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 12,771 21,000 SH   SOLE   21,000 0 0
ALPHABET INC Class A 02079K305 7,925 10,000 SH   SOLE   10,000 0 0
AMAZON COM INC Common 023135106 9,748 13,000 SH   SOLE   13,000 0 0
AMERICAN EXPRESS CO Common 025816109 11,112 150,000 SH   SOLE   150,000 0 0
ANALOG DEVICES INC Common 032654105 32,679 450,000 SH   SOLE   450,000 0 0
BANK NEW YORK MELLON CORP Common 064058100 18,952 400,000 SH   SOLE   400,000 0 0
BERKSHIRE HATHAWAY INC DEL Class A 084670108 2,441 10 SH   SOLE   10 0 0
BRADY CORP Class A 104674106 17,949 478,000 SH   SOLE   478,000 0 0
CABLE ONE INC Common 12685J105 11,191 18,000 SH   SOLE   18,000 0 0
CAPITAL ONE FINL CORP Common 14040H105 25,300 290,000 SH   SOLE   290,000 0 0
CITIGROUP INC Common 172967424 23,772 400,000 SH   SOLE   400,000 0 0
COHERENT INC Common 192479103 56,465 411,000 SH   SOLE   411,000 0 0
ENCORE CAP GROUP INC Common 292554102 5,730 200,000 SH   SOLE   200,000 0 0
FREEPORT-MCMORAN INC Common 35671D857 1,979 150,000 SH   SOLE   150,000 0 0
GENERAL ELECTRIC CO Common 369604103 7,900 250,000 SH   SOLE   250,000 0 0
HERITAGE CRYSTAL CLEAN INC Common 42726M106 10,990 700,000 SH   SOLE   700,000 0 0
INTEL CORP Common 458140100 31,918 880,000 SH   SOLE   880,000 0 0
JOHNSON & JOHNSON Common 478160104 8,065 70,000 SH   SOLE   70,000 0 0
JPMORGAN CHASE & CO Common 46625H100 17,258 200,000 SH   SOLE   200,000 0 0
KEYSIGHT TECHNOLOGIES INC Common 49338L103 11,337 310,000 SH   SOLE   310,000 0 0
LIBERTY GLOBAL PLC Class C G5480U120 6,237 210,000 SH   SOLE   210,000 0 0
LIBERTY GLOBAL PLC LiLAC Class C G5480U153 4,234 200,000 SH   SOLE   200,000 0 0
MEDTRONIC PLC Common G5960L103 17,808 250,000 SH   SOLE   250,000 0 0
MERCK & CO INC Common 58933Y105 11,774 200,000 SH   SOLE   200,000 0 0
MICROSOFT CORP Common 594918104 6,214 100,000 SH   SOLE   100,000 0 0
MOTOROLA SOLUTIONS INC Common 620076307 24,867 300,000 SH   SOLE   300,000 0 0
MURPHY OIL CORP Common 626717102 7,160 230,000 SH   SOLE   230,000 0 0
OCCIDENTAL PETE CORP DEL Common 674599105 8,904 125,000 SH   SOLE   125,000 0 0
PROGRESSIVE CORP OHIO Common 743315103 5,680 160,000 SH   SOLE   160,000 0 0
RAYONIER INC Common 754907103 18,620 700,000 SH   SOLE   700,000 0 0
ROPER TECHNOLOGIES INC Common 776696106 12,816 70,000 SH   SOLE   70,000 0 0
SCHWAB CHARLES CORP NEW Common 808513105 8,289 210,000 SH   SOLE   210,000 0 0
SONUS NETWORKS INC Common 835916503 2,946 467,612 SH   SOLE   467,612 0 0
TIFFANY & CO NEW Common 886547108 7,743 100,000 SH   SOLE   100,000 0 0
TRI POINTE GROUP INC Common 87265H109 8,036 700,000 SH   SOLE   700,000 0 0
WELLS FARGO & CO NEW Common 949746101 11,022 200,000 SH   SOLE   200,000 0 0
WILEY JOHN & SONS INC Class A 968223206 10,900 200,000 SH   SOLE   200,000 0 0
WYNN RESORTS LTD Common 983134107 2,595 30,000 SH   SOLE   30,000 0 0