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
1/100 BERKSHIRE HTWY CLA100 SH COM 084990175 205 100 SH   SOLE   100 0 0
ABERCROMBIE & FITCH CL A COM 002896207 4,944 229,833 SH   SOLE   180,533 0 49,300
AMERISERV FINANCIAL INC COM 03074A102 333 100,000 SH   SOLE   100,000 0 0
ANGLOGOLD ASHANTI ADR ADR 035128206 2,233 249,448 SH   SOLE   184,148 0 65,300
APPLE INC COM COM 037833100 501 3,995 SH   SOLE   3,995 0 0
BANK OF UTICA NY NON VTG COM 065437204 455 1,000 SH   SOLE   1,000 0 0
BP PLC ADS ADR 055622104 5,349 133,855 SH   SOLE   103,855 0 30,000
BRT REALTY TRUST COM 055645303 141 20,000 SH   SOLE   20,000 0 0
CAMECO CORP COM 13321l108 4,564 319,604 SH   SOLE   236,464 0 83,140
CERUS CORP COM 157085101 3,190 614,666 SH   SOLE   464,870 0 149,796
CVS CAREMARK CORPORATION COM 126650100 254 2,420 SH   SOLE   2,420 0 0
DEUTSCHE BANK AG ADR ADR D18190898 5,173 171,506 SH   SOLE   131,866 0 39,640
DREAMWORKS ANIMATION INC COM 26153c103 4,890 185,368 SH   SOLE   149,928 0 35,440
EXELON CORP COM 30161n101 5,506 175,232 SH   SOLE   127,652 0 47,580
EXXON MOBIL CORP COM 30231G102 246 2,954 SH   SOLE   2,954 0 0
FIRSTENERGY CORP COM 337932107 6,295 193,387 SH   SOLE   149,327 0 44,060
FLEXTRONICS INTERNATIONAL LTD COM Y2573F102 5,954 526,407 SH   SOLE   408,897 0 117,510
FORD MOTOR CO COM 345370860 6,518 434,268 SH   SOLE   368,578 0 65,690
GENERAL ELECTRIC CO COM 369604103 7,045 265,148 SH   SOLE   203,778 0 61,370
GROUPON INC COM 399473107 4,020 799,135 SH   SOLE   619,135 0 180,000
INTEL CORP COM 458140100 225 7,410 SH   SOLE   7,410 0 0
INTL BUSINESS MACHINES CORP COM 459200101 203 1,250 SH   SOLE   1,250 0 0
ISHARES GOLD TRUST ISHARES 464285105 114 10,050 SH   SOLE   10,050 0 0
M & T BANK CORP COM 55261F104 3,326 26,623 SH   SOLE   26,623 0 0
MDC HOLDING INC COM 552676108 6,100 203,552 SH   SOLE   168,577 0 34,975
MICROSOFT CORP COM 594918104 957 21,669 SH   SOLE   21,669 0 0
NEWMONT MINING CORP COM 651639106 3,026 129,547 SH   SOLE   92,907 0 36,640
NTT DOCOMO INC ADR ADR 62942m201 6,752 352,962 SH   SOLE   281,472 0 71,490
OMEROS CORPORATION COM 682143102 484 26,890 SH   SOLE   26,890 0 0
ORANGE SA ADR ADR 684060106 6,301 410,230 SH   SOLE   333,630 0 76,600
PAN AMERICAN SILVER CORP COM 697900108 2,696 313,827 SH   SOLE   258,887 0 54,940
PFIZER INC COM 717081103 7,590 226,372 SH   SOLE   181,392 0 44,980
ROYAL DUTCH SHELL PLC ADR ADR 780259206 4,202 73,711 SH   SOLE   58,561 0 15,150
SCHNITZER STEEL INDUSTRIES INC COM 806882106 2,849 163,090 SH   SOLE   123,350 0 39,740
SEACO LTD ORD COM G79441104 0 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TR GOLD SHS ISHARES 78463V107 226 2,010 SH   SOLE   2,010 0 0
ST JOE COMPANY COM 790148100 2,408 155,036 SH   SOLE   119,666 0 35,370
TIDEWATER INC COM 886423102 3,623 159,402 SH   SOLE   126,002 0 33,400
TOTAL SA ADR ADR 89151E109 4,410 89,680 SH   SOLE   71,940 0 17,740
UNIVERSAL CORP COM 913456109 7,796 136,014 SH   SOLE   104,814 0 31,200
WASHINGTON FEDERAL INC COM 938824109 7,577 324,509 SH   SOLE   249,509 0 75,000
WESTERN UNION COMPANY COM 959802109 7,075 348,017 SH   SOLE   272,667 0 75,350