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
SEMPRA ENERGY COM 816851109 303 2,581 SH   SOLE   2,581 0 0
EBAY INC. COM 278642103 325 6,200 SH   SOLE   6,200 0 0
CENTRAL SECS CORP COM 155123102 252 8,727 SH   SOLE   8,727 0 0
JOHNSON & JOHNSON COM 478160104 2,989 21,251 SH   SOLE   21,251 0 0
DISCOVERY INC COM SER C 25470F302 981 50,920 SH   SOLE   50,920 0 0
COVANTA HLDG CORP COM 22282E102 386 40,250 SH   SOLE   40,250 0 0
VANGUARD WHITEHALL FDS INTL DVD ETF 921946810 218 3,248 SH   SOLE   3,248 0 0
COSTCO WHSL CORP NEW COM 22160K105 721 2,379 SH   SOLE   2,379 0 0
CLEVELAND CLIFFS INC COM 185899101 72 13,120 SH   SOLE   13,120 0 0
CROSS TIMBERS RTY TR TR UNIT 22757R109 870 119,720 SH   SOLE   119,720 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 950 34,276 SH   SOLE   34,275 0 0
OCCIDENTAL PETE CORP COM 674599105 450 24,603 SH   SOLE   24,602 0 0
INTEL CORP COM 458140100 415 6,936 SH   SOLE   6,936 0 0
AMERCO COM 023586100 2,107 6,972 SH   SOLE   6,972 0 0
TIDEWATER INC NEW COM 88642R109 280 50,044 SH   SOLE   50,044 0 0
SANOFI SPONSORED ADR 80105N105 209 4,100 SH   SOLE   4,100 0 0
MERCK & CO. INC COM 58933Y105 202 2,606 SH   SOLE   2,606 0 0
EMERSON ELEC CO COM 291011104 1,343 21,655 SH   SOLE   21,655 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 85 13,000 SH   SOLE   13,000 0 0
NVR INC COM 62944T105 1,444 443 SH   SOLE   443 0 0
CORNING INC COM 219350105 392 15,144 SH   SOLE   15,144 0 0
PARK HOTELS RESORTS INC COM 700517105 99 10,000 SH   SOLE   10,000 0 0
CONTURA ENERGY INC COM 21241B100 39 12,818 SH   SOLE   12,818 0 0
BANK NEW YORK MELLON CORP COM 064058100 3,690 95,469 SH   SOLE   95,469 0 0
TEGNA INC COM 87901J105 1,017 91,330 SH   SOLE   91,330 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 295 5,352 SH   SOLE   5,352 0 0
PEPSICO INC COM 713448108 358 2,708 SH   SOLE   2,708 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 112 17,200 SH   SOLE   17,200 0 0
US BANCORP DEL COM NEW 902973304 416 11,308 SH   SOLE   11,308 0 0
BRIGHTHOUSE FINL INC COM 10922N103 222 7,976 SH   SOLE   7,976 0 0
DUPONT DE NEMOURS INC COM 26614N102 670 12,608 SH   SOLE   12,608 0 0
SOUTHERN CO COM 842587107 357 6,890 SH   SOLE   6,890 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 2,398 19,005 SH   SOLE   19,005 0 0
CENTURYLINK INC COM 156700106 1,494 148,950 SH   SOLE   148,950 0 0
CENOVUS ENERGY INC COM 15135U109 299 64,050 SH   SOLE   64,050 0 0
CARS COM INC COM 14575E105 181 31,417 SH   SOLE   31,417 0 0
NUTRIEN LTD COM 67077M108 216 6,734 SH   SOLE   6,734 0 0
PATTERSON UTI ENERGY INC COM 703481101 105 30,217 SH   SOLE   30,217 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 43,794 245,330 SH   SOLE   245,330 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 502 22,335 SH   SOLE   22,335 0 0
SOLAR CAP LTD COM 83413U100 188 11,763 SH   SOLE   11,763 0 0
COMCAST CORP NEW CL A 20030N101 372 9,536 SH   SOLE   9,535 0 0
MICROSOFT CORP COM 594918104 9,913 48,708 SH   SOLE   48,708 0 0
CANADIAN NAT RES LTD COM 136385101 1,378 79,068 SH   SOLE   79,068 0 0
SCHLUMBERGER LTD COM 806857108 258 14,022 SH   SOLE   14,022 0 0
JEFFERIES FINL GROUP INC COM 47233W109 10,064 647,213 SH   SOLE   647,212 0 0
V F CORP COM 918204108 457 7,500 SH   SOLE   7,500 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105 619 13,487 SH   SOLE   13,487 0 0
ST JOE CO COM 790148100 668 34,401 SH   SOLE   34,401 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 551 38,000 SH   SOLE   38,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,871 7 SH   SOLE   7 0 0
