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 12,491 21,000 SH   SOLE   21,000 0 0
ALPHABET INC Class A 02079K107 9,297 10,000 SH   SOLE   10,000 0 0
AMAZON COM INC Common 023135106 12,584 13,000 SH   SOLE   13,000 0 0
AMERICAN EXPRESS CO Common 025816109 12,636 150,000 SH   SOLE   150,000 0 0
ANALOG DEVICES INC Common 032654105 35,010 450,000 SH   SOLE   450,000 0 0
BANK NEW YORK MELLON CORP Common 064058100 20,408 400,000 SH   SOLE   400,000 0 0
BERKSHIRE HATHAWAY INC DEL Class A 084670108 2,547 10 SH   SOLE   10 0 0
BRADY CORP Class A 104674106 13,730 405,000 SH   SOLE   405,000 0 0
CABLE ONE INC Common 12685J105 12,796 18,000 SH   SOLE   18,000 0 0
CAPITAL ONE FINL CORP Common 14040H105 23,960 290,000 SH   SOLE   290,000 0 0
CITIGROUP INC Common 172967226 20,064 300,000 SH   SOLE   300,000 0 0
COHERENT INC Common 192479103 80,996 360,000 SH   SOLE   360,000 0 0
ENCORE CAP GROUP INC Common 292554102 8,030 200,000 SH   SOLE   200,000 0 0
FREEPORT-MCMORAN INC Common 35671D857 1,802 150,000 SH   SOLE   150,000 0 0
GENERAL ELECTRIC CO Common 369604103 8,292 307,000 SH   SOLE   307,000 0 0
HERITAGE CRYSTAL CLEAN INC Common 42726M106 11,130 700,000 SH   SOLE   700,000 0 0
HESS CORP Common 42809H107 10,090 230,000 SH   SOLE   230,000 0 0
INTEL CORP Common 458140100 29,691 880,000 SH   SOLE   880,000 0 0
JOHNSON & JOHNSON Common 478160104 11,245 85,000 SH   SOLE   85,000 0 0
JPMORGAN CHASE & CO Common 46625H100 18,280 200,000 SH   SOLE   200,000 0 0
KENNEDY-WILSON HLDGS INC Common 489398107 2,096 110,000 SH   SOLE   110,000 0 0
KEYSIGHT TECHNOLOGIES INC Common 49338L103 12,068 310,000 SH   SOLE   310,000 0 0
KINSALE CAP GROUP INC Common 49714P108 3,731 100,000 SH   SOLE   100,000 0 0
LIBERTY GLOBAL PLC Class C G5480U120 6,548 210,000 SH   SOLE   210,000 0 0
LIBERTY GLOBAL PLC LiLAC Class C G5480U153 4,282 200,000 SH   SOLE   200,000 0 0
MEDTRONIC PLC Common G5960L103 22,188 250,000 SH   SOLE   250,000 0 0
MERCK & CO INC Common 58933Y105 12,818 200,000 SH   SOLE   200,000 0 0
MICROSOFT CORP Common 594918104 6,893 100,000 SH   SOLE   100,000 0 0
MOTOROLA SOLUTIONS INC Common 620076307 26,022 300,000 SH   SOLE   300,000 0 0
MURPHY OIL CORP Common 626717102 5,895 230,000 SH   SOLE   230,000 0 0
OCCIDENTAL PETE CORP DEL Common 674599105 7,484 125,000 SH   SOLE   125,000 0 0
PROGRESSIVE CORP OHIO Common 743315103 7,054 160,000 SH   SOLE   160,000 0 0
RAYONIER INC Common 754907103 20,139 700,000 SH   SOLE   700,000 0 0
ROPER TECHNOLOGIES INC Common 776696106 16,207 70,000 SH   SOLE   70,000 0 0
SCHWAB CHARLES CORP NEW Common 808513105 9,022 210,000 SH   SOLE   210,000 0 0
SONUS NETWORKS INC Common 835916503 6,994 940,000 SH   SOLE   940,000 0 0
TIFFANY & CO NEW Common 886547108 9,387 100,000 SH   SOLE   100,000 0 0
TRI POINTE GROUP INC Common 87265H109 9,233 700,000 SH   SOLE   700,000 0 0
WELLS FARGO CO NEW Common 949746101 12,190 220,000 SH   SOLE   220,000 0 0
WYNN RESORTS LTD Common 983134107 4,024 30,000 SH   SOLE   30,000 0 0