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
AMERICAN INTL GROUP INC COM NEW 026874784 5,858 120,469 SH   SOLE   120,469 0 0
ASSURANT INC COM 04621X108 744 13,753 SH   SOLE   13,753 0 0
AVIS BUDGET GROUP COM 053774105 10,573 366,728 SH   SOLE   366,728 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,875 11 SH   SOLE   11 0 0
CF INDS HLDGS INC COM 125269100 2,648 12,561 SH   SOLE   12,561 0 0
CELANESE CORP DEL COM SER A 150870103 7,744 146,692 SH   SOLE   146,692 0 0
CENTRAL FD CDA LTD CL A 153501101 741 50,383 SH   SOLE   50,383 0 0
CHESAPEAKE ENERGY CORP COM 165167107 7,676 296,602 SH   SOLE   296,602 0 0
CHESAPEAKE ENERGY CORP CALL 165167907 627 552 SH Call SOLE   552 0 0
CHESAPEAKE ENERGY CORP CALL 165167907 195 182 SH Call SOLE   182 0 0
CITIGROUP INC COM NEW 172967424 6,893 142,096 SH   SOLE   142,096 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,163 91,681 SH   SOLE   91,681 0 0
EXELON CORP COM 30161N101 5,027 169,612 SH   SOLE   169,612 0 0
FREIGHTCAR AMER INC COM 357023100 165 7,976 SH   SOLE   7,976 0 0
HALLIBURTON CO COM 406216101 5,518 114,602 SH   SOLE   114,602 0 0
HILLENBRAND INC COM 431571108 10,916 398,815 SH   SOLE   398,815 0 0
ISHARES GOLD TRUST ISHARES 464285105 3,223 250,000 SH   SOLE   250,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,713 81,979 SH   SOLE   81,979 0 0
JPMORGAN CHASE CO COM 46625H100 5,213 100,851 SH   SOLE   100,851 0 0
LEUCADIA NATL CORP COM 527288104 2,870 105,345 SH   SOLE   105,345 0 0
LOCKHEED MARTIN CORP COM 539830109 4,210 33,005 SH   SOLE   33,005 0 0
MFC INDL LTD COM 55278T105 2,809 334,349 SH   SOLE   334,349 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2,523 100,851 SH   SOLE   100,851 0 0
MCDERMOTT INTL INC COM 580037109 1,975 265,880 SH   SOLE   265,880 0 0
MORGAN STANLEY COM NEW 617446448 5,065 187,948 SH   SOLE   187,948 0 0
NATIONAL OILWELL VARCO INC COM 637071101 2,685 34,381 SH   SOLE   34,381 0 0
NEW GOLD INC CDA COM 644535106 631 105,435 SH   SOLE   105,435 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 2,566 48,405 SH   SOLE   48,405 0 0
ORACLE CORP COM 68389X105 7,603 229,206 SH   SOLE   229,206 0 0
PLY GEM HLDGS INC COM 72941W100 2,173 155,402 SH   SOLE   155,402 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 256 2,000 SH   SOLE   2,000 0 0
SOUTHWEST AIRLS CO COM 844741108 8,677 595,932 SH   SOLE   595,932 0 0
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 5,408 490,500 SH   SOLE   490,500 0 0
SPROTT PHYSICAL SILVER TRUST ETF TR UNIT 85207K107 241 27,597 SH   SOLE   27,597 0 0
TRAVELERS COMPANIES INC COM 89417E109 3,109 36,672 SH   SOLE   36,672 0 0
UNITED CONTL HLDGS INC COM 910047109 1,408 45,839 SH   SOLE   45,839 0 0
US BANCORP DEL COM NEW 902973304 6,164 168,511 SH   SOLE   168,511 0 0
WELLPOINT INC COM 94973V107 4,216 50,424 SH   SOLE   50,424 0 0