Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	296,923	$42.13M	5.5%	$110.02	+20.5%	CL B NEW	084670702
—	DISCOVERY COMMUNICATNS NEW	1,558,939	$42.09M	5.5%	$29.96	—	COM SER C	25470F302
ATI	ALLEGHENY TECHNOLOGIES INC	2,558,099	$41.7M	5.5%	$19.23	-37.6%	COM	01741R102
GM	GENERAL MTRS CO	1,115,470	$35.06M	4.6%	$25.93	-6.3%	COM	37045V100
—	ENSTAR GROUP LIMITED	209,256	$34.02M	4.5%	$146.18	—	SHS	G3075P101
—	SPDR SERIES TRUST	1,046,764	$31.77M	4.2%	$32.37	—	S&P OILGAS EXP	78464a730
—	COLFAX CORP	1,108,723	$31.7M	4.2%	$36.14	—	COM	194014106
WFC	WELLS FARGO & CO NEW	642,764	$31.08M	4.1%	$27.36	+35.6%	COM	949746101
DVA	DAVITA HEALTHCARE PARTNERS I	422,694	$31.02M	4.1%	$75.23	-10.2%	COM	23918K108
SA	SEABRIDGE GOLD INC	2,381,225	$26.1M	3.4%	$7.98	+9.4%	COM	811916105
—	MARKET VECTORS ETF TR	912,077	$25.4M	3.3%	$23.11	—	JR GOLD MINERS E	57061R544
USB	US BANCORP DEL	569,804	$23.13M	3.0%	$29.82	-6.8%	COM NEW	902973304
—	JACOBS ENGR GROUP INC DEL	478,129	$20.82M	2.7%	$55.13	—	COM	469814107
—	YAMANA GOLD INC	6,493,613	$19.74M	2.6%	$3.55	—	COM	98462Y100
—	AVID TECHNOLOGY INC	2,903,716	$19.63M	2.6%	$10.58	—	COM	05367P100
AEM	AGNICO EAGLE MINES LTD	519,212	$18.77M	2.5%	$22.93	+19.5%	COM	008474108
—	LAYNE CHRISTENSEN CO	2,422,793	$17.42M	2.3%	$18.89	—	COM	521050104
—	LIBERTY MEDIA CORP DELAWARE	421,208	$16.04M	2.1%	$35.86	—	COM SER C	531229300
—	APACHE CORP	321,711	$15.7M	2.1%	$78.90	—	COM	037411105
—	UNIT CORP	1,727,362	$15.22M	2.0%	$15.72	—	COM	909218109
IBM	INTERNATIONAL BUSINESS MACHS	97,669	$14.79M	1.9%	$84.49	-0.5%	COM	459200101
—	PICO HLDGS INC	1,442,350	$14.76M	1.9%	$16.03	—	COM NEW	693366205
MCK	MCKESSON CORP	87,564	$13.77M	1.8%	$149.58	0.0%	COM	58155Q103
EMR	EMERSON ELEC CO	247,087	$13.44M	1.8%	$38.72	-3.5%	COM	291011104
—	ERA GROUP INC	1,421,500	$13.33M	1.8%	$19.52	—	COM	26885G109
—	MARKET VECTORS ETF TR	653,081	$13.04M	1.7%	$16.91	—	GOLD MINER ETF	57060U100
—	COMSTOCK MNG INC	31,179,455	$11.54M	1.5%	$1.19	—	COM	205750102
—	MAXWELL TECHNOLOGIES INC	1,822,356	$10.82M	1.4%	$7.15	—	COM	577767106
—	ATWOOD OCEANICS INC	1,178,601	$10.81M	1.4%	$35.40	—	COM	050095108
ORN	ORION MARINE GROUP INC	1,952,378	$10.11M	1.3%	$10.70	-63.3%	COM	68628V308
HAL	HALLIBURTON CO	281,050	$10.04M	1.3%	$33.21	-18.8%	COM	406216101
POWL	POWELL INDS INC	281,323	$8.386M	1.1%	$35.62	-42.7%	COM	739128106
BFH	ALLIANCE DATA SYSTEMS CORP	37,737	$8.302M	1.1%	$150.81	0.0%	COM	018581108
EWH	ISHARES	413,619	$8.177M	1.1%	$19.12	—	MSCI HONG KG ETF	464286871
DVN	DEVON ENERGY CORP NEW	261,440	$7.174M	0.9%	$16.97	0.0%	COM	25179M103
—	ENSCO PLC	624,419	$6.475M	0.9%	$41.44	—	SHS CLASS A	G3157S106
—	DYNAMIC MATLS CORP	916,799	$5.941M	0.8%	$15.94	—	COM	267888105
ACNT	SYNALLOY CP DEL	518,844	$4.109M	0.5%	$14.52	-48.7%	COM	871565107
