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
AT&T COM 00206r102 244 7,213 SH   SOLE   7,213 0 0
Advance Auto Parts COM 00751y106 3,969 48,005 SH   SOLE   48,005 0 0
Altria Group COM 022095103 307 8,950 SH   SOLE   8,950 0 0
American Intl Group COM 026874784 21,024 432,320 SH   SOLE   432,320 0 0
Bank Of NY Mellon COM 064058100 228 7,546 SH   SOLE   7,546 0 0
Bank of America COM 060505104 5,657 409,932 SH   SOLE   409,932 0 0
Benchmark Bankshares COM 08160e207 853 41,602 SH   SOLE   41,602 0 0
Berkley W R COM 084423102 12,202 284,700 SH   SOLE   284,700 0 0
Berkshire Hthwy CL B COM 084670207 11,342 99,922 SH   SOLE   99,922 0 0
Chevron COM 166764100 489 4,027 SH   SOLE   4,027 0 0
Coca Cola COM 191216100 350 9,243 SH   SOLE   9,243 0 0
Dominion Res COM 25746u109 340 5,434 SH   SOLE   5,434 0 0
Everbank Financial COM 29977g102 974 65,000 SH   SOLE   65,000 0 0
Exelon COM 30161n101 330 11,132 SH   SOLE   11,132 0 0
Exxon Mobil COM 30231g102 431 5,009 SH   SOLE   5,009 0 0
Freeport McMoran COM 35671d857 290 8,752 SH   SOLE   8,752 0 0
Goldman Sachs Group COM 38141g104 1,430 9,039 SH   SOLE   9,039 0 0
Google COM 38259p508 12,539 14,315 SH   SOLE   14,315 0 0
High Point Bank COM 429706104 717 7,963 SH   SOLE   7,963 0 0
Homefed COM 43739d307 535 14,990 SH   SOLE   14,990 0 0
Howard Hughes COM 44267d107 7,439 66,200 SH   SOLE   66,200 0 0
Imperial Metals COM 452892102 1,805 150,000 SH   SOLE   150,000 0 0
Intl Business Machines COM 459200101 1,332 7,194 SH   SOLE   7,194 0 0
JP Morgan Chase COM 46625h100 1,112 21,510 SH   SOLE   21,510 0 0
Johnson & Johnson COM 478160104 3,088 35,622 SH   SOLE   35,622 0 0
Leucadia National COM 527288104 558 20,502 SH   SOLE   20,502 0 0
Metro Bancorp COM 59161r101 1,761 83,800 SH   SOLE   83,800 0 0
Microsoft COM 594918104 12,864 386,530 SH   SOLE   386,530 0 0
Nextera Energy COM 65339f101 203 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 322 4,263 SH   SOLE   4,263 0 0
Republic First Bancorp COM 760416107 8,164 2,559,394 SH   SOLE   2,559,394 0 0
Solta Medical COM 83438k103 21 10,000 SH   SOLE   10,000 0 0
Strayer Education COM 863236105 750 18,065 SH   SOLE   18,065 0 0
Target COM 87612e106 1,427 22,300 SH   SOLE   22,300 0 0
The Southern Co COM 842587107 432 10,482 SH   SOLE   10,482 0 0
Valeant Pharmaceuticals COM 91911k102 5,216 50,000 SH   SOLE   50,000 0 0
VistaPrint COM n93540107 9,016 159,300 SH   SOLE   159,300 0 0
Wells Fargo COM 949746101 7,701 186,378 SH   SOLE   186,378 0 0
White Mountain COM g9618e107 795 1,400 SH   SOLE   1,400 0 0
Willis Group Holdings COM g96666105 659 15,200 SH   SOLE   15,200 0 0
Wts Bnk of America Cl A WARRANT 060505146 1,840 302,200 SH   SOLE   302,200 0 0
WTS WELLS FARGO & CO NEW WARRANT 949746119 1,404 100,000 SH   SOLE   100,000 0 0