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
ASHFORD HOSPITALITY PRIME IN PFD CV SER B 044102507 1,271 64,679 SH   SOLE   64,679 0 0
ABBOTT LABS COM 002824100 13,897 312,946 SH   SOLE   312,946 0 0
AGCO CORP COM 001084102 610 10,145 SH   SOLE   10,145 0 0
AIR LEASE CORP CL A 00912X302 2,500 64,531 SH   SOLE   64,531 0 0
ALLERGAN PLC SHS G0177J108 1,128 4,725 SH   SOLE   4,725 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 1,739 48,247 SH   SOLE   48,247 0 0
APPLE INC COM 037833100 461 3,213 SH   SOLE   3,213 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 512 24,924 SH   SOLE   24,924 0 0
BANK AMER CORP COM 060505104 1,659 70,341 SH   SOLE   70,341 0 0
BARRICK GOLD CORP COM 067901108 14,804 779,577 SH   SOLE   779,577 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 989 5,935 SH   SOLE   5,935 0 0
CAMECO CORP COM 13321l108 9,944 898,295 SH   SOLE   898,295 0 0
CARBO CERAMICS INC COM 140781105 397 30,500 SH   SOLE   30,500 0 0
CHENIERE ENERGY INC COM NEW 16411R208 9,965 210,813 SH   SOLE   210,813 0 0
CHESAPEAKE ENERGY CORP COM 165167107 10,545 1,775,282 SH   SOLE   1,775,282 0 0
CHEVRON CORP NEW COM 166764100 3,635 33,863 SH   SOLE   33,863 0 0
COLFAX CORP COM 194014106 2,249 57,310 SH   SOLE   57,310 0 0
DISH NETWORK CORP CL A 25470M109 926 14,599 SH   SOLE   14,599 0 0
ENPHASE ENERGY INC COM 29355A107 1,446 1,055,663 SH   SOLE   1,055,663 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,391 403,545 SH   SOLE   403,545 0 0
GENERAL ELECTRIC CO COM 369604103 4,915 164,963 SH   SOLE   164,963 0 0
GOLDCORP INC NEW COM 380956409 4,806 329,429 SH   SOLE   329,429 0 0
GREEN BRICK PARTNERS INC COM 392709101 1,297 130,421 SH   SOLE   130,421 0 0
HERON THERAPEUTICS INC COM 427746102 206 13,765 SH   SOLE   13,765 0 0
INNOVIVA INC COM 45781M101 457 33,108 SH   SOLE   33,108 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 4,306 24,732 SH   SOLE   24,732 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 560 25,269 SH   SOLE   25,269 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 5,106 828,914 SH   SOLE   828,914 0 0
KINROSS GOLD CORP COM NO PAR 496902404 1,041 296,744 SH   SOLE   296,744 0 0
LEUCADIA NATL CORP COM 527288104 6,748 259,541 SH   SOLE   259,541 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 1,016 28,999 SH   SOLE   28,999 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 309 13,424 SH   SOLE   13,424 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 5,702 166,971 SH   SOLE   166,971 0 0
LIONS GATE ENTMNT CORP CL A VTG 535919401 1,401 52,769 SH   SOLE   52,769 0 0
LIONS GATE ENTMNT CORP CL B NON VTG 535919500 1,148 47,096 SH   SOLE   47,096 0 0
MANNKIND CORP COM NEW 56400p706 45 30,754 SH   SOLE   30,754 0 0
MEDICINES CO COM 584688105 525 10,752 SH   SOLE   10,752 0 0
NEW GOLD INC CDA COM 644535106 39 13,111 SH   SOLE   13,111 0 0
NMI HLDGS INC CL A 629209305 4,826 423,412 SH   SOLE   423,412 0 0
NOVAGOLD RES INC COM NEW 66987e206 5,564 1,142,697 SH   SOLE   1,142,697 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,313 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 320 40,046 SH   SOLE   40,046 0 0
OREXIGEN THERAPEUTICS INC COM NEW 686164302 711 206,687 SH   SOLE   206,687 0 0
PBF ENERGY INC CL A 69318G106 10,911 492,162 SH   SOLE   492,162 0 0
RESOLUTE FST PRODS INC COM 76117W109 240 44,069 SH   SOLE   44,069 0 0
SEARS HLDGS CORP COM 812350106 6,735 586,219 SH   SOLE   586,219 0 0
SEARS HLDGS CORP CALL 812350906 8,387 730,000 SH Call SOLE   730,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,961 86,863 SH   SOLE   86,863 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 5,198 141,174 SH   SOLE   141,174 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 1,015 31,963 SH   SOLE   31,963 0 0
VIRTU FINL INC CL A 928254101 2,530 148,848 SH   SOLE   148,848 0 0
WESTERN UN CO COM 959802109 950 46,705 SH   SOLE   46,705 0 0
WMIH CORP COM 92936P100 707 487,802 SH   SOLE   487,802 0 0
ZEDGE INC CL B 98923t104 1,630 531,179 SH   SOLE   531,179 0 0
ZIOPHARM ONCOLOGY INC COM 98973P101 205 32,418 SH   SOLE   32,418 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 1,039 20,000 SH   SOLE   20,000 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 2,641 84,492 SH   SOLE   84,492 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 1,375 129,641 SH   SOLE   129,641 0 0
SEARS HLDGS CORP W EXP 12/15/201 812350155 302 102,500 SH   SOLE   102,500 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 4,486 936,546 SH   SOLE   936,546 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 1,635 73,452 SH   SOLE   73,452 0 0