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
ABBOTT LABS COM 002824100 12,468 324,618 SH   SOLE   324,618 0 0
AGCO CORP COM 001084102 863 14,932 SH   SOLE   14,932 0 0
AIR LEASE CORP CL A 00912X302 2,742 79,895 SH   SOLE   79,895 0 0
ALLERGAN PLC SHS G0177J108 1,001 4,768 SH   SOLE   4,768 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 2,251 66,838 SH   SOLE   66,838 0 0
APPLE INC COM 037833100 371 3,207 SH   SOLE   3,207 0 0
BANK AMER CORP COM 060505104 1,856 84,005 SH   SOLE   84,005 0 0
BARRICK GOLD CORP COM 067901108 1,157 72,442 SH   SOLE   72,442 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,773 35,422 SH   SOLE   35,422 0 0
CAMECO CORP COM 13321l108 6,094 582,102 SH   SOLE   582,102 0 0
CHENIERE ENERGY INC COM NEW 16411R208 8,651 208,830 SH   SOLE   208,830 0 0
CHESAPEAKE ENERGY CORP COM 165167107 9,888 1,408,582 SH   SOLE   1,408,582 0 0
CHEVRON CORP NEW COM 166764100 4,982 42,335 SH   SOLE   42,335 0 0
COLFAX CORP COM 194014106 2,489 69,275 SH   SOLE   69,275 0 0
DISH NETWORK CORP CL A 25470M109 853 14,732 SH   SOLE   14,732 0 0
ECO STIM ENERGY SOLUTIONS IN COM 27888d101 192 200,000 SH   SOLE   200,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 6,312 478,616 SH   SOLE   478,616 0 0
GENERAL ELECTRIC CO COM 369604103 5,239 165,812 SH   SOLE   165,812 0 0
GNC HLDGS INC COM CL A 36191G107 215 19,513 SH   SOLE   19,513 0 0
GOLDCORP INC NEW COM 380956409 1,605 118,026 SH   SOLE   118,026 0 0
GREEN BRICK PARTNERS INC COM 392709101 1,625 161,753 SH   SOLE   161,753 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 500 69,278 SH   SOLE   69,278 0 0
INNOVIVA INC COM 45781M101 330 30,844 SH   SOLE   30,844 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 9,132 55,017 SH   SOLE   55,017 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 489 23,864 SH   SOLE   23,864 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 1,228 209,629 SH   SOLE   209,629 0 0
LEUCADIA NATL CORP COM 527288104 7,856 337,922 SH   SOLE   337,922 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 670 22,575 SH   SOLE   22,575 0 0
LIBERTY MEDIA CORP DELAWARE COM C MEDIA GRP 531229854 1,351 43,132 SH   SOLE   43,132 0 0
LIONS GATE ENTMNT CORP CL A VTG 535919401 1,290 47,973 SH   SOLE   47,973 0 0
LIONS GATE ENTMNT CORP CL B NON VTG 535919500 1,166 47,548 SH   SOLE   47,548 0 0
MANNKIND CORP COM 56400P201 58 91,238 SH   SOLE   91,238 0 0
MEDICINES CO COM 584688105 356 10,493 SH   SOLE   10,493 0 0
NEW GOLD INC CDA COM 644535106 13,998 3,999,675 SH   SOLE   3,999,675 0 0
NMI HLDGS INC CL A 629209305 8,913 836,958 SH   SOLE   836,958 0 0
NOVAGOLD RES INC COM NEW 66987e206 4,973 1,090,721 SH   SOLE   1,090,721 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,087 29,000 SH   SOLE   29,000 0 0
OPKO HEALTH INC COM 68375N103 332 35,741 SH   SOLE   35,741 0 0
OREXIGEN THERAPEUTICS INC COM NEW 686164302 358 206,018 SH   SOLE   206,018 0 0
PBF ENERGY INC CL A 69318G106 12,221 438,362 SH   SOLE   438,362 0 0
SEARS HLDGS CORP COM 812350106 5,177 557,266 SH   SOLE   557,266 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 232 49,401 SH   SOLE   49,401 0 0
STARWOOD PPTY TR INC COM 85571B105 1,906 86,863 SH   SOLE   86,863 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 1,658 52,016 SH   SOLE   52,016 0 0
TRI POINTE GROUP INC COM 87265H109 864 75,341 SH   SOLE   75,341 0 0
TWENTY FIRST CENTY FOX INC CL B 90130A200 791 29,028 SH   SOLE   29,028 0 0
U S G CORP COM NEW 903293405 345 11,963 SH   SOLE   11,963 0 0
WMIH CORP COM 92936P100 699 451,204 SH   SOLE   451,204 0 0
ZEDGE INC CL B 98923t104 719 230,000 SH   SOLE   230,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 996 20,000 SH   SOLE   20,000 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 2,930 84,492 SH   SOLE   84,492 0 0
SEARS HLDGS CORP W EXP 12/15/201 812350155 364 102,587 SH   SOLE   102,587 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 2,120 452,036 SH   SOLE   452,036 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 1,615 73,452 SH   SOLE   73,452 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 346 14,600 SH   SOLE   14,600 0 0