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
AGCO CORP COM 001084102 2,128 37,484 SH   SOLE   37,484 0 0
AIR LEASE CORP CL A 00912X302 1,106 32,630 SH   SOLE   32,630 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 3,220 110,079 SH   SOLE   110,079 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,935 31,308 SH   SOLE   31,308 0 0
APPLE INC COM 037833100 271 2,164 SH   SOLE   2,164 0 0
AUTONATION INC COM 05329W102 5,505 87,414 SH   SOLE   87,414 0 0
AVNET INC COM 053807103 1,236 30,080 SH   SOLE   30,080 0 0
BANK AMER CORP COM 060505104 6,773 397,972 SH   SOLE   397,972 0 0
BANK N S HALIFAX COM 064149107 1,548 30,000 SH   SOLE   30,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 936 6,882 SH   SOLE   6,882 0 0
BOULDER BRANDS IN COM 101405108 253 36,456 SH   SOLE   36,456 0 0
CHESAPEAKE ENERGY CORP COM 165167107 8,901 796,923 SH   SOLE   796,923 0 0
CHEVRON CORP NEW COM 166764100 1,212 12,564 SH   SOLE   12,564 0 0
CHICAGO BRIDGE AND IRON CO N V COM 167250109 1,241 24,817 SH   SOLE   24,817 0 0
CINTAS CORP COM 172908105 1,010 11,945 SH   SOLE   11,945 0 0
COLFAX CORP COM 194014106 1,582 34,286 SH   SOLE   34,286 0 0
EMERSON ELEC CO COM 291011104 772 13,929 SH   SOLE   13,929 0 0
EOG RES INC COM 26875P101 948 10,838 SH   SOLE   10,838 0 0
EXCO RESOURCES INC COM 269279402 219 185,918 SH   SOLE   185,918 0 0
FREEPORT-MCMORAN INC CL B 35671D857 2,620 140,717 SH   SOLE   140,717 0 0
GENERAL ELECTRIC CO COM 369604103 5,964 224,471 SH   SOLE   224,471 0 0
HANSEN MEDICAL INC COM 411307101 220 241,476 SH   SOLE   241,476 0 0
HOLOGIC INC COM 436440101 937 24,627 SH   SOLE   24,627 0 0
HOMEFED CORP COM 43739D307 1,200 25,000 SH   SOLE   25,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 600 29,231 SH   SOLE   29,231 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 10,348 63,619 SH   SOLE   63,619 0 0
INTREXON CORP COM 46122T102 304 6,235 SH   SOLE   6,235 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344t209 39 81,403 SH   SOLE   81,403 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 795 79,667 SH   SOLE   79,667 0 0
KINDRED BIOSCIENCES INC COM 494577109 287 42,228 SH   SOLE   42,228 0 0
LANDS END INC NEW COM 51509F105 247 9,976 SH   SOLE   9,976 0 0
LEGG MASON INC COM 524901105 817 15,857 SH   SOLE   15,857 0 0
LENNAR CORP CL A 526057104 615 12,065 SH   SOLE   12,065 0 0
LEUCADIA NATL CORP COM 527288104 11,270 464,171 SH   SOLE   464,171 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 1,503 29,687 SH   SOLE   29,687 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 325 9,038 SH   SOLE   9,038 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,083 30,174 SH   SOLE   30,174 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 4,926 179,222 SH   SOLE   179,222 0 0
MANNKIND CORP COM 56400P201 676 118,971 SH   SOLE   118,971 0 0
MASCO CORP COM 574599106 720 27,019 SH   SOLE   27,019 0 0
MICROSOFT CORP COM 594918104 8,943 202,571 SH   SOLE   202,571 0 0
NCR CORP NEW COM 62886E108 1,279 42,524 SH   SOLE   42,524 0 0
NEW GOLD INC CDA COM 644535106 1,131 420,529 SH   SOLE   420,529 0 0
NMI HLDGS INC CL A 629209305 5,601 698,444 SH   SOLE   698,444 0 0
NOVAGOLD RES INC COM NEW 66987e206 5,587 1,633,711 SH   SOLE   1,633,711 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,542 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 772 48,060 SH   SOLE   48,060 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 535 70,493 SH   SOLE   70,493 0 0
POST HLDGS INC COM 737446104 970 17,989 SH   SOLE   17,989 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,031 140,000 SH   SOLE   140,000 0 0
REMY INTL INC NEW COM 75971M108 1,192 53,928 SH   SOLE   53,928 0 0
SANDRIDGE ENERGY INC COM 80007P307 212 241,964 SH   SOLE   241,964 0 0
SEARS HLDGS CORP COM 812350106 8,152 305,329 SH   SOLE   305,329 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 82 19,332 SH   SOLE   19,332 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 573 24,063 SH   SOLE   24,063 0 0
ST JOE CO COM 790148100 400 25,771 SH   SOLE   25,771 0 0
STARWOOD PPTY TR INC COM 85571B105 1,078 50,000 SH   SOLE   50,000 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 470 36,129 SH   SOLE   36,129 0 0
THERAVANCE INC COM 88338T104 251 13,924 SH   SOLE   13,924 0 0
TRI POINTE HOMES INC COM 87265H109 2,669 174,492 SH   SOLE   174,492 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 1,271 39,448 SH   SOLE   39,448 0 0
U S G CORP COM NEW 903293405 1,562 56,217 SH   SOLE   56,217 0 0
VIASAT INC COM 92552V100 474 7,870 SH   SOLE   7,870 0 0
WAL-MART STORES INC COM 931142103 724 10,220 SH   SOLE   10,220 0 0
YAMANA GOLD INC COM 98462Y100 985 328,504 SH   SOLE   328,504 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 751 51,778 SH   SOLE   51,778 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,196 47,000 SH   SOLE   47,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 626 12,000 SH   SOLE   12,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 1,187 20,000 SH   SOLE   20,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,077 17,000 SH   SOLE   17,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 348 20,000 SH   SOLE   20,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 1,109 73,265 SH   SOLE   73,265 0 0
SEARS HLDGS CORP *W EXP 12/15/201 812350155 416 26,599 SH   SOLE   26,599 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 2,315 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 900 14,600 SH   SOLE   14,600 0 0