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
ADVANCE AUTO PARTS INC COM 00751y106 5,773 42,785 SH   SOLE   42,785 0 0
ALTRIA GROUP INC COM 02209s103 375 8,950 SH   SOLE   8,950 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 22,073 404,420 SH   SOLE   404,420 0 0
AT&T INC COM 00206r102 255 7,213 SH   SOLE   7,213 0 0
BANK OF AMERICA CORPORATION COM 060505104 5,532 359,945 SH   SOLE   359,945 0 0
BANK NEW YORK MELLON CORP COM 064058100 283 7,546 SH   SOLE   7,546 0 0
BENCHMARK BANKSHARES COM 08160e207 1,564 65,182 SH   SOLE   65,182 0 0
BERKLEY W R CORP COM 084423102 10,813 233,500 SH   SOLE   233,500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 12,399 97,967 SH   SOLE   97,967 0 0
CARDINAL BANKSHARES COM 141478107 419 51,152 SH   SOLE   51,152 0 0
CHEVRON CORP NEW COM 166764100 526 4,027 SH   SOLE   4,027 0 0
COCA COLA CO COM 191216100 392 9,243 SH   SOLE   9,243 0 0
DOMINION RES INC VA NEW COM 25746u109 389 5,434 SH   SOLE   5,434 0 0
EVERBANK FINL CORP COM 29977g102 302 15,000 SH   SOLE   15,000 0 0
EXELON CORP COM 30161n101 406 11,132 SH   SOLE   11,132 0 0
EXXON MOBIL CORP COM 30231g102 504 5,009 SH   SOLE   5,009 0 0
FANNIE MAE COM 313586109 547 140,000 SH   SOLE   140,000 0 0
FREDDIE MAC COM 313400301 637 165,000 SH   SOLE   165,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671d857 319 8,752 SH   SOLE   8,752 0 0
GOOGLE INC CL A 38259p508 8,364 14,305 SH   SOLE   14,305 0 0
GOOGLE INC CL C 38259p706 8,229 14,305 SH   SOLE   14,305 0 0
HIGH POINT BANK COM 429706104 1,075 7,963 SH   SOLE   7,963 0 0
HOMEFED COM 43739d307 838 14,963 SH   SOLE   14,963 0 0
HOWARD HUGHES CORP COM 44267d107 8,870 56,200 SH   SOLE   56,200 0 0
IMPERIAL METALS COM 452892102 1,464 100,000 SH   SOLE   100,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,281 7,069 SH   SOLE   7,069 0 0
JOHNSON & JOHNSON COM 478160104 3,549 33,920 SH   SOLE   33,920 0 0
JPMORGAN CHASE & CO COM 46625h100 1,239 21,510 SH   SOLE   21,510 0 0
LEUCADIA NATL CORP COM 527288104 538 20,502 SH   SOLE   20,502 0 0
MICROSOFT CORP COM 594918104 13,979 335,230 SH   SOLE   335,230 0 0
MONDELEZ INTL INC CL A 609207105 210 5,588 SH   SOLE   5,588 0 0
NEXTERA ENERGY INC COM 65339f101 260 2,534 SH   SOLE   2,534 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 216 2,100 SH   SOLE   2,100 0 0
PHILIP MORRIS INTL INC COM 718172109 713 8,461 SH   SOLE   8,461 0 0
PROCTER & GAMBLE CO COM 742718109 335 4,263 SH   SOLE   4,263 0 0
RANGE RES CORP COM 75281A109 1,939 22,300 SH   SOLE   22,300 0 0
RANGE RES CORP COM 75281A109 1,592 700 SH Call SOLE   700 0 0
RANGE RES CORP COM 75281A109 997 700 SH Call SOLE   700 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 16,382 3,250,368 SH   SOLE   3,250,368 0 0
SOUTHERN CO COM 842587107 476 10,482 SH   SOLE   10,482 0 0
VALEANT PHARMACEUTICALS INTL COM 91911k102 10,242 81,210 SH   SOLE   81,210 0 0
VISTAPRINT N V SHS n93540107 7,524 185,960 SH   SOLE   185,960 0 0
WELLS FARGO & CO NEW COM 949746101 9,755 185,603 SH   SOLE   185,603 0 0
WHITE MTNS INS GROUP LTD COM g9618e107 852 1,400 SH   SOLE   1,400 0 0
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 2,073 302,200 SH   SOLE   302,200 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,158 100,000 SH   SOLE   100,000 0 0