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
APOLLO GROUP INC-CL A COM 037604105 354 20,000 SH   SOLE   20,000 0 0
AT&T COM 00206r102 255 7,213 SH   SOLE   7,213 0 0
Advance Auto Parts COM 00751y106 3,897 48,005 SH   SOLE   48,005 0 0
Altria Group COM 022095103 313 8,950 SH   SOLE   8,950 0 0
Amazon.com Inc COM 023135106 278 1,000 SH   SOLE   1,000 0 0
American Intl Group COM 026874784 19,329 432,420 SH   SOLE   432,420 0 0
Bank Of NY Mellon COM 064058100 212 7,546 SH   SOLE   7,546 0 0
Bank of America COM 060505104 5,272 409,932 SH   SOLE   409,932 0 0
Benchmark Bankshares COM 08160e207 819 41,602 SH   SOLE   41,602 0 0
Berkley W R COM 084423102 12,254 299,900 SH   SOLE   299,900 0 0
Berkshire Hthwy CL B COM 084670207 11,183 99,922 SH   SOLE   99,922 0 0
Chevron COM 166764100 477 4,027 SH   SOLE   4,027 0 0
Coca Cola COM 191216100 371 9,243 SH   SOLE   9,243 0 0
Dominion Res COM 25746u109 309 5,434 SH   SOLE   5,434 0 0
Everbank Financial COM 29977g102 1,242 75,000 SH   SOLE   75,000 0 0
Exelon COM 30161n101 344 11,132 SH   SOLE   11,132 0 0
Exxon Mobil COM 30231g102 453 5,009 SH   SOLE   5,009 0 0
Freeport McMoran COM 35671d857 242 8,752 SH   SOLE   8,752 0 0
Goldman Sachs Group COM 38141g104 1,367 9,039 SH   SOLE   9,039 0 0
Google COM 38259p508 12,602 14,315 SH   SOLE   14,315 0 0
High Point Bank COM 429706104 770 7,963 SH   SOLE   7,963 0 0
Homefed COM 43739d307 485 14,990 SH   SOLE   14,990 0 0
Howard Hughes COM 44267d107 7,420 66,200 SH   SOLE   66,200 0 0
Imperial Metals COM 452892102 1,499 150,000 SH   SOLE   150,000 0 0
Intl Business Machines COM 459200101 1,375 7,194 SH   SOLE   7,194 0 0
JC Penney COM 708160106 2,779 162,715 SH   SOLE   162,715 0 0
JP Morgan Chase COM 46625h100 1,136 21,510 SH   SOLE   21,510 0 0
Johnson & Johnson COM 478160104 3,066 35,706 SH   SOLE   35,706 0 0
Leucadia National COM 527288104 538 20,501 SH   SOLE   20,501 0 0
McDonald's COM 580135101 2,651 26,775 SH   SOLE   26,775 0 0
Metro Bancorp COM 59161r101 1,679 83,800 SH   SOLE   83,800 0 0
Microsoft COM 594918104 13,354 386,580 SH   SOLE   386,580 0 0
Nextera Energy COM 65339f101 206 2,534 SH   SOLE   2,534 0 0
Philip Morris Intl COM 718172109 733 8,461 SH   SOLE   8,461 0 0
Procter & Gamble COM 742718109 328 4,263 SH   SOLE   4,263 0 0
Republic First Bancorp COM 760416107 7,294 2,559,394 SH   SOLE   2,559,394 0 0
Sears Holdings COM 812350106 1,683 40,000 SH   SOLE   40,000 0 0
Solta Medical COM 83438k103 23 10,000 SH   SOLE   10,000 0 0
Strayer Education COM 863236105 1,126 23,065 SH   SOLE   23,065 0 0
Target COM 87612e106 1,553 22,550 SH   SOLE   22,550 0 0
The Southern Co COM 842587107 463 10,482 SH   SOLE   10,482 0 0
Valeant Pharmaceuticals COM 91911k102 4,304 50,000 SH   SOLE   50,000 0 0
VistaPrint COM n93540107 7,865 159,300 SH   SOLE   159,300 0 0
Wells Fargo COM 949746101 7,686 186,240 SH   SOLE   186,240 0 0
White Mountain COM g9618e107 805 1,400 SH   SOLE   1,400 0 0
Willis Group Holdings COM g96666105 620 15,200 SH   SOLE   15,200 0 0
Wts Bnk of America Cl A WARRANT 060505146 1,650 302,200 SH   SOLE   302,200 0 0
WTS WELLS FARGO & CO NEW WARRANT 949746119 1,367 100,000 SH   SOLE   100,000 0 0