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
AIR TRANSPORT SERVICES GROUP COM 00922R105 19,852,561 2,453,963 SH   SOLE 0 0 0 2,453,963
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 201,543 8,624 SH   SOLE 0 0 0 8,624
AMERICAN CAPITAL AGENCY CORP COM 02503X105 551,501 28,590 SH   SOLE 0 0 0 28,590
APPLE INC COM 037833100 11,195,553 19,958 SH   SOLE 0 0 0 19,958
ARCELORMITTAL SA LUXEMBOURG NY REGISTERED -A- NY REGISTRY SH 03938L104 296,425 16,700 SH   SOLE 0 0 0 16,700
AVIS BUDGET GROUP COM 053774105 7,750,737 191,755 SH   SOLE 0 0 0 191,755
BANCO BILBAO VIZCAYA ARGENTA SPON ADR 05946K101 157,650 12,724 SH   SOLE 0 0 0 12,724
BANCO SANTANDER SA ADR 05964H105 133,266 14,693 SH   SOLE 0 0 0 14,693
BANK OF AMERICA CORPORATION COM 060505104 483,044 31,024 SH   SOLE 0 0 0 31,024
BARCLAYS BK PLC ADR 2 PREF 2 06739F390 2,016,897 83,550 SH   SOLE 0 0 0 83,550
CARMAX INC COM 143130102 5,566,933 118,395 SH   SOLE 0 0 0 118,395
CEMEX SAB DE CV SPON ADR NEW 151290889 449,114 37,964 SH   SOLE 0 0 0 37,964
CITIGROUP INC COM NEW 172967424 470,449 9,028 SH   SOLE 0 0 0 9,028
CONOCOPHILLIPS COM 20825C104 303,795 4,300 SH   SOLE 0 0 0 4,300
CORNING INC COM 219350105 3,834,151 215,160 SH   SOLE 0 0 0 215,160
COSTCO WHSL CORP NEW COM 22160K105 238,040 2,000 SH   SOLE 0 0 0 2,000
DESARROLLADORA HOMEX S A DE SPON ADR 25030W100 29,250 25,000 SH   SOLE 0 0 0 25,000
EBAY INC COM 278642103 7,532,142 137,285 SH   SOLE 0 0 0 137,285
E M C CORP MASS COM 268648102 4,251,230 169,035 SH   SOLE 0 0 0 169,035
FLEXTRONICS INTL LTD ORD Y2573F102 16,816,378 2,164,270 SH   SOLE 0 0 0 2,164,270
FLUOR CORP NEW COM 343412102 5,146,991 64,105 SH   SOLE 0 0 0 64,105
FOMENTO ECONOMICO MEXICANOS SPON ADR UNITS 344419106 1,896,000 15,000 SH   SOLE 0 0 0 15,000
GOOGLE INC CL A 38259P508 906,654 809 SH   SOLE 0 0 0 809
GT ADVANCED TECHNOLOGIES INC COM 36191U106 443,926 51,800 SH   SOLE 0 0 0 51,800
HEWLETT PACKARD CO COM 428236103 3,933,988 140,600 SH   SOLE 0 0 0 140,600
INDUSTRIAS BACHOCO S A B DE SPON ADR B 456463108 1,293,888 29,300 SH   SOLE 0 0 0 29,300
INTEL CORP COM 458140100 588,919 22,690 SH   SOLE 0 0 0 22,690
ISHARES U.S. FINLS ETF U.S. FINLS ETF 464287788 400,800 5,000 SH   SOLE 0 0 0 5,000
JETBLUE AIRWAYS CORP COM 477143101 3,592,565 420,675 SH   SOLE 0 0 0 420,675
JUNIPER NETWORKS INC COM 48203R104 7,813,170 346,175 SH   SOLE 0 0 0 346,175
KOHLS CORP COM 500255104 1,274,038 22,450 SH   SOLE 0 0 0 22,450
KULICKE & SOFFA INDS INC COM 501242101 785,831 59,085 SH   SOLE 0 0 0 59,085
MAXCOM TELECOMUNICACIONES SA CPO ADR REP PR CTF 57773A508 35,165 144,000 SH   SOLE 0 0 0 144,000
MEDNAX INC COM 58502B106 15,811,263 296,202 SH   SOLE 0 0 0 296,202
MICROSOFT CORP COM 594918104 537,956 14,380 SH   SOLE 0 0 0 14,380
NATIONAL BK OF GREECE S A SPN ADR REP 1 SH 633643705 125,328 22,380 SH   SOLE 0 0 0 22,380
NATIONAL BANK OF GREECE S A ADR PRF SERA 566040 15,811,263 39,750 SH   SOLE 0 0 0 39,750
NOBLE CORP PLC SHS USD G65431101 206,085 5,500 SH   SOLE 0 0 0 5,500
NVIDIA CORP COM 67066G104 4,287,112 267,610 SH   SOLE 0 0 0 267,610
NVR INC COM 62944T105 6,072,953 5,919 SH   SOLE 0 0 0 5,919
PACWEST BANCORP DEL COM 695263103 363,092 8,600 SH   SOLE 0 0 0 8,600
PETROLEO BRASILEIRO SA PETRO SPON ADR 71654V408 12,046,338 874,190 SH   SOLE 0 0 0 874,190
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 926,011 10,545 SH   SOLE 0 0 0 10,545
PRICELINE COM INC COM NEW 741503403 831,116 715 SH   SOLE 0 0 0 715
PROSHARES TR PSHS ULTSH 20YRS 74347B201 2,479,118 31,302 SH   SOLE 0 0 0 31,302
RENREN INC SPON ADR 759892102 52,619 17,252 SH   SOLE 0 0 0 17,252
ROYAL BK SCOTLAND GROUP PLC SP ADR L RP PF 780097788 195,300 10,000 SH   SOLE 0 0 0 10,000
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 1,324,505 61,100 SH   SOLE 0 0 0 61,100
SANDISK CORP COM 80004C101 2,359,210 33,445 SH   SOLE 0 0 0 33,445
SIRIUS XM HLDGS INC COM 82968B103 38,390 11,000 SH   SOLE 0 0 0 11,000
SPDR GOLD TRUST GOLD SHS 78463V107 5,658,528 48,730 SH   SOLE 0 0 0 48,730
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 380,092 2,058 SH   SOLE 0 0 0 2,058
TAIWAN SEMICONDUCTOR MFG LTD SPON ADR 874039100 3,303,310 189,410 SH   SOLE 0 0 0 189,410
TELEFONICA S A SPON ADR 879382208 4,233,612 259,095 SH   SOLE 0 0 0 259,095
VALE S A ADR 91912E105 230,046 15,085 SH   SOLE 0 0 0 15,085
YINGLI GREEN ENERGY HLDG CO ADR 98584B103 55,085 11,500 SH   SOLE 0 0 0 11,500