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 4,749 52,500 SH   SOLE NONE 52,500 0 0
BED BATH & BEYOND INC COM 075896100 2,528 107,700 SH   SOLE NONE 107,700 0 0
CUMMINS INC COM 231021106 6,520 38,800 SH   SOLE NONE 38,800 0 0
DEERE & CO COM 244199105 10,719 85,350 SH   SOLE NONE 85,350 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 15,899 1,096,455 SH   SOLE NONE 1,096,455 0 0
LEUCADIA NATL CORP COM 527288104 11,928 472,387 SH   SOLE NONE 472,387 0 0
LOEWS CORP COM 540424108 6,700 140,000 SH   SOLE NONE 140,000 0 0
MARKEL CORP COM 570535104 8,063 7,550 SH   SOLE NONE 7,550 0 0
TENARIS S A SPONSORED ADR 88031M109 2,825 99,800 SH   SOLE NONE 99,800 0 0
TERNIUM SA SPON ADR 880890108 3,099 100,201 SH   SOLE NONE 100,201 0 0