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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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 3,860 24,235 SH   SOLE   24,235 0 0
ALTRIA GROUP COM 02209s103 441 8,950 SH   SOLE   8,950 0 0
AMERICAN INTL GROUP COM 026874784 16,196 289,170 SH   SOLE   289,170 0 0
AT&T COM 00206r102 242 7,213 SH   SOLE   7,213 0 0
BANK OF AMERICA COM 060505104 5,545 309,945 SH   SOLE   309,945 0 0
BANK OF AMERICA CL A *W EXP 01/16/2019 060505146 1,951 277,200 SH   SOLE   277,200 0 0
BANK OF NY MELLON COM 064058100 306 7,546 SH   SOLE   7,546 0 0
BENCHMARK BANKSHARES COM 08160e207 1,585 130,364 SH   SOLE   130,364 0 0
BERKLEY WR COM 084423102 11,665 227,575 SH   SOLE   227,575 0 0
BERKSHIRE HTHWY CL B COM 084670702 14,147 94,222 SH   SOLE   94,222 0 0
CHEVRON COM 166764100 452 4,027 SH   SOLE   4,027 0 0
CIMPRESS N V COM n20146101 12,361 165,160 SH   SOLE   165,160 0 0
COCA COLA COM 191216100 390 9,243 SH   SOLE   9,243 0 0
DOMINION RES COM 25746u109 418 5,434 SH   SOLE   5,434 0 0
EVERBANK FINANCIAL COM 29977g102 257 13,500 SH   SOLE   13,500 0 0
EXELON COM 30161n101 413 11,132 SH   SOLE   11,132 0 0
EXXON MOBIL COM 30231g102 463 5,009 SH   SOLE   5,009 0 0
FREEPORT MCMORAN COM 35671d857 204 8,752 SH   SOLE   8,752 0 0
GOOGLE CL A COM 38259p508 7,519 14,170 SH   SOLE   14,170 0 0
GOOGLE CL C COM 38259p706 6,417 12,190 SH   SOLE   12,190 0 0
HIGH POINT BANK COM 429706104 1,179 7,963 SH   SOLE   7,963 0 0
HOMEFED COM 43739d307 496 10,963 SH   SOLE   10,963 0 0
HOWARD HUGHES COM 44267d107 7,330 56,200 SH   SOLE   56,200 0 0
IMPERIAL METALS COM 452892102 12,167 1,439,500 SH   SOLE   1,439,500 0 0
INTL BUSINESS MACHINES COM 459200101 1,022 6,369 SH   SOLE   6,369 0 0
JOHNSON & JOHNSON COM 478160104 319 3,048 SH   SOLE   3,048 0 0
JP MORGAN CHASE COM 46625h100 1,346 21,510 SH   SOLE   21,510 0 0
LEUCADIA NATIONAL COM 527288104 556 24,803 SH   SOLE   24,803 0 0
MICROSOFT COM 594918104 14,234 306,430 SH   SOLE   306,430 0 0
MONDELEZ INTL COM 609207105 203 5,588 SH   SOLE   5,588 0 0
NEXTERA ENERGY COM 65339f101 269 2,534 SH   SOLE   2,534 0 0
PHILIP MORRIS INTL COM 718172109 689 8,461 SH   SOLE   8,461 0 0
PROCTER & GAMBLE COM 742718109 388 4,263 SH   SOLE   4,263 0 0
RANGE RESOURCES CORP COM 75281a109 1,181 22,100 SH   SOLE   22,100 0 0
REPUBLIC FIRST BANCORP COM 760416107 12,852 3,427,068 SH   SOLE   3,427,068 0 0
THE SOUTHERN CO COM 842587107 515 10,482 SH   SOLE   10,482 0 0
VALEANT PHARMA COM 91911k102 13,553 94,700 SH   SOLE   94,700 0 0
WELLS FARGO COM 949746101 9,832 179,353 SH   SOLE   179,353 0 0
WELLS FARGO & CO NEW *W EXP 10/28/2018 949746119 2,136 100,000 SH   SOLE   100,000 0 0
WHITE MOUNTAIN COM g9618e107 882 1,400 SH   SOLE   1,400 0 0