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
AMERICAN EXPRESS CO COM 025816109 4,303 67,200 SH   SOLE NONE 67,200 0 0
BED BATH & BEYOND INC COM 075896100 2,487 57,700 SH   SOLE NONE 57,700 0 0
CUMMINS INC COM 231021106 7,176 56,000 SH   SOLE NONE 56,000 0 0
DEERE & CO COM 244199105 12,670 148,450 SH   SOLE NONE 148,450 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 6,764 384,120 SH   SOLE NONE 384,120 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,451 9,000 SH   SOLE NONE 9,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 6,751 42,500 SH   SOLE NONE 42,500 0 0
LEUCADIA NATL CORP COM 527288104 13,288 697,887 SH   SOLE NONE 697,887 0 0
TENARIS S A SPONSORED ADR 88031M109 3,394 119,500 SH   SOLE NONE 119,500 0 0
TERNIUM SA SPON ADR 880890108 7,892 402,037 SH   SOLE NONE 402,037 0 0