Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Cl B	165,381	$18.51M	14.7%	$110.02	0.0%	CL B NEW	084670702
F	Ford Motor Company	496,186	$7.675M	6.1%	$7.61	0.0%	COM	345370860
—	Gannett Co.	261,395	$6.393M	5.1%	$24.46	—	COM	364730101
RWT	Redwood Trust, Inc	326,980	$5.558M	4.4%	$17.00	—	COM	758075402
—	Partnerre Ltd	50,797	$4.6M	3.7%	$90.56	—	COM	G6852T105
LUV	Southwest Airlines Co	342,559	$4.415M	3.5%	$11.86	0.0%	COM	844741108
MSFT	Microsoft Corp	123,879	$4.279M	3.4%	$26.70	0.0%	COM	594918104
PFE	Pfizer Incorporated	151,301	$4.237M	3.4%	$16.46	0.0%	COM	717081103
INTC	Intel Corp	152,695	$3.699M	2.9%	$17.18	0.0%	COM	458140100
—	Vodafone Group New Adr	126,796	$3.644M	2.9%	$28.74	—	SPONS ADR	92857W209
MPC	Marathon Pete Corp	48,600	$3.453M	2.7%	$27.55	0.0%	COM	56585A102
—	Marathon Oil Corporation	99,545	$3.442M	2.7%	$34.58	—	COM	565849106
TBT	Proshs Ultrashort Lehman	43,581	$3.156M	2.5%	$72.42	—	PSHS ULTSH 20YRS	74347B201
IBM	Intl Business Machines Corp.	16,427	$3.139M	2.5%	$118.94	0.0%	COM	459200101
—	Harris Corporation	58,555	$2.883M	2.3%	$49.24	—	COM	413875105
TELFY	Telefonica Spon ADR	224,394	$2.874M	2.3%	$12.81	—	SPONS ADR	879382208
—	Apache Corp	32,568	$2.73M	2.2%	$83.82	—	COM	037411105
—	Chicos Fas Inc	151,190	$2.579M	2.1%	$17.06	—	COM	168615102
ADP	Auto Data Processing	36,925	$2.542M	2.0%	$45.09	0.0%	COM	053015103
—	General Electric Company	106,723	$2.474M	2.0%	$23.18	—	COM	369604103
SCHF	Schw Intl Eq Etf	90,233	$2.457M	2.0%	$27.23	—	INTL EQTY ETF	808524805
—	Sprint Nextel Corporation	333,000	$2.337M	1.9%	$7.02	—	COM	852061100
SNY	Sanofi Aventis Adr	44,490	$2.291M	1.8%	$51.49	—	ADR	80105N105
VWO	Vanguard Emerging Market	58,688	$2.276M	1.8%	$38.78	—	FTSE EMR MKT ETF	922042858
ELD	WT Emerging Mkt Local Debt	45,450	$2.183M	1.7%	$48.03	—	EM LCL DEBT FD	97717X867
JNJ	Johnson & Johnson	24,512	$2.104M	1.7%	$59.66	0.0%	COM	478160104
UNM	Unumprovident Corp	71,450	$2.098M	1.7%	$27.85	0.0%	COM	91529Y106
MRK	Merck & Co Inc New	45,050	$2.092M	1.7%	$30.02	0.0%	COM	58933Y105
—	U S G Corporation New	77,500	$1.786M	1.4%	$23.05	—	COM	903293405
T	A T & T Inc. New	44,023	$1.558M	1.2%	$11.40	0.0%	COM	00206R102
JPM	J P Morgan Chase & Co.	29,275	$1.545M	1.2%	$36.24	0.0%	COM	46625H100
MS	Morgan Stanley	61,359	$1.499M	1.2%	$17.33	0.0%	COM	617446448
AAPL	Apple Computer Inc	3,485	$1.381M	1.1%	$13.16	0.0%	COM	037833100
BP	Bp P.L.C.	30,016	$1.252M	1.0%	$41.71	—	ADR	055622104
XOM	Exxon Mobil Corporation	9,714	$877K	0.7%	$53.69	0.0%	COM	30231G102
—	Ishares Msci Singapore	67,270	$860K	0.7%	$12.78	—	MSCI SINGAPORE	464286673
UNH	Unitedhealth Group Inc	9,815	$642K	0.5%	$50.75	0.0%	COM	91324P102
DGS	WT Emerging Small Cap Div Fund	11,570	$532K	0.4%	$45.98	—	EMG MKTS SMCAP	97717W281
—	Lab Cp Of Amer Hldg New	5,280	$528K	0.4%	$100.00	—	COM	50540R409
PM	Philip Morris Intl Inc	5,866	$508K	0.4%	$49.85	0.0%	COM	718172109
EPI	WT India Earnings	24,740	$400K	0.3%	$16.17	—	INDIA ERNGS FD	97717W422
BHP	BHP Billiton Ltd ADR	6,275	$361K	0.3%	$57.53	—	ADR	088606108
OMC	Omnicom Group Inc	5,700	$358K	0.3%	$40.69	0.0%	COM	681919106
EWZ	Ishares Msci Brazil Indx	6,750	$296K	0.2%	$43.85	—	MSCI BRAZIL CAPP	464286400
WFC	Wells Fargo & Co New	6,773	$279K	0.2%	$27.36	0.0%	COM	949746101
CVX	Chevron Corporation	2,316	$274K	0.2%	$71.30	0.0%	COM	166764100
VTI	Vanguard Total Stock Mkt	3,144	$259K	0.2%	$82.38	—	TOTAL STK MKT	922908769
—	Quantum Cp Dlt & Storag	157,800	$216K	0.2%	$1.37	—	COM DSSG	747906204
—	Celgene Corp	1,800	$210K	0.2%	$116.67	—	COM	151020104
—	Navidea Biopharma	10,000	$26,000	0.0%	$2.60	—	COM	63937X103