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
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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 3,426 60,700 SH   SOLE   60,700 0 0
AGNICO EAGLE MINES LTD CMN COM 008474108 3,488 91,080 SH   SOLE   91,080 0 0
ALPHA PRO TECH LTD CMN COM 020772109 8 3,600 SH   SOLE   3,600 0 0
AMERCO CMN COM 023586100 291 1,000 SH   SOLE   1,000 0 0
AMERICAN INTL GROUP, INC. CMN COM 026874784 5,458 100,000 SH   SOLE   100,000 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 449 7,426 SH   SOLE   7,426 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,306 150,000 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 29 1,000 SH   SOLE   1,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 7,026 37 SH   SOLE   37 0 0
BIOGEN IDEC INC. CMN COM 09062X103 3,153 10,000 SH   SOLE   10,000 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 2,628 90,606 SH   SOLE   90,606 0 0
CVS CAREMARK CORPORATION CMN COM 126650100 754 10,000 SH   SOLE   10,000 0 0
CBS OUTDOOR AMERICAS INC. CMN COM 14987J106 1,654 50,600 SH   SOLE   50,600 0 0
CELGENE CORPORATION CMN COM 151020104 5,153 60,000 SH   SOLE   60,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 171 7,300 SH   SOLE   7,300 0 0
CIBER INC CMN COM 17163B102 988 200,000 SH   SOLE   200,000 0 0
CONTINENTAL BLDG PRODS INC CMN COM 211171103 328 21,300 SH   SOLE   21,300 0 0
CONTINENTAL MATERIALS CORP CMN COM 211615307 75 4,771 SH   SOLE   4,771 0 0
COOPER-STANDARD HOLDINGS INC. CMN COM 21676P103 152 2,295 SH   SOLE   2,295 0 0
DAEGIS INC CMN COM 233720101 2 1,400 SH   SOLE   1,400 0 0
DOVER DOWNS GAMING & ENTMT INC CMN COM 260095104 22 16,157 SH   SOLE   16,157 0 0
ELLINGTON RESIDENTIAL MORT REIT CMN COM 288578107 1,438 84,425 SH   SOLE   84,425 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 1,465 126,804 SH   SOLE   126,804 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 1,913 75,000 SH   SOLE   75,000 0 0
FEDFIRST FINANCIAL CORPORATION CMN COM 31429C101 96 4,390 SH   SOLE   4,390 0 0
FIRST CMNTY CORP S C CMN COM 319835104 206 19,301 SH   SOLE   19,301 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 2,046 274,982 SH   SOLE   274,982 0 0
GABELLI HEALTHCARE & WELLNESSR*X TRUST (THE) MUTUAL FUND COM 36246K103 113 10,925 SH   SOLE   10,925 0 0
GENVEC INC CMN COM 37246C307 30 11,800 SH   SOLE   11,800 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 593 38,233 SH   SOLE   38,233 0 0
GILEAD SCIENCES CMN COM 375558103 4,477 54,000 SH   SOLE   54,000 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 63 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 28 6,200 SH   SOLE   6,200 0 0
HORSEHEAD HOLDING CORP. CMN COM 440694305 91 5,000 SH   SOLE   5,000 0 0
HUDSON GLOBAL, INC. CMN COM 443787106 19 4,845 SH   SOLE   4,845 0 0
IGNYTA INC CMN COM 451731103 348 38,292 SH   SOLE   38,292 0 0
IMPERIAL HOLDINGS, INC. CMN COM 452834104 83 12,100 SH   SOLE   12,100 0 0
INSPERITY INC CMN COM 45778Q107 33 1,000 SH   SOLE   1,000 0 0
INSTALLED BLDG PRODS INC CMN COM 45780R101 123 10,000 SH   SOLE   10,000 0 0
INTERMUNE, INC. CMN COM 45884X103 1,104 25,000 SH   SOLE   25,000 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 2,305 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 535 20,400 SH   SOLE   20,400 0 0
LUBYS INC CMN STOCK CMN COM 549282101 5 900 SH   SOLE   900 0 0
MFC INDUSTRIAL LTD CMN COM 55278T105 817 106,855 SH   SOLE   106,855 0 0
