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 20,971 51,477 SH   SOLE   42,697 0 8,780
Barrick Gold Corp COM 067901108 31,999 1,794,690 SH   SOLE   1,482,870 0 311,820
Berkshire Hathaway Inc Del CL B NEW 084670702 21,603 172,863 SH   SOLE   118,220 0 54,643
Devon Energy Corp New COM 25179m103 12,800 191,250 SH   SOLE   191,250 0 0
EXCO Resources Inc COM 269279402 13,697 2,445,962 SH   SOLE   2,431,112 0 14,850
Federated Invs Inc PA CL B 314211103 15,567 509,730 SH   SOLE   337,360 0 172,370
Goldcorp Inc New COM 380956409 9,337 381,400 SH   SOLE   381,400 0 0
Google Inc CL A 38259p508 24,068 21,595 SH   SOLE   15,193 0 6,402
Harbinger Group Inc COM 41146a106 4,280 350,000 SH   SOLE   350,000 0 0
Hewlett Packard Co COM 428236103 85,961 2,656,396 SH   SOLE   2,231,785 0 424,611
Leucadia Natl Corp COM 527288104 32,551 1,162,535 SH   SOLE   937,806 0 224,729
Microsoft Corp COM 594918104 40,501 988,060 SH   SOLE   809,950 0 178,110
Ocwen Finl Corp COM NEW 675746309 21,737 554,800 SH   SOLE   505,450 0 49,350
Seacor Holdings Inc COM 811904101 4,157 48,100 SH   SOLE   48,100 0 0
Sears Hldgs Corp COM 812350106 14,581 305,292 SH   SOLE   267,849 0 37,443
Spectrum Brands Hldgs Inc COM 84763r101 35,891 450,327 SH   SOLE   386,682 0 63,645
Sprint Corp COM SER 1 85207u105 9,283 1,010,106 SH   SOLE   819,596 0 190,510
Staples Inc COM 855030102 18,008 1,587,980 SH   SOLE   1,405,130 0 182,850
Systemax Inc COM 871851101 9,563 641,352 SH   SOLE   438,806 0 202,546
Walter Inv Mgmt Corp COM 93317w102 52,383 1,756,059 SH   SOLE   1,495,957 0 260,102
White Mtns Ins Group Ltd COM g9618e107 25,766 42,950 SH   SOLE   36,630 0 6,320
WPX Energy Inc COM 98212b103 22,116 1,226,649 SH   SOLE   1,226,649 0 0
Proshares TR ULTSHT FTSE EURO 74348a434 1,344 23,750 SH   SOLE   23,750 0 0
Deutsche Bk AG London BRH 3X INV JAP GOV 25154p188 2,845 168,337 SH   SOLE   168,337 0 0
Deutsche Bk AG London BRH INV JAP GOV BD 25154p170 2,315 122,624 SH   SOLE   122,624 0 0