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
THE ADT CORPORATION COM 00101J106 769 18,926 SH   SOLE 0 18,926 0 0
AGCO CORP COM 001084102 871 14,431 SH   SOLE 0 14,431 0 0
AIR LEASE CORP CL A 00912X302 839 30,360 SH   SOLE 0 30,360 0 0
ALERE INC COM 01449J105 923 30,195 SH   SOLE 0 30,195 0 0
ARC DOCUMENT SOLUTIONS INC COM 00191G103 47 10,442 SH   SOLE 0 10,442 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,208 24,853 SH   SOLE 0 24,853 0 0
ASCENT CAP GROUP INC COM SER A 043632108 5,790 71,829 SH   SOLE 0 71,829 0 0
AUTONATION INC COM 05329W102 6,822 130,771 SH   SOLE 0 130,771 0 0
BANK OF AMERICA CORPORATION COM 060505104 2,051 148,639 SH   SOLE 0 148,639 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 794 6,999 SH   SOLE 0 6,999 0 0
BLACK DIAMOND INC COM 09202G101 1,255 103,211 SH   SOLE 0 103,211 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 873 28,778 SH   SOLE 0 28,778 0 0
BOULDER BRANDS INC COM 101405108 576 35,947 SH   SOLE 0 35,947 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 693 8,000 SH   SOLE 0 8,000 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,282 47,000 SH   SOLE 0 47,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 8,273 319,700 SH   SOLE 0 319,700 0 0
CINTAS CORP COM 172908105 1,102 21,529 SH   SOLE 0 21,529 0 0
COLFAX CORP COM 194014106 7,528 133,269 SH   SOLE 0 133,269 0 0
COMPUTER SCIENCES CORP COM 205363104 721 13,954 SH   SOLE 0 13,954 0 0
DEVON ENERGY CORP NEW COM 25179M103 539 9,336 SH   SOLE 0 9,336 0 0
DIRECTV COM 25490A309 992 16,596 SH   SOLE 0 16,596 0 0
EMERSON ELEC CO COM 291011104 862 13,336 SH   SOLE 0 13,336 0 0
ENERGY TRANSFER PRTNRS LP UNIT LTD PARTN 29273R109 624 12,000 SH   SOLE 0 12,000 0 0
EOG RES INC COM 26875P101 1,000 5,911 SH   SOLE 0 5,911 0 0
EXCO RESOURCES INC COM 269279402 675 100,216 SH   SOLE 0 100,216 0 0
FIFTH STREET FINANCE CORP COM 31678A103 771 75,000 SH   SOLE 0 75,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 805 47,733 SH   SOLE 0 47,733 0 0
FREEPORT-MCMORAN COPPER GO COM 35671D857 8,170 246,979 SH   SOLE 0 246,979 0 0
GAP INC DEL COM 364760108 962 23,902 SH   SOLE 0 23,902 0 0
HANSEN MEDICAL INC COM 411307101 363 203,348 SH   SOLE 0 203,348 0 0
HATTERAS FINL CORP COM 41902R103 561 30,000 SH   SOLE 0 30,000 0 0
HEWLETT PACKARD CO COM 428236103 970 46,221 SH   SOLE 0 46,221 0 0
IDENIX PHARMACEUTICALS INC COM 45166R204 306 59,038 SH   SOLE 0 59,038 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 246 54,517 SH   SOLE 0 54,517 0 0
KINDER MORGAN INC DEL COM 49456B101 1,067 30,000 SH   SOLE 0 30,000 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 507 11,130 SH   SOLE 0 11,130 0 0
LAMAR ADVERTISING CO CL A 512815101 520 11,068 SH   SOLE 0 11,068 0 0
LEGG MASON INC COM 524901105 1,163 34,784 SH   SOLE 0 34,784 0 0
LENNAR CORP CL A 526057104 445 12,576 SH   SOLE 0 12,576 0 0
LEUCADIA NATL CORP COM 527288104 11,727 430,520 SH   SOLE 0 430,520 0 0
