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 1,031 20,763 SH   SOLE   20,763 0 0
AIR LEASE CORP CL A 00912X302 819 25,518 SH   SOLE   25,518 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 2,127 78,853 SH   SOLE   78,853 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 450 8,334 SH   SOLE   8,334 0 0
APPLE INC COM 037833100 346 3,182 SH   SOLE   3,182 0 0
AUTONATION INC COM 05329W102 941 20,169 SH   SOLE   20,169 0 0
AVNET INC COM 053807103 947 21,397 SH   SOLE   21,397 0 0
BANK AMER CORP COM 060505104 1,277 94,466 SH   SOLE   94,466 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,995 49,308 SH   SOLE   49,308 0 0
CHESAPEAKE ENERGY CORP COM 165167107 3,461 840,215 SH   SOLE   840,215 0 0
CHEVRON CORP NEW COM 166764100 4,716 49,434 SH   SOLE   49,434 0 0
CHICAGO BRIDGE AND IRON CO N V COM 167250109 668 18,270 SH   SOLE   18,270 0 0
COLFAX CORP COM 194014106 2,506 87,675 SH   SOLE   87,675 0 0
EOG RES INC COM 26875P101 593 8,172 SH   SOLE   8,172 0 0
EXCO RESOURCES INC COM 269279402 282 286,112 SH   SOLE   286,112 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,098 493,052 SH   SOLE   493,052 0 0
GENERAL ELECTRIC CO COM 369604103 4,960 156,047 SH   SOLE   156,047 0 0
GNC HLDGS INC COM CL A 36191G107 559 17,611 SH   SOLE   17,611 0 0
GOLDCORP INC NEW COM 380956409 3,378 208,162 SH   SOLE   208,162 0 0
GREEN BRICK PARTNERS INC COM 392709101 1,007 132,679 SH   SOLE   132,679 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 211 21,321 SH   SOLE   21,321 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 9,806 64,751 SH   SOLE   64,751 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 525 24,002 SH   SOLE   24,002 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 595 127,620 SH   SOLE   127,620 0 0
KINDRED BIOSCIENCES INC COM 494577109 101 29,521 SH   SOLE   29,521 0 0
LANDS END INC NEW COM 51509F105 507 19,899 SH   SOLE   19,899 0 0
LEGG MASON INC COM 524901105 406 11,728 SH   SOLE   11,728 0 0
LEUCADIA NATL CORP COM 527288104 7,919 489,793 SH   SOLE   489,793 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 681 18,131 SH   SOLE   18,131 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229870 260 6,731 SH   SOLE   6,731 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229854 848 22,273 SH   SOLE   22,273 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 3,497 156,748 SH   SOLE   156,748 0 0
MANNKIND CORP COM 56400P201 149 92,628 SH   SOLE   92,628 0 0
MICROSOFT CORP COM 594918104 5,627 101,895 SH   SOLE   101,895 0 0
NEW GOLD INC CDA COM 644535106 7,676 2,057,929 SH   SOLE   2,057,929 0 0
NMI HLDGS INC CL A 629209305 4,085 808,974 SH   SOLE   808,974 0 0
NOVAGOLD RES INC COM NEW 66987e206 4,723 937,140 SH   SOLE   937,140 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,430 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 348 33,541 SH   SOLE   33,541 0 0
OUTERWALL INC COM 690070107 450 12,171 SH   SOLE   12,171 0 0
POST HLDGS INC COM 737446104 560 8,146 SH   SOLE   8,146 0 0
POTASH CORP SASK INC COM 73755l107 851 50,000 SH   SOLE   50,000 0 0
SEARS HLDGS CORP COM 812350106 7,973 520,818 SH   SOLE   520,818 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 476 74,150 SH   SOLE   74,150 0 0
STARWOOD PPTY TR INC COM 85571B105 946 50,000 SH   SOLE   50,000 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 731 38,888 SH   SOLE   38,888 0 0
TRI POINTE GROUP INC COM 87265H109 1,254 106,535 SH   SOLE   106,535 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 808 28,678 SH   SOLE   28,678 0 0
U S G CORP COM NEW 903293405 1,042 42,039 SH   SOLE   42,039 0 0
WAL-MART STORES INC COM 931142103 2,379 34,740 SH   SOLE   34,740 0 0
WMIH CORP COM 92936P100 427 182,662 SH   SOLE   182,662 0 0
YAMANA GOLD INC COM 98462Y100 1,930 634,941 SH   SOLE   634,941 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 552 47,000 SH   SOLE   47,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 808 20,000 SH   SOLE   20,000 0 0
PLAINS GP HLDGS L P SHS A REP LTPN 72651A108 1,955 225,000 SH   SOLE   225,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 682 50,000 SH   SOLE   50,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 961 73,265 SH   SOLE   73,265 0 0
SEARS HLDGS CORP WARRANTS WT 812350155 457 103,003 SH   SOLE   103,003 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 2,433 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 205 14,600 SH   SOLE   14,600 0 0