Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	279,428	$40.46M	14.2%	$144.79	$113.43	+26.0%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	31,032	$26.13M	9.1%	$842.00 *	$591.96	+37.8%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,267	$21.03M	7.4%	$549.59	$394.44	—	COM	017175100
MKL	MARKEL CORP	17,134	$16.32M	5.7%	$952.78 *	$531.14	+75.3%	COM	570535104
WRB	BERKLEY W R CORP	231,759	$13.89M	4.9%	$59.92 *	$9.54	+39.2%	COM	084423102
L	LOEWS CORP	300,121	$12.33M	4.3%	$41.09 *	$41.47	-8.5%	COM	540424108
FRFHF	Fairfax Financial Hldgs Ltd	20,853	$11.24M	3.9%	$539.01 *	$317.63	+39.4%	COM	303901102
—	ENSTAR GROUP LIMITED	52,492	$8.503M	3.0%	$161.99	$153.47	—	SHS	G3075P101
—	LEUCADIA NATL CORP	472,844	$8.194M	2.9%	$17.33	$24.90	—	COM	527288104
RES	RPC INC	403,367	$6.264M	2.2%	$15.53 *	$11.27	+12.7%	COM	749660106
—	CIMAREX ENERGY CO	48,361	$5.77M	2.0%	$119.31	$66.60	—	COM	171798101
—	GENERAL AMERN INVS INC	149,722	$4.614M	1.6%	$30.82	$31.93	—	COM	368802104
WABC	WESTAMERICA BANCORPORATION	83,498	$4.113M	1.4%	$49.26 *	$29.77	+20.0%	COM	957090103
MSFT	MICROSOFT CORP	79,403	$4.063M	1.4%	$51.17 *	$26.70	+72.2%	COM	594918104
TGNA	TEGNA INC	162,450	$3.764M	1.3%	$23.17 *	$18.83	-22.4%	COM	87901J105
JNJ	JOHNSON & JOHNSON	30,866	$3.744M	1.3%	$121.30 *	$60.59	+43.7%	COM	478160104
DVN	DEVON ENERGY CORP NEW	97,409	$3.531M	1.2%	$36.25 *	$38.08	-37.4%	COM	25179M103
BK	BANK NEW YORK MELLON CORP	89,171	$3.464M	1.2%	$38.85 *	$21.29	+45.7%	COM	064058100
—	CHICAGO BRIDGE & IRON CO N V	83,193	$2.881M	1.0%	$34.63	$46.08	—	COM	167250109
TPH	TRI POINTE GROUP INC	207,139	$2.448M	0.9%	$11.82	$14.28	-18.0%	COM	87265H109
—	LIBERTY MEDIA CORP DELAWARE	76,069	$2.348M	0.8%	$30.87	$30.87	—	COM C SIRIUSXM	531229607
IBM	INTERNATIONAL BUSINESS MACHS	15,472	$2.348M	0.8%	$151.76 *	$103.59	-8.2%	COM	459200101
KO	COCA COLA CO	47,200	$2.14M	0.7%	$45.34 *	$27.87	+19.5%	COM	191216100
—	SOURCE CAP INC	52,919	$1.952M	0.7%	$36.89	$59.51	—	COM	836144105
VIG	VANGUARD SPECIALIZED PORTFOL	22,371	$1.862M	0.7%	$83.23	$76.37	—	DIV APP ETF	921908844
—	DU PONT E I DE NEMOURS & CO	28,414	$1.841M	0.6%	$64.79	$52.51	—	COM	263534109
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.736M	0.6%	$217000.00	$165023.42	+30.0%	CL A	084670108
—	AMERICAN NATL INS CO	15,078	$1.706M	0.6%	$113.14	$100.11	—	COM	028591105
GEF/B	GREIF INC	31,047	$1.7M	0.6%	$54.76 *	$29.74	+1.6%	CL B	397624206
