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
Abbott Laboratories COM 002824100 4,892 62,000 SH   SOLE   62,000 0 0
Adams Diversified Equity Fund, COM 006212104 2,377 188,819 SH   SOLE   188,819 0 0
Alphabet Inc. COM 02079K107 41,280 35,500 SH   SOLE   35,500 0 0
Amazon.com, Inc. COM 023135106 32,170 16,500 SH   SOLE   16,500 0 0
Apple Inc. COM 037833100 25,683 101,000 SH   SOLE   101,000 0 0
Applied Materials, Inc. COM 038222105 5,437 118,652 SH   SOLE   118,652 0 0
Arch Capital Group Ltd. COM G0450A105 30,737 1,080,000 SH   SOLE   1,080,000 0 0
ASML Holding N.V. COM N07059210 40,777 155,850 SH   SOLE   155,850 0 0
Axis Capital Holdings Limited COM G0692U109 11,402 295,000 SH   SOLE   295,000 0 0
Berkshire Hathaway Inc. - Clas COM 084670108 29,920 110 SH   SOLE   110 0 0
Berkshire Hathaway Inc. - Clas COM 084670702 6,682 36,549 SH   SOLE   36,549 0 0
Biohaven Pharmaceutical Holdin COM G11196105 2,212 65,000 SH   SOLE   65,000 0 0
Boeing Company/The COM 097023105 1,758 11,787 SH   SOLE   11,787 0 0
Booking Holdings Inc. COM 09857L108 4,036 3,000 SH   SOLE   3,000 0 0
Cameco Corporation COM 13321L108 8,780 1,149,230 SH   SOLE   1,149,230 0 0
Chevron Corporation COM 166764100 1,568 21,633 SH   SOLE   21,633 0 0
Cisco Systems, Inc. COM 17275R102 23,586 600,000 SH   SOLE   600,000 0 0
Cleveland-Cliffs Inc. COM 185899101 3,633 919,669 SH   SOLE   919,669 0 0
Corbus Pharmaceuticals Holding COM 21833P103 3,733 712,400 SH   SOLE   712,400 0 0
Costco Wholesale Corporation COM 22160K105 22,867 80,200 SH   SOLE   80,200 0 0
Delta Air Lines, Inc. COM 247361702 4,037 141,511 SH   SOLE   141,511 0 0
Diageo plc ADR COM 25243Q205 10,578 83,210 SH   SOLE   83,210 0 0
Discovery, Inc. COM 25470F104 3,626 186,500 SH   SOLE   186,500 0 0
Eaton Corporation plc COM G29183103 11,974 154,131 SH   SOLE   154,131 0 0
EOG Resources Inc. COM 26875P101 3,618 100,725 SH   SOLE   100,725 0 0
Everest Re Group, Ltd. COM G3223R108 20,204 105,000 SH   SOLE   105,000 0 0
Facebook, Inc. - Class A COM 30303M102 11,092 66,500 SH   SOLE   66,500 0 0
GCI Liberty, Inc. Class A COM 36164V305 15,621 274,199 SH   SOLE   274,199 0 0
Gilead Sciences, Inc. COM 375558103 6,399 85,600 SH   SOLE   85,600 0 0
Gulf Coast Ultra Deep Royalty COM 40222T104 63 3,830,440 SH   SOLE   3,830,440 0 0
Halliburton Company COM 406216101 2,877 420,000 SH   SOLE   420,000 0 0
Helix Energy Solutions Group, COM 42330P107 1,886 1,150,000 SH   SOLE   1,150,000 0 0
InterDigital, Inc. COM 45867G101 6,799 152,337 SH   SOLE   152,337 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 4,097 266,527 SH   SOLE   266,527 0 0
Invesco S&P Equal Weight COM 46137V357 2,362 28,111 SH   SOLE   28,111 0 0
JPMorgan Chase & Co. COM 46625H100 10,804 120,000 SH   SOLE   120,000 0 0
Kindred Biosciences, Inc. COM 494577109 2,066 516,496 SH   SOLE   516,496 0 0
Lumentum Holdings Inc. COM 55024U109 9,950 135,000 SH   SOLE   135,000 0 0
M&T Bank Corporation COM 55261F104 11,377 110,000 SH   SOLE   110,000 0 0
Merck & Co., Inc. COM 58933Y105 14,249 185,191 SH   SOLE   185,191 0 0
MetLife, Inc. COM 59156R108 11,005 360,000 SH   SOLE   360,000 0 0
Microsoft Corporation COM 594918104 45,844 290,686 SH   SOLE   290,686 0 0
Nelnet, Inc. COM 64031N108 15,894 350,000 SH   SOLE   350,000 0 0
New York Community Bancorp, In COM 649445103 1,678 178,682 SH   SOLE   178,682 0 0
Nielsen Holdings plc COM Y7542C130 6,586 525,200 SH   SOLE   525,200 0 0
Nuance Communications, Inc. COM 67020Y100 11,237 669,655 SH   SOLE   669,655 0 0
Paratek Pharmaceuticals, Inc. COM 699374302 2,530 803,184 SH   SOLE   803,184 0 0
PepsiCo, Inc. COM 713448108 16,814 140,000 SH   SOLE   140,000 0 0
Pfizer Inc. COM 717081103 11,940 365,808 SH   SOLE   365,808 0 0
Phillips 66 COM 718546104 5,686 105,984 SH   SOLE   105,984 0 0
Republic Services, Inc. COM 760759100 42,251 562,895 SH   SOLE   562,895 0 0
Royce Value Trust, Inc. COM 780910105 1,908 197,358 SH   SOLE   197,358 0 0
Scorpio Tankers Inc. COM G6518L108 1,352 70,700 SH   SOLE   70,700 0 0
Target Corporation COM 87612E106 15,043 161,800 SH   SOLE   161,800 0 0
TJX Companies, Inc./The COM 872540109 39,639 829,092 SH   SOLE   829,092 0 0
Tyler Technologies, Inc. COM 902252105 3,410 11,500 SH   SOLE   11,500 0 0
Universal Display Corporation COM 91347P105 7,644 58,009 SH   SOLE   58,009 0 0
United Technologies Corp COM 913017109 20,521 217,541 SH   SOLE   217,541 0 0
VBI Vaccines Inc. COM 91822J103 1,241 1,306,672 SH   SOLE   1,306,672 0 0
ViacomCBS Inc. - Class B COM 92556H206 2,530 180,602 SH   SOLE   180,602 0 0
Vodafone Group plc ADR COM 92857W308 5,295 384,506 SH   SOLE   384,506 0 0
Walt Disney Company /The COM 254687106 8,837 91,478 SH   SOLE   91,478 0 0
Apple Inc. June 300 Puts Expir PUT 037833950 1,439 300 SH   SOLE   300 0 0
Charter Communications, Inc. J PUT 16119P958 1,196 200 SH   SOLE   200 0 0