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
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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 5,669 62,000 SH   SOLE   62,000 0 0
Adams Diversified Equity Fund, COM 006212104 2,815 188,819 SH   SOLE   188,819 0 0
Agnico Eagle Mines Limited COM 008474108 4,328 67,554 SH   SOLE   67,554 0 0
Akamai Technologies Inc COM 00971T101 4,284 40,000 SH   SOLE   40,000 0 0
Alphabet Inc. COM 02079K107 38,874 27,500 SH   SOLE   27,500 0 0
Amazon.com, Inc. COM 023135106 40,003 14,500 SH   SOLE   14,500 0 0
Apple Inc. COM 037833100 36,845 101,000 SH   SOLE   101,000 0 0
Applied Materials, Inc. COM 038222105 6,749 111,652 SH   SOLE   111,652 0 0
Arch Capital Group Ltd. COM G0450A105 22,920 800,000 SH   SOLE   800,000 0 0
ASML Holding N.V. COM N07059210 38,956 105,850 SH   SOLE   105,850 0 0
Axis Capital Holdings Limited COM G0692U109 7,909 195,000 SH   SOLE   195,000 0 0
Berkshire Hathaway Inc. - Clas COM 084670108 29,403 110 SH   SOLE   110 0 0
Berkshire Hathaway Inc. - Clas COM 084670702 6,524 36,549 SH   SOLE   36,549 0 0
Biohaven Pharmaceutical Holdin COM G11196105 3,290 45,000 SH   SOLE   45,000 0 0
Booking Holdings Inc. COM 09857L108 4,777 3,000 SH   SOLE   3,000 0 0
Cameco Corporation COM 13321L108 6,860 669,230 SH   SOLE   669,230 0 0
Carrier Global Corporation COM 14448C104 4,834 217,541 SH   SOLE   217,541 0 0
Chevron Corporation COM 166764100 1,930 21,633 SH   SOLE   21,633 0 0
Cisco Systems, Inc. COM 17275R102 24,486 525,000 SH   SOLE   525,000 0 0
Cleveland-Cliffs Inc. COM 185899101 4,525 819,669 SH   SOLE   819,669 0 0
Corbus Pharmaceuticals Holding COM 21833P103 5,977 712,400 SH   SOLE   712,400 0 0
Costco Wholesale Corporation COM 22160K105 24,317 80,200 SH   SOLE   80,200 0 0
Diageo plc ADR COM 25243Q205 8,172 60,810 SH   SOLE   60,810 0 0
Discovery, Inc. COM 25470F104 3,408 161,500 SH   SOLE   161,500 0 0
Eaton Corporation plc COM G29183103 13,483 154,131 SH   SOLE   154,131 0 0
EOG Resources Inc. COM 26875P101 3,836 75,725 SH   SOLE   75,725 0 0
Everest Re Group, Ltd. COM G3223R108 23,713 115,000 SH   SOLE   115,000 0 0
Facebook, Inc. - Class A COM 30303M102 9,196 40,500 SH   SOLE   40,500 0 0
GCI Liberty, Inc. Class A COM 36164V305 19,501 274,199 SH   SOLE   274,199 0 0
Gilead Sciences, Inc. COM 375558103 1,916 24,900 SH   SOLE   24,900 0 0
Gulf Coast Ultra Deep Royalty COM 40222T104 69 3,830,440 SH   SOLE   3,830,440 0 0
Halliburton Company COM 406216101 3,846 296,300 SH   SOLE   296,300 0 0
Helix Energy Solutions Group, COM 42330P107 3,991 1,150,000 SH   SOLE   1,150,000 0 0
InterDigital, Inc. COM 45867G101 11,509 203,235 SH   SOLE   203,235 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 6,842 266,527 SH   SOLE   266,527 0 0
Invesco S&P Equal Weight COM 46137V357 2,861 28,111 SH   SOLE   28,111 0 0
JPMorgan Chase & Co. COM 46625H100 7,995 85,000 SH   SOLE   85,000 0 0
Kindred Biosciences, Inc. COM 494577109 2,319 516,496 SH   SOLE   516,496 0 0
Lumentum Holdings Inc. COM 55024U109 13,029 160,000 SH   SOLE   160,000 0 0
M&T Bank Corporation COM 55261F104 11,437 110,000 SH   SOLE   110,000 0 0
Merck & Co., Inc. COM 58933Y105 15,481 200,191 SH   SOLE   200,191 0 0
MetLife, Inc. COM 59156R108 11,686 320,000 SH   SOLE   320,000 0 0
Microsoft Corporation COM 594918104 52,035 255,686 SH   SOLE   255,686 0 0
Nelnet, Inc. COM 64031N108 14,322 300,000 SH   SOLE   300,000 0 0
Nuance Communications, Inc. COM 67020Y100 16,313 644,655 SH   SOLE   644,655 0 0
Otis Worldwide Corporation COM 68902V107 6,185 108,770 SH   SOLE   108,770 0 0
Paratek Pharmaceuticals, Inc. COM 699374302 4,467 855,713 SH   SOLE   855,713 0 0
PepsiCo, Inc. COM 713448108 18,516 140,000 SH   SOLE   140,000 0 0
Pfizer Inc. COM 717081103 11,962 365,808 SH   SOLE   365,808 0 0
Phillips 66 COM 718546104 7,620 105,984 SH   SOLE   105,984 0 0
Raytheon Technologies Corporat COM 75513E101 13,405 217,541 SH   SOLE   217,541 0 0
Republic Services, Inc. COM 760759100 46,186 562,895 SH   SOLE   562,895 0 0
Royce Value Trust, Inc. COM 780910105 2,475 197,358 SH   SOLE   197,358 0 0
Scorpio Tankers Inc. COM G6518L108 2,115 165,095 SH   SOLE   165,095 0 0
T-Mobile US, Inc. COM 872590104 521 5,000 SH   SOLE   5,000 0 0
Target Corporation COM 87612E106 19,405 161,800 SH   SOLE   161,800 0 0
TJX Companies, Inc./The COM 872540109 29,279 579,092 SH   SOLE   579,092 0 0
Tyler Technologies, Inc. COM 902252105 3,816 11,000 SH   SOLE   11,000 0 0
Universal Display Corporation COM 91347P105 8,679 58,009 SH   SOLE   58,009 0 0
VBI Vaccines Inc. COM 91822J103 3,586 1,156,672 SH   SOLE   1,156,672 0 0
ViacomCBS Inc. - Class B COM 92556H206 4,212 180,602 SH   SOLE   180,602 0 0
Vodafone Group plc ADR COM 92857W308 6,129 384,506 SH   SOLE   384,506 0 0
Vulcan Materials Company COM 929160109 6,372 55,000 SH   SOLE   55,000 0 0
Walt Disney Company /The COM 254687106 10,201 91,478 SH   SOLE   91,478 0 0
Target Corporation CALLS 87612E906 121 50,000 SH   SOLE   50,000 0 0
Vodafone Group plc ADR CALLS 92857W908 57 185,400 SH   SOLE   185,400 0 0