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 818 14,554 SH   SOLE   14,554 0 0
AIR LEASE CORP CL A 00912X302 1,278 33,143 SH   SOLE   33,143 0 0
ALERE INC COM 01449J105 626 16,730 SH   SOLE   16,730 0 0
AMERICAN DOCUMENT SOLUTIONS INC COM 00191G103 113 19,339 SH   SOLE   19,339 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 891 16,329 SH   SOLE   16,329 0 0
AUTONATION INC COM 05329W102 6,440 107,919 SH   SOLE   107,919 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,236 145,532 SH   SOLE   145,532 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 868 6,860 SH   SOLE   6,860 0 0
BLACK DIAMOND INC COM 09202G101 581 51,816 SH   SOLE   51,816 0 0
BOULDER BRANDS INC COM 101405108 511 36,102 SH   SOLE   36,102 0 0
CHESAPEAKE ENERGY CORP COM 165167107 10,094 324,789 SH   SOLE   324,789 0 0
CINTAS CORP COM 172908105 990 15,583 SH   SOLE   15,583 0 0
COLFAX CORP COM 194014106 5,708 76,579 SH   SOLE   76,579 0 0
DIRECTV COM 25490A309 1,461 17,195 SH   SOLE   17,195 0 0
DRESSER-RAND GROUP INC COM 261608103 984 15,449 SH   SOLE   15,449 0 0
EMERSON ELEC CO COM 291011104 863 13,008 SH   SOLE   13,008 0 0
EOG RES INC COM 26875P101 1,267 10,849 SH   SOLE   10,849 0 0
EXCO RESOURCES INC COM 269279402 1,456 247,355 SH   SOLE   247,355 0 0
FIFTH STREET FINANCE CORP COM 31678A103 737 75,000 SH   SOLE   75,000 0 0
FREEPORT-MCMORAN COPPER GO COM 35671D857 9,338 255,850 SH   SOLE   255,850 0 0
GAP INC DEL COM 364760108 766 18,447 SH   SOLE   18,447 0 0
GENERAL ELECTRIC CO COM 369604103 3,151 119,920 SH   SOLE   119,920 0 0
HALCON RES CORP COM NEW 40537Q209 690 94,701 SH   SOLE   94,701 0 0
HANSEN MEDICAL INC COM 411307101 284 217,476 SH   SOLE   217,476 0 0
HERBALIFE LTD COM USD SHS G4412G101 827 12,817 SH   SOLE   12,817 0 0
HEWLETT PACKARD CO COM 428236103 1,486 44,125 SH   SOLE   44,125 0 0
HOLOGIC INC COM 436440101 1,052 41,512 SH   SOLE   41,512 0 0
HOMEFED CORP COM 43739D307 941 16,241 SH   SOLE   16,241 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 519 32,652 SH   SOLE   32,652 0 0
INTREXON CORP COM 46122T102 319 12,726 SH   SOLE   12,726 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 134 58,838 SH   SOLE   58,838 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 400 10,426 SH   SOLE   10,426 0 0
LAMAR ADVERTISING CO CL A 512815101 583 11,015 SH   SOLE   11,015 0 0
LANDS END INC NEW COM 51509F105 2,377 70,814 SH   SOLE   70,814 0 0
LEGG MASON INC COM 524901105 1,450 28,269 SH   SOLE   28,269 0 0
LENNAR CORP CL A 526057104 536 12,791 SH   SOLE   12,791 0 0
LEUCADIA NATL CORP COM 527288104 11,702 446,324 SH   SOLE   446,324 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 1,336 31,598 SH   SOLE   31,598 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 6,718 49,156 SH   SOLE   49,156 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 5,685 230,295 SH   SOLE   230,295 0 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 913 111,435 SH   SOLE   111,435 0 0
MANNKIND CORP COM 56400P201 2,024 184,681 SH   SOLE   184,681 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 876 61,139 SH   SOLE   61,139 0 0
MASCO CORP COM 574599106 651 29,335 SH   SOLE   29,335 0 0
MCEWEN MNG INC COM 58039P107 5,117 1,776,872 SH   SOLE   1,776,872 0 0
MICROSOFT CORP COM 594918104 6,743 161,703 SH   SOLE   161,703 0 0
MURPHY OIL CORP COM 626717102 1,233 18,554 SH   SOLE   18,554 0 0
NEW GOLD INC CDA COM 644535106 1,388 218,044 SH   SOLE   218,044 0 0
NMI HLDGS INC CL A 629209305 4,904 467,057 SH   SOLE   467,057 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 999 20,000 SH   SOLE   20,000 0 0
OPKO HEALTH INC COM 68375N103 733 83,024 SH   SOLE   83,024 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 514 77,323 SH   SOLE   77,323 0 0
PMC-SIERRA INC COM 69344F106 656 86,296 SH   SOLE   86,296 0 0
POTASH CORP SASK INC COM 73755l107 2,982 78,573 SH   SOLE   78,573 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,487 140,000 SH   SOLE   140,000 0 0
REMY INTL INC COM 759663107 3,812 163,288 SH   SOLE   163,288 0 0
SANDRIDGE ENERGY INC COM 80007P307 708 99,069 SH   SOLE   99,069 0 0
SEARS HLDGS CORP COM 812350106 13,473 337,168 SH   SOLE   337,168 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 5,991 279,042 SH   SOLE   279,042 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 1,210 192,392 SH   SOLE   192,392 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 680 25,508 SH   SOLE   25,508 0 0
SPX CORP COM 784635104 1,059 9,789 SH   SOLE   9,789 0 0
ST JOE CO COM 790148100 670 26,347 SH   SOLE   26,347 0 0
STARWOOD PPTY TR INC COM 85571B105 1,188 50,000 SH   SOLE   50,000 0 0
THERAVANCE INC COM 88338T104 435 14,608 SH   SOLE   14,608 0 0
U S G CORP COM NEW 903293405 1,629 54,071 SH   SOLE   54,071 0 0
VIASAT INC COM 92552V100 484 8,358 SH   SOLE   8,358 0 0
WAL-MART STORES INC COM 931142103 2,951 39,310 SH   SOLE   39,310 0 0
YAMANA GOLD INC COM 98462Y100 1,632 198,651 SH   SOLE   198,651 0 0
VALE S A ADR 91912E105 1,146 86,674 SH   SOLE   86,674 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 957 51,778 SH   SOLE   51,778 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,494 47,000 SH   SOLE   47,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 695 12,000 SH   SOLE   12,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 1,240 20,000 SH   SOLE   20,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,300 17,000 SH   SOLE   17,000 0 0
HATTERAS FINL CORP UNIT 41902R103 594 30,000 SH   SOLE   30,000 0 0
PENNYMAC MTG INVT TR UNIT 70931T103 438 20,000 SH   SOLE   20,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 1,124 73,265 SH   SOLE   73,265 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 2,191 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 1,681 17,000 SH   SOLE   17,000 0 0