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
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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
1st Source Corporation COM 336901103 256 8,000 SH   SOLE   0 0 8,000
3M Company COM 88579y101 1,771 12,624 SH   SOLE   0 0 12,624
AER Energy Resources Inc COM 000944207 0 5,000,000 SH   SOLE   0 0 5,000,000
AT&T, Inc. COM 00206R102 6,594 187,555 SH   SOLE   0 0 187,555
AbbVie, Inc. COM 00287y109 453 8,573 SH   SOLE   0 0 8,573
Abbott Laboratories COM 002824100 341 8,908 SH   SOLE   0 0 8,908
Accenture Ltd COM g1151c101 16,711 203,245 SH   SOLE   0 0 203,245
AllState Corp. COM 020002101 402 7,375 SH   SOLE   0 0 7,375
Altria Group, Inc. COM 02209s103 2,292 59,715 SH   SOLE   0 0 59,715
Amazon.Com COM 023135106 672 1,685 SH   SOLE   0 0 1,685
American Express Co. COM 025816109 898 9,901 SH   SOLE   0 0 9,901
American Int'l Group COM 026874784 733 14,356 SH   SOLE   0 0 14,356
Amgen Inc. COM 031162100 1,622 14,219 SH   SOLE   0 0 14,219
Apache Corp. COM 037411105 9,347 108,764 SH   SOLE   0 0 108,764
Apple Computer COM 037833100 12,170 21,693 SH   SOLE   0 0 21,693
Automatic Data Processing COM 053015103 425 5,266 SH   SOLE   0 0 5,266
BP PLC COM 055622104 219 4,500 SH   SOLE   0 0 4,500
Banco LatinoAmericano COM P16994132 20,975 748,572 SH   SOLE   0 0 748,572
BankAmerica Corp. COM 060505104 262 16,851 SH   SOLE   0 0 16,851
Berkshire Hathaway 'A' COM 084670108 1,245 7 SH   SOLE   0 0 7
Berkshire Hathaway 'B' COM 084670702 237 2,000 SH   SOLE   0 0 2,000
Berkshire Hathaway 'B' COM 084670702 71,713 604,864 SH   SOLE   0 0 604,864
Bristol Myers Squibb COM 110122108 2,032 38,236 SH   SOLE   0 0 38,236
Brookdale Sr Living Inc COM 112463104 5,336 196,324 SH   SOLE   0 0 196,324
Brookfield Pptys Part COM G16249107 274 13,724 SH   SOLE   0 0 13,724
Campbell Soup Co. COM 134429109 4,912 113,500 SH   SOLE   0 0 113,500
Caterpillar Inc. COM 149123101 7,153 78,769 SH   SOLE   0 0 78,769
Chesapeake Energy COM 165167107 15,776 581,300 SH   SOLE   0 0 581,300
Chevron Corp. COM 166764100 2,125 17,013 SH   SOLE   0 0 17,013
Cisco Systems Inc. COM 17275R102 4,458 198,738 SH   SOLE   0 0 198,738
Coca Cola Co. COM 191216100 3,364 81,433 SH   SOLE   0 0 81,433
Colgate Palmolive Co. COM 194162103 220 3,378 SH   SOLE   0 0 3,378
Comcast Corp. Special Class A COM 20030n200 1,065 21,355 SH   SOLE   0 0 21,355
Computer Sciences Corp. COM 205363104 1,206 21,579 SH   SOLE   0 0 21,579
ConocoPhillips COM 20825c104 391 5,533 SH   SOLE   0 0 5,533
Corrections Corp Amer COM 22025y407 28,168 878,327 SH   SOLE   0 0 878,327
Covidien Ltd COM g2554f113 291 4,279 SH   SOLE   0 0 4,279
DIRECTV COM 25490a309 1,724 24,967 SH   SOLE   0 0 24,967
Darden Restaurants, Inc. COM 237194105 279 5,125 SH   SOLE   0 0 5,125
Dentsply Intl Inc COM 249030107 1,826 37,666 SH   SOLE   0 0 37,666
Dominion Resources, Inc. COM 25746u109 1,404 21,711 SH   SOLE   0 0 21,711
Duke Energy Corp. COM 26441c204 4,358 63,152 SH   SOLE   0 0 63,152
E. I. Dupont de Nemours & Co. COM 263534109 295 4,543 SH   SOLE   0 0 4,543
Express Scripts, Inc. COM 30219g108 1,527 21,744 SH   SOLE   0 0 21,744
Exxon Mobil Corp. COM 30231G102 17,239 170,345 SH   SOLE   0 0 170,345
Fairfax Financial Hld COM 303901102 66,863 167,133 SH   SOLE   0 0 167,133
FedEx Corp. COM 31428X106 6,398 44,500 SH   SOLE   0 0 44,500
First Horizon Nat'l COM 320517105 159 13,673 SH   SOLE   0 0 13,673
Forestar Group COM 346233109 585 27,500 SH   SOLE   0 0 27,500
