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
AGNICO EAGLE MINES LTD CMN COM 008474108 3,058 101,080 SH   SOLE   101,080 0 0
ALPHA PRO TECH LTD CMN COM 020772109 8 3,600 SH   SOLE   3,600 0 0
AMERCO CMN COM 023586100 232 1,000 SH   SOLE   1,000 0 0
AMERICAN INTL GROUP, INC. CMN COM 026874784 5,001 100,000 SH   SOLE   100,000 0 0
APPLIED MATERIALS INC CMN COM 038222105 4,083 200,000 SH   SOLE   200,000 0 0
ARROW ELECTRONICS INC. CMN COM 042735100 441 7,426 SH   SOLE   7,426 0 0
THE BANCORP INC CMN COM 05969A105 1,864 99,083 SH   SOLE   99,083 0 0
BANC OF CALIFORNIA INC CMN COM 05990K106 1,227 100,000 SH   SOLE   100,000 0 0
BANK OF AMERICA CORP CMN COM 060505104 5,160 300,000 SH   SOLE   300,000 0 0
BARCLAYS BK PLC-IPATH S&P 500 *VIX S-T FUTURES ETN NEW 2013 FUTURES ETN NEW 2013 ETN ETF 06742E711 42 1,000 SH   SOLE   1,000 0 0
BERKSHIRE HATHAWAY INC CL-A (DEL) CLASS A COM 084670108 6,932 37 SH   SOLE   37 0 0
BIOGEN IDEC INC. CMN COM 09062X103 765 2,500 SH   SOLE   2,500 0 0
BLACKSTONE MORTGAGE TRUST INC CMN COM 09257W100 2,605 90,606 SH   SOLE   90,606 0 0
BODY CENTRAL ACQUISITION CORP. CMN COM 09689U102 1 1,000 SH   SOLE   1,000 0 0
CVS CAREMARK CORPORATION CMN COM 126650100 1,497 20,000 SH   SOLE   20,000 0 0
CENTRAL SECURITIES CORP. MUTUAL FUND COM 155123102 163 7,300 SH   SOLE   7,300 0 0
CIBER INC CMN COM 17163B102 916 200,000 SH   SOLE   200,000 0 0
CONATUS PHARMACEUTICALS INC. CMN COM 20600T108 1,205 148,178 SH   SOLE   148,178 0 0
CONCERT PHARMACEUTICALS INC CMN COM 206022105 559 41,556 SH   SOLE   41,556 0 0
CONTINENTAL BLDG PRODS INC CMN COM 211171103 401 21,300 SH   SOLE   21,300 0 0
CONTINENTAL MATERIALS CORP CMN COM 211615307 93 4,771 SH   SOLE   4,771 0 0
COOPER-STANDARD HOLDINGS INC. CMN COM 21676P103 162 2,295 SH   SOLE   2,295 0 0
CUBIST PHARMACEUTICALS, INC. CMN COM 229678107 373 5,100 SH   SOLE   5,100 0 0
DAEGIS INC CMN COM 233720101 2 1,400 SH   SOLE   1,400 0 0
DOVER DOWNS GAMING & ENTMT INC CMN COM 260095104 25 16,157 SH   SOLE   16,157 0 0
ELLINGTON RESIDENTIAL MORT REIT CMN COM 288578107 1,428 84,425 SH   SOLE   84,425 0 0
ENANTA PHARMACEUTICALS INC CMN COM 29251M106 46 1,139 SH   SOLE   1,139 0 0
E Z CORP INC CL-A NON VTG CMN CLASS A COM 302301106 1,368 126,804 SH   SOLE   126,804 0 0
FEDERATED NATL HLDG CO CMN COM 31422T101 1,374 75,000 SH   SOLE   75,000 0 0
FEDFIRST FINANCIAL CORPORATION CMN COM 31429C101 88 4,390 SH   SOLE   4,390 0 0
FIRST CMNTY CORP S C CMN COM 319835104 216 19,301 SH   SOLE   19,301 0 0
FIRST FINL BANCORP CMN COM 320209109 1,387 77,161 SH   SOLE   77,161 0 0
