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
Adams Express COM 006212104 1,822 147,058 SH   SOLE 0 147,058 0 0
Alpha Natural Resources, Inc. COM 02076X102 10,032 1,683,269 SH   SOLE 0 1,683,269 0 0
American Express Company COM 025816109 20,768 275,000 SH   SOLE 0 275,000 0 0
Aon plc COM G0408V102 24,602 330,492 SH   SOLE 0 330,492 0 0
Apache Corporation COM 037411105 28,222 331,478 SH   SOLE 0 331,478 0 0
Apple Inc. COM 037833100 31,942 67,000 SH   SOLE 0 67,000 0 0
Arch Capital Group Ltd. COM G0450A105 44,657 825,000 SH   SOLE 0 825,000 0 0
Ariad Pharmaceuticals, Inc. COM 04033A100 8,096 440,000 SH   SOLE 0 440,000 0 0
ASML Holding N.V. COM N07059210 28,329 286,850 SH   SOLE 0 286,850 0 0
Berkshire Hathaway Inc. Class COM 084670108 18,745 110 SH   SOLE 0 110 0 0
Cameco Corporation COM 13321L108 11,674 646,038 SH   SOLE 0 646,038 0 0
Canadian Natural Resources Lim COM 136385101 6,181 196,600 SH   SOLE 0 196,600 0 0
Celgene Corporation COM 151020104 15,414 100,000 SH   SOLE 0 100,000 0 0
Cisco Systems, Inc. COM 17275R102 19,213 820,000 SH   SOLE 0 820,000 0 0
Costco Wholesale Corporation COM 22160K105 45,435 394,500 SH   SOLE 0 394,500 0 0
Cytokinetics, Incorporated COM 23282W100 996 131,535 SH   SOLE 0 131,535 0 0
Diageo plc ADR COM 25243Q205 33,346 262,400 SH   SOLE 0 262,400 0 0
eBay Inc. COM 278642103 2,232 40,000 SH   SOLE 0 40,000 0 0
EMC Corporation COM 268648102 15,719 615,000 SH   SOLE 0 615,000 0 0
Everest Re Group, Ltd. COM G3223R108 34,898 240,000 SH   SOLE 0 240,000 0 0
Ford Motor Company COM 345370860 21,325 1,264,063 SH   SOLE 0 1,264,063 0 0
General Electric Company COM 369604103 15,529 650,000 SH   SOLE 0 650,000 0 0
Gilead Sciences, Inc. COM 375558103 26,946 428,600 SH   SOLE 0 428,600 0 0
Halliburton Company COM 406216101 32,983 685,000 SH   SOLE 0 685,000 0 0
Hertz Global Holdings, Inc. COM 42805T105 6,870 310,000 SH   SOLE 0 310,000 0 0
Idenix Pharmaceuticals, Inc. COM 45166R204 4,458 858,979 SH   SOLE 0 858,979 0 0
International Game Technology COM 459902102 14,198 750,000 SH   SOLE 0 750,000 0 0
JPMorgan Chase & Co. COM 46625H100 23,261 450,000 SH   SOLE 0 450,000 0 0
Kohl's Corporation COM 500255104 14,700 284,050 SH   SOLE 0 284,050 0 0
M&T Bank Corporation COM 55261F104 12,311 110,000 SH   SOLE 0 110,000 0 0
Merck & Co Inc COM 58933Y105 15,473 325,000 SH   SOLE 0 325,000 0 0
MetLife, Inc. COM 59156R108 17,137 365,000 SH   SOLE 0 365,000 0 0
Microsoft Corporation COM 594918104 22,653 680,686 SH   SOLE 0 680,686 0 0
Nelnet, Inc. COM 64031N108 20,763 540,000 SH   SOLE 0 540,000 0 0
Occidental Petroleum Corporati COM 674599105 11,225 120,000 SH   SOLE 0 120,000 0 0
Owens Corning COM 690742101 13,673 360,000 SH   SOLE 0 360,000 0 0
PartnerRe Ltd. COM G6852T105 23,800 260,000 SH   SOLE 0 260,000 0 0
PepsiCo, Inc. COM 713448108 18,285 230,000 SH   SOLE 0 230,000 0 0
Pfizer Inc. COM 717081103 21,711 755,808 SH   SOLE 0 755,808 0 0
Platinum Underwriters Holdings COM G7127P100 21,204 355,000 SH   SOLE 0 355,000 0 0
QUALCOMM Incorporated COM 747525103 47,124 700,000 SH   SOLE 0 700,000 0 0
Repros Therapeutics Inc. COM 76028H209 2,747 102,500 SH   SOLE 0 102,500 0 0
Republic Services, Inc. COM 760759100 36,266 1,087,100 SH   SOLE 0 1,087,100 0 0
Royce Value Trust, Inc. COM 780910105 2,740 170,076 SH   SOLE 0 170,076 0 0
SandRidge Energy, Inc. COM 80007P307 10,548 1,800,000 SH   SOLE 0 1,800,000 0 0
Southwestern Energy Co COM 845467109 5,093 140,000 SH   SOLE 0 140,000 0 0
Target Corporation COM 87612E106 29,431 460,000 SH   SOLE 0 460,000 0 0
The ADT Corporation COM 00101J106 12,706 312,500 SH   SOLE 0 312,500 0 0
The Dow Chemical Company COM 260543103 14,523 378,200 SH   SOLE 0 378,200 0 0
The TJX Companies, Inc. COM 872540109 80,055 1,419,668 SH   SOLE 0 1,419,668 0 0
Towers Watson & Co. Class A COM 891894107 28,237 263,998 SH   SOLE 0 263,998 0 0
Ultra Petroleum Corp. COM 903914109 16,534 803,803 SH   SOLE 0 803,803 0 0
United Technologies Corporatio COM 913017109 32,346 300,000 SH   SOLE 0 300,000 0 0
Visteon Corporation COM 92839U206 24,977 330,211 SH   SOLE 0 330,211 0 0
Vodafone Group plc ADR COM 92857W209 18,403 523,100 SH   SOLE 0 523,100 0 0
Weatherford International Ltd. COM H27013103 26,444 1,725,000 SH   SOLE 0 1,725,000 0 0
Weatherford International Ltd. PUT H27013953 384 4,000 SH   SOLE 0 4,000 0 0