Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	310,267	$40.97M	5.6%	$110.02	+22.0%	CL B NEW	084670702
—	DISCOVERY COMMUNICATNS NEW	1,614,924	$40.73M	5.6%	$29.96	—	COM SER C	25470F302
GM	GENERAL MTRS CO	1,160,085	$39.45M	5.4%	$25.93	+6.8%	COM	37045V100
—	CHICAGO BRIDGE & IRON CO N V	941,241	$36.7M	5.0%	$49.94	—	COM	167250109
WFC	WELLS FARGO & CO NEW	673,824	$36.63M	5.0%	$27.36	+49.2%	COM	949746101
—	ENSTAR GROUP LIMITED	220,711	$33.12M	4.5%	$146.18	—	SHS	G3075P101
MKL	MARKEL CORP	30,375	$26.83M	3.7%	$576.00	+51.1%	COM	570535104
USB	US BANCORP DEL	593,730	$25.33M	3.5%	$29.82	-0.8%	COM NEW	902973304
—	AVID TECHNOLOGY INC	3,328,921	$24.27M	3.3%	$10.58	—	COM	05367P100
DVA	DAVITA HEALTHCARE PARTNERS I	339,549	$23.67M	3.2%	$77.12	-5.0%	COM	23918K108
SA	SEABRIDGE GOLD INC	2,633,826	$21.83M	3.0%	$7.98	-1.5%	COM	811916105
—	SPDR SERIES TRUST	711,382	$21.5M	2.9%	$33.32	—	S&P OILGAS EXP	78464a730
—	JACOBS ENGR GROUP INC DEL	507,060	$21.27M	2.9%	$55.13	—	COM	469814107
—	UNIT CORP	1,726,992	$21.07M	2.9%	$15.72	—	COM	909218109
—	COLFAX CORP	782,385	$18.27M	2.5%	$39.28	—	COM	194014106
—	MARKET VECTORS ETF TR	940,182	$18.06M	2.5%	$23.11	—	JR GOLD MINERS E	57061R544
ATI	ALLEGHENY TECHNOLOGIES INC	1,550,726	$17.45M	2.4%	$23.93	-43.8%	COM	01741R102
—	RANDGOLD RES LTD	279,764	$17.33M	2.4%	$75.77	—	ADR	752344309
—	LIBERTY MEDIA CORP DELAWARE	437,027	$16.64M	2.3%	$35.86	—	COM SER C	531229300
AEM	AGNICO EAGLE MINES LTD	626,577	$16.47M	2.2%	$22.93	-1.0%	COM	008474108
—	PICO HLDGS INC	1,424,634	$14.7M	2.0%	$16.10	—	COM NEW	693366205
—	APACHE CORP	317,831	$14.13M	1.9%	$79.27	—	COM	037411105
EMR	EMERSON ELEC CO	282,217	$13.5M	1.8%	$38.72	-5.7%	COM	291011104
—	MAXWELL TECHNOLOGIES INC	1,882,413	$13.44M	1.8%	$7.15	—	COM	577767106
—	LAYNE CHRISTENSEN CO	2,492,298	$13.11M	1.8%	$18.89	—	COM	521050104
—	YAMANA GOLD INC	7,025,449	$13.07M	1.8%	$3.55	—	COM	98462Y100
—	ERA GROUP INC	1,108,194	$12.36M	1.7%	$22.39	—	COM	26885G109
—	COMSTOCK MNG INC	30,189,136	$12.07M	1.6%	$1.22	—	COM	205750102
—	ATWOOD OCEANICS INC	1,175,741	$12.03M	1.6%	$35.40	—	COM	050095108
HAL	HALLIBURTON CO	295,835	$10.07M	1.4%	$33.21	-6.7%	COM	406216101
—	ENSCO PLC	650,426	$10.01M	1.4%	$41.44	—	SHS CLASS A	G3157S106
EWH	ISHARES	425,434	$8.432M	1.2%	$19.12	—	MSCI HONG KG ETF	464286871
ORN	ORION MARINE GROUP INC	1,986,108	$8.282M	1.1%	$10.70	-59.5%	COM	68628V308
POWL	POWELL INDS INC	280,571	$7.303M	1.0%	$35.62	-33.3%	COM	739128106
—	DYNAMIC MATLS CORP	928,604	$6.491M	0.9%	$15.94	—	COM	267888105
—	MARKET VECTORS ETF TR	319,765	$4.387M	0.6%	$13.72	—	GOLD MINER ETF	57060U100
ACNT	SYNALLOY CP DEL	533,424	$3.67M	0.5%	$14.52	-45.4%	COM	871565107
INTG	INTERGROUP CORP	139,457	$3.555M	0.5%	$19.92	+33.4%	COM	458685104
