$17.61 *	$21.83	-31.7%	COM	703481101
APD	AIR PRODS & CHEMS INC	4,262	$614K	0.2%	$144.06 *	$64.78	+46.2%	COM	009158106
—	EXPRESS SCRIPTS HLDG CO	8,549	$587K	0.2%	$68.66	$70.58	—	COM	30219G108
WLY	WILEY JOHN & SONS INC	11,850	$579K	0.2%	$48.86 *	$27.09	+19.2%	CL A	968223206
PFE	PFIZER INC	18,444	$547K	0.2%	$29.66 *	$17.14	+9.0%	COM	717081103
GD	GENERAL DYNAMICS CORP	4,102	$539K	0.2%	$131.40 *	$56.44	+89.2%	COM	369550108
MET	METLIFE INC	12,205	$536K	0.2%	$43.92 *	$24.56	+8.9%	COM	59156R108
PNC	PNC FINL SVCS GROUP INC	6,190	$523K	0.2%	$84.49 *	$47.34	+30.9%	COM	693475105
—	NABORS INDUSTRIES LTD	56,887	$523K	0.2%	$9.19	$15.29	—	SHS	G6359F103
—	BLACKSTONE GROUP L P	18,500	$519K	0.2%	$28.05	$23.26	—	COM UNIT LTD	09253U108
GLW	CORNING INC	24,430	$510K	0.2%	$20.88 *	$10.49	+35.9%	COM	219350105
SRE	SEMPRA ENERGY	4,777	$497K	0.2%	$104.04 *	$28.00	+25.8%	COM	816851109
VFC	V F CORP	7,604	$492K	0.2%	$64.70 *	$49.70	+16.9%	COM	918204108
—	LIBERTY GLOBAL PLC	13,111	$492K	0.2%	$37.53	$48.63	—	SHS CL C	G5480U120
WMT	WAL-MART STORES INC	7,097	$486K	0.2%	$68.48 *	$20.03	-8.6%	COM	931142103
PBT	PERMIAN BASIN RTY TR	77,150	$475K	0.2%	$6.16	$12.56	—	UNIT BEN INT	714236106
PG	PROCTER & GAMBLE CO	5,711	$470K	0.2%	$82.30 *	$55.71	+10.7%	COM	742718109
—	NEW MEDIA INVT GROUP INC	28,106	$468K	0.2%	$16.65	$15.44	—	COM	64704V106
—	GENERAL ELECTRIC CO	14,521	$462K	0.2%	$31.82	$23.82	—	COM	369604103
—	FORTRESS INVESTMENT GROUP LL	92,460	$442K	0.2%	$4.78	$5.09	—	CL A	34958B106
SO	SOUTHERN CO	8,466	$438K	0.2%	$51.74 *	$26.74	+20.5%	COM	842587107
XOM	EXXON MOBIL CORP	5,189	$434K	0.2%	$83.64 *	$54.72	-5.0%	COM	30231G102
—	LIBERTY MEDIA CORP DELAWARE	10,956	$423K	0.2%	$38.61	$126.75	—	CL A	531229102
INTC	INTEL CORP	12,931	$418K	0.2%	$32.33 *	$18.43	+32.3%	COM	458140100
AMAT	APPLIED MATLS INC	19,434	$412K	0.2%	$21.20 *	$12.31	+32.2%	COM	038222105
—	CHESAPEAKE ENERGY CORP	98,910	$408K	0.2%	$4.12	$19.78	—	COM	165167107
—	SNYDERS-LANCE INC	12,886	$406K	0.1%	$31.51	$31.51	—	COM	833551104
MDT	MEDTRONIC PLC	5,332	$400K	0.1%	$75.02 *	$58.89	0.0%	SHS	G5960L103
—	NOBLE CORP PLC	38,575	$399K	0.1%	$10.34	$33.34	—	SHS USD	G65431101
LBRDK	LIBERTY BROADBAND CORP	6,882	$399K	0.1%	$57.98 *	$46.41	+1.4%	COM SER C	530307305
