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 1,172 25,141 SH   SOLE   25,141 0 0
AIR LEASE CORP CL A 00912X302 953 30,848 SH   SOLE   30,848 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 2,648 99,218 SH   SOLE   99,218 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,523 26,808 SH   SOLE   26,808 0 0
APPLE INC COM 037833100 239 2,169 SH   SOLE   2,169 0 0
AUTONATION INC COM 05329W102 3,821 65,682 SH   SOLE   65,682 0 0
AVNET INC COM 053807103 1,093 25,626 SH   SOLE   25,626 0 0
BANK AMER CORP COM 060505104 5,877 377,244 SH   SOLE   377,244 0 0
BANK N S HALIFAX COM 064149107 2,027 46,007 SH   SOLE   46,007 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 755 5,792 SH   SOLE   5,792 0 0
CHESAPEAKE ENERGY CORP COM 165167107 6,129 836,246 SH   SOLE   836,246 0 0
CHEVRON CORP NEW COM 166764100 2,425 30,755 SH   SOLE   30,755 0 0
CHICAGO BRIDGE AND IRON CO N V COM 167250109 848 21,404 SH   SOLE   21,404 0 0
COLFAX CORP COM 194014106 963 32,212 SH   SOLE   32,212 0 0
EMERSON ELEC CO COM 291011104 531 12,030 SH   SOLE   12,030 0 0
EOG RES INC COM 26875P101 686 9,431 SH   SOLE   9,431 0 0
EXCO RESOURCES INC COM 269279402 136 182,124 SH   SOLE   182,124 0 0
FREEPORT-MCMORAN INC CL B 35671D857 4,417 455,847 SH   SOLE   455,847 0 0
GENERAL ELECTRIC CO COM 369604103 5,338 211,680 SH   SOLE   211,680 0 0
GOLDCORP INC NEW COM 380956409 2,378 190,000 SH   SOLE   190,000 0 0
HANSEN MEDICAL INC COM NEW 411307200 88 23,573 SH   SOLE   23,573 0 0
HOLOGIC INC COM 436440101 722 18,461 SH   SOLE   18,461 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 381 28,226 SH   SOLE   28,226 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 8,917 61,515 SH   SOLE   61,515 0 0
KALOBIOS PHARMACEUTICALS INC COM NEW 48344t209 19 10,013 SH   SOLE   10,013 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 272 77,404 SH   SOLE   77,404 0 0
KINDRED BIOSCIENCES INC COM 494577109 212 40,849 SH   SOLE   40,849 0 0
LANDS END INC NEW COM 51509F105 261 9,676 SH   SOLE   9,676 0 0
LEGG MASON INC COM 524901105 567 13,647 SH   SOLE   13,647 0 0
LENNAR CORP CL A 526057104 556 11,560 SH   SOLE   11,560 0 0
LEUCADIA NATL CORP COM 527288104 8,500 419,559 SH   SOLE   419,559 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 865 21,090 SH   SOLE   21,090 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 282 7,913 SH   SOLE   7,913 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 899 26,106 SH   SOLE   26,106 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 4,216 175,378 SH   SOLE   175,378 0 0
MANNKIND CORP COM 56400P201 574 179,009 SH   SOLE   179,009 0 0
MASCO CORP COM 574599106 648 25,736 SH   SOLE   25,736 0 0
MICROSOFT CORP COM 594918104 9,726 219,768 SH   SOLE   219,768 0 0
NCR CORP NEW COM 62886E108 648 28,493 SH   SOLE   28,493 0 0
NEW GOLD INC CDA COM 644535106 2,707 1,192,568 SH   SOLE   1,192,568 0 0
NMI HLDGS INC CL A 629209305 5,481 721,185 SH   SOLE   721,185 0 0
NOVAGOLD RES INC COM NEW 66987e206 5,763 1,596,573 SH   SOLE   1,596,573 0 0
NOW INC COM 67011P100 3,588 242,458 SH   SOLE   242,458 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,435 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 395 47,029 SH   SOLE   47,029 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 448 66,620 SH   SOLE   66,620 0 0
POST HLDGS INC COM 737446104 673 11,399 SH   SOLE   11,399 0 0
POTASH CORP SASK INC COM 73755l107 1,027 50,000 SH   SOLE   50,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 63 236,876 SH   SOLE   236,876 0 0
SEARS HLDGS CORP COM 812350106 9,036 399,851 SH   SOLE   399,851 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 548 68,459 SH   SOLE   68,459 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 25 18,715 SH   SOLE   18,715 0 0
SONIC AUTOMOTIVE INC CL A 83545G102 471 23,088 SH   SOLE   23,088 0 0
ST JOE CO COM 790148100 476 24,889 SH   SOLE   24,889 0 0
STARWOOD PPTY TR INC COM 85571B105 1,026 50,000 SH   SOLE   50,000 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 616 56,126 SH   SOLE   56,126 0 0
THERAVANCE INC COM 88338T104 96 13,470 SH   SOLE   13,470 0 0
TRI POINTE GROUP INC COM 87265H109 2,050 156,640 SH   SOLE   156,640 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 918 33,914 SH   SOLE   33,914 0 0
U S G CORP COM NEW 903293405 1,346 50,567 SH   SOLE   50,567 0 0
VIASAT INC COM 92552V100 487 7,580 SH   SOLE   7,580 0 0
WAL-MART STORES INC COM 931142103 571 8,816 SH   SOLE   8,816 0 0
YAMANA GOLD INC COM 98462Y100 901 530,488 SH   SOLE   530,488 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 609 51,778 SH   SOLE   51,778 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,141 47,000 SH   SOLE   47,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 492 12,000 SH   SOLE   12,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 896 20,000 SH   SOLE   20,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 795 17,000 SH   SOLE   17,000 0 0
PENNYMAC MTG INVT TR UNIT 70931T103 773 50,000 SH   SOLE   50,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 1,052 73,265 SH   SOLE   73,265 0 0
SEARS HLDGS CORP *W EXP 12/15/201 812350155 448 25,648 SH   SOLE   25,648 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 2,253 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 599 14,600 SH   SOLE   14,600 0 0