—	ELDORADO GOLD CORP NEW	1,136,485	$3.375M	0.5%	$5.58	—	COM	284902103
KO	COCA COLA CO	59,705	$2.565M	0.4%	$29.98	+2.9%	COM	191216100
KGC	KINROSS GOLD CORP	1,369,906	$2.493M	0.3%	$4.53	-56.4%	COM NO PAR	496902404
BVN	COMPANIA DE MINAS BUENAVENTU	492,325	$2.107M	0.3%	$11.58	—	SPONSORED ADR	204448104
RDI	READING INTERNATIONAL INC	157,670	$2.067M	0.3%	$9.62	+51.6%	CL A	755408101
—	KEY ENERGY SVCS INC	3,296,708	$1.589M	0.2%	$4.05	—	COM	492914106
—	PIONEER ENERGY SVCS CORP	642,821	$1.395M	0.2%	$2.49	—	COM	723664108
—	GOLDCORP INC NEW	105,568	$1.22M	0.2%	$13.98	—	COM	380956409
KRE	SPDR SERIES TRUST	27,000	$1.132M	0.2%	$40.83	—	S&P REGL BKG	78464A698
—	SUPERIOR INDS INTL INC	61,095	$1.125M	0.2%	$18.34	—	COM	868168105
WTM	WHITE MTNS INS GROUP LTD	1,504	$1.093M	0.1%	$603.63	+26.9%	COM	G9618E107
—	DIAMOND OFFSHORE DRILLING IN	48,028	$1.013M	0.1%	$40.42	—	COM	25271C102
PTEN	PATTERSON UTI ENERGY INC	65,495	$988K	0.1%	$15.67	-1.8%	COM	703481101
IBM	INTERNATIONAL BUSINESS MACHS	6,957	$957K	0.1%	$89.98	-2.7%	COM	459200101
—	LYDALL INC DEL	24,385	$865K	0.1%	$29.56	—	COM	550819106
—	ASANKO GOLD INC	573,710	$838K	0.1%	$1.80	—	COM	04341Y105
CSCO	CISCO SYS INC	30,521	$829K	0.1%	$15.24	+32.3%	COM	17275R102
—	ALTRA INDL MOTION CORP	32,445	$814K	0.1%	$24.81	—	COM	02208R106
—	CVR PARTNERS LP	99,316	$796K	0.1%	$11.10	—	COM	126633106
BRC	BRADY CORP	33,848	$778K	0.1%	$21.64	-11.4%	CL A	104674106
—	CLOUD PEAK ENERGY INC	366,690	$763K	0.1%	$5.16	—	COM	18911Q102
—	REAL IND INC	79,254	$636K	0.1%	$11.35	—	COM	75601W104
—	CUI GLOBAL INC	77,055	$542K	0.1%	$6.88	—	COM NEW	126576206
—	TOTAL S A	11,983	$539K	0.1%	$48.70	—	SPONSORED ADR	89151E109
L	LOEWS CORP	13,241	$508K	0.1%	$41.25	-13.9%	COM	540424108
BTG	B2GOLD CORP	426,800	$435K	0.1%	$1.42	-36.1%	COM	11777Q209
ONB	OLD NATL BANCORP IND	32,091	$435K	0.1%	$13.85	+2.1%	COM	680033107
ASC	ARDMORE SHIPPING CORP	25,400	$323K	0.0%	$8.31	+20.7%	COM	Y0207T100
AVD	AMERICAN VANGUARD CORP	22,138	$310K	0.0%	$10.65	+26.6%	COM	030371108
—	CARBO CERAMICS INC	16,875	$290K	0.0%	$30.50	—	COM	140781105
—	CHASE CORP	6,945	$283K	0.0%	$41.45	—	COM	16150R104
—	STONE ENERGY CORP	62,740	$269K	0.0%	$16.80	—	COM	861642106
AXP	AMERICAN EXPRESS CO	3,750	$261K	0.0%	$59.62	+5.5%	COM	025816109
—	BARRETT BILL CORP	64,305	$253K	0.0%	$8.31	—	COM	06846N104
XOM	EXXON MOBIL CORP	2,614	$204K	0.0%	$51.39	0.0%	COM	30231G102
—	PROFIRE ENERGY INC	155,393	$154K	0.0%	$1.12	—	COM	74316X101
—	BANRO CORP	652,000	$133K	0.0%	$0.53	—	COM	066800103
—	XPLORE TECHNOLOGIES CORP	17,700	$91,000	0.0%	$5.80	—	COM PAR $0.001	983950700
—	FUSION TELECOMM INTL INC	16,570	$54,000	0.0%	$2.14	—	COM NEW	36113B400
—	PACIFIC DRILLING SA LUXEMBOU	25,000	$21,000	0.0%	$4.44	—	REG SHS	L7257P106