BXMT	BLACKSTONE MTG TR INC	14,575	$391K	0.1%	$26.83	$26.83	—	COM CL A	09257W100
AXP	AMERICAN EXPRESS CO	6,314	$388K	0.1%	$61.45 *	$56.31	-10.3%	COM	025816109
—	DOW CHEM CO	7,174	$365K	0.1%	$50.88	$32.16	—	COM	260543103
—	CBL & ASSOC PPTYS INC	30,113	$358K	0.1%	$11.89	$12.35	—	COM	124830100
CLX	CLOROX CO DEL	2,810	$354K	0.1%	$125.98 *	$60.00	+60.2%	COM	189054109
GHC	GRAHAM HLDGS CO	725	$348K	0.1%	$480.00 *	$339.79	+26.9%	COM	384637104
—	ANNALY CAP MGMT INC	33,600	$345K	0.1%	$10.27	$9.96	—	COM	035710409
BAC	BANK AMER CORP	25,070	$339K	0.1%	$13.52 *	$10.48	+3.6%	COM	060505104
PYPL	PAYPAL HLDGS INC	8,703	$336K	0.1%	$38.61 *	$35.85	+0.5%	COM	70450Y103
—	MARKET VECTORS ETF TR	12,000	$319K	0.1%	$26.58	$42.96	—	OIL SVCS ETF	57060U191
CABO	CABLE ONE INC	725	$317K	0.1%	$437.24 *	$366.69	+3.3%	COM	12685J105
—	AXIALL CORP	14,355	$314K	0.1%	$21.87	$42.20	—	COM	05463D100
CATY	CATHAY GEN BANCORP	10,800	$306K	0.1%	$28.33 *	$14.04	+44.9%	COM	149150104
GBDC	GOLUB CAP BDC INC	17,400	$301K	0.1%	$17.30 *	$6.28	+4.8%	COM	38173M102
—	OAKTREE CAP GROUP LLC	6,000	$296K	0.1%	$49.33	$49.33	—	UNIT CL A	674001201
MRK	MERCK & CO INC NEW	5,578	$295K	0.1%	$52.89 *	$31.62	+13.9%	COM	58933Y105
GEOS	GEOSPACE TECHNOLOGIES CORP	23,365	$288K	0.1%	$12.33 *	$11.02	0.0%	COM	37364X109
—	TCW STRATEGIC INCOME FUND IN	53,918	$281K	0.1%	$5.21	$5.54	—	COM	872340104
—	STARZ	10,618	$280K	0.1%	$26.37	$22.20	—	COM SER A	85571Q102
EQT	EQT CORP	3,900	$262K	0.1%	$67.18 *	$37.67	-21.9%	COM	26884L109
EIX	EDISON INTL	3,500	$252K	0.1%	$72.00 *	$39.30	+10.8%	COM	281020107
—	ARGO GROUP INTL HLDGS LTD	4,269	$245K	0.1%	$57.39	$51.04	—	COM	G0464B107
OVLY	OAK VALLEY BANCORP OAKDALE C	26,125	$242K	0.1%	$9.26 *	$8.75	+9.3%	COM	671807105
RNR	RENAISSANCERE HOLDINGS LTD	2,000	$240K	0.1%	$120.00 *	$103.07	+10.2%	COM	G7496G103
SPY	SPDR S&P 500 ETF TR	1,095	$225K	0.1%	$205.48	$205.48	—	TR UNIT	78462F103
—	APACHE CORP	4,594	$224K	0.1%	$48.76	$44.41	—	COM	037411105
—	AMERICAN CAP LTD	14,616	$223K	0.1%	$15.26	$12.18	—	COM	02503Y103
EBAY	EBAY INC	9,255	$221K	0.1%	$23.88 *	$20.18	+7.3%	COM	278642103
PCG	PG&E CORP	3,703	$221K	0.1%	$59.68 *	$52.19	0.0%	COM	69331C108
—	REIS INC	9,400	$221K	0.1%	$23.51	$23.62	—	COM	75936P105
