Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	Berkshire Hathaway Cl B	165,111	$18.74M	14.2%	$113.51	$110.02	+3.2%	CL B NEW	084670702
F	Ford Motor Company	496,886	$8.382M	6.4%	$16.87 *	$7.61	+18.6%	COM	345370860
RWT	Redwood Trust, Inc	324,460	$6.388M	4.9%	$19.69	$17.00	—	COM	758075402
LUV	Southwest Airlines Co	343,499	$5.001M	3.8%	$14.56 *	$11.86	+7.4%	COM	844741108
IBM	Intl Business Machines Corp.	24,122	$4.466M	3.4%	$185.14 *	$116.58	-6.6%	COM	459200101
—	Vodafone Group New Adr	125,796	$4.425M	3.4%	$35.18	$28.74	—	SPONS ADR	92857W209
PFE	Pfizer Incorporated	151,301	$4.346M	3.3%	$28.72 *	$16.46	-0.2%	COM	717081103
—	Gannett Co.	161,295	$4.321M	3.3%	$26.79	$24.46	—	COM	364730101
INTC	Intel Corp	183,065	$4.196M	3.2%	$22.92 *	$17.13	-1.4%	COM	458140100
MSFT	Microsoft Corp	124,679	$4.149M	3.2%	$33.28 *	$26.70	+2.6%	COM	594918104
MPC	Marathon Pete Corp	60,420	$3.886M	3.0%	$64.32 *	$26.93	-16.9%	COM	56585A102
QCOM	Qualcomm Inc	52,435	$3.529M	2.7%	$67.30 *	$46.56	+3.1%	COM	747525103
—	Harris Corporation	58,555	$3.472M	2.6%	$59.29	$49.24	—	COM	413875105
—	Marathon Oil Corporation	99,470	$3.469M	2.6%	$34.87	$34.58	—	COM	565849106
TELFY	Telefonica Spon ADR	222,464	$3.443M	2.6%	$15.48	$13.85	+11.8%	SPONS ADR	879382208
SCHF	Schw Intl Eq Etf	107,919	$3.279M	2.5%	$30.38 *	$14.24	+6.7%	INTL EQTY ETF	808524805
TBT	Proshs Ultrashort Lehman	42,906	$3.229M	2.5%	$75.26	$65.17	+15.5%	PSHS ULTSH 20YRS	74347B201
—	Partnerre Ltd	31,045	$2.841M	2.2%	$91.51	$90.56	—	COM	G6852T105
—	Apache Corp	32,798	$2.792M	2.1%	$85.13	$83.82	—	COM	037411105
—	Chicos Fas Inc	152,250	$2.536M	1.9%	$16.66	$17.06	—	COM	168615102
—	General Electric Company	105,173	$2.512M	1.9%	$23.88	$23.18	—	COM	369604103
VWO	Vanguard Emerging Market	59,938	$2.405M	1.8%	$40.12	$41.88	-4.2%	FTSE EMR MKT ETF	922042858
ADP	Auto Data Processing	32,590	$2.358M	1.8%	$72.35 *	$45.09	+7.7%	COM	053015103
SNY	Sanofi Aventis Adr	44,490	$2.252M	1.7%	$50.62	$53.28	-5.0%	ADR	80105N105
ELD	WT Emerging Mkt Local Debt	45,810	$2.156M	1.6%	$47.06	$51.68	-8.9%	EM LCL DEBT FD	97717X867
MRK	Merck & Co Inc New	45,050	$2.144M	1.6%	$47.59 *	$30.02	+3.4%	COM	58933Y105
—	U S G Corporation New	74,600	$2.132M	1.6%	$28.58	$23.05	—	COM	903293405
JNJ	Johnson & Johnson	24,512	$2.124M	1.6%	$86.65 *	$59.66	+3.4%	COM	478160104
UNM	Unumprovident Corp	69,500	$2.115M	1.6%	$30.43	$27.85	+9.3%	COM	91529Y106
AAPL	Apple Computer Inc	3,500	$1.668M	1.3%	$476.57 *	$13.16	+11.7%	COM	037833100
MS	Morgan Stanley	58,540	$1.577M	1.2%	$26.94 *	$17.33	+13.9%	COM	617446448
JPM	J P Morgan Chase & Co.	29,147	$1.506M	1.1%	$51.67 *	$36.24	+2.4%	COM	46625H100
T	A T & T Inc. New	43,523	$1.471M	1.1%	$33.80 *	$11.40	-6.4%	COM	00206R102
BP	Bp P.L.C.	29,516	$1.24M	0.9%	$42.01	$42.56	-1.2%	ADR	055622104
—	Ishares Msci Singapore	68,170	$910K	0.7%	$13.35	$12.79	—	MSCI SINGAPORE	464286673
XOM	Exxon Mobil Corporation	9,714	$835K	0.6%	$85.96 *	$53.69	-3.4%	COM	30231G102
DGS	WT Emerging Small Cap Div Fund	16,010	$746K	0.6%	$46.60	$49.38	-5.5%	EMG MKTS SMCAP	97717W281
UNH	Unitedhealth Group Inc	9,815	$702K	0.5%	$71.52 *	$50.75	+15.9%	COM	91324P102
—	Lab Cp Of Amer Hldg New	5,280	$523K	0.4%	$99.05	$100.00	—	COM	50540R409
PM	Philip Morris Intl Inc	5,866	$507K	0.4%	$86.43 *	$49.85	-5.0%	COM	718172109
BHP	BHP Billiton Ltd ADR	6,275	$417K	0.3%	$66.45 *	$62.13	+1.4%	ADR	088606108
EPI	WT India Earnings	25,840	$395K	0.3%	$15.29	$17.70	-13.4%	INDIA ERNGS FD	97717W422
CVX	Chevron Corporation	3,156	$383K	0.3%	$121.36 *	$71.78	+1.1%	COM	166764100
OMC	Omnicom Group Inc	5,700	$361K	0.3%	$63.33 *	$40.69	+4.7%	COM	681919106
VTI	Vanguard Total Stock Mkt	3,995	$350K	0.3%	$87.61	$83.81	+4.6%	TOTAL STK MKT	922908769
EWZ	Ishares Msci Brazil Indx	6,750	$323K	0.2%	$47.85	$51.94	-7.8%	MSCI BRAZIL CAPP	464286400
WFC	Wells Fargo & Co New	6,773	$279K	0.2%	$41.19 *	$27.36	+7.1%	COM	949746101
—	WT Dividend ex-Financials	3,468	$220K	0.2%	$63.44	$63.44	—	DIV EX-FINL FD	97717w406
—	Quantum Cp Dlt & Storag	143,400	$197K	0.1%	$1.37	$1.37	—	COM DSSG	747906204