Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	278,764	$40.27M	13.8%	$113.43	+28.9%	CL B NEW	084670702
WTM	WHITE MTNS INS GROUP LTD	30,880	$25.63M	8.8%	$591.96	+39.2%	COM	G9618E107
—	ALLEGHANY CORP DEL	38,526	$20.23M	6.9%	$394.44	—	COM	017175100
MKL	MARKEL CORP	17,066	$15.85M	5.4%	$531.14	+75.7%	COM	570535104
WRB	BERKLEY W R CORP	230,395	$13.31M	4.5%	$9.54	+45.3%	COM	084423102
L	LOEWS CORP	304,024	$12.51M	4.3%	$41.44	-5.1%	COM	540424108
FRFHF	Fairfax Financial Hldgs Ltd	20,612	$12.08M	4.1%	$317.63	+46.7%	COM	303901102
—	LEUCADIA NATL CORP	474,118	$9.027M	3.1%	$24.90	—	COM	527288104
—	ENSTAR GROUP LIMITED	54,292	$8.929M	3.0%	$153.84	—	SHS	G3075P101
RES	RPC INC	403,367	$6.777M	2.3%	$11.27	+16.9%	COM	749660106
—	CIMAREX ENERGY CO	48,362	$6.498M	2.2%	$66.60	—	COM	171798101
—	GENERAL AMERN INVS INC	148,887	$4.861M	1.7%	$31.93	—	COM	368802104
MSFT	MICROSOFT CORP	79,053	$4.553M	1.6%	$26.70	+88.3%	COM	594918104
DVN	DEVON ENERGY CORP NEW	96,610	$4.261M	1.5%	$38.08	-24.9%	COM	25179M103
WABC	WESTAMERICA BANCORPORATION	83,453	$4.246M	1.4%	$29.77	+21.8%	COM	957090103
JNJ	JOHNSON & JOHNSON	30,866	$3.646M	1.2%	$60.59	+54.4%	COM	478160104
TGNA	TEGNA INC	162,450	$3.551M	1.2%	$18.83	-25.3%	COM	87901J105
BK	BANK NEW YORK MELLON CORP	88,471	$3.528M	1.2%	$21.29	+47.0%	COM	064058100
TPH	TRI POINTE GROUP INC	207,239	$2.731M	0.9%	$14.28	-7.5%	COM	87265H109
—	LIBERTY MEDIA CORP DELAWARE	75,344	$2.517M	0.9%	$30.87	—	COM C SIRIUSXM	531229607
IBM	INTERNATIONAL BUSINESS MACHS	15,388	$2.444M	0.8%	$103.59	-1.8%	COM	459200101
—	CHICAGO BRIDGE & IRON CO N V	82,793	$2.321M	0.8%	$46.08	—	COM	167250109
—	SOURCE CAP INC	58,869	$2.162M	0.7%	$57.20	—	COM	836144105
KO	COCA COLA CO	47,200	$1.998M	0.7%	$27.87	+16.8%	COM	191216100
—	BOARDWALK PIPELINE PARTNERS	112,425	$1.929M	0.7%	$16.56	—	UT LTD PARTNER	096627104
—	DU PONT E I DE NEMOURS & CO	28,414	$1.903M	0.6%	$52.51	—	COM	263534109
VIG	VANGUARD SPECIALIZED PORTFOL	21,871	$1.836M	0.6%	$76.37	—	DIV APP ETF	921908844
GEF/B	GREIF INC	30,247	$1.833M	0.6%	$29.74	+16.3%	CL B	397624206
—	AMERICAN NATL INS CO	14,548	$1.774M	0.6%	$100.11	—	COM	028591105
—	CONSOLIDATED TOMOKA LD CO	34,062	$1.744M	0.6%	$50.11	—	COM	210226106
BRK/A	BERKSHIRE HATHAWAY INC DEL	8	$1.73M	0.6%	$165023.42	+32.9%	CL A	084670108
CNA	CNA FINL CORP	48,753	$1.678M	0.6%	$15.22	+9.9%	COM	126117100
CVX	CHEVRON CORP NEW	15,895	$1.636M	0.6%	$70.37	-2.7%	COM	166764100
BR	BROADRIDGE FINL SOLUTIONS IN	22,700	$1.539M	0.5%	$20.36	+185.6%	COM	11133T103
EMR	EMERSON ELEC CO	27,623	$1.506M	0.5%	$38.70	+9.3%	COM	291011104
T	AT&T INC	36,530	$1.483M	0.5%	$12.19	+33.6%	COM	00206R102
—	PICO HLDGS INC	123,830	$1.46M	0.5%	$19.91	—	COM NEW	693366205