—	MARATHON OIL CORP	18,825	$210K	0.1%	$11.16	$12.58	—	COM	565849106
—	ENSCO PLC	20,204	$210K	0.1%	$10.39	$57.22	—	SHS CLASS A	G3157S106
IDT	IDT CORP	13,419	$209K	0.1%	$15.57 *	$9.84	-8.1%	CL B NEW	448947507
—	STRAIGHT PATH COMMUNICATNS I	6,721	$209K	0.1%	$31.10	$31.10	—	CL B	862578101
OFG	OFG BANCORP	29,916	$209K	0.1%	$6.99 *	$16.32	-62.6%	COM	67103X102
—	ANIXTER INTL INC	4,000	$208K	0.1%	$52.00	$57.75	—	COM	035290105
LBTYAUSD	LIBERTY GLOBAL PLC	5,304	$204K	0.1%	$38.46	$71.10	—	SHS CL A	G5480U104
EPD	ENTERPRISE PRODS PARTNERS L	8,264	$203K	0.1%	$24.56	$25.53	—	COM	293792107
COP	CONOCOPHILLIPS	4,990	$201K	0.1%	$40.28 *	$40.23	-30.2%	COM	20825C104
OMC	OMNICOM GROUP INC	2,400	$200K	0.1%	$83.33 *	$53.77	0.0%	COM	681919106
—	MCDERMOTT INTL INC	41,500	$170K	0.1%	$4.10	$5.42	—	COM	580037109
—	ENCANA CORP	27,300	$166K	0.1%	$6.08	$18.54	—	COM	292505104
—	ATWOOD OCEANICS INC	17,345	$159K	0.1%	$9.17	$50.14	—	COM	050095108
CCJ	CAMECO CORP	12,103	$155K	0.1%	$12.81 *	$17.53	-37.6%	COM	13321L108
WSBF	WATERSTONE FINL INC MD	10,602	$145K	0.1%	$13.68	$10.47	+31.2%	COM	94188P101
NRG	NRG ENERGY INC	10,623	$138K	0.1%	$12.99 *	$20.54	-54.7%	COM NEW	629377508
—	CALIFORNIA RES CORP	124,372	$128K	0.0%	$1.03	$5.44	—	COM	13057Q107
—	INVESTORS BANCORP INC NEW	10,358	$121K	0.0%	$11.68	$10.12	—	COM	46146L101
—	CONSOL ENERGY INC	10,450	$118K	0.0%	$11.29	$7.94	—	COM	20854P109
UBFO	UNITED SECURITY BANCSHARES C	20,038	$99,000	0.0%	$4.94 *	$2.54	+23.4%	COM	911460103
HNRG	HALLADOR ENERGY COMPANY	19,170	$88,000	0.0%	$4.59 *	$4.82	0.0%	COM	40609P105
—	ROYCE GLOBAL VALUE TR INC	11,578	$85,000	0.0%	$7.34	$8.89	—	COM	78081T104
—	TIDEWATER INC	10,600	$72,000	0.0%	$6.79	$13.12	—	COM	886423102
—	RESOLUTE FST PRODS INC	12,800	$71,000	0.0%	$5.55	$13.16	—	COM	76117W109
—	ACCURIDE CORP NEW	35,400	$55,000	0.0%	$1.55	$4.35	—	COM NEW	00439T206
—	MFC BANCORP LTD	22,886	$45,000	0.0%	$1.97	$7.83	—	COM	55278T105
—	GRAN TIERRA ENERGY INC	12,000	$30,000	0.0%	$2.50	$5.50	—	COM	38500T101
—	KLONDEX MNS LTD	11,000	$29,000	0.0%	$2.64	$2.09	—	COM	498696103
—	MCCLATCHY CO	25,000	$26,000	0.0%	$1.04	$1.08	—	CL A	579489105
WTI	W & T OFFSHORE INC	10,000	$22,000	0.0%	$2.20 *	$2.03	0.0%	COM	92922P106
—	TIMMINS GOLD CORP	10,000	$2,000	0.0%	$0.20	$1.70	—	COM	88741P103