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 COM 00751y106 5,308 40,735 SH   SOLE   40,735 0 0
ALTRIA GROUP COM 02209s103 411 8,950 SH   SOLE   8,950 0 0
AMERICAN INTL GROUP COM 026874784 21,377 395,720 SH   SOLE   395,720 0 0
AT&T COM 00206r102 254 7,213 SH   SOLE   7,213 0 0
BANK OF AMERICA COM 060505104 6,137 359,945 SH   SOLE   359,945 0 0
BANK OF AMERICA CL A *W EXP 01/16/201 060505146 2,266 302,200 SH   SOLE   302,200 0 0
BANK OF NY MELLON COM 064058100 292 7,546 SH   SOLE   7,546 0 0
BENCHMARK BANKSHARES COM 08160e207 1,565 65,182 SH   SOLE   65,182 0 0
BERKLEY WR COM 084423102 10,994 230,000 SH   SOLE   230,000 0 0
BERKSHIRE HTHWY CL B COM 084670702 13,135 95,082 SH   SOLE   95,082 0 0
CARDINAL BANKSHARES COM 141478107 419 46,152 SH   SOLE   46,152 0 0
CHEVRON COM 166764100 481 4,027 SH   SOLE   4,027 0 0
COCA COLA COM 191216100 394 9,243 SH   SOLE   9,243 0 0
DOMINION RES COM 25746u109 375 5,434 SH   SOLE   5,434 0 0
EVERBANK FINANCIAL COM 29977g102 238 13,500 SH   SOLE   13,500 0 0
EXELON COM 30161n101 379 11,132 SH   SOLE   11,132 0 0
EXXON MOBIL COM 30231g102 471 5,009 SH   SOLE   5,009 0 0
FREEPORT MCMORAN COM 35671d857 286 8,752 SH   SOLE   8,752 0 0
GOOGLE CL A COM 38259p508 8,358 14,205 SH   SOLE   14,205 0 0
GOOGLE CL C COM 38259p706 8,201 14,205 SH   SOLE   14,205 0 0
HIGH POINT BANK COM 429706104 1,075 7,963 SH   SOLE   7,963 0 0
HOMEFED COM 43739d307 570 10,963 SH   SOLE   10,963 0 0
HOWARD HUGHES COM 44267d107 8,430 56,200 SH   SOLE   56,200 0 0
IMPERIAL METALS COM 452892102 9,175 1,186,950 SH   SOLE   1,186,950 0 0
INTL BUSINESS MACHINES COM 459200101 1,285 6,769 SH   SOLE   6,769 0 0
JOHNSON & JOHNSON COM 478160104 3,155 29,595 SH   SOLE   29,595 0 0
JP MORGAN CHASE COM 46625h100 1,296 21,510 SH   SOLE   21,510 0 0
LEUCADIA NATIONAL COM 527288104 1,020 42,803 SH   SOLE   42,803 0 0
MICROSOFT COM 594918104 15,411 332,430 SH   SOLE   332,430 0 0
NEXTERA ENERGY COM 65339f101 238 2,534 SH   SOLE   2,534 0 0
OCCIDENTAL PETERP COM 674599105 202 2,100 SH   SOLE   2,100 0 0
PHILIP MORRIS INTL COM 718172109 706 8,461 SH   SOLE   8,461 0 0
PROCTER & GAMBLE COM 742718109 357 4,263 SH   SOLE   4,263 0 0
RANGE RESOURCES CORP COM 75281a109 1,499 22,100 SH   SOLE   22,100 0 0
RANGE RESOURCES CORP COM 75281a109 761 875 SH Call SOLE   875 0 0
REPUBLIC FIRST BANCORP COM 760416107 12,595 3,237,768 SH   SOLE   3,237,768 0 0
THE SOUTHERN CO COM 842587107 458 10,482 SH   SOLE   10,482 0 0
VALEANT PHARMA COM 91911k102 12,425 94,700 SH   SOLE   94,700 0 0
VISTAPRINT COM n93540107 9,323 170,160 SH   SOLE   170,160 0 0
WELLS FARGO COM 949746101 9,498 183,103 SH   SOLE   183,103 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 2,015 100,000 SH   SOLE   100,000 0 0
WHITE MOUNTAIN COM g9618e107 882 1,400 SH   SOLE   1,400 0 0