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
BALDWIN & LYONS INC CL B 057755209 23,917 969,875 SH   DFND 1,2 969,875 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 1,302 6 SH   DFND 1,2 6 0 0
BERKSHIRE HATHAWAY INC CL B NEW 084670702 2,823 19,500 SH   DFND 1,2 19,500 0 0
BLACKBERRY LTD COM 09228F103 313,147 46,724,700 SH   DFND 1,2 46,724,700 0 0
BLACKBERRY LTD DBCV 6.000% 11/13/2020 C10268AA5 495,700 500,000,000 PRN   DFND 1,2 500,000,000 0 0
COLFAX CORP COM 194014106 431 16,300 SH   DFND 1,2 16,300 0 0
CSX CORP COM 126408103 255 9,800 SH   DFND 1,2 9,800 0 0
CVENT INC COM 23247G109 518 14,500 SH   DFND 1,2 14,500 0 0
EXCO RESOURCES INC COM 269279402 33,201 25,538,912 SH   DFND 1,2 25,538,912 0 0
GENERAL DYNAMICS CORP COM 369550108 209 1,500 SH   DFND 1,2 1,500 0 0
HELMERICH & PAYNE INC COM 423452101 23,490 349,974 SH   DFND 1,2 349,974 0 0
INTL BUSINESS MACHS CORP COM 459200101 206,800 1,362,500 SH   DFND 1,2 1,362,500 0 0
JOHNSON & JOHNSON COM 478160104 10,048 82,850 SH   DFND 1,2 82,850 0 0
K12 INC COM 48273U102 413 33,133 SH   DFND 1,2 33,133 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 169,786 8,954,948 SH   DFND 1,2 8,954,948 0 0
LEUCADIA NATL CORP COM 527288104 5,196 300,000 SH   DFND 1,2 300,000 0 0
LEXMARK INTL INC CL A 529771107 611 16,200 SH   DFND 1,2 16,200 0 0
NATIONAL OILWELL VARCO INC COM 637071101 215 6,400 SH   DFND 1,2 6,400 0 0
NEW ORIENTAL ED & TECH GRP INC SPON ADR 647581107 465 11,100 SH   DFND 1,2 11,100 0 0
OVERSTOCK.COM INC COM 690370101 51,241 3,184,677 SH   DFND 1,2 3,184,677 0 0
PFIZER INC COM 717081103 7,392 210,000 SH   DFND 1,2 210,000 0 0
POSCO SPONSORED ADR 693483109 8,535 191,879 SH   DFND 1,2 191,879 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 951 70,000 SH   DFND 1,2 70,000 0 0
RESOLUTE FOREST PRODS INC COM 76117W109 161,600 30,548,190 SH   DFND 1,2 30,548,190 0 0
TURQUOISE HILL RES LTD COM 900435108 3,877 1,150,400 SH   DFND 1,2 1,150,400 0 0
US BANCORP DEL COM NEW 902973304 936 23,200 SH   DFND 1,2 23,200 0 0
U S G CORP COM NEW 903293405 884 32,800 SH   DFND 1,2 32,800 0 0
WELLS FARGO & CO NEW COM 949746101 3,281 69,300 SH   DFND 1,2 69,300 0 0