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 6,747 62,000 SH   SOLE   62,000 0 0
Adams Diversified Equity Fund, COM 006212104 3,061 188,819 SH   SOLE   188,819 0 0
Agnico Eagle Mines Limited COM 008474108 5,378 67,554 SH   SOLE   67,554 0 0
Akamai Technologies Inc COM 00971T101 5,859 53,000 SH   SOLE   53,000 0 0
Alphabet Inc. COM 02079K107 40,414 27,500 SH   SOLE   27,500 0 0
Amazon.com, Inc. COM 023135106 45,657 14,500 SH   SOLE   14,500 0 0
Apple Inc. COM 037833100 39,144 338,000 SH   SOLE   338,000 0 0
Applied Materials, Inc. COM 038222105 8,421 141,652 SH   SOLE   141,652 0 0
Arch Capital Group Ltd. COM G0450A105 23,400 800,000 SH   SOLE   800,000 0 0
ASML Holding N.V. COM N07059210 39,087 105,850 SH   SOLE   105,850 0 0
Axis Capital Holdings Limited COM G0692U109 11,010 250,000 SH   SOLE   250,000 0 0
Berkshire Hathaway Inc. - Clas COM 084670108 35,200 110 SH   SOLE   110 0 0
Berkshire Hathaway Inc. - Clas COM 084670702 7,783 36,549 SH   SOLE   36,549 0 0
Biohaven Pharmaceutical Holdin COM G11196105 2,925 45,000 SH   SOLE   45,000 0 0
Booking Holdings Inc. COM 09857L108 6,843 4,000 SH   SOLE   4,000 0 0
Cameco Corporation COM 13321L108 6,759 669,230 SH   SOLE   669,230 0 0
Carrier Global Corporation COM 14448C104 6,644 217,541 SH   SOLE   217,541 0 0
Chevron Corporation COM 166764100 2,004 27,827 SH   SOLE   27,827 0 0
Cisco Systems, Inc. COM 17275R102 20,680 525,000 SH   SOLE   525,000 0 0
Cleveland-Cliffs Inc. COM 185899101 5,262 819,669 SH   SOLE   819,669 0 0
Corbus Pharmaceuticals Holding COM 21833P103 1,080 600,000 SH   SOLE   600,000 0 0
Costco Wholesale Corporation COM 22160K105 25,043 70,545 SH   SOLE   70,545 0 0
Diageo plc ADR COM 25243Q205 8,371 60,810 SH   SOLE   60,810 0 0
Discovery, Inc. COM 25470F104 1,524 70,011 SH   SOLE   70,011 0 0
Eaton Corporation plc COM G29183103 15,726 154,131 SH   SOLE   154,131 0 0
EOG Resources Inc. COM 26875P101 2,722 75,725 SH   SOLE   75,725 0 0
Everest Re Group, Ltd. COM G3223R108 24,001 121,500 SH   SOLE   121,500 0 0
Facebook, Inc. - Class A COM 30303M102 10,607 40,500 SH   SOLE   40,500 0 0
GCI Liberty, Inc. Class A COM 36164V305 22,473 274,199 SH   SOLE   274,199 0 0
Gilead Sciences, Inc. COM 375558103 1,573 24,900 SH   SOLE   24,900 0 0
Gulf Coast Ultra Deep Royalty COM 40222T104 27 3,830,440 SH   SOLE   3,830,440 0 0
Halliburton Company COM 406216101 3,570 296,300 SH   SOLE   296,300 0 0
Helix Energy Solutions Group, COM 42330P107 2,772 1,150,000 SH   SOLE   1,150,000 0 0
InterDigital, Inc. COM 45867G101 12,282 215,242 SH   SOLE   215,242 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 8,917 347,497 SH   SOLE   347,497 0 0
Invesco S&P Equal Weight COM 46137V357 3,039 28,111 SH   SOLE   28,111 0 0
JPMorgan Chase & Co. COM 46625H100 8,183 85,000 SH   SOLE   85,000 0 0
Keysight Technologies, Inc. COM 49338L103 2,470 25,000 SH   SOLE   25,000 0 0
Kindred Biosciences, Inc. COM 494577109 2,216 516,496 SH   SOLE   516,496 0 0
Lumentum Holdings Inc. COM 55024U109 12,021 160,000 SH   SOLE   160,000 0 0
M&T Bank Corporation COM 55261F104 10,130 110,000 SH   SOLE   110,000 0 0
Merck & Co., Inc. COM 58933Y105 20,339 245,191 SH   SOLE   245,191 0 0
MetLife, Inc. COM 59156R108 11,780 316,927 SH   SOLE   316,927 0 0
Microsoft Corporation COM 594918104 53,778 255,686 SH   SOLE   255,686 0 0
Nelnet, Inc. COM 64031N108 14,666 243,415 SH   SOLE   243,415 0 0
Nuance Communications, Inc. COM 67020Y100 18,077 544,655 SH   SOLE   544,655 0 0
Otis Worldwide Corporation COM 68902V107 6,789 108,770 SH   SOLE   108,770 0 0
Paratek Pharmaceuticals, Inc. COM 699374302 5,414 1,000,751 SH   SOLE   1,000,751 0 0
PepsiCo, Inc. COM 713448108 19,404 140,000 SH   SOLE   140,000 0 0
Pfizer Inc. COM 717081103 13,425 365,808 SH   SOLE   365,808 0 0
Phillips 66 COM 718546104 5,494 105,984 SH   SOLE   105,984 0 0
Raytheon Technologies Corporat COM 75513E101 12,517 217,541 SH   SOLE   217,541 0 0
Republic Services, Inc. COM 760759100 52,546 562,895 SH   SOLE   562,895 0 0
Rogers Corporation COM 775133101 1,952 19,911 SH   SOLE   19,911 0 0
Royce Value Trust, Inc. COM 780910105 2,495 197,358 SH   SOLE   197,358 0 0
Scorpio Tankers Inc. COM G6518L108 1,828 165,095 SH   SOLE   165,095 0 0
T-Mobile US, Inc. COM 872590104 13,775 120,450 SH   SOLE   120,450 0 0
Target Corporation COM 87612E106 25,439 161,600 SH   SOLE   161,600 0 0
TJX Companies, Inc./The COM 872540109 32,226 579,092 SH   SOLE   579,092 0 0
Tyler Technologies, Inc. COM 902252105 4,183 12,000 SH   SOLE   12,000 0 0
Universal Display Corporation COM 91347P105 10,485 58,009 SH   SOLE   58,009 0 0
VBI Vaccines Inc. COM 91822J103 2,862 1,000,600 SH   SOLE   1,000,600 0 0
ViacomCBS Inc. - Class B COM 92556H206 1,277 45,602 SH   SOLE   45,602 0 0
Vodafone Group plc ADR COM 92857W308 5,160 384,506 SH   SOLE   384,506 0 0
Vulcan Materials Company COM 929160109 7,455 55,000 SH   SOLE   55,000 0 0
Wal-Mart Stores, Inc. COM 931142103 10,493 75,000 SH   SOLE   75,000 0 0
Walt Disney Company /The COM 254687106 11,351 91,478 SH   SOLE   91,478 0 0
ASML Holdings N.V. Jan 340 Put PUT N07059210 330 20,000 SH   SOLE   20,000 0 0