FONAR CORPORATION CMN COM 344437405 18 1,000 SH   SOLE   1,000 0 0
FORD MOTOR COMPANY CMN COM 345370860 1,560 100,000 SH   SOLE   100,000 0 0
FORTRESS INVESTMENT GROUP LLC CMN CLASS A COM 34958B106 1,591 214,982 SH   SOLE   214,982 0 0
FULL HOUSE RESORTS CMN COM 359678109 3 1,197 SH   SOLE   1,197 0 0
GABELLI HEALTHCARE & WELLNESSR*X TRUST (THE) MUTUAL FUND COM 36246K103 113 10,925 SH   SOLE   10,925 0 0
GIBRALTAR INDUSTRIES INC CMN COM 374689107 721 38,233 SH   SOLE   38,233 0 0
GILEAD SCIENCES CMN COM 375558103 3,323 46,900 SH   SOLE   46,900 0 0
GUARANTY FEDERAL BANCSHARES INC COM 40108P101 64 5,000 SH   SOLE   5,000 0 0
HARVARD BIOSCIENCE INC CMN COM 416906105 29 6,200 SH   SOLE   6,200 0 0
HORSEHEAD HOLDING CORP. CMN COM 440694305 84 5,000 SH   SOLE   5,000 0 0
HUDSON GLOBAL, INC. CMN COM 443787106 18 4,845 SH   SOLE   4,845 0 0
IMPERIAL HOLDINGS, INC. CMN COM 452834104 70 12,100 SH   SOLE   12,100 0 0
ING AMERICA INSURANCE HOLDINGS*, INC. CMN COM 45685E106 2,865 79,000 SH   SOLE   79,000 0 0
INSPERITY INC CMN COM 45778Q107 31 1,000 SH   SOLE   1,000 0 0
INSTALLED BLDG PRODS INC CMN COM 45780R101 140 10,000 SH   SOLE   10,000 0 0
INTERCEPT PHARMACEUTICALS, INC CMN COM 45845P108 33 100 SH   SOLE   100 0 0
INTERMUNE, INC. CMN COM 45884X103 494 14,766 SH   SOLE   14,766 0 0
JPMORGAN CHASE & CO CMN COM 46625H100 4,873 80,267 SH   SOLE   80,267 0 0
KEMET CORPORATION CMN COM 488360207 1 100 SH   SOLE   100 0 0
KINDER MORGAN INC CMN CLASS P COM 49456B101 487 15,000 SH   SOLE   15,000 0 0
LKQ CORPORATION CMN COM 501889208 527 20,000 SH   SOLE   20,000 0 0
LEUCADIA NATIONAL CORP CMN COM 527288104 571 20,400 SH   SOLE   20,400 0 0
LUBYS INC CMN STOCK CMN COM 549282101 6 900 SH   SOLE   900 0 0
MFC INDUSTRIAL LTD CMN COM 55278T105 848 106,855 SH   SOLE   106,855 0 0
MVC CAPITAL INC CLOSED END FUND COM 553829102 749 55,278 SH   SOLE   55,278 0 0
MACY'S INC. CMN COM 55616P104 919 15,502 SH   SOLE   15,502 0 0
MALIBU BOATS INC CMN COM 56117J100 22 1,000 SH   SOLE   1,000 0 0
MARCHEX INC CMN CLASS B COM 56624R108 177 16,813 SH   SOLE   16,813 0 0
MEDIVATION INC. CMN COM 58501N101 2,253 35,000 SH   SOLE   35,000 0 0
MERCK & CO., INC. CMN COM 58933Y105 1,703 30,000 SH   SOLE   30,000 0 0
MICROSOFT CORPORATION CMN COM 594918104 4,099 100,000 SH   SOLE   100,000 0 0
NATURES SUNSHINE PRODS INC CMN COM 639027101 331 24,035 SH   SOLE   24,035 0 0
NORDSTROM INC CMN COM 655664100 62 1,000 SH   SOLE   1,000 0 0
OCCIDENTAL PETROLEUM CORP CMN COM 674599105 953 10,000 SH   SOLE   10,000 0 0
