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 13,659 27,527 SH   SOLE   22,512 0 5,015
ALPHABET INC CAP STK CL A 02079k305 7,336 9,616 SH   SOLE   9,080 0 536
ALPHABET INC CAP STK CL C 02079k107 12,957 17,393 SH   SOLE   13,044 0 4,349
BARRICK GOLD CORP COM 067901108 41,522 3,057,585 SH   SOLE   2,631,795 0 425,790
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 9,420 66,396 SH   SOLE   42,893 0 23,503
COLFAX CORP COM 194014106 2,373 83,000 SH   SOLE   83,000 0 0
EXCO RESOURCES INC COM 269279402 44 44,700 SH   SOLE   31,400 0 13,300
FEDERATED INVS INC PA CL B 314211103 12,599 436,705 SH   SOLE   315,725 0 120,980
HEWLETT PACKARD ENTERPRISE C COM 42824c109 10,710 604,049 SH   SOLE   537,654 0 66,395
HP INC COM 40434l105 15,333 1,244,599 SH   SOLE   1,066,054 0 178,545
HRG GROUP INC COM 40434j100 6,711 481,800 SH   SOLE   481,800 0 0
LEUCADIA NATL CORP COM 527288104 14,443 893,215 SH   SOLE   725,295 0 167,920
MICROSOFT CORP COM 594918104 3,066 55,510 SH   SOLE   12,560 0 42,950
SEARS HOLDINGS CORP COM 812350106 6,055 395,477 SH   SOLE   347,869 0 47,608
SPECTRUM BRANDS HLDGS INC COM 84763r101 14,827 135,680 SH   SOLE   107,615 0 28,065
STAPLES INC COM 855030102 15,728 1,425,910 SH   SOLE   1,189,710 0 236,200
SYSTEMAX INC COM 871851101 4,847 552,733 SH   SOLE   441,517 0 111,216
VERIZON COMMUNICATIONS INC COM 92343v104 14,236 263,234 SH   SOLE   221,186 0 42,048
WALTER INV MGMT CORP COM 93317w102 19,171 2,509,283 SH   SOLE   2,185,732 0 323,551
WHITE MTNS INS GROUP LTD COM g9618e107 18,234 22,719 SH   SOLE   19,379 0 3,340
WPX ENERGY INC COM 98212b103 31,368 4,487,624 SH   SOLE   3,850,749 0 636,875
WPX ENERGY INC PFD SER A CV 98212b202 1,409 38,320 SH   SOLE   32,065 0 6,255
SERITAGE GROWTH PPTYS CL A 81752r100 4,042 80,894 SH   SOLE   72,641 0 8,253
SPDR S&P 500 ETF TR TR UNIT 78462F103 511 2,630 SH Put SOLE   2,630 0 0
WALTER INVT MGMT CORP NOTE 4.500%11/0 93317waa0 1,141 2,000,000 PRN   SOLE   2,000,000 0 0