INTG	INTERGROUP CORP	145,397	$3.644M	0.5%	$20.15	+27.5%	COM	458685104
KO	COCA COLA CO	57,260	$2.656M	0.3%	$29.98	+6.2%	COM	191216100
—	GOLDCORP INC NEW	133,853	$2.172M	0.3%	$14.45	—	COM	380956409
DWSN	DAWSON GEOPHYSICAL CO NEW	463,596	$2.119M	0.3%	$2.91	0.0%	COM	239360100
RDI	READING INTERNATIONAL INC	176,205	$2.111M	0.3%	$9.76	+12.7%	CL A	755408101
—	PIONEER ENERGY SVCS CORP	941,911	$2.072M	0.3%	$2.40	—	COM	723664108
—	SUPERIOR INDS INTL INC	72,010	$1.59M	0.2%	$18.91	—	COM	868168105
—	KEY ENERGY SVCS INC	3,515,783	$1.299M	0.2%	$3.83	—	COM	492914106
PTEN	PATTERSON UTI ENERGY INC	72,630	$1.28M	0.2%	$15.59	-4.4%	COM	703481101
WTM	WHITE MTNS INS GROUP LTD	1,504	$1.207M	0.2%	$603.63	+23.9%	COM	G9618E107
—	ALTRA INDL MOTION CORP	39,155	$1.088M	0.1%	$25.32	—	COM	02208R106
—	DIAMOND OFFSHORE DRILLING IN	42,022	$913K	0.1%	$40.42	—	COM	25271C102
BRC	BRADY CORP	33,848	$908K	0.1%	$21.64	-7.8%	CL A	104674106
CSCO	CISCO SYS INC	31,281	$891K	0.1%	$15.33	+23.6%	COM	17275R102
—	ASANKO GOLD INC	404,380	$861K	0.1%	$1.80	—	COM	04341Y105
—	CVR PARTNERS LP	99,316	$830K	0.1%	$11.10	—	COM	126633106
MKL	MARKEL CORP	808	$720K	0.1%	$576.00	+49.2%	COM	570535104
KGC	KINROSS GOLD CORP	203,740	$693K	0.1%	$4.53	-45.2%	COM NO PAR	496902404
—	REAL IND INC	78,637	$684K	0.1%	$11.35	—	COM	75601W104
—	LYDALL INC DEL	20,755	$675K	0.1%	$29.56	—	COM	550819106
—	CLOUD PEAK ENERGY INC	339,020	$661K	0.1%	$5.16	—	COM	18911Q102
AXTA	AXALTA COATING SYS LTD	21,910	$640K	0.1%	$25.43	0.0%	COM	G0750C108
—	CUI GLOBAL INC	77,055	$623K	0.1%	$6.88	—	COM NEW	126576206
ASC	ARDMORE SHIPPING CORP	68,545	$579K	0.1%	$7.64	-5.2%	COM	Y0207T100
—	TOTAL S A	11,483	$522K	0.1%	$48.70	—	SPONSORED ADR	89151E109
—	RANDGOLD RES LTD	5,705	$518K	0.1%	$75.77	—	ADR	752344309
—	CHASE CORP	8,695	$457K	0.1%	$43.69	—	COM	16150R104
BTG	B2GOLD CORP	255,800	$425K	0.1%	$1.42	-38.4%	COM	11777Q209
—	BARRETT BILL CORP	65,605	$408K	0.1%	$8.27	—	COM	06846N104
—	HERITAGE CRYSTAL CLEAN INC	40,500	$403K	0.1%	$9.95	—	COM	42726M106
L	LOEWS CORP	9,786	$374K	0.0%	$41.25	-14.8%	COM	540424108
AVD	AMERICAN VANGUARD CORP	18,538	$293K	0.0%	$10.65	+17.6%	COM	030371108
—	ESTERLINE TECHNOLOGIES CORP	4,101	$263K	0.0%	$64.13	—	COM	297425100
NPKI	NEWPARK RES INC	53,750	$232K	0.0%	$4.28	0.0%	COM PAR $.01NEW	651718504
AXP	AMERICAN EXPRESS CO	3,750	$230K	0.0%	$59.62	-15.3%	COM	025816109
XOM	EXXON MOBIL CORP	2,484	$208K	0.0%	$51.39	+1.1%	COM	30231G102
—	PROFIRE ENERGY INC	192,601	$187K	0.0%	$1.09	—	COM	74316X101
—	DENBURY RES INC	77,755	$173K	0.0%	$2.22	—	COM NEW	247916208
—	BANRO CORP	652,000	$166K	0.0%	$0.53	—	COM	066800103
—	STONE ENERGY CORP	109,885	$87,000	0.0%	$9.93	—	COM	861642106
—	SECOND SIGHT MED PRODS INC	13,600	$66,000	0.0%	$4.85	—	COM	81362J100
—	ELDORADO GOLD CORP NEW	13,405	$42,000	0.0%	$5.58	—	COM	284902103