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
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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 22,531 51,427 SH   SOLE   43,482 0 7,945
Barrick Gold Corp COM 067901108 34,323 1,875,580 SH   SOLE   1,585,960 0 289,620
Berkshire Hathaway Inc Del CL B NEW 084670702 21,833 172,513 SH   SOLE   117,870 0 54,643
Devon Energy Corp New COM 25179m103 15,185 191,250 SH   SOLE   191,250 0 0
EXCO Resources Inc COM 269279402 14,433 2,450,412 SH   SOLE   2,431,112 0 19,300
Federated Invs Inc PA CL B 314211103 15,736 508,930 SH   SOLE   336,560 0 172,370
Goldcorp Inc New COM 380956409 11,678 418,400 SH   SOLE   418,400 0 0
Google Inc CL A 38259p508 12,603 21,555 SH   SOLE   15,153 0 6,402
Google Inc CL C 38259p706 12,400 21,555 SH   SOLE   15,153 0 6,402
Harbinger Group Inc COM 41146a106 8,828 695,100 SH   SOLE   695,100 0 0
Hewlett Packard Co COM 428236103 89,409 2,654,663 SH   SOLE   2,243,935 0 410,728
Leucadia Natl Corp COM 527288104 30,443 1,161,058 SH   SOLE   942,679 0 218,379
Microsoft Corp COM 594918104 41,986 1,006,850 SH   SOLE   828,740 0 178,110
Ocwen Finl Corp COM NEW 675746309 21,460 578,450 SH   SOLE   529,150 0 49,300
Sears Hldgs Corp COM 812350106 12,186 304,962 SH   SOLE   272,569 0 32,393
Spectrum Brands Hldgs Inc COM 84763r101 41,619 483,777 SH   SOLE   425,082 0 58,695
Sprint Corp COM SER 1 85207u105 2,191 256,901 SH   SOLE   253,970 0 2,931
Staples Inc COM 855030102 19,415 1,791,060 SH   SOLE   1,597,910 0 193,150
Systemax Inc COM 871851101 9,203 640,452 SH   SOLE   453,706 0 186,746
Walter Inv Mgmt Corp COM 93317w102 54,901 1,843,550 SH   SOLE   1,602,098 0 241,452
White Mtns Ins Group Ltd COM g9618e107 26,136 42,955 SH   SOLE   37,145 0 5,810
WPX Energy Inc COM 98212b103 35,053 1,466,049 SH   SOLE   1,420,849 0 45,200
Deutsche Bk AG London BRH 3X INV JAP GOV 25154p188 2,771 168,337 SH   SOLE   168,337 0 0
Deutsche Bk AG London BRH INV JAP GOV BD 25154p170 2,292 122,624 SH   SOLE   122,624 0 0