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
BARRICK GOLD STK 067901108 6,478 340,700 SH   SOLE NONE 0 0 340,700
CITIGROUP STK 172967424 10,182 168,600 SH   SOLE NONE 0 0 168,600
HEWLETT PACKARD STK 42824C109 11,143 706,600 SH   SOLE NONE 0 0 706,600
NOV INC STK 637071101 8,959 661,200 SH   SOLE NONE 0 0 661,200
ALLEGIANT TRAVEL STK 01748X102 6,546 35,000 SH   SOLE NONE 35,000 0 0
BARRICK GOLD STK 067901108 72,021 3,787,922 SH   SOLE NONE 3,787,922 0 0
BERKSHIRE HATHAWAY STK 084670702 140,905 471,253 SH   SOLE NONE 471,253 0 0
BUENAVENTURA ADR 204448104 28,212 3,854,044 SH   SOLE NONE 3,854,044 0 0
CITIGROUP STK 172967424 80,752 1,337,174 SH   SOLE NONE 1,337,174 0 0
EMBRAER ADR 29082A107 54,091 3,047,378 SH   SOLE NONE 3,047,378 0 0
GAIA STK 36269P104 1,362 158,925 SH   SOLE NONE 158,925 0 0
GENERAL MOTORS STK 37045V100 586 10,000 SH   SOLE NONE 10,000 0 0
HALLADOR ENERGY STK 40609P105 355 144,304 SH   SOLE NONE 144,304 0 0
HEWLETT PACKARD STK 42824C109 89,905 5,700,991 SH   SOLE NONE 5,700,991 0 0
INFOSYS ADR 456788108 34,721 1,371,814 SH   SOLE NONE 1,371,814 0 0
NOV INC STK 637071101 88,716 6,547,291 SH   SOLE NONE 6,547,291 0 0
OCEANEERING STK 675232102 1,002 88,629 SH   SOLE NONE 88,629 0 0
PETROBRAS ADR 71654V101 29,951 2,962,523 SH   SOLE NONE 2,962,523 0 0
PHILIP MORRIS STK 718172109 5,529 58,200 SH   SOLE NONE 58,200 0 0
PROGRESSIVE STK 743315103 4,917 47,900 SH   SOLE NONE 47,900 0 0
SYNCHRONY FINANCIAL STK 87165B103 3,683 79,400 SH   SOLE NONE 79,400 0 0
TELKOM INDONESIA ADR 715684106 40,006 1,379,992 SH   SOLE NONE 1,379,992 0 0
TURKCELL ADR 900111204 50,590 4,460,905 SH   SOLE NONE 4,460,905 0 0