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 COM 017175100 17,071 41,672 SH   SOLE   34,587 0 7,085
Barrick Gold Corp COM 067901108 29,255 1,571,170 SH   SOLE   1,316,650 0 254,520
Berkshire Hathaway Inc Cl B CL B NEW 084670702 19,738 173,888 SH   SOLE   119,080 0 54,808
Blackberry Ltd COM 09228f103 2,383 300,000 SH   SOLE   300,000 0 0
Devon Energy Corp COM 25179m103 10,501 181,800 SH   SOLE   181,800 0 0
EXCO Resources Inc COM 269279402 7,761 1,151,542 SH   SOLE   1,151,542 0 0
Federated Investors Inc PA Cl CL B 314211103 13,904 511,920 SH   SOLE   339,550 0 172,370
Goldcorp Inc COM 380956409 5,592 215,000 SH   SOLE   215,000 0 0
Google Inc Cl A CL A 38259p508 19,949 22,775 SH   SOLE   15,668 0 7,107
Harbinger Group Inc COM 41146a106 3,629 350,000 SH   SOLE   350,000 0 0
Hewlett Packard Co COM 428236103 52,369 2,494,946 SH   SOLE   2,093,235 0 401,711
Leucadia Natl Corp COM 527288104 31,779 1,166,626 SH   SOLE   925,347 0 241,279
Microsoft Corp COM 594918104 30,422 914,110 SH   SOLE   736,950 0 177,160
Republic Services Inc COM 760759100 6,962 208,690 SH   SOLE   181,660 0 27,030
Seacor Holdings Inc COM 811904101 6,553 72,461 SH   SOLE   62,196 0 10,265
Sears Holdings Corp COM 812350106 15,595 262,142 SH   SOLE   231,349 0 30,793
Spectrum Brands Holdings Inc COM 84763r101 43,663 663,161 SH   SOLE   573,116 0 90,045
Sprint Corp Ser 1 COM SER 1 85207u105 5,654 909,173 SH   SOLE   737,063 0 172,110
Staples Inc COM 855030102 17,468 1,192,330 SH   SOLE   1,157,880 0 34,450
Systemax Inc COM 871851101 5,541 597,699 SH   SOLE   412,903 0 184,796
Walter Inv Mgmt Corp COM 93317w102 35,501 897,854 SH   SOLE   716,552 0 181,302
White Mountains Ins Group Ltd COM g9618e107 19,241 33,898 SH   SOLE   28,373 0 5,525
WPX Energy Inc COM 98212b103 15,510 805,299 SH   SOLE   805,299 0 0
Deutsche Bank AG 3X Inv Japan INV JAP GOV BD 25154p188 2,213 126,387 SH   SOLE   126,387 0 0
Deutsche Bank AG Inv Jap Govt 3X INV JAP GOV 25154p170 1,874 98,074 SH   SOLE   98,074 0 0
ProShares UltraShort FTSE Euro ULTRASHORT EUROP 74348a301 1,717 95,000 SH   SOLE   95,000 0 0