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
Alleghany Corp Del COM 017175100 21,360 51,082 SH   SOLE   43,137 0 7,945
Barrick Gold Corp COM 067901108 28,541 1,946,830 SH   SOLE   1,654,760 0 292,070
Berkshire Hathaway Inc Del CL B NEW 084670702 14,783 107,013 SH   SOLE   56,320 0 50,693
Devon Energy Corp New COM 25179m103 13,039 191,250 SH   SOLE   191,250 0 0
EXCO Resources Inc COM 269279402 8,184 2,450,412 SH   SOLE   2,431,112 0 19,300
Federated Invs Inc PA CL B 314211103 14,942 508,930 SH   SOLE   336,560 0 172,370
Goldcorp Inc New COM 380956409 9,636 418,400 SH   SOLE   418,400 0 0
Google Inc CL A 38259p508 12,675 21,541 SH   SOLE   15,139 0 6,402
Google Inc CL C 38259p706 12,437 21,541 SH   SOLE   15,139 0 6,402
Harbinger Group Inc COM 41146a106 9,120 695,100 SH   SOLE   695,100 0 0
Hewlett Packard Co COM 428236103 67,459 1,901,854 SH   SOLE   1,622,376 0 279,478
Leucadia Natl Corp COM 527288104 26,090 1,094,388 SH   SOLE   875,559 0 218,829
Microsoft Corp COM 594918104 40,366 870,700 SH   SOLE   702,790 0 167,910
Ocwen Finl Corp COM NEW 675746309 24,601 939,700 SH   SOLE   798,900 0 140,800
Sears Hldgs Corp COM 812350106 7,724 306,152 SH   SOLE   273,759 0 32,393
Spectrum Brands Hldgs Inc COM 84763r101 27,114 299,500 SH   SOLE   253,505 0 45,995
Sprint Corp COM SER 1 85207u105 117 18,400 SH   SOLE   18,400 0 0
Staples Inc COM 855030102 21,933 1,812,660 SH   SOLE   1,617,910 0 194,750
Systemax Inc COM 871851101 7,986 640,452 SH   SOLE   453,706 0 186,746
Walter Inv Mgmt Corp COM 93317w102 49,949 2,275,600 SH   SOLE   1,967,848 0 307,752
White Mtns Ins Group Ltd COM g9618e107 27,046 42,925 SH   SOLE   37,095 0 5,830
WPX Energy Inc COM 98212b103 37,382 1,553,699 SH   SOLE   1,449,399 0 104,300
Market Vectors ETF Tr GOLD MINER ETF 57060u100 754 35,300 SH   SOLE   35,300 0 0
Deutsche Bk AG London BRH 3X INV JAP GOV 25154p188 2,724 168,337 SH   SOLE   168,337 0 0
Deutsche Bk AG London BRH INV JAP GOV BD 25154p170 2,270 122,624 SH   SOLE   122,624 0 0
SPDR S&P 500 ETF TR PUT 78462F953 1,599 13,000 SH   SOLE   13,000 0 0