CVX	CHEVRON CORP NEW	15,790	$1.655M	0.6%	$104.81 *	$70.37	-5.1%	COM	166764100
T	AT&T INC	37,730	$1.63M	0.6%	$43.20 *	$12.19	+23.9%	COM	00206R102
—	CONSOLIDATED TOMOKA LD CO	34,182	$1.623M	0.6%	$47.48	$50.11	—	COM	210226106
CNA	CNA FINL CORP	48,201	$1.514M	0.5%	$31.41 *	$15.20	+7.1%	COM	126117100
BR	BROADRIDGE FINL SOLUTIONS IN	22,700	$1.48M	0.5%	$65.20 *	$20.36	+158.0%	COM	11133T103
—	BOARDWALK PIPELINE PARTNERS	83,339	$1.454M	0.5%	$17.45	$16.36	—	UT LTD PARTNER	096627104
EMR	EMERSON ELEC CO	27,610	$1.44M	0.5%	$52.16 *	$38.70	+7.4%	COM	291011104
ABT	ABBOTT LABS	34,194	$1.344M	0.5%	$39.31 *	$28.85	+15.6%	COM	002824100
WFC	WELLS FARGO & CO NEW	27,017	$1.279M	0.4%	$47.34 *	$28.41	+31.0%	COM	949746101
—	PICO HLDGS INC	124,217	$1.175M	0.4%	$9.46	$19.91	—	COM NEW	693366205
—	GANNETT CO INC	81,415	$1.124M	0.4%	$13.81	$14.73	—	COM	36473H104
—	MONMOUTH REAL ESTATE INVT CO	83,578	$1.108M	0.4%	$13.26	$10.46	—	CL A	609720107
AAPL	APPLE INC	11,124	$1.063M	0.4%	$95.56 *	$20.00	+13.1%	COM	037833100
SJT	SAN JUAN BASIN RTY TR	143,616	$1.044M	0.4%	$7.27	$15.12	—	UNIT BEN INT	798241105
DNOW	NOW INC	55,685	$1.01M	0.4%	$18.14 *	$19.75	-11.1%	COM	67011P100
—	ROYCE VALUE TR INC	83,015	$977K	0.3%	$11.77	$15.15	—	COM	780910105
—	BROOKFIELD ASSET MGMT INC	29,421	$973K	0.3%	$33.07	$35.47	—	CL A LTD VT SH	112585104
—	DIAMOND OFFSHORE DRILLING IN	38,196	$929K	0.3%	$24.32	$61.38	—	COM	25271C102
SYY	SYSCO CORP	18,080	$917K	0.3%	$50.72 *	$24.50	+53.8%	COM	871829107
COP	CONOCOPHILLIPS	20,480	$893K	0.3%	$43.60 *	$34.60	-5.2%	COM	20825C104
USB	US BANCORP DEL	21,591	$871K	0.3%	$40.34 *	$22.51	+29.6%	COM NEW	902973304
AMGN	AMGEN INC	5,707	$868K	0.3%	$152.09 *	$73.34	+59.1%	COM	031162100
WY	WEYERHAEUSER CO	28,971	$862K	0.3%	$29.75 *	$18.73	+12.7%	COM	962166104
CRT	CROSS TIMBERS RTY TR	44,900	$814K	0.3%	$18.13	$23.87	—	TR UNIT	22757R109
HP	HELMERICH & PAYNE INC	12,000	$806K	0.3%	$67.17 *	$60.95	+1.4%	COM	423452101
—	ROYCE MICRO-CAP TR INC	107,238	$787K	0.3%	$7.34	$11.27	—	COM	780915104
LEN/B	LENNAR CORP	20,875	$778K	0.3%	$37.27 *	$32.44	-5.9%	CL B	526057302
PTEN	PATTERSON UTI ENERGY INC	35,200	$750K	0.3%	$21.31 *	$21.83	-13.7%	COM	703481101
VOD	VODAFONE GROUP PLC NEW	23,911	$739K	0.3%	$30.91	$36.80	—	SPNSR ADR	92857W308
VZ	VERIZON COMMUNICATIONS INC	13,190	$737K	0.3%	$55.88 *	$25.97	+21.2%	COM	92343V104
