Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	287,711	$41.66M	5.4%	$110.02	+29.9%	CL B NEW	084670702
GDXJ	VANECK VECTORS ETF TR	879,389	$37.46M	4.8%	$42.60	—	JR GOLD MINERS E	92189F791
—	DISCOVERY COMMUNICATNS NEW	1,514,388	$36.12M	4.6%	$29.96	—	COM SER C	25470F302
—	SPDR SERIES TRUST	1,026,009	$35.72M	4.6%	$32.37	—	S&P OILGAS EXP	78464a730
—	ENSTAR GROUP LIMITED	207,974	$33.69M	4.3%	$146.18	—	SHS	G3075P101
SA	SEABRIDGE GOLD INC	2,283,616	$33.52M	4.3%	$7.98	+69.9%	COM	811916105
ATI	ALLEGHENY TECHNOLOGIES INC	2,511,100	$32.02M	4.1%	$19.23	-26.3%	COM	01741R102
WFC	WELLS FARGO & CO NEW	652,949	$30.9M	4.0%	$27.52	+35.3%	COM	949746101
GM	GENERAL MTRS CO	1,053,875	$29.82M	3.8%	$25.93	-4.3%	COM	37045V100
—	COLFAX CORP	1,102,683	$29.18M	3.7%	$36.14	—	COM	194014106
—	UNIT CORP	1,695,372	$26.38M	3.4%	$15.72	—	COM	909218109
USB	US BANCORP DEL	538,062	$21.7M	2.8%	$29.82	-2.2%	COM NEW	902973304
—	ATWOOD OCEANICS INC	1,635,424	$20.48M	2.6%	$29.01	—	COM	050095108
—	LAYNE CHRISTENSEN CO	2,372,662	$19.22M	2.5%	$18.89	—	COM	521050104
GDX	VANECK VECTORS ETF TR	640,846	$17.76M	2.3%	$27.71	—	GOLD MINERS ETF	92189F106
—	APACHE CORP	314,406	$17.5M	2.2%	$78.90	—	COM	037411105
MCK	MCKESSON CORP	85,982	$16.05M	2.1%	$149.58	+8.7%	COM	58155Q103
—	AVID TECHNOLOGY INC	2,658,373	$15.45M	2.0%	$10.58	—	COM	05367P100
—	ERA GROUP INC	1,631,018	$15.33M	2.0%	$18.22	—	COM	26885G109
IBM	INTERNATIONAL BUSINESS MACHS	95,654	$14.52M	1.9%	$84.49	+12.6%	COM	459200101
—	PICO HLDGS INC	1,418,050	$13.41M	1.7%	$16.03	—	COM NEW	693366205
AEM	AGNICO EAGLE MINES LTD	243,835	$13.04M	1.7%	$22.93	+66.0%	COM	008474108
—	LIBERTY MEDIA CORP DELAWARE	412,078	$12.72M	1.6%	$30.87	—	COM C SIRIUSXM	531229607
HAL	HALLIBURTON CO	274,360	$12.43M	1.6%	$33.21	+2.8%	COM	406216101
EMR	EMERSON ELEC CO	238,214	$12.43M	1.6%	$38.72	+7.3%	COM	291011104
—	DYNAMIC MATLS CORP	1,148,085	$12.34M	1.6%	$14.89	—	COM	267888105
—	ENSCO PLC	1,178,909	$11.45M	1.5%	$26.51	—	SHS CLASS A	G3157S106
POWL	POWELL INDS INC	275,713	$10.85M	1.4%	$35.62	-26.4%	COM	739128106
—	COMSTOCK MNG INC	30,759,463	$10.73M	1.4%	$1.19	—	COM	205750102
ORN	ORION GROUP HOLDINGS INC	1,908,328	$10.13M	1.3%	$10.70	-51.2%	COM	68628V308
—	EXPRESS SCRIPTS HLDG CO	127,923	$9.697M	1.2%	$75.80	—	COM	30219G108
—	MAXWELL TECHNOLOGIES INC	1,823,040	$9.626M	1.2%	$7.15	—	COM	577767106
DVN	DEVON ENERGY CORP NEW	256,965	$9.315M	1.2%	$16.97	+40.5%	COM	25179M103
COR	AMERISOURCEBERGEN CORP	106,490	$8.447M	1.1%	$59.88	0.0%	COM	03073E105
SLB	SCHLUMBERGER LTD	106,598	$8.43M	1.1%	$58.24	0.0%	COM	806857108
DVA	DAVITA HEALTHCARE PARTNERS I	103,438	$7.998M	1.0%	$75.23	+0.5%	COM	23918K108
EWH	ISHARES	403,744	$7.905M	1.0%	$19.12	—	MSCI HONG KG ETF	464286871
CAH	CARDINAL HEALTH INC	98,275	$7.666M	1.0%	$60.27	0.0%	COM	14149Y108
BFH	ALLIANCE DATA SYSTEMS CORP	38,761	$7.594M	1.0%	$150.62	-4.6%	COM	018581108