ROYCE MICRO-CAP TR INC COM 780915104 1,006 139,760 SH   SOLE   139,760 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 230 3,690 SH   SOLE   3,690 0 0
SOUTHWESTERN ENERGY CO COM 845467109 247 96,400 SH   SOLE   96,400 0 0
MACERICH CO COM 554382101 195 21,770 SH   SOLE   21,770 0 0
ISTAR INC COM 45031U101 1,097 89,020 SH   SOLE   89,020 0 0
TEJON RANCH CO COM 879080109 158 10,957 SH   SOLE   10,957 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 310 6,165 SH   SOLE   6,165 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 1,214 36,887 SH   SOLE   36,887 0 0
DOW INC COM 260557103 514 12,610 SH   SOLE   12,610 0 0
GENERAL AMERN INVS INC COM 368802104 2,853 89,656 SH   SOLE   89,655 0 0
DIAMOND S SHIPPING INC COM Y20676105 285 35,617 SH   SOLE   35,617 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 729 110,213 SH   SOLE   110,213 0 0
GOLUB CAP BDC INC COM 38173M102 319 27,364 SH   SOLE   27,364 0 0
CORTEVA INC COM 22052L104 343 12,809 SH   SOLE   12,808 0 0
BORR DRILLING LTD SHS G1466R207 39 34,862 SH   SOLE   34,862 0 0
GRINDROD SHIPPING HOLDINGS L SHS Y28895103 67 24,445 SH   SOLE   24,445 0 0
TOP SHIPS INC COM NEW Y8897Y164 4 26,500 SH   SOLE   26,500 0 0
AIR PRODS & CHEMS INC COM 009158106 896 3,712 SH   SOLE   3,712 0 0
NEXTIER OILFIELD SOLUTIONS COM 65290C105 66 26,816 SH   SOLE   26,816 0 0
PICO HLDGS INC COM NEW 693366205 1,087 128,937 SH   SOLE   128,936 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 141 21,049 SH   SOLE   21,049 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 181 14,265 SH   SOLE   14,265 0 0
SOURCE CAP INC COM 836144105 1,500 45,351 SH   SOLE   45,350 0 0
RPC INC COM 749660106 1,330 431,660 SH   SOLE   431,660 0 0
FREEPORT-MCMORAN INC CL B 35671D857 499 43,165 SH   SOLE   43,165 0 0
CTO REALTY GROWTH INC COM 22948P103 998 25,254 SH   SOLE   25,253 0 0
ENTERGY CORP NEW COM 29364G103 513 5,472 SH   SOLE   5,472 0 0
CATHAY GEN BANCORP COM 149150104 249 9,460 SH   SOLE   9,460 0 0
EURONAV NV ANTWERPEN SHS B38564108 629 77,196 SH   SOLE   77,196 0 0
CREDIT ACCEP CORP MICH COM 225310101 1,736 4,143 SH   SOLE   4,143 0 0
ABERDEEN EMRG MRKTS EQT INM COM 00301W105 441 72,810 SH   SOLE   72,810 0 0
ROYCE VALUE TR INC COM 780910105 1,124 89,613 SH   SOLE   89,613 0 0
TRINITY PL HLDGS INC COM 89656D101 21 15,350 SH   SOLE   15,350 0 0
GEOSPACE TECHNOLOGIES CORP COM 37364X109 250 33,270 SH   SOLE   33,270 0 0
METLIFE INC COM 59156R108 232 6,362 SH   SOLE   6,362 0 0
NOVARTIS AG SPONSORED ADR 66987V109 633 7,245 SH   SOLE   7,245 0 0
TOTAL S.A. SPONSORED ADS 89151E109 306 7,950 SH   SOLE   7,950 0 0
CIMAREX ENERGY CO COM 171798101 927 33,735 SH   SOLE   33,735 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 23,229 26,160 SH   SOLE   26,160 0 0
MOHAWK INDS INC COM 608190104 1,530 15,040 SH   SOLE   15,040 0 0
ENBRIDGE INC COM 29250N105 238 7,820 SH   SOLE   7,820 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 159 25,284 SH   SOLE   25,284 0 0
TEEKAY CORPORATION COM Y8564W103 61 25,400 SH   SOLE   25,400 0 0
CUSTOMERS BANCORP INC COM 23204G100 208 17,300 SH   SOLE   17,300 0 0
ZOETIS INC CL A 98978V103 311 2,266 SH   SOLE   2,266 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 666 11,750 SH   SOLE   11,750 0 0
HALLADOR ENERGY COMPANY COM 40609P105 8 12,671 SH   SOLE   12,670 0 0
OFG BANCORP COM 67103X102 235 17,550 SH   SOLE   17,550 0 0
AMBAC FINL GROUP INC COM NEW 023139884 302 21,100 SH   SOLE   21,100 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 334 13,875 SH   SOLE   13,875 0 0
GENERAL DYNAMICS CORP COM 369550108 544 3,643 SH   SOLE   3,643 0 0
