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 7,430 62,000 SH   SOLE   62,000 0 0
Adams Diversified Equity Fund, COM 006212104 3,448 188,819 SH   SOLE   188,819 0 0
Agnico Eagle Mines Limited COM 008474108 7,663 132,554 SH   SOLE   132,554 0 0
Akamai Technologies, Inc COM 00971T101 9,441 92,653 SH   SOLE   92,653 0 0
Alphabet Inc. COM 02079K107 54,819 26,500 SH   SOLE   26,500 0 0
Amazon.com, Inc. COM 023135106 44,864 14,500 SH   SOLE   14,500 0 0
ANGI Inc. COM 00183L102 1,327 102,056 SH   SOLE   102,056 0 0
Apple Inc. COM 037833100 43,730 358,000 SH   SOLE   358,000 0 0
Applied Materials, Inc. COM 038222105 18,925 141,652 SH   SOLE   141,652 0 0
Arch Capital Group Ltd. COM G0450A105 32,876 856,828 SH   SOLE   856,828 0 0
ASML Holding N.V. COM N07059210 53,000 85,850 SH   SOLE   85,850 0 0
Axis Capital Holdings Limited COM G0692U109 12,393 250,000 SH   SOLE   250,000 0 0
Barrick Gold Corporation COM 067901108 7,530 380,300 SH   SOLE   380,300 0 0
Berkshire Hathaway Inc. - Clas COM 084670108 42,427 110 SH   SOLE   110 0 0
Berkshire Hathaway Inc. - Clas COM 084670702 9,337 36,549 SH   SOLE   36,549 0 0
Biohaven Pharmaceutical Holdin COM G11196105 3,076 45,000 SH   SOLE   45,000 0 0
Booking Holdings Inc. COM 09857L108 6,990 3,000 SH   SOLE   3,000 0 0
Cameco Corporation COM 13321L108 11,116 669,230 SH   SOLE   669,230 0 0
CDK Global, Inc. COM 12508E101 9,924 183,575 SH   SOLE   183,575 0 0
Chevron Corporation COM 166764100 8,155 77,827 SH   SOLE   77,827 0 0
Cisco Systems, Inc. COM 17275R102 27,148 525,000 SH   SOLE   525,000 0 0
Citrix Systems, Inc. COM 177376100 10,541 75,101 SH   SOLE   75,101 0 0
Cleveland-Cliffs Inc. COM 185899101 14,070 699,669 SH   SOLE   699,669 0 0
Costco Wholesale Corporation COM 22160K105 22,911 65,000 SH   SOLE   65,000 0 0
Diageo plc ADR COM 25243Q205 6,701 40,810 SH   SOLE   40,810 0 0
Eaton Corporation plc COM G29183103 20,207 146,131 SH   SOLE   146,131 0 0
Enbridge Inc. COM 29250N105 2,366 65,000 SH   SOLE   65,000 0 0
Energy Transfer LP COM 29273V100 9,419 1,226,434 SH   SOLE   1,226,434 0 0
Everest Re Group, Ltd. COM G3223R108 30,109 121,500 SH   SOLE   121,500 0 0
Expedia Group, Inc. COM 30212P303 12,834 74,565 SH   SOLE   74,565 0 0
Facebook, Inc. - Class A COM 30303M102 14,874 50,500 SH   SOLE   50,500 0 0
Gilead Sciences, Inc. COM 375558103 6,521 100,900 SH   SOLE   100,900 0 0
Gulf Coast Ultra Deep Royalty COM 40222T104 153 3,830,440 SH   SOLE   3,830,440 0 0
Halliburton Company COM 406216101 6,359 296,300 SH   SOLE   296,300 0 0
Helix Energy Solutions Group, COM 42330P107 1,768 350,000 SH   SOLE   350,000 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 11,791 347,497 SH   SOLE   347,497 0 0
Invesco S&P Equal Weight COM 46137V357 3,982 28,111 SH   SOLE   28,111 0 0
JPMorgan Chase & Co. COM 46625H100 12,178 80,000 SH   SOLE   80,000 0 0
Kindred Biosciences, Inc. COM 494577109 1,416 285,000 SH   SOLE   285,000 0 0
Liberty Broadband Corporation COM 530307305 23,879 159,035 SH   SOLE   159,035 0 0
Lumentum Holdings Inc. COM 55024U109 8,678 95,000 SH   SOLE   95,000 0 0
M&T Bank Corporation COM 55261F104 16,677 110,000 SH   SOLE   110,000 0 0
Merck & Co., Inc. COM 58933Y105 18,902 245,191 SH   SOLE   245,191 0 0
MetLife, Inc. COM 59156R108 19,266 316,927 SH   SOLE   316,927 0 0
Microsoft Corporation COM 594918104 57,764 245,000 SH   SOLE   245,000 0 0
Nelnet, Inc. COM 64031N108 17,706 243,415 SH   SOLE   243,415 0 0
Nuance Communications, Inc. COM 67020Y100 10,910 250,000 SH   SOLE   250,000 0 0
Otis Worldwide Corporation COM 68902V107 12,943 189,085 SH   SOLE   189,085 0 0
Paratek Pharmaceuticals, Inc. COM 699374302 6,965 986,595 SH   SOLE   986,595 0 0
PepsiCo, Inc. COM 713448108 19,803 140,000 SH   SOLE   140,000 0 0
Pfizer Inc. COM 717081103 14,159 390,808 SH   SOLE   390,808 0 0
Raytheon Technologies Corporat COM 75513E101 16,809 217,541 SH   SOLE   217,541 0 0
Regeneron Pharmaceuticals, Inc COM 75886F107 5,442 11,501 SH   SOLE   11,501 0 0
Republic Services, Inc. COM 760759100 55,924 562,895 SH   SOLE   562,895 0 0
Rogers Corporation COM 775133101 4,688 24,911 SH   SOLE   24,911 0 0
Royce Value Trust, Inc. COM 780910105 3,574 197,358 SH   SOLE   197,358 0 0
T-Mobile US, Inc. COM 872590104 24,175 192,950 SH   SOLE   192,950 0 0
Target Corporation COM 87612E106 25,937 130,951 SH   SOLE   130,951 0 0
TJX Companies, Inc./The COM 872540109 36,389 550,092 SH   SOLE   550,092 0 0
Tyler Technologies, Inc. COM 902252105 4,670 11,000 SH   SOLE   11,000 0 0
Universal Display Corporation COM 91347P105 16,102 68,009 SH   SOLE   68,009 0 0
VBI Vaccines, Inc. COM 91822J103 5,684 1,827,497 SH   SOLE   1,827,497 0 0
Venator Materials PLC COM G9329Z100 3,584 774,076 SH   SOLE   774,076 0 0
Wal-Mart, Inc. COM 931142103 13,602 100,140 SH   SOLE   100,140 0 0
Walt Disney Company /The COM 254687106 16,880 91,478 SH   SOLE   91,478 0 0
World Wrestling Entertainment, COM 98156Q108 5,426 100,000 SH   SOLE   100,000 0 0
Gilead Sciences, Inc. June 65 CALL 375558903 257 100,000 SH   SOLE   100,000 0 0