LIBERTY MEDIA CORP DELAWARE COM 531229102 9,232 62,740 SH   SOLE 0 62,740 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 8,454 455,769 SH   SOLE 0 455,769 0 0
MANNKIND CORP COM 56400P201 606 106,366 SH   SOLE 0 106,366 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 735 63,993 SH   SOLE 0 63,993 0 0
MASCO CORP COM 574599106 642 30,208 SH   SOLE 0 30,208 0 0
MCEWEN MNG INC COM 58039P107 1,534 639,468 SH   SOLE 0 639,468 0 0
MEDTRONIC INC COM 585055106 830 15,593 SH   SOLE 0 15,593 0 0
MICROSOFT CORP COM 594918104 8,204 246,529 SH   SOLE 0 246,529 0 0
MURPHY OIL CORP COM 626717102 1,305 21,648 SH   SOLE 0 21,648 0 0
NEW GOLD INC CDA COM 644535106 984 164,715 SH   SOLE 0 164,715 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 802 20,000 SH   SOLE 0 20,000 0 0
OAKTREE CAP GROUP LLC UNIT 99/99/9999 674001201 1,047 20,000 SH   SOLE 0 20,000 0 0
OPKO HEALTH INC COM 68375N103 1,008 114,447 SH   SOLE 0 114,447 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 487 78,556 SH   SOLE 0 78,556 0 0
PENNYMAC MTG INVT TR COM 70931T103 453 20,000 SH   SOLE 0 20,000 0 0
PMC-SIERRA INC COM 69344F106 574 86,834 SH   SOLE 0 86,834 0 0
POTASH CORP SASK INC COM 737551107 1,251 40,000 SH   SOLE 0 40,000 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,563 140,000 SH   SOLE 0 140,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 834 142,450 SH   SOLE 0 142,450 0 0
SEARS HLDGS CORP COM 812350106 10,578 177,821 SH   SOLE 0 177,821 0 0
SEARS HOMETOWN OUTLET STOR COM 812362101 6,966 219,417 SH   SOLE 0 219,417 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 827 189,681 SH   SOLE 0 189,681 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 615 25,861 SH   SOLE 0 25,861 0 0
SPDR SP 500 ETF TR TR UNIT 78462F103 33,704 200,500 SH Put SOLE 0 200,500 0 0
SPDR SP 500 ETF TR TR UNIT 78462F103 22,979 136,700 SH Put SOLE 0 136,700 0 0
SPX CORP COM 784635104 875 10,349 SH   SOLE 0 10,349 0 0
ST JOE CO COM 790148100 1,106 56,388 SH   SOLE 0 56,388 0 0
STARWOOD PPTY TR INC COM 85571B105 1,198 50,000 SH   SOLE 0 50,000 0 0
SYNTA PHARMACEUTICALS CORP COM 87162T206 310 49,136 SH   SOLE 0 49,136 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105 573 45,784 SH   SOLE 0 45,784 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,101 29,160 SH   SOLE 0 29,160 0 0
TEXAS INDS INC COM 882491103 863 13,019 SH   SOLE 0 13,019 0 0
THERAVANCE INC COM 88338T104 567 13,893 SH   SOLE 0 13,893 0 0
U S G Corp COM NEW 903293405 1,460 51,112 SH   SOLE 0 51,112 0 0
VIASAT INC COM 92552V100 510 8,028 SH   SOLE 0 8,028 0 0
WAL-MART STORES INC COM 931142103 3,182 43,031 SH   SOLE 0 43,031 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 1,135 74,094 SH   SOLE 0 74,094 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,503 25,000 SH   SOLE 0 25,000 0 0
WESTERN REFNG INC COM 959319104 1,502 50,000 SH   SOLE 0 50,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 816 73,265 SH   SOLE 0 73,265 0 0
YAMANA GOLD INC COM 98462Y100 1,366 131,382 SH   SOLE 0 131,382 0 0