NVS	NOVARTIS A G	8,926	$736K	0.3%	$82.46	$72.59	—	SPONSORED ADR	66987V109
OXY	OCCIDENTAL PETE CORP DEL	9,195	$695K	0.2%	$75.58 *	$57.83	-1.9%	COM	674599105
—	MARATHON OIL CORP	45,725	$686K	0.2%	$15.00	$14.01	—	COM	565849106
IP	INTL PAPER CO	16,052	$680K	0.2%	$42.36 *	$22.81	+15.3%	COM	460146103
CSCO	CISCO SYS INC	23,106	$663K	0.2%	$28.69 *	$15.65	+33.3%	COM	17275R102
—	COVANTA HLDG CORP	40,250	$662K	0.2%	$16.45	$20.02	—	COM	22282E102
PFE	PFIZER INC	18,444	$649K	0.2%	$35.19 *	$17.14	+22.8%	COM	717081103
—	EXPRESS SCRIPTS HLDG CO	8,549	$648K	0.2%	$75.80	$70.58	—	COM	30219G108
ETR	ENTERGY CORP NEW	7,850	$639K	0.2%	$81.40 *	$23.86	+10.8%	COM	29364G103
WLY	WILEY JOHN & SONS INC	11,850	$618K	0.2%	$52.15 *	$27.09	+38.6%	CL A	968223206
SSP	SCRIPPS E W CO OHIO	38,633	$612K	0.2%	$15.84 *	$9.20	+30.2%	CL A NEW	811054402
GD	GENERAL DYNAMICS CORP	4,102	$571K	0.2%	$139.20 *	$56.44	+100.3%	COM	369550108
—	OAKTREE CAP GROUP LLC	12,700	$568K	0.2%	$44.72	$46.90	—	UNIT CL A	674001201
PBT	PERMIAN BASIN RTY TR	77,150	$566K	0.2%	$7.34	$12.56	—	UNIT BEN INT	714236106
AXP	AMERICAN EXPRESS CO	9,314	$566K	0.2%	$60.77 *	$55.97	-1.3%	COM	025816109
APD	AIR PRODS & CHEMS INC	3,862	$549K	0.2%	$142.15 *	$64.78	+62.0%	COM	009158106
SRE	SEMPRA ENERGY	4,777	$545K	0.2%	$114.09 *	$28.00	+39.3%	COM	816851109
HIG	HARTFORD FINL SVCS GROUP INC	12,100	$537K	0.2%	$44.38 *	$22.20	+63.3%	COM	416515104
GEOS	GEOSPACE TECHNOLOGIES CORP	32,595	$534K	0.2%	$16.38	$12.51	+30.2%	COM	37364X109
—	NEW MEDIA INVT GROUP INC	28,106	$508K	0.2%	$18.07	$15.44	—	COM	64704V106
XOM	EXXON MOBIL CORP	5,414	$508K	0.2%	$93.83 *	$54.85	+5.5%	COM	30231G102
PNC	PNC FINL SVCS GROUP INC	6,190	$504K	0.2%	$81.42 *	$47.34	+33.0%	COM	693475105
GLW	CORNING INC	24,330	$498K	0.2%	$20.47 *	$10.49	+47.9%	COM	219350105
WMT	WAL-MART STORES INC	6,680	$488K	0.2%	$73.05 *	$20.03	-2.5%	COM	931142103
MET	METLIFE INC	12,205	$486K	0.2%	$39.82 *	$24.56	+14.6%	COM	59156R108
PG	PROCTER & GAMBLE CO	5,557	$471K	0.2%	$84.76 *	$55.71	+13.7%	COM	742718109
VFC	V F CORP	7,604	$468K	0.2%	$61.55 *	$49.70	+19.0%	COM	918204108
—	Medtronic Inc	5,332	$463K	0.2%	$86.83	$86.83	—	COM	585055106
—	GENERAL ELECTRIC CO	14,522	$457K	0.2%	$31.47	$23.82	—	COM	369604103
—	BLACKSTONE GROUP L P	18,500	$454K	0.2%	$24.54	$23.26	—	COM UNIT LTD	09253U108
SO	SOUTHERN CO	8,466	$454K	0.2%	$53.63 *	$26.74	+25.7%	COM	842587107