CISCO SYS INC COM 17275R102 646 13,857 SH   SOLE   13,857 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 640 29,759 SH   SOLE   29,759 0 0
LENNAR CORP CL B 526057302 1,479 32,100 SH   SOLE   32,100 0 0
AT&T INC COM 00206R102 594 19,664 SH   SOLE   19,664 0 0
ROYCE GLOBAL VALUE TR INC COM 78081T104 120 10,410 SH   SOLE   10,410 0 0
CONTANGO OIL & GAS CO COM NEW 21075N204 361 157,632 SH   SOLE   157,632 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 376 633 SH   SOLE   633 0 0
WELLS FARGO CO NEW COM 949746101 391 15,270 SH   SOLE   15,270 0 0
GOLAR LNG LTD SHS G9456A100 316 43,611 SH   SOLE   43,610 0 0
LOCKHEED MARTIN CORP COM 539830109 201 552 SH   SOLE   552 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 888 69,476 SH   SOLE   69,476 0 0
WESTAMERICA BANCORPORATION COM 957090103 2,574 44,824 SH   SOLE   44,824 0 0
INTL PAPER CO COM 460146103 347 9,850 SH   SOLE   9,850 0 0
CHEVRON CORP NEW COM 166764100 990 11,098 SH   SOLE   11,098 0 0
CONOCOPHILLIPS COM 20825C104 936 22,287 SH   SOLE   22,286 0 0
MARKEL CORP COM 570535104 16,740 18,133 SH   SOLE   18,133 0 0
BK OF AMERICA CORP COM 060505104 209 8,786 SH   SOLE   8,786 0 0
GANNETT CO INC COM 36472T109 24 17,302 SH   SOLE   17,302 0 0
3M CO COM 88579Y101 213 1,365 SH   SOLE   1,365 0 0
AMERICAN EXPRESS CO COM 025816109 700 7,349 SH   SOLE   7,349 0 0
AMGEN INC COM 031162100 1,260 5,340 SH   SOLE   5,340 0 0
APPLIED MATLS INC COM 038222105 647 10,700 SH   SOLE   10,700 0 0
TCW STRATEGIC INCOME FD INC COM 872340104 214 39,233 SH   SOLE   39,233 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 500 219,215 SH   SOLE   219,215 0 0
WILLIAMS COS INC COM 969457100 215 11,300 SH   SOLE   11,300 0 0
NOW INC COM 67011P100 1,238 143,400 SH   SOLE   143,400 0 0
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 1,832 15,638 SH   SOLE   15,638 0 0
ENSTAR GROUP LIMITED SHS G3075P101 13,499 88,361 SH   SOLE   88,361 0 0
ANTERO RESOURCES CORP COM 03674X106 199 78,331 SH   SOLE   78,331 0 0
LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854 446 14,079 SH   SOLE   14,079 0 0
ORION ENGINEERED CARBONS S A COM L72967109 234 22,080 SH   SOLE   22,080 0 0
DAILY JOURNAL CORP COM 233912104 240 889 SH   SOLE   889 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 262 2,146 SH   SOLE   2,146 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 796 6,425 SH   SOLE   6,425 0 0
CNA FINL CORP COM 126117100 907 28,199 SH   SOLE   28,199 0 0
HELMERICH & PAYNE INC COM 423452101 665 34,080 SH   SOLE   34,080 0 0
PNC FINL SVCS GROUP INC COM 693475105 584 5,550 SH   SOLE   5,550 0 0
GRAHAM HLDGS CO COM CL B 384637104 214 625 SH   SOLE   625 0 0
BERKLEY W R CORP COM 084423102 17,731 309,491 SH   SOLE   309,490 0 0
LOEWS CORP COM 540424108 11,532 336,316 SH   SOLE   336,316 0 0
SPROTT FOCUS TR INC COM 85208J109 99 16,837 SH   SOLE   16,837 0 0
EXXON MOBIL CORP COM 30231G102 273 6,104 SH   SOLE   6,104 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 223 13,172 SH   SOLE   13,172 0 0
CABLE ONE INC COM 12685J105 1,021 575 SH   SOLE   575 0 0
PAYPAL HLDGS INC COM 70450Y103 1,135 6,513 SH   SOLE   6,513 0 0
SCHWAB CHARLES CORP COM 808513105 1,600 47,422 SH   SOLE   47,421 0 0
APPLE INC COM 037833100 2,886 7,910 SH   SOLE   7,910 0 0
ABBOTT LABS COM 002824100 2,443 26,724 SH   SOLE   26,723 0 0
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 315 4,210 SH   SOLE   4,210 0 0
ALLEGHANY CORP DEL COM 017175100 17,823 36,438 SH   SOLE   36,438 0 0
FAIRFAX FINL HLDGS LTD SUB VTG Stock 303901102 10,546 34,126 SH   SOLE   34,126 0 0