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 738 15,673 SH   SOLE   15,673 0 0
AIR LEASE CORP CL A 00912X302 680 25,414 SH   SOLE   25,414 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 1,651 58,504 SH   SOLE   58,504 0 0
APPLE INC COM 037833100 305 3,191 SH   SOLE   3,191 0 0
AUTONATION INC COM 05329W102 966 20,579 SH   SOLE   20,579 0 0
AVNET INC COM 053807103 880 21,725 SH   SOLE   21,725 0 0
BANK AMER CORP COM 060505104 1,283 96,724 SH   SOLE   96,724 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,351 43,867 SH   SOLE   43,867 0 0
CHENIERE ENERGY INC COM NEW 16411R208 7,832 208,589 SH   SOLE   208,589 0 0
CHESAPEAKE ENERGY CORP COM 165167107 5,088 1,188,848 SH   SOLE   1,188,848 0 0
CHEVRON CORP NEW COM 166764100 9,523 90,850 SH   SOLE   90,850 0 0
COLFAX CORP COM 194014106 2,284 86,353 SH   SOLE   86,353 0 0
EOG RES INC COM 26875P101 693 8,316 SH   SOLE   8,316 0 0
EXCO RESOURCES INC COM 269279402 380 292,355 SH   SOLE   292,355 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,106 458,401 SH   SOLE   458,401 0 0
GENERAL ELECTRIC CO COM 369604103 4,936 156,802 SH   SOLE   156,802 0 0
GNC HLDGS INC COM CL A 36191G107 551 22,685 SH   SOLE   22,685 0 0
GOLDCORP INC NEW COM 380956409 3,982 208,162 SH   SOLE   208,162 0 0
GREEN BRICK PARTNERS INC COM 392709101 1,535 211,186 SH   SOLE   211,186 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 187 22,467 SH   SOLE   22,467 0 0
IDW MEDIA HOLDINGS INC COM 44951N106 552 14,355 SH   SOLE   14,355 0 0
INNOVIVA INC COM 45781M101 331 31,473 SH   SOLE   31,473 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 8,984 59,191 SH   SOLE   59,191 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 459 24,224 SH   SOLE   24,224 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 835 126,230 SH   SOLE   126,230 0 0
KINDRED BIOSCIENCES INC COM 494577109 164 46,428 SH   SOLE   46,428 0 0
LANDS END INC NEW COM 51509F105 330 20,116 SH   SOLE   20,116 0 0
LEUCADIA NATL CORP COM 527288104 8,536 492,587 SH   SOLE   492,587 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 545 19,038 SH   SOLE   19,038 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 210 6,705 SH   SOLE   6,705 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 694 22,509 SH   SOLE   22,509 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 3,660 155,765 SH   SOLE   155,765 0 0
MANNKIND CORP COM 56400P201 112 97,132 SH   SOLE   97,132 0 0
MICROSOFT CORP COM 594918104 4,843 94,664 SH   SOLE   94,664 0 0
NEW GOLD INC CDA COM 644535106 8,883 2,028,180 SH   SOLE   2,028,180 0 0
NMI HLDGS INC CL A 629209305 4,309 786,417 SH   SOLE   786,417 0 0
NOVAGOLD RES INC COM NEW 66987e206 5,692 930,176 SH   SOLE   930,176 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,298 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 323 34,634 SH   SOLE   34,634 0 0
POTASH CORP SASK INC COM 73755l107 812 50,000 SH   SOLE   50,000 0 0
SEARS HLDGS CORP COM 812350106 11,027 810,261 SH   SOLE   810,261 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 633 94,024 SH   SOLE   94,024 0 0
STARWOOD PPTY TR INC COM 85571B105 1,799 86,863 SH   SOLE   86,863 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 977 43,081 SH   SOLE   43,081 0 0
TRI POINTE GROUP INC COM 87265H109 1,285 108,785 SH   SOLE   108,785 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 790 29,015 SH   SOLE   29,015 0 0
UNDER ARMOUR INC CL A 904311107 1,444 36,000 SH   SOLE   36,000 0 0
U S G CORP COM NEW 903293405 841 31,208 SH   SOLE   31,208 0 0
WAL-MART STORES INC COM 931142103 2,530 34,652 SH   SOLE   34,652 0 0
WMIH CORP COM 92936P100 412 185,662 SH   SOLE   185,662 0 0
YAMANA GOLD INC COM 98462Y100 2,800 538,567 SH   SOLE   538,567 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 230 47,000 SH   SOLE   47,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 996 20,000 SH   SOLE   20,000 0 0
PLAINS GP HLDGS L P SHS A REP LTPN 72651A108 2,346 225,000 SH   SOLE   225,000 0 0
SEARS HLDGS CORP W EXP 12/15/201 812350155 411 102,830 SH   SOLE   102,830 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 1,649 73,452 SH   SOLE   73,452 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 269 14,600 SH   SOLE   14,600 0 0