—	PIONEER ENERGY SVCS CORP	1,556,586	$7.16M	0.9%	$3.27	—	COM	723664108
DWSN	DAWSON GEOPHYSICAL CO NEW	782,856	$6.38M	0.8%	$3.75	+32.5%	COM	239360100
—	LIBERTY MEDIA CORP DELAWARE	282,458	$5.358M	0.7%	$18.97	—	COM C MEDIA GRP	531229854
—	LIBERTY MEDIA CORP DELAWARE	327,677	$4.804M	0.6%	$14.66	—	COM C BRAVES GRP	531229888
ACNT	SYNALLOY CP DEL	595,011	$4.558M	0.6%	$13.63	-44.5%	COM	871565107
INTG	INTERGROUP CORP	148,702	$3.792M	0.5%	$20.29	+30.3%	COM	458685104
RDI	READING INTERNATIONAL INC	186,880	$2.334M	0.3%	$9.93	+27.3%	CL A	755408101
—	SUPERIOR INDS INTL INC	72,010	$1.928M	0.2%	$18.91	—	COM	868168105
PTEN	PATTERSON UTI ENERGY INC	72,630	$1.548M	0.2%	$15.59	+20.8%	COM	703481101
—	GOLDCORP INC NEW	67,863	$1.298M	0.2%	$14.45	—	COM	380956409
—	ALTRA INDL MOTION CORP	39,155	$1.056M	0.1%	$25.32	—	COM	02208R106
—	PHI INC	58,133	$1.039M	0.1%	$17.87	—	COM NON VTG	69336T205
BRC	BRADY CORP	33,848	$1.034M	0.1%	$21.64	+11.9%	CL A	104674106
—	CUI GLOBAL INC	180,285	$910K	0.1%	$5.83	—	COM NEW	126576206
—	DIAMOND OFFSHORE DRILLING IN	37,052	$901K	0.1%	$40.42	—	COM	25271C102
NPKI	NEWPARK RES INC	148,750	$861K	0.1%	$4.67	+4.8%	COM PAR $.01NEW	651718504
—	CVR PARTNERS LP	99,316	$811K	0.1%	$11.10	—	COM	126633106
—	KEY ENERGY SVCS INC	3,486,293	$808K	0.1%	$3.83	—	COM	492914106
—	LYDALL INC DEL	20,755	$800K	0.1%	$29.56	—	COM	550819106
CSCO	CISCO SYS INC	27,836	$799K	0.1%	$15.33	+36.1%	COM	17275R102
—	HERITAGE CRYSTAL CLEAN INC	64,755	$791K	0.1%	$10.80	—	COM	42726M106
—	CLOUD PEAK ENERGY INC	334,880	$690K	0.1%	$5.16	—	COM	18911Q102
—	ESTERLINE TECHNOLOGIES CORP	10,051	$624K	0.1%	$62.92	—	COM	297425100
—	REAL IND INC	78,387	$609K	0.1%	$11.35	—	COM	75601W104
MKL	MARKEL CORP	630	$600K	0.1%	$576.00	+61.7%	COM	570535104
—	SECOND SIGHT MED PRODS INC	167,220	$599K	0.1%	$3.69	—	COM	81362J100
AXTA	AXALTA COATING SYS LTD	21,910	$581K	0.1%	$25.43	+11.4%	COM	G0750C108
—	RANDGOLD RES LTD	4,610	$517K	0.1%	$75.77	—	ADR	752344309
—	TOTAL S A	10,263	$494K	0.1%	$48.70	—	SPONSORED ADR	89151E109
ASC	ARDMORE SHIPPING CORP	68,545	$464K	0.1%	$7.64	-5.7%	COM	Y0207T100
CCJ	CAMECO CORP	39,756	$436K	0.1%	$10.91	0.0%	COM	13321L108
WTM	WHITE MTNS INS GROUP LTD	500	$421K	0.1%	$603.63	+35.2%	COM	G9618E107
—	BARRETT BILL CORP	65,605	$419K	0.1%	$8.27	—	COM	06846N104
—	ASANKO GOLD INC	100,000	$381K	0.0%	$1.80	—	COM	04341Y105
L	LOEWS CORP	7,644	$314K	0.0%	$41.25	-8.0%	COM	540424108
—	DENBURY RES INC	77,755	$279K	0.0%	$2.22	—	COM NEW	247916208
XOM	EXXON MOBIL CORP	2,484	$233K	0.0%	$51.39	+12.6%	COM	30231G102
AXP	AMERICAN EXPRESS CO	3,750	$228K	0.0%	$59.62	-7.3%	COM	025816109
—	YAMANA GOLD INC	42,720	$222K	0.0%	$3.55	—	COM	98462Y100
—	PROFIRE ENERGY INC	192,601	$214K	0.0%	$1.09	—	COM	74316X101
—	STONE ENERGY CORP	10,988	$133K	0.0%	$12.10	—	COM NEW	861642304
BTG	B2GOLD CORP	15,800	$40,000	0.0%	$1.42	+13.6%	COM	11777Q209
—	BANRO CORP	58,950	$17,000	0.0%	$0.53	—	COM	066800103