—	FORTRESS INVESTMENT GROUP LL	99,460	$440K	0.2%	$4.42	$5.05	—	CL A	34958B106
—	SNYDERS-LANCE INC	12,886	$437K	0.2%	$33.91	$31.51	—	COM	833551104
AMAT	APPLIED MATLS INC	17,434	$418K	0.1%	$23.98 *	$12.31	+60.8%	COM	038222105
LBRDK	LIBERTY BROADBAND CORP	6,869	$412K	0.1%	$59.98 *	$46.41	+17.6%	COM SER C	530307305
BXMT	BLACKSTONE MTG TR INC	14,575	$403K	0.1%	$27.65	$26.83	—	COM CL A	09257W100
INTC	INTEL CORP	12,245	$402K	0.1%	$32.83 *	$18.43	+36.3%	COM	458140100
—	LIBERTY GLOBAL PLC	13,111	$376K	0.1%	$28.68	$48.63	—	SHS CL C	G5480U120
—	ANNALY CAP MGMT INC	33,600	$372K	0.1%	$11.07	$9.96	—	COM	035710409
CLX	CLOROX CO DEL	2,685	$372K	0.1%	$138.55 *	$60.00	+64.5%	COM	189054109
CABO	CABLE ONE INC	725	$371K	0.1%	$511.72 *	$366.69	+16.5%	COM	12685J105
—	DOW CHEM CO	7,174	$357K	0.1%	$49.76	$32.16	—	COM	260543103
GHC	GRAHAM HLDGS CO	725	$355K	0.1%	$489.66 *	$339.79	+30.3%	COM	384637104
—	LIBERTY MEDIA CORP DELAWARE	10,956	$344K	0.1%	$31.40	$31.40	—	COM A SIRIUSXM	531229409
BAC	BANK AMER CORP	25,071	$333K	0.1%	$13.28 *	$10.48	+8.2%	COM	060505104
MRK	MERCK & CO INC	5,584	$322K	0.1%	$57.66 *	$31.62	+24.9%	COM	58933Y105
—	TCW STRATEGIC INCOME FUND IN	58,918	$321K	0.1%	$5.45	$5.53	—	COM	872340104
PYPL	PAYPAL HLDGS INC	8,703	$318K	0.1%	$36.54 *	$35.85	+6.4%	COM	70450Y103
—	STARZ	10,598	$317K	0.1%	$29.91	$22.20	—	COM SER A	85571Q102
GBDC	GOLUB CAP BDC INC	17,400	$314K	0.1%	$18.05 *	$6.28	+13.1%	COM	38173M102
—	NOBLE CORP PLC	38,075	$314K	0.1%	$8.25	$33.34	—	SHS USD	G65431101
CATY	CATHAY GEN BANCORP	10,800	$305K	0.1%	$28.24 *	$14.04	+55.9%	COM	149150104
EQT	EQT CORP	3,900	$302K	0.1%	$77.44 *	$37.67	-5.0%	COM	26884L109
SBR	SABINE ROYALTY TR	8,847	$296K	0.1%	$33.46	$33.46	—	UNIT BEN INT	785688102
—	ABERDEEN LATIN AMER EQTY FD	14,642	$295K	0.1%	$20.15	$20.15	—	COM	00306K106
EIX	EDISON INTL	3,500	$272K	0.1%	$77.71 *	$39.30	+23.5%	COM	281020107
MEOH	METHANEX CORP	9,300	$271K	0.1%	$29.14 *	$31.94	0.0%	COM	59151K108
—	APACHE CORP	4,594	$256K	0.1%	$55.72	$44.41	—	COM	037411105
OVLY	OAK VALLEY BANCORP OAKDALE C	26,125	$255K	0.1%	$9.76 *	$8.75	+9.0%	COM	671807105
—	TOTAL S A	5,261	$253K	0.1%	$48.09	$48.09	—	SPONSORED ADR	89151E109
OFG	OFG BANCORP	29,916	$248K	0.1%	$8.29	$16.32	-50.0%	COM	67103X102
—	ARGO GROUP INTL HLDGS LTD	4,679	$243K	0.1%	$51.93	$51.12	—	COM	G0464B107
EPD	ENTERPRISE PRODS PARTNERS L	8,265	$242K	0.1%	$29.28	$25.53	—	COM	293792107
