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
ALAMOS GOLD INC NEW COM CL A CS 011532108 361 63,380 SH   SOLE   63,380 0 0
AMDOCS LTD SHS CS G02602103 21,997 332,326 SH   SOLE   332,326 0 0
AMERISOURCEBERGEN CORP COM CS 03073E105 13,429 157,485 SH   SOLE   157,485 0 0
APPLE INC COM CS 037833100 3,507 18,943 SH   SOLE   18,943 0 0
BALDWIN & LYONS INC CL B CS 057755209 24,804 1,016,574 SH   SOLE   1,016,574 0 0
BANK NEW YORK MELLON CORP COM CS 064058100 9,303 172,506 SH   SOLE   172,506 0 0
BERKSHIRE HATHAWAY CLASS B CS 084670702 22,528 120,697 SH   SOLE   120,697 0 0
BIG LOTS INC COM CS 089302103 333 7,960 SH   SOLE   7,960 0 0
BIGLARI HLDGS INC-A CS 08986R408 3,030 3,190 SH   SOLE   3,190 0 0
BIGLARI HLDGS INC-B CS 08986R309 5,860 31,935 SH   SOLE   31,935 0 0
BIO RAD LABS INC CL A CS 090572207 1,041 3,609 SH   SOLE   3,609 0 0
CHEESECAKE FACTORY INC COM CS 163072101 7,248 131,630 SH   SOLE   131,630 0 0
CISCO SYS INC COM CS 17275R102 5,284 122,805 SH   SOLE   122,805 0 0
CONSOLIDATED TOMOKA LD CO COM CS 210226106 4,859 78,998 SH   SOLE   78,998 0 0
CRAWFORD & COMPANY - CL A CS 224633206 2,279 264,704 SH   SOLE   264,704 0 0
CUBIC CORP COM CS 229669106 500 7,793 SH   SOLE   7,793 0 0
DISCOVERY INC COM SER C CS 25470F302 15,296 599,831 SH   SOLE   599,831 0 0
DOLLAR GEN CORP NEW COM CS 256677105 1,614 16,365 SH   SOLE   16,365 0 0
DOLLAR TREE INC COM CS 256746108 327 3,850 SH   SOLE   3,850 0 0
DONNELLEY FINL SOLUTIONS INC C CS 25787G100 1,496 86,100 SH   SOLE   86,100 0 0
FRP HLDGS INC COM CS 30292L107 10,921 168,671 SH   SOLE   168,671 0 0
GREENHILL & CO INC COM CS 395259104 7,236 254,780 SH   SOLE   254,780 0 0
HALLMARK FINL SVCS INC EC C CS 40624Q203 9,778 979,797 SH   SOLE   979,797 0 0
ISHARES GOLD TRUST ISHARES CS 464285105 4,397 365,845 SH   SOLE   365,845 0 0
ISHARES SILVER TRUST ISHARES CS 46428Q109 942 62,165 SH   SOLE   62,165 0 0
JEFFERIES FINL GROUP INC COM CS 47233W109 15,412 677,750 SH   SOLE   677,750 0 0
KROGER CO COM CS 501044101 340 11,945 SH   SOLE   11,945 0 0
LABORATORY CORP AMER HLDGS COM CS 50540R409 2,468 13,746 SH   SOLE   13,746 0 0
MOLSON COORS BREWING CO CL B CS 60871R209 730 10,730 SH   SOLE   10,730 0 0
NET 1 UEPS TECHNOLOGIES INC CO CS 64107N206 20,149 2,219,019 SH   SOLE   2,219,019 0 0
NORTHERN TR CORP COM CS 665859104 1,180 11,465 SH   SOLE   11,465 0 0
OAKTREE CAP GROUP LLC UNIT CL CS 674001201 13,919 342,411 SH   SOLE   342,411 0 0
OMNICOM GROUP INC COM CS 681919106 841 11,030 SH   SOLE   11,030 0 0
PATTERSON UTI ENERGY INC COM CS 703481101 12,282 682,315 SH   SOLE   682,315 0 0
SYNTEL INC COM CS 87162H103 873 27,200 SH   SOLE   27,200 0 0
TAPESTRY INC COM CS 876030107 505 10,810 SH   SOLE   10,810 0 0
TELEPHONE & DATA SYS INC COM N CS 879433829 1,648 60,114 SH   SOLE   60,114 0 0
TERADATA CORP DEL COM CS 88076W103 11,956 297,779 SH   SOLE   297,779 0 0
TETRA TECH INC NEW COM CS 88162G103 903 15,440 SH   SOLE   15,440 0 0
VERIZON COMMUNICATIONS INC COM CS 92343V104 556 11,060 SH   SOLE   11,060 0 0
WESTERN DIGITAL CORP COM CS 958102105 10,527 135,988 SH   SOLE   135,988 0 0
WESTERN UN CO COM CS 959802109 14,542 715,279 SH   SOLE   715,279 0 0
CONSOLIDATED TOMOKA LD CO CV 210226ab2 2,221 2,125,000 PRN   SOLE   2,125,000 0 0
EZCORP INC CV 302301ab2 534 528,000 PRN   SOLE   528,000 0 0