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 6,788 62,000 SH   SOLE 0 62,000 0 0
Adams Diversified Equity Fund, COM 006212104 3,265 188,819 SH   SOLE 0 188,819 0 0
Agnico Eagle Mines Limited COM 008474108 7,231 102,554 SH   SOLE 0 102,554 0 0
Akamai Technologies Inc COM 00971T101 9,239 88,000 SH   SOLE 0 88,000 0 0
Alphabet Inc. COM 02079K107 48,177 27,500 SH   SOLE 0 27,500 0 0
Amazon.com, Inc. COM 023135106 47,225 14,500 SH   SOLE 0 14,500 0 0
Apple Inc. COM 037833100 44,849 338,000 SH   SOLE 0 338,000 0 0
Applied Materials, Inc. COM 038222105 12,225 141,652 SH   SOLE 0 141,652 0 0
Arch Capital Group Ltd. COM G0450A105 28,856 800,000 SH   SOLE 0 800,000 0 0
ASML Holding N.V. COM N07059210 51,625 105,850 SH   SOLE 0 105,850 0 0
Axis Capital Holdings Limited COM G0692U109 12,598 250,000 SH   SOLE 0 250,000 0 0
Barrick Gold Corporation COM 067901108 7,524 330,300 SH   SOLE 0 330,300 0 0
Berkshire Hathaway Inc. - Clas COM 084670108 38,260 110 SH   SOLE 0 110 0 0
Berkshire Hathaway Inc. - Clas COM 084670702 8,475 36,549 SH   SOLE 0 36,549 0 0
Biohaven Pharmaceutical Holdin COM G11196105 3,857 45,000 SH   SOLE 0 45,000 0 0
Booking Holdings Inc. COM 09857L108 8,909 4,000 SH   SOLE 0 4,000 0 0
Cameco Corporation COM 13321L108 8,968 669,230 SH   SOLE 0 669,230 0 0
CDK Global, Inc. COM 12508E101 2,638 50,900 SH   SOLE 0 50,900 0 0
Chevron Corporation COM 166764100 6,572 77,827 SH   SOLE 0 77,827 0 0
Cisco Systems, Inc. COM 17275R102 23,494 525,000 SH   SOLE 0 525,000 0 0
Citrix Systems Inc COM 177376100 9,771 75,101 SH   SOLE 0 75,101 0 0
Cleveland-Cliffs Inc. COM 185899101 11,934 819,669 SH   SOLE 0 819,669 0 0
Costco Wholesale Corporation COM 22160K105 24,491 65,000 SH   SOLE 0 65,000 0 0
Diageo plc ADR COM 25243Q205 6,481 40,810 SH   SOLE 0 40,810 0 0
Dril-Quip, Inc. COM 262037104 2,036 68,721 SH   SOLE 0 68,721 0 0
Eaton Corporation plc COM G29183103 18,517 154,131 SH   SOLE 0 154,131 0 0
Enbridge Inc. COM 29250N105 4,479 140,000 SH   SOLE 0 140,000 0 0
Everest Re Group, Ltd. COM G3223R108 28,442 121,500 SH   SOLE 0 121,500 0 0
Expedia Group Inc. COM 30212P303 6,139 46,365 SH   SOLE 0 46,365 0 0
Facebook, Inc. - Class A COM 30303M102 11,063 40,500 SH   SOLE 0 40,500 0 0
Gilead Sciences, Inc. COM 375558103 4,364 74,900 SH   SOLE 0 74,900 0 0
Gulf Coast Ultra Deep Royalty COM 40222T104 61 3,830,440 SH   SOLE 0 3,830,440 0 0
Halliburton Company COM 406216101 5,600 296,300 SH   SOLE 0 296,300 0 0
Helix Energy Solutions Group, COM 42330P107 1,470 350,000 SH   SOLE 0 350,000 0 0
InterDigital, Inc. COM 45867G101 13,061 215,242 SH   SOLE 0 215,242 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 11,050 347,497 SH   SOLE 0 347,497 0 0
Invesco S&P Equal Weight COM 46137V357 3,585 28,111 SH   SOLE 0 28,111 0 0
JPMorgan Chase & Co. COM 46625H100 10,801 85,000 SH   SOLE 0 85,000 0 0
Kindred Biosciences, Inc. COM 494577109 1,293 300,000 SH   SOLE 0 300,000 0 0
Liberty Broadband Corp. COM 530307305 25,186 159,035 SH   SOLE 0 159,035 0 0
Lumentum Holdings Inc. COM 55024U109 15,168 160,000 SH   SOLE 0 160,000 0 0
M&T Bank Corporation COM 55261F104 14,003 110,000 SH   SOLE 0 110,000 0 0
Merck & Co., Inc. COM 58933Y105 20,057 245,191 SH   SOLE 0 245,191 0 0
MetLife, Inc. COM 59156R108 14,880 316,927 SH   SOLE 0 316,927 0 0
Microsoft Corporation COM 594918104 56,870 255,686 SH   SOLE 0 255,686 0 0
Nelnet, Inc. COM 64031N108 17,341 243,415 SH   SOLE 0 243,415 0 0
New York Community Bancorp, In COM 649445103 1,849 175,308 SH   SOLE 0 175,308 0 0
Nuance Communications, Inc. COM 67020Y100 17,636 400,000 SH   SOLE 0 400,000 0 0
Otis Worldwide Corporation COM 68902V107 10,206 151,085 SH   SOLE 0 151,085 0 0
Paratek Pharmaceuticals, Inc. COM 699374302 6,265 1,000,751 SH   SOLE 0 1,000,751 0 0
PepsiCo, Inc. COM 713448108 20,762 140,000 SH   SOLE 0 140,000 0 0
Pfizer Inc. COM 717081103 14,386 390,808 SH   SOLE 0 390,808 0 0
Raytheon Technologies Corporat COM 75513E101 15,556 217,541 SH   SOLE 0 217,541 0 0
Republic Services, Inc. COM 760759100 54,207 562,895 SH   SOLE 0 562,895 0 0
Rogers Corporation COM 775133101 3,092 19,911 SH   SOLE 0 19,911 0 0
Royce Value Trust, Inc. COM 780910105 3,185 197,358 SH   SOLE 0 197,358 0 0
T-Mobile US, Inc. COM 872590104 21,974 162,950 SH   SOLE 0 162,950 0 0
Target Corporation COM 87612E106 28,527 161,600 SH   SOLE 0 161,600 0 0
TJX Companies, Inc./The COM 872540109 37,566 550,092 SH   SOLE 0 550,092 0 0
Tyler Technologies, Inc. COM 902252105 4,802 11,000 SH   SOLE 0 11,000 0 0
Universal Display Corporation COM 91347P105 13,330 58,009 SH   SOLE 0 58,009 0 0
VBI Vaccines Inc. COM 91822J103 4,498 1,635,785 SH   SOLE 0 1,635,785 0 0
Venator Materials PLC COM G9329Z100 2,562 774,076 SH   SOLE 0 774,076 0 0
Viatris Inc. COM 92556V106 4,599 245,389 SH   SOLE 0 245,389 0 0
Wal-Mart Stores, Inc. COM 931142103 10,811 75,000 SH   SOLE 0 75,000 0 0
Walt Disney Company /The COM 254687106 16,574 91,478 SH   SOLE 0 91,478 0 0