ABT	ABBOTT LABS	32,796	$1.387M	0.5%	$28.85	+25.3%	COM	002824100
HP	HELMERICH & PAYNE INC	19,500	$1.312M	0.4%	$61.65	+1.8%	COM	423452101
AAPL	APPLE INC	11,176	$1.263M	0.4%	$20.00	+21.1%	COM	037833100
WFC	WELLS FARGO & CO NEW	26,828	$1.188M	0.4%	$28.41	+29.6%	COM	949746101
DNOW	NOW INC	55,375	$1.187M	0.4%	$19.75	+1.3%	COM	67011P100
COP	CONOCOPHILLIPS	26,031	$1.132M	0.4%	$33.86	-8.1%	COM	20825C104
—	MONMOUTH REAL ESTATE INVT CO	78,678	$1.123M	0.4%	$10.46	—	CL A	609720107
—	ROYCE VALUE TR INC	82,294	$1.042M	0.4%	$15.15	—	COM	780910105
—	BROOKFIELD ASSET MGMT INC	29,421	$1.035M	0.4%	$35.47	—	CL A LTD VT SH	112585104
AMGN	AMGEN INC	5,709	$952K	0.3%	$73.34	+74.1%	COM	031162100
—	GANNETT CO INC	81,415	$948K	0.3%	$14.73	—	COM	36473H104
USB	US BANCORP DEL	21,591	$926K	0.3%	$22.51	+33.1%	COM NEW	902973304
WY	WEYERHAEUSER CO	28,971	$925K	0.3%	$18.73	+17.1%	COM	962166104
SYY	SYSCO CORP	17,780	$871K	0.3%	$24.50	+64.3%	COM	871829107
—	ROYCE MICRO-CAP TR INC	107,238	$838K	0.3%	$11.27	—	COM	780915104
SJT	SAN JUAN BASIN RTY TR	141,825	$837K	0.3%	$15.12	—	UNIT BEN INT	798241105
LEN/B	LENNAR CORP	24,800	$833K	0.3%	$32.22	-3.7%	CL B	526057302
CRT	CROSS TIMBERS RTY TR	44,900	$819K	0.3%	$23.87	—	TR UNIT	22757R109
PTEN	PATTERSON UTI ENERGY INC	35,200	$787K	0.3%	$21.83	-8.0%	COM	703481101
IP	INTL PAPER CO	16,052	$770K	0.3%	$22.81	+29.4%	COM	460146103
CSCO	CISCO SYS INC	22,934	$727K	0.2%	$15.65	+47.4%	COM	17275R102
—	MARATHON OIL CORP	45,725	$723K	0.2%	$14.01	—	COM	565849106
NVS	NOVARTIS A G	8,926	$705K	0.2%	$72.59	—	SPONSORED ADR	66987V109
VOD	VODAFONE GROUP PLC NEW	23,639	$689K	0.2%	$36.80	—	SPNSR ADR	92857W308
OXY	OCCIDENTAL PETE CORP DEL	9,203	$671K	0.2%	$57.83	-0.8%	COM	674599105
—	DIAMOND OFFSHORE DRILLING IN	37,750	$665K	0.2%	$61.38	—	COM	25271C102
UHAL	AMERCO	2,025	$657K	0.2%	$35.71	0.0%	COM	023586100
VZ	VERIZON COMMUNICATIONS INC	12,603	$655K	0.2%	$25.97	+26.7%	COM	92343V104
GD	GENERAL DYNAMICS CORP	4,102	$636K	0.2%	$56.44	+115.5%	COM	369550108
GEOS	GEOSPACE TECHNOLOGIES CORP	32,595	$635K	0.2%	$12.51	+38.1%	COM	37364X109
PFE	PFIZER INC	18,444	$625K	0.2%	$17.14	+29.9%	COM	717081103
—	COVANTA HLDG CORP	40,250	$619K	0.2%	$20.02	—	COM	22282E102
SSP	SCRIPPS E W CO OHIO	38,633	$614K	0.2%	$9.20	+36.0%	CL A NEW	811054402
WLY	WILEY JOHN & SONS INC	11,850	$612K	0.2%	$27.09	+51.4%	CL A	968223206
—	EXPRESS SCRIPTS HLDG CO	8,549	$603K	0.2%	$70.58	—	COM	30219G108
ETR	ENTERGY CORP NEW	7,850	$602K	0.2%	$23.86	+16.1%	COM	29364G103
AXP	AMERICAN EXPRESS CO	9,314	$596K	0.2%	$55.97	+0.6%	COM	025816109
APD	AIR PRODS & CHEMS INC	3,862	$581K	0.2%	$64.78	+69.7%	COM	009158106
—	OAKTREE CAP GROUP LLC	13,200	$560K	0.2%	$46.73	—	UNIT CL A	674001201