Freeport McMoran Copper & Gold COM 35671D857 1,710 45,320 SH   SOLE   0 0 45,320
Gannett Co. Inc. COM 364730101 18,508 625,679 SH   SOLE   0 0 625,679
General Electric Co. COM 369604103 7,761 276,874 SH   SOLE   0 0 276,874
General Mills Inc. COM 370334104 1,796 35,991 SH   SOLE   0 0 35,991
Google Inc Class A COM 38259P508 907 809 SH   SOLE   0 0 809
Graham Holdings Co COM 384637104 1,601 2,413 SH   SOLE   0 0 2,413
HCA Holdings, Inc. COM 40412C101 35,289 739,666 SH   SOLE   0 0 739,666
HCC Ins Hldgs COM 404132102 6,773 146,787 SH   SOLE   0 0 146,787
HCP Inc COM 40414L109 5,435 149,637 SH   SOLE   0 0 149,637
Halliburton Inc. COM 406216101 8,324 164,021 SH   SOLE   0 0 164,021
HealthStream Inc. COM 42222n103 444 13,600 SH   SOLE   0 0 13,600
Hewlett Packard Co. COM 428236103 382 13,645 SH   SOLE   0 0 13,645
Home Depot Inc. COM 437076102 5,927 71,984 SH   SOLE   0 0 71,984
Honeywell International Inc. COM 438516106 844 9,240 SH   SOLE   0 0 9,240
Horsehead Holding COM 440694305 600 37,000 SH   SOLE   0 0 37,000
Intel Corp. COM 458140100 7,630 293,974 SH   SOLE   0 0 293,974
International Business Machine COM 459200101 10,342 55,135 SH   SOLE   0 0 55,135
J. P. Morgan Chase & Co. Inc. COM 46625h100 687 11,747 SH   SOLE   0 0 11,747
Johnson & Johnson COM 478160104 10,548 115,162 SH   SOLE   0 0 115,162
Kinder Morgan Energy LP COM 494550106 217 2,690 SH   SOLE   0 0 2,690
Kraft Foods Group, Inc. COM 50076q106 1,324 24,564 SH   SOLE   0 0 24,564
L-3 Communications COM 502424104 369 3,450 SH   SOLE   0 0 3,450
Leucadia Natl Corp COM 527288104 1,525 53,800 SH   SOLE   0 0 53,800
Level 3 Commun COM 52729N308 19,233 579,833 SH   SOLE   0 0 579,833
Liberty Media Corp. COM 530322106 352 2,406 SH   SOLE   0 0 2,406
LinnCo, LLC COM 535782106 7,557 245,279 SH   SOLE   0 0 245,279
Loews Corp. COM 540424108 20,644 427,949 SH   SOLE   0 0 427,949
Lowes Companies COM 548661107 5,109 103,109 SH   SOLE   0 0 103,109
McCormick COM 579780206 1,068 15,500 SH   SOLE   0 0 15,500
McDonalds Corp. COM 580135101 3,151 32,474 SH   SOLE   0 0 32,474
Mead Johnson Nutrition COM 582839106 451 5,381 SH   SOLE   0 0 5,381
Medtronic Inc. COM 585055106 3,582 62,407 SH   SOLE   0 0 62,407
Merck & Company Inc. COM 58933y105 5,536 110,604 SH   SOLE   0 0 110,604
Microsoft Corp. COM 594918104 3,684 98,472 SH   SOLE   0 0 98,472
Mondelez Int'l Inc COM 609207105 10,124 286,792 SH   SOLE   0 0 286,792
Morgan Stanley COM 617446448 282 9,000 SH   SOLE   0 0 9,000
National Health Invstrs COM 63633d104 13,324 237,497 SH   SOLE   0 0 237,497
National Healthcare COM 635906100 481 8,915 SH   SOLE   0 0 8,915
Newmont Mining Corp COM 651639106 1,542 66,949 SH   SOLE   0 0 66,949
News Corp. Ltd. Cl B COM 65249B208 360 20,217 SH   SOLE   0 0 20,217
Novartis AG COM 66987v109 594 7,390 SH   SOLE   0 0 7,390
Oracle COM 68389x105 2,679 70,029 SH   SOLE   0 0 70,029
Overstock COM 690370101 10,900 354,000 SH   SOLE   0 0 354,000
Pall Corp. COM 696429307 13,656 160,000 SH   SOLE   0 0 160,000
People's United Financial COM 712704105 17,021 1,125,740 SH   SOLE   0 0 1,125,740
PepsiCo Inc. COM 713448108 1,973 23,788 SH   SOLE   0 0 23,788
Pfizer Inc. COM 717081103 3,092 100,939 SH   SOLE   0 0 100,939
Philip Morris Intl COM 718172109 6,787 77,892 SH   SOLE   0 0 77,892
Pico Holdings COM 693366205 601 26,000 SH   SOLE   0 0 26,000
Pinnacle Financial Partners COM 72346q104 206 6,325 SH   SOLE   0 0 6,325
Proassurance Corp COM 74267C106 1,345 27,750 SH   SOLE   0 0 27,750
