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
3-D SYS CORP DEL COM NEW 88554D205 1,400 31,900 SH   DFND 1,2,3 31,900 0 0
ACE LTD SHS H0023R105 3,054 34,128 SH   DFND 1,2,3 34,128 0 0
ACE LTD SHS H0023R105 2,237 25,000 SH   DFND 2,3 25,000 0 0
AEROPOSTALE COM 007865108 538 39,000 SH   DFND 1,2,3 39,000 0 0
ALLEGHANY CORP DEL COM 017175100 870 2,271 SH   DFND 1,2,3 2,271 0 0
ALTRIA GROUP INC COM 02209S103 2,122 60,000 SH   DFND 2,3 60,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,564 35,000 SH   DFND 2,3 35,000 0 0
ARCH CAP GROUP LTD ORD G0450A105 3,615 70,318 SH   DFND 1,2,3 70,318 0 0
ARCH CAP GROUP LTD ORD G0450A105 977 19,000 SH   DFND 2,3 19,000 0 0
AVIS BUDGET GROUP COM 053774105 91,538 3,183,917 SH   DFND 1,2,3 3,183,917 0 0
BANK OF AMERICA CORPORATION COM 060505104 49,891 3,879,585 SH   DFND 1,2,3 3,879,585 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 60,337 539,109 SH   DFND 1,2,3 539,109 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,791 16,000 SH   DFND 2,3 16,000 0 0
BEST BUY INC COM 086516101 20,857 758,378 SH   DFND 1,2,3 758,378 0 0
BRIGGS & STRATTON CORP COM 109043109 18,524 935,531 SH   DFND 1,2,3 935,531 0 0
CADIZ INC COM NEW 127537207 4,520 982,700 SH   DFND 1,2,3 982,700 0 0
CHUBB CORP COM 171232101 3,146 37,012 SH   DFND 1,2,3 37,012 0 0
CIT GROUP INC ORD 125581801 35,841 768,628 SH   DFND 1,2,3 768,628 0 0
CIT GROUP INC ORD 125581801 2,331 50,000 SH   DFND 2,3 50,000 0 0
CITIGROUP INC COM NEW 172967424 1,137 23,700 SH   DFND 1,2,3 23,700 0 0
CITIGROUP INC COM NEW 172967424 5,307 110,630 SH   DFND 2,3 110,630 0 0
COACH INC COM 189754104 23,556 410,593 SH   DFND 1,2,3 410,593 0 0
D R HORTON INC COM 23331A109 63,487 2,983,390 SH   DFND 1,2,3 2,983,390 0 0
D R HORTON INC COM 23331A109 811 38,100 SH   DFND 2,3 38,100 0 0
DANA HLDG CORP COM 235825205 48,046 2,494,579 SH   DFND 1,2,3 2,494,579 0 0
DANA HLDG CORP COM 235825205 2,037 105,760 SH   DFND 2,3 105,760 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 213,938 11,434,401 SH   DFND 1,2,3 11,434,401 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,116 273,430 SH   DFND 2,3 273,430 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 13,622 325,900 SH   DFND 1,2,3 325,900 0 0
ETHAN ALLEN INTERIORS INC COM 297602104 65,393 2,270,581 SH   DFND 1,2,3 2,270,581 0 0
ETHAN ALLEN INTERIORS INC COM 297602104 766 26,600 SH   DFND 2,3 26,600 0 0
EXONE CO COM 302104104 16,855 273,088 SH   DFND 1,2,3 273,088 0 0
FIRST AMERN FINL CORP COM 31847R102 29,875 1,355,490 SH   DFND 1,2,3 1,355,490 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 5,317 256,500 SH   DFND 1,2,3 256,500 0 0
FIRST TR EXCHANGE TRADED FD DJ INTERNT IDX 33733E302 2,718 59,860 SH   DFND 2,3 59,860 0 0
FX ENERGY INC COM 302695101 3,536 1,101,691 SH   DFND 1,2,3 1,101,691 0 0
GOLDMAN SACHS GROUP INC ORD 38141G104 443 2,926 SH   DFND 1,2,3 2,926 0 0
GOOGLE INC CL A 38259P508 38,836 44,113 SH   DFND 1,2,3 44,113 0 0
GOOGLE INC CL A 38259P508 2,016 2,290 SH   DFND 2,3 2,290 0 0
ISHARES TR DJ HOME CONSTN 464288752 1,058 47,280 SH   DFND 2,3 47,280 0 0
ISHARES TR IBOXX INV CPBD 464287242 8,526 75,020 SH   DFND 2,3 75,020 0 0
ISHARES TR S&P GL CONSUME 464288745 5,297 75,000 SH   DFND 2,3 75,000 0 0
ISHARES TR S&P GL INDUSTR 464288729 5,255 89,390 SH   DFND 2,3 89,390 0 0
JARDEN CORP COM 471109108 57,219 1,307,863 SH   DFND 1,2,3 1,307,863 0 0
JARDEN CORP COM 471109108 1,531 35,000 SH   DFND 2,3 35,000 0 0
