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 788 14,294 SH   SOLE   14,294 0 0
AIR LEASE CORP CL A 00912X302 1,631 43,757 SH   SOLE   43,757 0 0
ALERE INC COM 01449J105 581 16,927 SH   SOLE   16,927 0 0
ARC DOCUMENT SOLUTIONS INC COM 00191G103 143 19,339 SH   SOLE   19,339 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 816 16,326 SH   SOLE   16,326 0 0
ASCENT CAP GROUP INC COM SER A 043632108 562 7,444 SH   SOLE   7,444 0 0
AUTONATION INC COM 05329W102 5,960 111,968 SH   SOLE   111,968 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,128 123,738 SH   SOLE   123,738 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 863 6,909 SH   SOLE   6,909 0 0
BLACK DIAMOND INC COM 09202G101 1,305 106,763 SH   SOLE   106,763 0 0
BOULDER BRANDS INC COM 101405108 640 36,341 SH   SOLE   36,341 0 0
CHESAPEAKE ENERGY CORP COM 165167107 8,934 348,723 SH   SOLE   348,723 0 0
CINTAS CORP COM 172908105 935 15,698 SH   SOLE   15,698 0 0
COLFAX CORP COM 194014106 5,777 80,997 SH   SOLE   80,997 0 0
DEVON ENERGY CORP NEW COM 25179M103 639 9,559 SH   SOLE   9,559 0 0
DIRECTV COM 25490A309 1,325 17,341 SH   SOLE   17,341 0 0
DRESSER-RAND GROUP INC COM 261608103 907 15,538 SH   SOLE   15,538 0 0
EMERSON ELEC CO COM 291011104 865 12,960 SH   SOLE   12,960 0 0
EOG RES INC COM 26875P101 1,094 5,579 SH   SOLE   5,579 0 0
EXCO RESOURCES INC COM 269279402 1,385 247,447 SH   SOLE   247,447 0 0
FIFTH STREET FINANCE CORP COM 31678A103 709 75,000 SH   SOLE   75,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,192 76,443 SH   SOLE   76,443 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 8,706 263,277 SH   SOLE   263,277 0 0
GAP INC DEL COM 364760108 734 18,347 SH   SOLE   18,347 0 0
HANSEN MEDICAL INC COM 411307101 557 214,490 SH   SOLE   214,490 0 0
HERBALIFE LTD COM USD SHS G4412G101 721 12,591 SH   SOLE   12,591 0 0
HEWLETT PACKARD CO COM 428236103 1,455 44,991 SH   SOLE   44,991 0 0
HOLOGIC INC COM 436440101 902 41,972 SH   SOLE   41,972 0 0
IDENIX PHARMACEUTICALS INC COM 45166R204 1,071 177,702 SH   SOLE   177,702 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 453 32,228 SH   SOLE   32,228 0 0
INTREXON CORP COM 46122T102 333 12,701 SH   SOLE   12,701 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 155 57,487 SH   SOLE   57,487 0 0
KINDER MORGAN INC DEL COM 49456B101 974 30,000 SH   SOLE   30,000 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 421 10,603 SH   SOLE   10,603 0 0
LAMAR ADVERTISING CO CL A 512815101 567 11,128 SH   SOLE   11,128 0 0
LEGG MASON INC COM 524901105 1,633 33,305 SH   SOLE   33,305 0 0
LENNAR CORP COM 526057104 510 12,893 SH   SOLE   12,893 0 0
LEUCADIA NATL CORP COM 527288104 11,772 420,462 SH   SOLE   420,462 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 6,358 48,639 SH   SOLE   48,639 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 5,058 232,557 SH   SOLE   232,557 0 0
MANNKIND CORP COM 56400P201 720 179,319 SH   SOLE   179,319 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 978 62,112 SH   SOLE   62,112 0 0
MASCO CORP COM 574599106 662 29,842 SH   SOLE   29,842 0 0
MCEWEN MNG INC COM 58039P107 4,174 1,761,294 SH   SOLE   1,761,294 0 0
MICROSOFT CORP COM 594918104 6,949 169,542 SH   SOLE   169,542 0 0
MURPHY OIL CORP COM 626717102 1,453 23,130 SH   SOLE   23,130 0 0
NEW GOLD INC CDA COM 644535106 1,049 215,097 SH   SOLE   215,097 0 0
NMI HLDGS INC CL A 629209305 5,702 486,556 SH   SOLE   486,556 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,163 20,000 SH   SOLE   20,000 0 0
OPKO HEALTH INC COM 68375N103 772 82,923 SH   SOLE   82,923 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 488 78,607 SH   SOLE   78,607 0 0
PMC-SIERRA INC COM 69344F106 665 87,426 SH   SOLE   87,426 0 0
POTASH CORP SASK INC COM 73755l107 2,857 78,884 SH   SOLE   78,884 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,512 140,000 SH   SOLE   140,000 0 0
REMY INTL INC COM 759663107 3,864 163,617 SH   SOLE   163,617 0 0
SANDRIDGE ENERGY INC COM 80007P307 617 100,629 SH   SOLE   100,629 0 0
SEARS HLDGS CORP COM 812350106 13,667 286,170 SH   SOLE   286,170 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 6,803 287,685 SH   SOLE   287,685 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 1,039 197,235 SH   SOLE   197,235 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 582 25,905 SH   SOLE   25,905 0 0
SPX CORP COM 784635104 969 9,858 SH   SOLE   9,858 0 0
ST JOE CO COM 790148100 511 26,562 SH   SOLE   26,562 0 0
STARWOOD PPTY TR INC COM 85571B105 1,179 50,000 SH   SOLE   50,000 0 0
SYNTA PHARMACEUTICALS CORP COM 87162T206 301 69,997 SH   SOLE   69,997 0 0
TEXAS INDS INC COM 882491103 888 9,919 SH   SOLE   9,919 0 0
THERAVANCE INC COM 88338T104 442 14,299 SH   SOLE   14,299 0 0
U S G CORP COM NEW 903293405 1,757 53,710 SH   SOLE   53,710 0 0
VIASAT INC COM 92552V100 566 8,210 SH   SOLE   8,210 0 0
WAL-MART STORES INC COM 931142103 2,999 39,247 SH   SOLE   39,247 0 0
WESTERN REFNG INC COM 959319104 301 7,812 SH   SOLE   7,812 0 0
YAMANA GOLD INC COM 98462Y100 1,694 192,952 SH   SOLE   192,952 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,304 24,686 SH   SOLE   24,686 0 0
VALE S A ADR 91912E105 1,179 85,250 SH   SOLE   85,250 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 694 51,778 SH   SOLE   51,778 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,214 47,000 SH   SOLE   47,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 645 12,000 SH   SOLE   12,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 1,099 20,000 SH   SOLE   20,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,125 17,000 SH   SOLE   17,000 0 0
HATTERAS FINL CORP COM 41902R103 565 30,000 SH   SOLE   30,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 478 20,000 SH   SOLE   20,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 849 73,265 SH   SOLE   73,265 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 1,963 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 675 8,000 SH   SOLE   8,000 0 0