DMLP	DORCHESTER MINERALS LP	16,716	$241K	0.1%	$14.42	$14.42	—	COM UNIT	25820R105
PCG	PG&E CORP	3,703	$237K	0.1%	$64.00 *	$52.19	+8.3%	COM	69331C108
RNR	RENAISSANCERE HOLDINGS LTD	2,000	$235K	0.1%	$117.50 *	$103.07	+11.3%	COM	G7496G103
—	REIS INC	9,400	$234K	0.1%	$24.89	$23.62	—	COM	75936P105
—	AMERICAN CAP LTD	14,616	$231K	0.1%	$15.80	$12.18	—	COM	02503Y103
SPY	SPDR S&P 500 ETF TR	1,095	$229K	0.1%	$209.13	$205.48	—	TR UNIT	78462F103
—	ATWOOD OCEANICS INC	17,345	$217K	0.1%	$12.51	$50.14	—	COM	050095108
EBAY	EBAY INC	9,255	$217K	0.1%	$23.45 *	$20.18	+6.4%	COM	278642103
—	ANIXTER INTL INC	4,000	$213K	0.1%	$53.25	$57.75	—	COM	035290105
DJCO	DAILY JOURNAL CORP	889	$211K	0.1%	$237.35 *	$202.25	0.0%	COM	233912104
—	ENCANA CORP	26,100	$203K	0.1%	$7.78	$18.54	—	COM	292505104
CMCSA	COMCAST CORP NEW	3,083	$201K	0.1%	$65.20 *	$24.72	0.0%	CL A	20030N101
—	ENSCO PLC	20,205	$196K	0.1%	$9.70	$57.22	—	SHS CLASS A	G3157S106
IDT	IDT CORP	13,422	$190K	0.1%	$14.16 *	$9.84	+12.4%	CL B NEW	448947507
—	LIBERTY MEDIA CORP DELAWARE	12,852	$188K	0.1%	$14.63	$14.63	—	COM C BRAVES GRP	531229888
—	CONSOL ENERGY INC	10,450	$168K	0.1%	$16.08	$7.94	—	COM	20854P109
NRG	NRG ENERGY INC	10,279	$154K	0.1%	$14.98 *	$20.54	-40.9%	COM NEW	629377508
CCJ	CAMECO CORP	12,103	$133K	0.0%	$10.99	$17.53	-37.8%	COM	13321L108
UBFO	UNITED SECURITY BANCSHARES C	20,237	$130K	0.0%	$6.42 *	$2.54	+29.2%	COM	911460103
—	MCDERMOTT INTL INC	24,600	$122K	0.0%	$4.96	$5.42	—	COM	580037109
—	CHESAPEAKE ENERGY CORP	26,875	$115K	0.0%	$4.28	$19.78	—	COM	165167107
—	NABORS INDUSTRIES LTD	10,400	$105K	0.0%	$10.10	$15.29	—	SHS	G6359F103
HNRG	HALLADOR ENERGY COMPANY	19,170	$89,000	0.0%	$4.64 *	$4.82	-6.3%	COM	40609P105
—	ROYCE GLOBAL VALUE TR INC	11,171	$85,000	0.0%	$7.61	$8.89	—	COM	78081T104
—	MFC BANCORP LTD	33,411	$73,000	0.0%	$2.18	$6.06	—	COM	55278T105
—	RESOLUTE FST PRODS INC	12,800	$68,000	0.0%	$5.31	$13.16	—	COM	76117W109
—	ACCURIDE CORP NEW	39,400	$49,000	0.0%	$1.24	$4.03	—	COM NEW	00439T206
—	TIDEWATER INC	10,600	$47,000	0.0%	$4.43	$13.12	—	COM	886423102
—	GRAN TIERRA ENERGY INC	12,000	$41,000	0.0%	$3.42	$5.50	—	COM	38500T101
—	KLONDEX MNS LTD	11,000	$40,000	0.0%	$3.64	$2.09	—	COM	498696103
WTI	W & T OFFSHORE INC	10,000	$23,000	0.0%	$2.30 *	$2.03	+8.1%	COM	92922P106
—	TIMMINS GOLD CORP	10,000	$4,000	0.0%	$0.40	$1.70	—	COM	88741P103