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
ALLEGHANY CORP DEL Common 017175100 11,025 21,000 SH   SOLE   21,000 0 0
ALPHABET INC Class A 02079K305 8,041 10,000 SH   SOLE   10,000 0 0
AMAZON COM INC Common 023135106 10,885 13,000 SH   SOLE   13,000 0 0
AMERICAN EXPRESS CO Common 025816109 9,606 150,000 SH   SOLE   150,000 0 0
ANALOG DEVICES INC Common 032654105 29,003 450,000 SH   SOLE   450,000 0 0
BANK NEW YORK MELLON CORP Common 064058100 15,952 400,000 SH   SOLE   400,000 0 0
BERKSHIRE HATHAWAY INC DEL Class A 084670108 2,162 10 SH   SOLE   10 0 0
BRADY CORP Class A 104674106 17,305 500,000 SH   SOLE   500,000 0 0
CABLE ONE INC Common 12685J105 10,512 18,000 SH   SOLE   18,000 0 0
CAPITAL ONE FINL CORP Common 14040H105 20,831 290,000 SH   SOLE   290,000 0 0
CITIGROUP INC Common 172967424 18,892 400,000 SH   SOLE   400,000 0 0
COHERENT INC Common 192479103 46,980 425,000 SH   SOLE   425,000 0 0
ENCORE CAP GROUP INC Common 292554102 4,496 200,000 SH   SOLE   200,000 0 0
FREEPORT-MCMORAN INC Common 35671D857 1,629 150,000 SH   SOLE   150,000 0 0
GENERAL ELECTRIC CO Common 369604103 7,405 250,000 SH   SOLE   250,000 0 0
HERITAGE CRYSTAL CLEAN INC Common 42726M106 9,296 700,000 SH   SOLE   700,000 0 0
INTEL CORP Common 458140100 33,220 880,000 SH   SOLE   880,000 0 0
JOHNSON & JOHNSON Common 478160104 8,269 70,000 SH   SOLE   70,000 0 0
JPMORGAN CHASE & CO Common 46625H100 13,318 200,000 SH   SOLE   200,000 0 0
KEYSIGHT TECHNOLOGIES INC Common 49338L103 9,824 310,000 SH   SOLE   310,000 0 0
LIBERTY GLOBAL PLC Class C G5480U120 6,608 200,000 SH   SOLE   200,000 0 0
LIBERTY GLOBAL PLC LiLAC Class C G5480U153 4,769 170,000 SH   SOLE   170,000 0 0
MEDTRONIC PLC Common G5960L103 19,008 220,000 SH   SOLE   220,000 0 0
MERCK & CO INC Common 58933Y105 12,482 200,000 SH   SOLE   200,000 0 0
MICROSOFT CORP Common 594918104 5,760 100,000 SH   SOLE   100,000 0 0
MOTOROLA SOLUTIONS INC Common 620076307 22,884 300,000 SH   SOLE   300,000 0 0
MURPHY OIL CORP Common 626717102 6,992 230,000 SH   SOLE   230,000 0 0
OCCIDENTAL PETE CORP DEL Common 674599105 9,115 125,000 SH   SOLE   125,000 0 0
PROGRESSIVE CORP OHIO Common 743315103 5,040 160,000 SH   SOLE   160,000 0 0
RAYONIER INC Common 754907103 18,578 700,000 SH   SOLE   700,000 0 0
ROPER TECHNOLOGIES INC Common 776696106 14,598 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP NEW Common 808513105 6,630 210,000 SH   SOLE   210,000 0 0
SONUS NETWORKS INC Common 835916503 3,638 467,612 SH   SOLE   467,612 0 0
TIFFANY & CO NEW Common 886547108 7,263 100,000 SH   SOLE   100,000 0 0
TRI POINTE GROUP INC Common 87265H109 9,226 700,000 SH   SOLE   700,000 0 0
WELLS FARGO & CO NEW Common 949746101 8,856 200,000 SH   SOLE   200,000 0 0
WILEY JOHN & SONS INC Class A 968223206 10,322 200,000 SH   SOLE   200,000 0 0