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
ABBVIE INC. CMN COM 00287Y109 3,506 60,700 SH   SOLE   60,700 0 0
AGNICO EAGLE MINES LTD CMN COM 008474108 2,644 91,080 SH   SOLE   91,080 0 0
ALPHA PRO TECH LTD CMN COM 020772109 12 3,600 SH   SOLE   3,600 0 0
AMERCO CMN COM 023586100 262 1,000 SH   SOLE   1,000 0 0
AMERICAN INTL GROUP, INC. CMN COM 026874784 5,402 100,000 SH   SOLE   100,000 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 411 7,426 SH   SOLE   7,426 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,558 150,000 SH   SOLE   150,000 0 0
BARCLAYS BK PLC-IPATH S&P 500 *VIX S-T FUTURES ETN NEW 2013 FUTURES ETN NEW 2013 ETN ETF 06742E711 31 1,000 SH   SOLE   1,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 7,655 37 SH   SOLE   37 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 2,455 90,606 SH   SOLE   90,606 0 0
CVS HEALTH CORP CMN COM 126650100 796 10,000 SH   SOLE   10,000 0 0
CASH AMER INTL INC CMN COM 14754D100 438 10,000 SH   SOLE   10,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 136 5,900 SH   SOLE   5,900 0 0
CIBER INC CMN COM 17163B102 206 60,000 SH   SOLE   60,000 0 0
CONTINENTAL MATERIALS CORP CMN COM 211615307 75 4,771 SH   SOLE   4,771 0 0
DOVER DOWNS GAMING & ENTMT INC CMN COM 260095104 16 16,157 SH   SOLE   16,157 0 0
ELLINGTON RESIDENTIAL MORT REIT CMN COM 288578107 1,367 84,425 SH   SOLE   84,425 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 1,524 153,796 SH   SOLE   153,796 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 2,107 75,000 SH   SOLE   75,000 0 0
FIRST CMNTY CORP S C CMN COM 319835104 205 19,301 SH   SOLE   19,301 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 1,892 274,982 SH   SOLE   274,982 0 0
GENVEC INC CMN COM 37246C307 25 11,800 SH   SOLE   11,800 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 523 38,233 SH   SOLE   38,233 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 61 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 25 6,200 SH   SOLE   6,200 0 0
HUDSON GLOBAL, INC. CMN COM 443787106 18 4,845 SH   SOLE   4,845 0 0
IMPERIAL HOLDINGS, INC. CMN COM 452834104 78 12,100 SH   SOLE   12,100 0 0
INSPERITY INC CMN COM 45778Q107 27 1,000 SH   SOLE   1,000 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 2,410 40,000 SH   SOLE   40,000 0 0
KEMET CORPORATION CMN COM 488360207 1 100 SH   SOLE   100 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 486 20,400 SH   SOLE   20,400 0 0
LORAL SPACE &COMMUNICATION INC*. CMN COM 543881106 718 10,000 SH   SOLE   10,000 0 0
LUBYS INC CMN STOCK CMN COM 549282101 5 900 SH   SOLE   900 0 0
MERCK & CO., INC. CMN COM 58933Y105 2,075 35,000 SH   SOLE   35,000 0 0
MICROSOFT CORPORATION CMN COM 594918104 4,636 100,000 SH   SOLE   100,000 0 0
NATURES SUNSHINE PRODS INC CMN COM 639027101 356 24,035 SH   SOLE   24,035 0 0
NORTHSTAR ASSET MANAGEMENT, IN*C. CMN COM 66705Y104 921 50,000 SH   SOLE   50,000 0 0
PACIFIC PREMIER BANCORP CMN COM 69478X105 1,144 81,391 SH   SOLE   81,391 0 0
QC HOLDINGS, INC. CMN COM 74729T101 5 2,749 SH   SOLE   2,749 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 31 8,410 SH   SOLE   8,410 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 300,154 1,523,471 SH   SOLE   1,523,471 0 0
SPRINGLEAF HOLDINGS INC CMN COM 85172J101 977 30,590 SH   SOLE   30,590 0 0
STARWOOD PROPERTY TRUST INC. CMN COM 85571B105 1,085 49,400 SH   SOLE   49,400 0 0
TRI POINTE HOMES INC CMN COM 87265H109 129 10,000 SH   SOLE   10,000 0 0
TEVA PHARMACEUTICAL IND LTD ADS COM 881624209 5,375 100,000 SH   SOLE   100,000 0 0
3M COMPANY CMN COM 88579Y101 1,417 10,000 SH   SOLE   10,000 0 0
TILE SHOP HLDGS INC CMN COM 88677Q109 185 20,000 SH   SOLE   20,000 0 0
TOLL BROTHERS, INC. CMN COM 889478103 755 24,231 SH   SOLE   24,231 0 0
U.S. GLOBAL INVESTORS INC A CMN COM 902952100 4 1,000 SH   SOLE   1,000 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 21,604 280,756 SH   SOLE   280,756 0 0
VANGUARD FTSE DEVELOPED MKTS CMN ETF ETF 921943858 17 434 SH   SOLE   434 0 0
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF ETF 922042775 27 542 SH   SOLE   542 0 0
VANGUARD S&P 500 ETF ETF 922908363 293,823 1,627,018 SH   SOLE   1,627,018 0 0
VOLT INFO SCIENCES, INC. CMN COM 928703107 10 1,102 SH   SOLE   1,102 0 0
YAHOO INC CMN COM 984332106 4,075 100,000 SH   SOLE   100,000 0 0
YAMANA GOLD INC CMN COM 98462Y100 938 156,352 SH   SOLE   156,352 0 0
ESSENT GROUP LTD. CMN COM G3198U102 43 2,000 SH   SOLE   2,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 638 19,696 SH   SOLE   19,696 0 0
NORD ANGLIA EDUCATION, INC. CMN COM G6583A102 170 10,000 SH   SOLE   10,000 0 0