PNC	PNC FINL SVCS GROUP INC	6,190	$558K	0.2%	$47.34	+33.7%	COM	693475105
MET	METLIFE INC	12,205	$542K	0.2%	$24.56	+11.5%	COM	59156R108
PBT	PERMIAN BASIN RTY TR	77,150	$538K	0.2%	$12.56	—	UNIT BEN INT	714236106
GLW	CORNING INC	22,690	$537K	0.2%	$10.49	+65.6%	COM	219350105
—	LIBERTY MEDIA CORP DELAWARE	18,681	$526K	0.2%	$28.16	—	COM C MEDIA GRP	531229854
AMAT	APPLIED MATLS INC	17,334	$523K	0.2%	$12.31	+104.1%	COM	038222105
SBR	SABINE ROYALTY TR	14,080	$518K	0.2%	$34.70	—	UNIT BEN INT	785688102
SRE	SEMPRA ENERGY	4,777	$512K	0.2%	$28.00	+44.1%	COM	816851109
PG	PROCTER AND GAMBLE CO	5,583	$501K	0.2%	$55.71	+21.2%	COM	742718109
HIG	HARTFORD FINL SVCS GROUP INC	11,700	$501K	0.2%	$22.20	+53.8%	COM	416515104
—	FORTRESS INVESTMENT GROUP LL	99,460	$491K	0.2%	$5.05	—	CL A	34958B106
LBRDK	LIBERTY BROADBAND CORP	6,797	$486K	0.2%	$46.41	+34.7%	COM SER C	530307305
WMT	WAL-MART STORES INC	6,680	$482K	0.2%	$20.03	+2.9%	COM	931142103
XOM	EXXON MOBIL CORP	5,415	$473K	0.2%	$54.85	+6.7%	COM	30231G102
INTC	INTEL CORP	12,245	$462K	0.2%	$18.43	+55.3%	COM	458140100
MDT	MEDTRONIC PLC	5,332	$461K	0.2%	$68.78	0.0%	SHS	G5960L103
—	BLACKSTONE GROUP L P	18,000	$460K	0.2%	$23.26	—	COM UNIT LTD	09253U108
—	NEW MEDIA INVT GROUP INC	28,106	$436K	0.1%	$15.44	—	COM	64704V106
SO	SOUTHERN CO	8,466	$434K	0.1%	$26.74	+33.1%	COM	842587107
—	SNYDERS-LANCE INC	12,886	$433K	0.1%	$31.51	—	COM	833551104
—	LIBERTY GLOBAL PLC	13,060	$432K	0.1%	$48.63	—	SHS CL C	G5480U120
—	GENERAL ELECTRIC CO	14,524	$430K	0.1%	$23.82	—	COM	369604103
BXMT	BLACKSTONE MTG TR INC	14,575	$429K	0.1%	$26.83	—	COM CL A	09257W100
VFC	V F CORP	7,604	$426K	0.1%	$49.70	+16.2%	COM	918204108
CABO	CABLE ONE INC	725	$423K	0.1%	$366.69	+32.0%	COM	12685J105
BAC	BANK AMER CORP	25,072	$392K	0.1%	$10.48	+15.2%	COM	060505104
—	DOW CHEM CO	7,174	$372K	0.1%	$32.16	—	COM	260543103
—	LIBERTY MEDIA CORP DELAWARE	10,901	$370K	0.1%	$31.40	—	COM A SIRIUSXM	531229409
DMLP	DORCHESTER MINERALS LP	23,516	$362K	0.1%	$14.70	—	COM UNIT	25820R105
PYPL	PAYPAL HLDGS INC	8,703	$357K	0.1%	$35.85	+6.9%	COM	70450Y103
—	ANNALY CAP MGMT INC	33,600	$353K	0.1%	$9.96	—	COM	035710409
MRK	MERCK & CO INC	5,589	$349K	0.1%	$31.62	+38.3%	COM	58933Y105
GHC	GRAHAM HLDGS CO	725	$349K	0.1%	$339.79	+34.4%	COM	384637104
CATY	CATHAY GEN BANCORP	10,800	$332K	0.1%	$14.04	+60.5%	COM	149150104
MEOH	METHANEX CORP	9,300	$332K	0.1%	$31.94	-7.7%	COM	59151K108
—	STARZ	10,504	$328K	0.1%	$22.20	—	COM SER A	85571Q102
—	TCW STRATEGIC INCOME FUND IN	58,918	$312K	0.1%	$5.53	—	COM	872340104
CLX	CLOROX CO DEL	2,485	$311K	0.1%	$60.00	+67.0%	COM	189054109
—	ABERDEEN LATIN AMER EQTY FD	14,642	$311K	0.1%	$20.15	—	COM	00306K106
OFG	OFG BANCORP	29,916	$302K	0.1%	$16.32	-37.4%	COM	67103X102
