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 2,087 46,174 SH   SOLE   46,174 0 0
AIR LEASE CORP CL A 00912X302 1,115 32,526 SH   SOLE   32,526 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 1,981 58,455 SH   SOLE   58,455 0 0
AMERICAN DOCUMENT SOLUTIONS INC COM 00191G103 354 34,676 SH   SOLE   34,676 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,420 43,219 SH   SOLE   43,219 0 0
AUTONATION INC COM 05329W102 6,439 106,597 SH   SOLE   106,597 0 0
BANK AMER CORP COM 060505104 7,690 429,878 SH   SOLE   429,878 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 990 6,595 SH   SOLE   6,595 0 0
BLACK DIAMOND INC COM 09202G101 446 51,067 SH   SOLE   51,067 0 0
BOULDER BRANDS INC COM 101405108 400 36,178 SH   SOLE   36,178 0 0
CHESAPEAKE ENERGY CORP COM 165167107 8,347 426,524 SH   SOLE   426,524 0 0
CINTAS CORP COM 172908105 903 11,516 SH   SOLE   11,516 0 0
COLFAX CORP COM 194014106 4,835 93,773 SH   SOLE   93,773 0 0
EMERSON ELEC CO COM 291011104 787 12,765 SH   SOLE   12,765 0 0
EOG RES INC COM 26875P101 993 10,792 SH   SOLE   10,792 0 0
EXCO RESOURCES INC COM 269279402 553 254,890 SH   SOLE   254,890 0 0
FIFTH STREET FINANCE CORP COM 31678A103 600 75,000 SH   SOLE   75,000 0 0
FREEPORT MCMORAN INC CL B 35671D857 3,042 130,254 SH   SOLE   130,254 0 0
GENERAL ELECTRIC CO COM 369604103 4,901 193,958 SH   SOLE   193,958 0 0
HALCON RES CORP COM NEW 40537Q209 645 362,629 SH   SOLE   362,629 0 0
HANSEN MEDICAL INC COM 411307101 127 230,252 SH   SOLE   230,252 0 0
HERBALIFE LTD COM USD SHS G4412G101 451 11,984 SH   SOLE   11,984 0 0
HOLOGIC INC COM 436440101 862 32,237 SH   SOLE   32,237 0 0
HOMEFED CORP COM 43739D307 1,125 25,000 SH   SOLE   25,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 736 29,505 SH   SOLE   29,505 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 7,465 46,532 SH   SOLE   46,532 0 0
INTREXON CORP COM 46122T102 341 12,415 SH   SOLE   12,415 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 789 17,672 SH   SOLE   17,672 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 105 61,089 SH   SOLE   61,089 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 274 19,416 SH   SOLE   19,416 0 0
KINDRED BIOSCIENCES INC COM 494577109 329 44,226 SH   SOLE   44,226 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 525 15,162 SH   SOLE   15,162 0 0
LANDS END INC NEW COM 51509F105 3,150 58,385 SH   SOLE   58,385 0 0
LEGG MASON INC COM 524901105 1,444 27,060 SH   SOLE   27,060 0 0
LENNAR CORP CL A 526057104 548 12,230 SH   SOLE   12,230 0 0
LEUCADIA NATL CORP COM 527288104 12,668 565,073 SH   SOLE   565,073 0 0
LIBERTY GLOBAL PLC SHS CL B G5480U120 1,466 30,359 SH   SOLE   30,359 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 1,762 49,984 SH   SOLE   49,984 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 4,604 131,433 SH   SOLE   131,433 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 5,917 226,640 SH   SOLE   226,640 0 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 360 114,672 SH   SOLE   114,672 0 0
MANNKIND CORP COM 56400P201 608 116,676 SH   SOLE   116,676 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 870 60,049 SH   SOLE   60,049 0 0
MASCO CORP COM 574599106 699 27,742 SH   SOLE   27,742 0 0
MICROSOFT CORP COM 594918104 7,344 158,108 SH   SOLE   158,108 0 0
MURPHY OIL CORP COM 626717102 942 18,660 SH   SOLE   18,660 0 0
NEW GOLD INC CDA COM 644535106 840 195,475 SH   SOLE   195,475 0 0
NMI HLDGS INC CL A 629209305 5,394 590,875 SH   SOLE   590,875 0 0
NOVAGOLD RES INC COM NEW 66987e206 5,075 1,720,345 SH   SOLE   1,720,345 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,036 20,000 SH   SOLE   20,000 0 0
OPKO HEALTH INC COM 68375N103 787 78,802 SH   SOLE   78,802 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 529 75,152 SH   SOLE   75,152 0 0
POST HLDGS INC COM 737446104 957 22,860 SH   SOLE   22,860 0 0
POTASH CORP SASK INC COM 73755l107 2,738 77,532 SH   SOLE   77,532 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,156 140,000 SH   SOLE   140,000 0 0
REMY INTL INC COM 75971M108 3,430 163,958 SH   SOLE   163,958 0 0
SANDRIDGE ENERGY INC COM 80007P307 188 103,746 SH   SOLE   103,746 0 0
SEARS HLDGS CORP COM 812350106 10,007 303,455 SH   SOLE   303,455 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 1,577 119,967 SH   SOLE   119,967 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 105 19,462 SH   SOLE   19,462 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 984 114,850 SH   SOLE   114,850 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 648 23,992 SH   SOLE   23,992 0 0
ST JOE CO COM 790148100 480 26,115 SH   SOLE   26,115 0 0
STARWOOD PPTY TR INC COM 85571B105 1,162 50,000 SH   SOLE   50,000 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 295 19,811 SH   SOLE   19,811 0 0
THERAVANCE INC COM 88338T104 205 14,540 SH   SOLE   14,540 0 0
TRI POINTE HOMES INC COM 87265H109 1,039 68,169 SH   SOLE   68,169 0 0
U S G CORP COM NEW 903293405 1,535 54,864 SH   SOLE   54,864 0 0
VIASAT INC COM 92552V100 492 7,813 SH   SOLE   7,813 0 0
WAL MART STORES INC COM 931142103 3,366 39,196 SH   SOLE   39,196 0 0
YAMANA GOLD INC COM 98462Y100 1,194 297,249 SH   SOLE   297,249 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 920 51,778 SH   SOLE   51,778 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,053 47,000 SH   SOLE   47,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 780 12,000 SH   SOLE   12,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 1,155 20,000 SH   SOLE   20,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,241 17,000 SH   SOLE   17,000 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 563 10,509 SH   SOLE   10,509 0 0
PENNYMAC MTG INVT TR UNIT 70931T103 421 20,000 SH   SOLE   20,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 1,142 73,265 SH   SOLE   73,265 0 0
SEARS HLDGS CORP W EXP 12/15/201 812350155 571 27,370 SH   SOLE   27,370 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 2,401 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 1,149 17,000 SH   SOLE   17,000 0 0