Procter & Gamble Co. COM 742718109 12,318 151,311 SH   SOLE   0 0 151,311
Regions Financial Corp. COM 7591ep100 693 70,121 SH   SOLE   0 0 70,121
Republic Services Inc. COM 760759100 4,857 146,282 SH   SOLE   0 0 146,282
Roche Holdings COM 771195104 2,919 41,676 SH   SOLE   0 0 41,676
Royal Dutch Shell Class B COM 780259107 2,419 32,200 SH   SOLE   0 0 32,200
Russell 2000 Index Fund COM 464287655 231 2,000 SH   SOLE   0 0 2,000
SPDR Utilities Select COM 81369Y886 1,361 35,854 SH   SOLE   0 0 35,854
Schlumberger Ltd. COM 806857108 11,327 125,704 SH   SOLE   0 0 125,704
Scripps Networks Interactive, COM 811065101 2,653 30,700 SH   SOLE   0 0 30,700
Select Basic Materials Sector COM 81369y100 1,795 38,841 SH   SOLE   0 0 38,841
Sigma Aldrich Corp. COM 826552101 376 4,000 SH   SOLE   0 0 4,000
Starbucks Corp. COM 855244109 504 6,435 SH   SOLE   0 0 6,435
SunTrust Banks Inc. COM 867914103 946 25,696 SH   SOLE   0 0 25,696
Syntroleum COM 871630208 231 68,247 SH   SOLE   0 0 68,247
Sysco Corp. COM 871829107 7,095 196,531 SH   SOLE   0 0 196,531
TJX Companies, Inc. COM 872540109 975 15,293 SH   SOLE   0 0 15,293
Target Corporation COM 87612e106 1,353 21,387 SH   SOLE   0 0 21,387
Tejon Ranch Co. COM 879080109 404 11,000 SH   SOLE   0 0 11,000
Tidewater Inc. COM 886423102 8,215 138,600 SH   SOLE   0 0 138,600
Travelers Inc. COM 89417e109 1,049 11,584 SH   SOLE   0 0 11,584
Twenty-First Cent Fox Inc. Cl COM 90130a101 1,801 51,195 SH   SOLE   0 0 51,195
Twenty-First Cent Fox Inc. Cl COM 90130a200 3,149 91,013 SH   SOLE   0 0 91,013
US Bancorp COM 902973304 576 14,250 SH   SOLE   0 0 14,250
United Parcel Svc. Inc. CL B COM 911312106 6,053 57,601 SH   SOLE   0 0 57,601
United Technologies COM 913017109 9,552 83,938 SH   SOLE   0 0 83,938
Vanguard Emerging Markets ETF COM 922042858 1,889 45,916 SH   SOLE   0 0 45,916
Vanguard Large-Cap Exchanged T COM 922908637 462 5,445 SH   SOLE   0 0 5,445
Vanguard Mid-Cap Exchange Trad COM 922908629 256 2,325 SH   SOLE   0 0 2,325
Vanguard Small-Cap VIPERs COM 922908751 410 3,725 SH   SOLE   0 0 3,725
Verizon Communications COM 92343v104 3,057 62,217 SH   SOLE   0 0 62,217
Vodafone Group PLC ADS COM 92857w209 10,345 263,163 SH   SOLE   0 0 263,163
Vulcan Materials COM 929160109 820 13,800 SH   SOLE   0 0 13,800
Wal-Mart Stores Inc. COM 931142103 8,914 113,277 SH   SOLE   0 0 113,277
Walt Disney Co. COM 254687106 8,992 117,697 SH   SOLE   0 0 117,697
Wells Fargo & Co. COM 949746101 2,933 64,610 SH   SOLE   0 0 64,610
Western Union COM 959802109 784 45,437 SH   SOLE   0 0 45,437
White Mountain Ins COM G9618E107 3,081 5,109 SH   SOLE   0 0 5,109
Yamana Gold COM 98462Y100 645 74,871 SH   SOLE   0 0 74,871
Zoetis, Inc. COM 98978v103 209 6,379 SH   SOLE   0 0 6,379
iShares DJ Select Dividend Ind COM 464287168 222 3,115 SH   SOLE   0 0 3,115
iShares FTSE China 25 Index Fu COM 464287184 2,476 64,525 SH   SOLE   0 0 64,525
iShares MSCI EAFE Index Fund COM 464287465 248 3,696 SH   SOLE   0 0 3,696
iShares MSCI Emerging Markets COM 464287234 1,621 38,796 SH   SOLE   0 0 38,796
iShares MSCI Pacific Rim COM 464286665 1,708 36,546 SH   SOLE   0 0 36,546
iShares Russell 1000 Index ETF COM 464287622 447 4,335 SH   SOLE   0 0 4,335
iShares Russell Mid-Cap Index COM 464287499 241 1,605 SH   SOLE   0 0 1,605
iShares S&P 500 Core Index ETF COM 464287200 367 1,975 SH   SOLE   0 0 1,975
iShares S&P SmallCap 600 Index COM 464287804 3,183 29,165 SH   SOLE   0 0 29,165
Natl Healthcare Cv Prf PFD CV 635906209 414 28,533 SH   SOLE   0 0 28,533