MVC CAPITAL INC CLOSED END FUND COM 553829102 716 55,278 SH   SOLE   55,278 0 0
MACROGENICS, INC. CMN COM 556099109 1,087 50,000 SH   SOLE   50,000 0 0
MACY'S INC. CMN COM 55616P104 899 15,502 SH   SOLE   15,502 0 0
MARCHEX INC CMN CLASS B COM 56624R108 202 16,813 SH   SOLE   16,813 0 0
MERCK & CO., INC. CMN COM 58933Y105 2,025 35,000 SH   SOLE   35,000 0 0
MICROSOFT CORPORATION CMN COM 594918104 4,170 100,000 SH   SOLE   100,000 0 0
MYLAN INC CMN COM 628530107 2,578 50,000 SH   SOLE   50,000 0 0
NATURES SUNSHINE PRODS INC CMN COM 639027101 408 24,035 SH   SOLE   24,035 0 0
NORDSTROM INC CMN COM 655664100 68 1,000 SH   SOLE   1,000 0 0
OCCIDENTAL PETROLEUM CORP CMN COM 674599105 1,026 10,000 SH   SOLE   10,000 0 0
OLD REPUBLIC INTL CORP CMN COM 680223104 83 5,000 SH   SOLE   5,000 0 0
OXIGENE INC CMN COM 691828404 256 99,000 SH   SOLE   99,000 0 0
PACIFIC PREMIER BANCORP CMN COM 69478X105 1,147 81,391 SH   SOLE   81,391 0 0
QC HOLDINGS, INC. CMN COM 74729T101 7 2,749 SH   SOLE   2,749 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 26 8,410 SH   SOLE   8,410 0 0
RICE ENERGY INC CMN COM 762760106 448 14,700 SH   SOLE   14,700 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 298,174 1,523,471 SH   SOLE   1,523,471 0 0
SMITH & WESSON HOLDING CORP CMN COM 831756101 204 14,000 SH   SOLE   14,000 0 0
SOCIEDAD QUIMICA MINERAL DE CHILE S A SPON ADR REPSTG SER B SHS COM 833635105 1,161 39,600 SH   SOLE   39,600 0 0
SPRINGLEAF HOLDINGS INC CMN COM 85172J101 794 30,590 SH   SOLE   30,590 0 0
STARWOOD PROPERTY TRUST INC. CMN COM 85571B105 1,174 49,400 SH   SOLE   49,400 0 0
TESARO INC CMN COM 881569107 778 25,000 SH   SOLE   25,000 0 0
TEVA PHARMACEUTICAL IND LTD ADS COM 881624209 5,242 100,000 SH   SOLE   100,000 0 0
3M COMPANY CMN COM 88579Y101 1,432 10,000 SH   SOLE   10,000 0 0
TOLL BROTHERS, INC. CMN COM 889478103 894 24,231 SH   SOLE   24,231 0 0
TUCOWS, INC. CMN CLASS A COM 898697206 346 28,239 SH   SOLE   28,239 0 0
2U INC CMN COM 90214J101 170 10,100 SH   SOLE   10,100 0 0
U.S. GLOBAL INVESTORS INC A CMN COM 902952100 4 1,000 SH   SOLE   1,000 0 0
UNITED INSURANCE HOLDINGS CORP CMN COM 910710102 3,426 198,522 SH   SOLE   198,522 0 0
UNITED ONLINE, INC. CMN COM 911268209 3 328 SH   SOLE   328 0 0
UNITED PARCEL SERVICE, INC. CLASS B COMMON STOCK COM 911312106 2,053 20,000 SH   SOLE   20,000 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 21,885 280,756 SH   SOLE   280,756 0 0
VANGUARD FTSE DEVELOPED MKTS CMN ETF ETF 921943858 18 434 SH   SOLE   434 0 0
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND ETF ETF 922042775 28 542 SH   SOLE   542 0 0
VANGUARD INDEX FUNDS VANGUARD S&P 500 ETF ETF 922908363 261,639 1,458,168 SH   SOLE   1,458,168 0 0
VERTEX PHARMACEUTICALS INC CMN COM 92532F100 1,894 20,000 SH   SOLE   20,000 0 0
XENCOR, INC. CMN COM 98401F105 60 5,169 SH   SOLE   5,169 0 0
YAHOO INC CMN COM 984332106 3,513 100,000 SH   SOLE   100,000 0 0
YAMANA GOLD INC CMN COM 98462Y100 1,285 156,352 SH   SOLE   156,352 0 0
BLUE CAPITAL REINSURANCE HOLDI*NGS LIMITED CMN COM G1190F107 106 5,402 SH   SOLE   5,402 0 0
ESSENT GROUP LTD. CMN COM G3198U102 40 2,000 SH   SOLE   2,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 649 19,696 SH   SOLE   19,696 0 0
MALLINCKRODT PUBLIC LIMITED CO CMN COM G5785G107 800 10,000 SH   SOLE   10,000 0 0
NORD ANGLIA EDUCATION, INC. CMN COM G6583A102 183 10,000 SH   SOLE   10,000 0 0
MAGICJACK VOCALTEC LTD CMN COM M6787E101 15 1,000 SH   SOLE   1,000 0 0