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 846 14,309 SH   SOLE 0 14,309 0 0
AIR LEASE CORP CL A 00912X302 1,353 43,546 SH   SOLE 0 43,546 0 0
ALERE INC COM 01449J105 616 17,029 SH   SOLE 0 17,029 0 0
ARC DOCUMENT SOLUTIONS INC COM 00191G103 85 10,442 SH   SOLE 0 10,442 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 840 16,459 SH   SOLE 0 16,459 0 0
ASCENT CAP GROUP INC COM SER A 043632108 4,208 49,192 SH   SOLE 0 49,192 0 0
AUTONATION INC COM 05329W102 5,876 118,273 SH   SOLE 0 118,273 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,161 203,072 SH   SOLE 0 203,072 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 824 6,951 SH   SOLE 0 6,951 0 0
BLACK DIAMOND INC COM 09202G101 1,408 105,691 SH   SOLE 0 105,691 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 734 28,778 SH   SOLE 0 28,778 0 0
BOULDER BRANDS INC COM 101405108 577 36,392 SH   SOLE 0 36,392 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 637 8,000 SH   SOLE 0 8,000 0 0
CATERPILLAR INC DEL COM 149123101 375 4,140 SH   SOLE 0 4,140 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,222 47,000 SH   SOLE 0 47,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 10,838 399,358 SH   SOLE 0 399,358 0 0
CINTAS CORP COM 172908105 956 16,059 SH   SOLE 0 16,059 0 0
COLFAX CORP COM 194014106 6,934 108,877 SH   SOLE 0 108,877 0 0
DEVON ENERGY CORP NEW COM 25179M103 577 9,331 SH   SOLE 0 9,331 0 0
DIRECTV COM 25490A309 1,207 17,487 SH   SOLE 0 17,487 0 0
EAST WEST BANCORP INC COM 27579R104 2,557 73,132 SH   SOLE 0 73,132 0 0
EMERSON ELEC CO COM 291011104 922 13,140 SH   SOLE 0 13,140 0 0
ENERGY TRANSFER PRTNRS LP UNIT LTD PARTN 29273R109 687 12,000 SH   SOLE 0 12,000 0 0
EOG RES INC COM 26875P101 968 5,771 SH   SOLE 0 5,771 0 0
EXCO RESOURCES INC COM 269279402 1,157 217,997 SH   SOLE 0 217,997 0 0
FIFTH STREET FINANCE CORP COM 31678A103 693 75,000 SH   SOLE 0 75,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 734 47,584 SH   SOLE 0 47,584 0 0
FREEPORT-MCMORAN COPPER GO COM 35671D857 10,938 289,830 SH   SOLE 0 289,830 0 0
GAP INC DEL COM 364760108 723 18,521 SH   SOLE 0 18,521 0 0
HANSEN MEDICAL INC COM 411307101 373 215,864 SH   SOLE 0 215,864 0 0
HATTERAS FINL CORP COM 41902R103 490 30,000 SH   SOLE 0 30,000 0 0
HEWLETT PACKARD CO COM 428236103 1,282 45,850 SH   SOLE 0 45,850 0 0
IDENIX PHARMACEUTICALS INC COM 45166R204 787 131,666 SH   SOLE 0 131,666 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 583 32,134 SH   SOLE 0 32,134 0 0
INTREXON CORP COM 46122T102 305 12,833 SH   SOLE 0 12,833 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 251 56,925 SH   SOLE 0 56,925 0 0
KINDER MORGAN INC DEL COM 49456B101 1,080 30,000 SH   SOLE 0 30,000 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 402 10,773 SH   SOLE 0 10,773 0 0
LAMAR ADVERTISING CO CL A 512815101 581 11,129 SH   SOLE 0 11,129 0 0
LEGG MASON INC COM 524901105 1,486 34,178 SH   SOLE 0 34,178 0 0
LENNAR CORP CL A 526057104 511 12,925 SH   SOLE 0 12,925 0 0
