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
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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
Abbott Laboratories COM 002824100 4,777 55,000 SH   SOLE   55,000 0 0
Adams Diversified Equity Fund, COM 006212104 2,978 188,819 SH   SOLE   188,819 0 0
Alphabet Inc. COM 02079K107 47,464 35,500 SH   SOLE   35,500 0 0
Amazon.com, Inc. COM 023135106 33,261 18,000 SH   SOLE   18,000 0 0
Aon plc COM G0408V102 14,625 70,214 SH   SOLE   70,214 0 0
Apple Inc. COM 037833100 24,667 84,000 SH   SOLE   84,000 0 0
Applied Materials, Inc. COM 038222105 9,379 153,652 SH   SOLE   153,652 0 0
Arch Capital Group Ltd. COM G0450A105 46,321 1,080,000 SH   SOLE   1,080,000 0 0
ASML Holding N.V. COM N07059210 50,561 170,850 SH   SOLE   170,850 0 0
Axis Capital Holdings Limited COM G0692U109 17,535 295,000 SH   SOLE   295,000 0 0
Berkshire Hathaway Inc. Class COM 084670108 37,355 110 SH   SOLE   110 0 0
Boeing Company/The COM 097023105 14,659 45,000 SH   SOLE   45,000 0 0
Booking Holdings Inc. COM 09857L108 8,831 4,300 SH   SOLE   4,300 0 0
Cameco Corporation COM 13321L108 13,358 1,500,947 SH   SOLE   1,500,947 0 0
Cerence Inc. COM 156727109 1,501 66,342 SH   SOLE   66,342 0 0
Cisco Systems, Inc. COM 17275R102 28,776 600,000 SH   SOLE   600,000 0 0
Cleveland-Cliffs Inc. COM 185899101 7,725 919,669 SH   SOLE   919,669 0 0
Corbus Pharmaceuticals Holding COM 21833P103 3,453 632,400 SH   SOLE   632,400 0 0
Costco Wholesale Corporation COM 22160K105 25,042 85,200 SH   SOLE   85,200 0 0
Delta Air Lines, Inc. COM 247361702 26,112 446,511 SH   SOLE   446,511 0 0
Diageo plc ADR COM 25243Q205 14,014 83,210 SH   SOLE   83,210 0 0
Discovery, Inc. COM 25470F104 6,106 186,500 SH   SOLE   186,500 0 0
E.W. Scripps Company/The - Cla COM 811054402 2,393 152,337 SH   SOLE   152,337 0 0
Eaton Corporation plc COM G29183103 14,599 154,131 SH   SOLE   154,131 0 0
eBay Inc. COM 278642103 5,012 138,800 SH   SOLE   138,800 0 0
EOG Resources Inc. COM 26875P101 8,437 100,725 SH   SOLE   100,725 0 0
Everest Re Group, Ltd. COM G3223R108 29,068 105,000 SH   SOLE   105,000 0 0
Expedia Group Inc. COM 30212P303 8,565 79,201 SH   SOLE   79,201 0 0
Facebook, Inc. - Class A COM 30303M102 15,702 76,500 SH   SOLE   76,500 0 0
GCI Liberty, Inc. Class A COM 36164V305 19,427 274,199 SH   SOLE   274,199 0 0
Gilead Sciences, Inc. COM 375558103 21,677 333,600 SH   SOLE   333,600 0 0
Gulf Coast Ultra Deep Royalty COM 40222T104 100 3,830,440 SH   SOLE   3,830,440 0 0
Halliburton Company COM 406216101 11,256 460,000 SH   SOLE   460,000 0 0
Helix Energy Solutions Group, COM 42330P107 11,075 1,150,000 SH   SOLE   1,150,000 0 0
InterDigital, Inc. COM 45867G101 8,301 152,337 SH   SOLE   152,337 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 11,375 331,527 SH   SOLE   331,527 0 0