JPMORGAN CHASE & CO COM 46625H100 51,871 982,591 SH   DFND 1,2,3 982,591 0 0
KB HOME COM 48666K109 56,479 2,877,198 SH   DFND 1,2,3 2,877,198 0 0
KB HOME COM 48666K109 791 40,300 SH   DFND 2,3 40,300 0 0
LOUISIANA PAC CORP COM 546347105 837 56,601 SH   DFND 1,2,3 56,601 0 0
MANITOWOC INC COM 563571108 9,830 548,840 SH   DFND 1,2,3 548,840 0 0
MASCO CORP COM 574599106 28,949 1,485,327 SH   DFND 1,2,3 1,485,327 0 0
MASTERCARD INC CL A 57636Q104 2,126 3,700 SH   DFND 2,3 3,700 0 0
MICRON TECHNOLOGY INC COM 595112103 68,734 4,796,476 SH   DFND 1,2,3 4,796,476 0 0
MICROSOFT CORP COM 594918104 432 12,500 SH   DFND 1,2,3 12,500 0 0
MONSTER BEVERAGE CORP COM 611740101 2,598 42,709 SH   DFND 1,2,3 42,709 0 0
NATIONAL BK HLDGS CORP CL A 633707104 3,757 190,705 SH   DFND 1,2,3 190,705 0 0
NAVISTAR INTL CORP NEW COM 63934E108 54,204 1,952,579 SH   DFND 1,2,3 1,952,579 0 0
NAVISTAR INTL CORP NEW COM 63934E108 464 16,700 SH   DFND 2,3 16,700 0 0
NEWELL RUBBERMAID INC COM 651229106 11,602 441,983 SH   DFND 1,2,3 441,983 0 0
NVR INC COM 62944T105 4,974 5,395 SH   DFND 1,2,3 5,395 0 0
OWENS ILL INC COM NEW 690768403 4,748 170,865 SH   DFND 1,2,3 170,865 0 0
PACCAR INC COM 693718108 27,719 516,572 SH   DFND 1,2,3 516,572 0 0
PARTNERRE LTD COM G6852T105 12,655 139,741 SH   DFND 1,2,3 139,741 0 0
POLYONE CORP COM 73179P106 93,475 3,764,027 SH   DFND 1,2,3 3,764,027 0 0
POLYONE CORP COM 73179P106 3,104 125,000 SH   DFND 2,3 125,000 0 0
PULTE GROUP INC COM 745867101 95,179 5,017,321 SH   DFND 1,2,3 5,017,321 0 0
PULTE GROUP INC COM 745867101 886 46,700 SH   DFND 2,3 46,700 0 0
QUANEX BUILDING PRODUCTS COR COM 747619104 111,373 6,613,624 SH   DFND 1,2,3 6,613,624 0 0
QUANEX BUILDING PRODUCTS COR COM 747619104 906 53,800 SH   DFND 2,3 53,800 0 0
RYANAIR HLDGS PLC SPONSORED ADR 783513104 5,962 115,700 SH   DFND 1,2,3 115,700 0 0
RYLAND GROUP INC ORD 783764103 38,806 967,733 SH   DFND 1,2,3 967,733 0 0
SCHWAB CHARLES CORP NEW COM 808513105 10,148 478,000 SH   DFND 1,2,3 478,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 4,826 247,210 SH   DFND 2,3 247,210 0 0
SIGNET JEWELERS LIMITED SHS G81276100 218,109 3,234,594 SH   DFND 1,2,3 3,234,594 0 0
SIRIUS XM RADIO INC COM 82967N108 5,169 1,543,000 SH   DFND 1,2,3 1,543,000 0 0
SPDR SERIES TRUST BRC CNV SECS ETF 78464A359 4,317 101,140 SH   DFND 2,3 101,140 0 0
STANLEY BLACK & DECKER INC COM 854502101 7,642 98,866 SH   DFND 1,2,3 98,866 0 0
SUNTRUST BKS INC COM 867914103 27,504 871,201 SH   DFND 1,2,3 871,201 0 0
SWIFT TRANSN CO CL A 87074U101 78,968 4,774,356 SH   DFND 1,2,3 4,774,356 0 0
TESORO CORP COM 881609101 78,525 1,500,865 SH   DFND 1,2,3 1,500,865 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 12,025 99,662 SH   DFND 1,2,3 99,662 0 0
UBS AG SHS NEW H89231338 17,984 1,058,292 SH   DFND 1,2,3 1,058,292 0 0
UNITED CONTL HLDGS INC COM 910047109 138,038 4,411,572 SH   DFND 1,2,3 4,411,572 0 0
UNITED RENTALS INC COM 911363109 36,380 728,903 SH   DFND 1,2,3 728,903 0 0
VALERO ENERGY CORP NEW COM 91913Y100 16,612 477,781 SH   DFND 1,2,3 477,781 0 0
WELLS FARGO & CO NEW COM 949746101 179,842 4,357,688 SH   DFND 1,2,3 4,357,688 0 0
WHIRLPOOL CORP COM 963320106 87,249 762,932 SH   DFND 1,2,3 762,932 0 0
WHIRLPOOL CORP COM 963320106 846 7,400 SH   DFND 2,3 7,400 0 0
XILINX INC COM 983919101 4,579 115,600 SH   DFND 1,2,3 115,600 0 0
YAHOO INC COM 984332106 3,518 140,000 SH   DFND 2,3 140,000 0 0