LEUCADIA NATL CORP COM 527288104 9,315 328,711 SH   SOLE 0 328,711 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 7,518 51,394 SH   SOLE 0 51,394 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 6,194 313,466 SH   SOLE 0 313,466 0 0
MANNKIND CORP COM 56400P201 837 161,035 SH   SOLE 0 161,035 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 915 63,667 SH   SOLE 0 63,667 0 0
MASCO CORP COM 574599106 680 29,900 SH   SOLE 0 29,900 0 0
MCEWEN MNG INC COM 58039P107 3,152 1,608,543 SH   SOLE 0 1,608,543 0 0
MEDTRONIC INC COM 585055106 882 15,377 SH   SOLE 0 15,377 0 0
MICROSOFT CORP COM 594918104 6,707 179,289 SH   SOLE 0 179,289 0 0
MURPHY OIL CORP COM 626717102 1,472 22,696 SH   SOLE 0 22,696 0 0
NEW GOLD INC CDA COM 644535106 1,081 206,310 SH   SOLE 0 206,310 0 0
NMI HLDGS INC CL A 629209305 835 65,643 SH   SOLE 0 65,643 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 1,019 20,000 SH   SOLE 0 20,000 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,176 20,000 SH   SOLE 0 20,000 0 0
OPKO HEALTH INC COM 68375N103 703 83,351 SH   SOLE 0 83,351 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 490 78,864 SH   SOLE 0 78,864 0 0
PENNYMAC MTG INVT TR COM 70931T103 459 20,000 SH   SOLE 0 20,000 0 0
PMC-SIERRA INC COM 69344F106 566 88,174 SH   SOLE 0 88,174 0 0
POTASH CORP SASK INC COM 737551107 2,619 79,481 SH   SOLE 0 79,481 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,570 140,000 SH   SOLE 0 140,000 0 0
REMY INTL INC COM 759663107 4,063 174,268 SH   SOLE 0 174,268 0 0
SANDRIDGE ENERGY INC COM 80007P307 613 101,051 SH   SOLE 0 101,051 0 0
SEARS HLDGS CORP COM 812350106 14,448 294,617 SH   SOLE 0 294,617 0 0
SEARS HOMETOWN OUTLET STOR COM 812362101 7,125 279,418 SH   SOLE 0 279,418 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 1,041 216,459 SH   SOLE 0 216,459 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 634 25,928 SH   SOLE 0 25,928 0 0
SPX CORP COM 784635104 1,009 10,132 SH   SOLE 0 10,132 0 0
ST JOE CO COM 790148100 507 26,453 SH   SOLE 0 26,453 0 0
STARWOOD PPTY TR INC COM 85571B105 1,385 50,000 SH   SOLE 0 50,000 0 0
SYNTA PHARMACEUTICALS CORP COM 87162T206 371 70,898 SH   SOLE 0 70,898 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,239 30,933 SH   SOLE 0 30,933 0 0
TEXAS INDS INC COM 882491103 693 10,082 SH   SOLE 0 10,082 0 0
THERAVANCE INC COM 88338T104 509 14,294 SH   SOLE 0 14,294 0 0
U S G Corp COM NEW 903293405 1,528 53,871 SH   SOLE 0 53,871 0 0
VALE S A ADR 91912E105 1,284 84,233 SH   SOLE 0 84,233 0 0
VIASAT INC COM 92552V100 515 8,223 SH   SOLE 0 8,223 0 0
WAL-MART STORES INC COM 931142103 3,084 39,198 SH   SOLE 0 39,198 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 780 50,391 SH   SOLE 0 50,391 0 0
WELLS FARGO AND CO COM 949746101 240 5,304 SH   SOLE 0 5,304 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,048 17,000 SH   SOLE 0 17,000 0 0
WESTERN REFNG INC COM 959319104 2,120 50,000 SH   SOLE 0 50,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 809 73,265 SH   SOLE 0 73,265 0 0
YAMANA GOLD INC COM 98462Y100 1,643 190,644 SH   SOLE 0 190,644 0 0