Invesco S&P Equal Weight COM 46137V357 3,253 28,111 SH   SOLE   28,111 0 0
JPMorgan Chase & Co. COM 46625H100 21,607 155,000 SH   SOLE   155,000 0 0
Kindred Biosciences, Inc. COM 494577109 4,380 516,496 SH   SOLE   516,496 0 0
Lear Corporation COM 521865204 1,251 9,121 SH   SOLE   9,121 0 0
Lions Gate Entertainment Corp. COM 535919401 5,863 550,000 SH   SOLE   550,000 0 0
Lumentum Holdings Inc. COM 55024U109 10,706 135,000 SH   SOLE   135,000 0 0
M&T Bank Corporation COM 55261F104 18,673 110,000 SH   SOLE   110,000 0 0
Madison Square Garden Company/ COM 55825T103 3,872 13,160 SH   SOLE   13,160 0 0
Merck & Co., Inc. COM 58933Y105 16,843 185,191 SH   SOLE   185,191 0 0
MetLife, Inc. COM 59156R108 19,369 380,000 SH   SOLE   380,000 0 0
Microsoft Corporation COM 594918104 56,880 360,686 SH   SOLE   360,686 0 0
National Instruments Corporati COM 636518102 364 8,600 SH   SOLE   8,600 0 0
Nelnet, Inc. COM 64031N108 20,384 350,000 SH   SOLE   350,000 0 0
New York Community Bancorp, In COM 649445103 7,813 650,000 SH   SOLE   650,000 0 0
Nuance Communications, Inc. COM 67020Y100 11,494 644,655 SH   SOLE   644,655 0 0
Paratek Pharmaceuticals, Inc. COM 699374302 2,597 644,323 SH   SOLE   644,323 0 0
PepsiCo, Inc. COM 713448108 19,134 140,000 SH   SOLE   140,000 0 0
Pfizer Inc. COM 717081103 14,332 365,808 SH   SOLE   365,808 0 0
Phillips 66 COM 718546104 12,589 113,000 SH   SOLE   113,000 0 0
Pioneer Natural Resources Comp COM 723787107 8,931 59,000 SH   SOLE   59,000 0 0
Republic Services, Inc. COM 760759100 53,589 597,895 SH   SOLE   597,895 0 0
Royce Value Trust, Inc. COM 780910105 2,915 197,358 SH   SOLE   197,358 0 0
Target Corporation COM 87612E106 20,744 161,800 SH   SOLE   161,800 0 0
TJX Companies, Inc./The COM 872540109 64,421 1,055,037 SH   SOLE   1,055,037 0 0
Tronox Holdings plc COM G9087Q102 1,560 136,642 SH   SOLE   136,642 0 0
United Technologies Corporatio COM 913017109 32,579 217,541 SH   SOLE   217,541 0 0
Universal Display Corporation COM 91347P105 18,404 89,309 SH   SOLE   89,309 0 0
VBI Vaccines Inc. COM 91822J103 1,803 1,306,672 SH   SOLE   1,306,672 0 0
ViacomCBS Inc. - Class B COM 92556H206 2,070 49,314 SH   SOLE   49,314 0 0
Vodafone Group plc ADR COM 92857W308 7,433 384,506 SH   SOLE   384,506 0 0
Walt Disney Company /The COM 254687106 11,686 80,800 SH   SOLE   80,800 0 0
World Wrestling Entertainment, COM 98156Q108 6,422 99,000 SH   SOLE   99,000 0 0
Universal Display Corp. Jun 200 P PUT 91347P955 848 40,000 SH   SOLE   40,000 0 0
Transocean Ltd. Feb 5 Calls CALL H8817H900 661 332,200 SH   SOLE   332,200 0 0
Transocean Ltd. May 5 Calls CALL H8817H900 45 20,000 SH   SOLE   20,000 0 0
Capital One Fin. Corp Jun 85 Puts PUT 14040H955 88 50,000 SH   SOLE   50,000 0 0
Capital One Fin. Corp Jun 90 Puts PUT 14040H955 191 75,000 SH   SOLE   75,000 0 0