—	TOTAL S A	6,261	$299K	0.1%	$48.04	—	SPONSORED ADR	89151E109
—	APACHE CORP	4,594	$293K	0.1%	$44.41	—	COM	037411105
EBAY	EBAY INC	8,655	$285K	0.1%	$20.18	+33.1%	COM	278642103
EQT	EQT CORP	3,900	$283K	0.1%	$37.67	-3.4%	COM	26884L109
GBDC	GOLUB CAP BDC INC	15,100	$280K	0.1%	$6.28	+24.3%	COM	38173M102
—	ENCANA CORP	26,100	$273K	0.1%	$18.54	—	COM	292505104
OVLY	OAK VALLEY BANCORP OAKDALE C	26,125	$266K	0.1%	$8.75	+13.8%	COM	671807105
—	ARGO GROUP INTL HLDGS LTD	4,679	$264K	0.1%	$51.12	—	COM	G0464B107
—	ANIXTER INTL INC	4,000	$258K	0.1%	$57.75	—	COM	035290105
EIX	EDISON INTL	3,500	$253K	0.1%	$39.30	+29.9%	COM	281020107
—	AMERICAN CAP LTD	14,616	$247K	0.1%	$12.18	—	COM	02503Y103
—	NOBLE CORP PLC	38,573	$245K	0.1%	$32.99	—	SHS USD	G65431101
RNR	RENAISSANCERE HOLDINGS LTD	2,000	$240K	0.1%	$103.07	+14.4%	COM	G7496G103
SPY	SPDR S&P 500 ETF TR	1,095	$237K	0.1%	$205.48	—	TR UNIT	78462F103
IDT	IDT CORP	13,422	$231K	0.1%	$9.84	+29.9%	CL B NEW	448947507
EPD	ENTERPRISE PRODS PARTNERS L	8,265	$228K	0.1%	$25.53	—	COM	293792107
PCG	PG&E CORP	3,703	$227K	0.1%	$52.19	+15.7%	COM	69331C108
—	LIBERTY MEDIA CORP DELAWARE	12,744	$221K	0.1%	$14.63	—	COM C BRAVES GRP	531229888
—	PIONEER NAT RES CO	1,146	$213K	0.1%	$185.86	—	COM	723787107
CMCSA	COMCAST CORP NEW	3,083	$205K	0.1%	$24.72	+7.6%	CL A	20030N101
OMC	OMNICOM GROUP INC	2,400	$204K	0.1%	$60.52	0.0%	COM	681919106
—	CONSOL ENERGY INC	10,450	$201K	0.1%	$7.94	—	COM	20854P109
—	CONTANGO OIL & GAS COMPANY	18,193	$186K	0.1%	$10.22	—	COM NEW	21075N204
—	ENSCO PLC	20,206	$172K	0.1%	$57.22	—	SHS CLASS A	G3157S106
—	CHESAPEAKE ENERGY CORP	26,875	$169K	0.1%	$19.78	—	COM	165167107
—	ATWOOD OCEANICS INC	17,345	$151K	0.1%	$50.14	—	COM	050095108
HNRG	HALLADOR ENERGY COMPANY	19,171	$151K	0.1%	$4.82	+24.4%	COM	40609P105
UBFO	UNITED SECURITY BANCSHARES C	20,437	$129K	0.0%	$2.54	+50.7%	COM	911460103
—	NABORS INDUSTRIES LTD	10,400	$126K	0.0%	$15.29	—	SHS	G6359F103
—	MCDERMOTT INTL INC	23,000	$115K	0.0%	$5.42	—	COM	580037109
NRG	NRG ENERGY INC	10,280	$115K	0.0%	$20.54	-47.9%	COM NEW	629377508
CCJ	CAMECO CORP	12,103	$104K	0.0%	$17.53	-49.2%	COM	13321L108
—	ACCURIDE CORP NEW	39,400	$101K	0.0%	$4.03	—	COM NEW	00439T206
—	ROYCE GLOBAL VALUE TR INC	11,171	$91,000	0.0%	$8.89	—	COM	78081T104
—	GENER8 MARITIME INC	17,500	$90,000	0.0%	$5.14	—	COM	Y26889108
—	KLONDEX MNS LTD	11,000	$63,000	0.0%	$2.09	—	COM	498696103
—	RESOLUTE FST PRODS INC	12,800	$61,000	0.0%	$13.16	—	COM	76117W109
—	GRAN TIERRA ENERGY INC	12,000	$36,000	0.0%	$5.50	—	COM	38500T101
—	TIDEWATER INC	10,600	$30,000	0.0%	$13.12	—	COM	886423102
WTI	W & T OFFSHORE INC	10,000	$18,000	0.0%	$2.03	-6.9%	COM	92922P106
—	TIMMINS GOLD CORP	10,000	$5,000	0.0%	$1.70	—	COM	88741P103