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
ABBOTT LABS COM 002824100 1,643 38,871 SH   SOLE   38,871 0 0
AGCO CORP COM 001084102 743 15,068 SH   SOLE   15,068 0 0
AIR LEASE CORP CL A 00912X302 2,110 73,856 SH   SOLE   73,856 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 1,888 65,831 SH   SOLE   65,831 0 0
APPLE INC COM 037833100 361 3,199 SH   SOLE   3,199 0 0
BANK AMER CORP COM 060505104 1,506 96,262 SH   SOLE   96,262 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,271 43,412 SH   SOLE   43,412 0 0
CHENIERE ENERGY INC COM NEW 16411R208 8,854 203,075 SH   SOLE   203,075 0 0
CHESAPEAKE ENERGY CORP COM 165167107 5,914 943,260 SH   SOLE   943,260 0 0
CHEVRON CORP NEW COM 166764100 5,730 55,682 SH   SOLE   55,682 0 0
COLFAX CORP COM 194014106 2,330 74,148 SH   SOLE   74,148 0 0
EXCO RESOURCES INC COM 269279402 316 295,689 SH   SOLE   295,689 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,025 462,740 SH   SOLE   462,740 0 0
GENERAL ELECTRIC CO COM 369604103 4,704 158,814 SH   SOLE   158,814 0 0
GNC HLDGS INC COM CL A 36191G107 466 22,847 SH   SOLE   22,847 0 0
GOLDCORP INC NEW COM 380956409 3,438 208,162 SH   SOLE   208,162 0 0
GREEN BRICK PARTNERS INC COM 392709101 1,144 138,523 SH   SOLE   138,523 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 390 70,968 SH   SOLE   70,968 0 0
INNOVIVA INC COM 45781M101 344 31,353 SH   SOLE   31,353 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 9,233 58,125 SH   SOLE   58,125 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 545 24,188 SH   SOLE   24,188 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 723 136,224 SH   SOLE   136,224 0 0
KINDRED BIOSCIENCES INC COM 494577109 227 45,682 SH   SOLE   45,682 0 0
LEUCADIA NATL CORP COM 527288104 7,039 369,732 SH   SOLE   369,732 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 1,014 30,714 SH   SOLE   30,714 0 0
LIBERTY MEDIA CORP DELAWARE COM C MEDIA GRP 531229854 1,237 43,976 SH   SOLE   43,976 0 0
LIONS GATE ENTMNT CORP COM NEW 535919203 1,408 70,451 SH   SOLE   70,451 0 0
MANNKIND CORP COM 56400P201 67 109,508 SH   SOLE   109,508 0 0
NEW GOLD INC CDA COM 644535106 9,052 2,081,063 SH   SOLE   2,081,063 0 0
NMI HLDGS INC CL A 629209305 6,701 879,462 SH   SOLE   879,462 0 0
NOVAGOLD RES INC COM NEW 66987e206 5,236 935,111 SH   SOLE   935,111 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,229 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 379 35,833 SH   SOLE   35,833 0 0
PBF ENERGY INC CL A 69318G106 9,725 429,569 SH   SOLE   429,569 0 0
SEARS HLDGS CORP COM 812350106 9,363 817,097 SH   SOLE   817,097 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 535 108,567 SH   SOLE   108,567 0 0
STARWOOD PPTY TR INC COM 85571B105 1,956 86,863 SH   SOLE   86,863 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 1,654 45,654 SH   SOLE   45,654 0 0
TRI POINTE GROUP INC COM 87265H109 1,387 105,262 SH   SOLE   105,262 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 1,055 42,678 SH   SOLE   42,678 0 0
UNDER ARMOUR INC CL A 904311107 2,067 53,457 SH   SOLE   53,457 0 0
U S G CORP COM NEW 903293405 780 30,185 SH   SOLE   30,185 0 0
WAL-MART STORES INC COM 931142103 1,442 20,000 SH   SOLE   20,000 0 0
WMIH CORP COM 92936P100 1,994 852,152 SH   SOLE   852,152 0 0
YAMANA GOLD INC COM 98462Y100 2,036 472,541 SH   SOLE   472,541 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 991 20,000 SH   SOLE   20,000 0 0
PLAINS GP HLDGS L P SHS A REP LTPN 72651A108 2,911 225,000 SH   SOLE   225,000 0 0
SEARS HLDGS CORP *W EXP 12/15/201 812350155 351 102,657 SH   SOLE   102,657 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 1,683 73,452 SH   SOLE   73,452 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 272 14,600 SH   SOLE   14,600 0 0