OLD REPUBLIC INTL CORP CMN COM 680223104 1,348 82,216 SH   SOLE   82,216 0 0
OXIGENE INC CMN COM 691828404 369 99,000 SH   SOLE   99,000 0 0
PACIFIC PREMIER BANCORP CMN COM 69478X105 1,314 81,391 SH   SOLE   81,391 0 0
QC HOLDINGS, INC. CMN COM 74729T101 6 2,749 SH   SOLE   2,749 0 0
QUESTCOR PHARMACEUTICALS INC CMN COM 74835Y101 643 9,900 SH   SOLE   9,900 0 0
RADIANT LOGISTICS INC CMN COM 75025X100 26 8,410 SH   SOLE   8,410 0 0
RICE ENERGY INC CMN COM 762760106 388 14,700 SH   SOLE   14,700 0 0
SPDR S&P 500 ETF TRUST ETF 78462F103 284,904 1,523,471 SH   SOLE   1,523,471 0 0
SMITH & WESSON HOLDING CORP CMN COM 831756101 249 17,000 SH   SOLE   17,000 0 0
SOCIEDAD QUIMICA MINERAL DE CHILE S A SPON ADR REPSTG SER B SHS COM 833635105 1,257 39,600 SH   SOLE   39,600 0 0
SPRINGLEAF HOLDINGS INC CMN COM 85172J101 769 30,590 SH   SOLE   30,590 0 0
STARWOOD PROPERTY TRUST INC. CMN COM 85571B105 1,165 49,400 SH   SOLE   49,400 0 0
TEKMIRA PHARMACEUTICALS CORP CMN COM 87911B209 1,298 60,410 SH   SOLE   60,410 0 0
TESARO INC CMN COM 881569107 265 9,000 SH   SOLE   9,000 0 0
TG THERAPEUTICS INC CMN COM 88322Q108 115 16,676 SH   SOLE   16,676 0 0
TOLL BROTHERS, INC. CMN COM 889478103 870 24,231 SH   SOLE   24,231 0 0
TRUEBLUE, INC. CMN COM 89785X101 580 19,838 SH   SOLE   19,838 0 0
TUCOWS, INC. CMN CLASS A COM 898697206 357 28,239 SH   SOLE   28,239 0 0
U.S. GLOBAL INVESTORS INC A CMN COM 902952100 3 1,000 SH   SOLE   1,000 0 0
UNITED INSURANCE HOLDINGS CORP CMN COM 910710102 2,900 198,522 SH   SOLE   198,522 0 0
UNITED ONLINE, INC. CMN COM 911268209 4 328 SH   SOLE   328 0 0
UNITED PARCEL SERVICE, INC. CLASS B COMMON STOCK COM 911312106 4,683 48,091 SH   SOLE   48,091 0 0
VANGUARD SPECIALIZED PORTFOLIO VANGUARD DIVIDEND APPRECIATION MUTUAL FUND CL ETF SER VIPERS ETF 921908844 21,121 280,756 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 27 542 SH   SOLE   542 0 0
VANGUARD INDEX FUNDS VANGUARD S&P 500 ETF ETF 922908363 249,857 1,458,168 SH   SOLE   1,458,168 0 0
YAHOO INC CMN COM 984332106 359 10,000 SH   SOLE   10,000 0 0
YAMANA GOLD INC CMN COM 98462Y100 1,373 156,352 SH   SOLE   156,352 0 0
BLUE CAPITAL REINSURANCE HOLDI*NGS LIMITED CMN COM G1190F107 2,113 121,492 SH   SOLE   121,492 0 0
ESSENT GROUP LTD. CMN COM G3198U102 45 2,000 SH   SOLE   2,000 0 0
GREENLIGHT CAPITAL RE LTD-A CMN COM G4095J109 646 19,696 SH   SOLE   19,696 0 0
MAGICJACK VOCALTEC LTD CMN COM M6787E101 545 25,650 SH   SOLE   25,650 0 0
DHT HOLDINGS INC CMN COM Y2065G121 89 11,396 SH   SOLE   11,396 0 0