The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGCO CORP COM 001084102 1,010 22,256 SH   SOLE   22,256 0 0
AIR LEASE CORP CL A 00912X302 860 25,700 SH   SOLE   25,700 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 2,066 79,830 SH   SOLE   79,830 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,288 20,796 SH   SOLE   20,796 0 0
APPLE INC COM 037833100 304 2,894 SH   SOLE   2,894 0 0
AUTONATION INC COM 05329W102 3,668 61,495 SH   SOLE   61,495 0 0
AVNET INC COM 053807103 921 21,507 SH   SOLE   21,507 0 0
BANK AMER CORP COM 060505104 6,064 360,367 SH   SOLE   360,367 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,077 8,160 SH   SOLE   8,160 0 0
CHESAPEAKE ENERGY CORP COM 165167107 3,407 757,146 SH   SOLE   757,146 0 0
CHEVRON CORP NEW COM 166764100 2,619 29,115 SH   SOLE   29,115 0 0
CHICAGO BRIDGE AND IRON CO N V COM 167250109 713 18,297 SH   SOLE   18,297 0 0
COLFAX CORP COM 194014106 447 19,165 SH   SOLE   19,165 0 0
EMERSON ELEC CO COM 291011104 490 10,251 SH   SOLE   10,251 0 0
EOG RES INC COM 26875P101 578 8,172 SH   SOLE   8,172 0 0
EXCO RESOURCES INC COM 269279402 381 307,345 SH   SOLE   307,345 0 0
FREEPORT-MCMORAN INC CL B 35671D857 2,164 319,657 SH   SOLE   319,657 0 0
GENERAL ELECTRIC CO COM 369604103 5,448 174,912 SH   SOLE   174,912 0 0
GOLDCORP INC NEW COM 380956409 2,406 208,162 SH   SOLE   208,162 0 0
HOLOGIC INC COM 436440101 549 14,214 SH   SOLE   14,214 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 202 20,413 SH   SOLE   20,413 0 0
HORSEHEAD HLDG CORP COM 440694305 231 112,828 SH   SOLE   112,828 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 4,597 33,410 SH   SOLE   33,410 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 312 61,919 SH   SOLE   61,919 0 0
KINDRED BIOSCIENCES INC COM 494577109 107 31,488 SH   SOLE   31,488 0 0
LANDS END INC NEW COM 51509F105 326 13,917 SH   SOLE   13,917 0 0
LEGG MASON INC COM 524901105 460 11,728 SH   SOLE   11,728 0 0
LENNAR CORP CL A 526057104 430 8,809 SH   SOLE   8,809 0 0
LEUCADIA NATL CORP COM 527288104 7,714 443,614 SH   SOLE   443,614 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 739 18,131 SH   SOLE   18,131 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 264 6,731 SH   SOLE   6,731 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 850 22,342 SH   SOLE   22,342 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 4,115 167,505 SH   SOLE   167,505 0 0
MANNKIND CORP COM 56400P201 210 144,886 SH   SOLE   144,886 0 0
MASCO CORP COM 574599106 562 19,864 SH   SOLE   19,864 0 0
MICROSOFT CORP COM 594918104 5,861 105,658 SH   SOLE   105,658 0 0
NEW GOLD INC CDA COM 644535106 4,987 2,149,843 SH   SOLE   2,149,843 0 0
NMI HLDGS INC CL A 629209305 1,474 217,760 SH   SOLE   217,760 0 0
NOVAGOLD RES INC COM NEW 66987e206 5,940 1,410,990 SH   SOLE   1,410,990 0 0
NOW INC COM 67011P100 5,331 337,012 SH   SOLE   337,012 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,383 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 362 36,077 SH   SOLE   36,077 0 0
OUTERWALL INC COM 690070107 472 12,944 SH   SOLE   12,944 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 466 65,468 SH   SOLE   65,468 0 0
POST HLDGS INC COM 737446104 541 8,771 SH   SOLE   8,771 0 0
POTASH CORP SASK INC COM 73755l107 856 50,000 SH   SOLE   50,000 0 0
SEARS HLDGS CORP COM 812350106 9,681 470,880 SH   SOLE   470,880 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 602 75,281 SH   SOLE   75,281 0 0
STARWOOD PPTY TR INC COM 85571B105 1,028 50,000 SH   SOLE   50,000 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 710 43,367 SH   SOLE   43,367 0 0
THERAVANCE INC COM 88338T104 111 10,576 SH   SOLE   10,576 0 0
TRI POINTE GROUP INC COM 87265H109 1,639 129,410 SH   SOLE   129,410 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 783 28,769 SH   SOLE   28,769 0 0
U S G CORP COM NEW 903293405 1,019 41,976 SH   SOLE   41,976 0 0
VIASAT INC COM 92552V100 359 5,894 SH   SOLE   5,894 0 0
WAL-MART STORES INC COM 931142103 919 15,002 SH   SOLE   15,002 0 0
YAMANA GOLD INC COM 98462Y100 749 403,120 SH   SOLE   403,120 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 935 47,000 SH   SOLE   47,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 404 12,000 SH   SOLE   12,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 802 20,000 SH   SOLE   20,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 808 17,000 SH   SOLE   17,000 0 0
PENNYMAC MTG INVT TR UNIT 70931T103 763 50,000 SH   SOLE   50,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 950 73,265 SH   SOLE   73,265 0 0
SEARS HLDGS CORP WARRANTS WT 812350155 446 40,621 SH   SOLE   40,621 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 2,440 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 364 14,600 SH   SOLE   14,600 0 0