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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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
Alleghany Corp Del COM 017175100 16,464 35,522 SH   SOLE   27,577 0 7,945
Barrick Gold Corp COM 067901108 24,697 2,297,430 SH   SOLE   1,951,410 0 346,020
Berkshire Hathaway Inc Del CL B NEW 084670702 9,077 60,456 SH   SOLE   20,163 0 40,293
EXCO Resources Inc COM 269279402 5,046 2,325,412 SH   SOLE   2,306,112 0 19,300
Federated Invs Inc PA CL B 314211103 16,608 504,330 SH   SOLE   332,260 0 172,070
Goldcorp Inc New COM 380956409 907 49,000 SH   SOLE   49,000 0 0
Google Inc CL A 38259p508 11,431 21,541 SH   SOLE   15,139 0 6,402
Google Inc CL C 38259p706 11,339 21,541 SH   SOLE   15,139 0 6,402
Harbinger Group Inc COM 41146a106 9,843 695,100 SH   SOLE   695,100 0 0
Hewlett Packard Co COM 428236103 52,711 1,313,506 SH   SOLE   1,064,628 0 248,878
Leucadia Natl Corp COM 527288104 23,210 1,035,238 SH   SOLE   813,209 0 222,029
Microsoft Corp COM 594918104 11,827 254,625 SH   SOLE   156,615 0 98,010
Ocwen Finl Corp COM NEW 675746309 18,465 1,222,830 SH   SOLE   1,009,850 0 212,980
Sears Hldgs Corp COM 812350106 9,385 284,562 SH   SOLE   254,669 0 29,893
Spectrum Brands Hldgs Inc COM 84763r101 19,272 201,420 SH   SOLE   155,425 0 45,995
Staples Inc COM 855030102 25,779 1,422,660 SH   SOLE   1,227,910 0 194,750
Systemax Inc COM 871851101 8,610 637,752 SH   SOLE   451,006 0 186,746
Verizon Communications Inc COM 92343v104 3,714 79,400 SH   SOLE   70,200 0 9,200
Walter Inv Mgmt Corp COM 93317w102 46,563 2,820,306 SH   SOLE   2,467,804 0 352,502
White Mtns Ins Group Ltd COM g9618e107 23,831 37,821 SH   SOLE   31,991 0 5,830
WPX Energy Inc COM 98212b103 44,672 3,841,081 SH   SOLE   3,260,581 0 580,500
Market Vectors ETF Tr GOLD MINER ETF 57060u100 7,646 416,000 SH   SOLE   416,000 0 0
Deutsche Bk AG London BRH 3X INV JAP GOV 25154p188 2,587 168,337 SH   SOLE   168,337 0 0
Deutsche Bk AG London BRH INV JAP GOV BD 25154p170 2,232 122,624 SH   SOLE   122,624 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,820 7,250 SH Put SOLE   7,250 0 0
Sears Hldgs Corp W EXP 12/15/201 812350155 1,495 71,555 SH   SOLE   64,836 0 6,719
Hewlett Packard Co COM 428236103 522 5,307 SH Put SOLE   5,307 0 0