Fairholme Capital Management Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
JOE	Sell	ST JOE CO	$1,233,929,269	+7.3%	22,711,748	-4.5%	87.69%	+0.3%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$138,607,154	+19.2%	5,064,200	+14.8%	9.85%	+11.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$17,960,932	-20.1%	51,273	-22.2%	1.28%	-25.3%
WRB	Sell	WR BERKLEY CORP	$8,139,418	+4.2%	128,200	-2.3%	0.58%	-2.7%
OZK	New	BANK OZK	$5,467,825	–	147,500	–	0.39%	–
HOMB	New	HOME BANCSHARES INC	$2,165,196	–	103,400	–	0.15%	–
AAPL	Sell	APPLE INC	$410,904	-50.3%	2,400	-43.7%	0.03%	-54.0%
KEY	Exit	KEYCORP	$0	–	-257,900	–	-0.18%	–
USB	Exit	US BANCORP DEL	$0	–	-73,600	–	-0.18%	–
CMA	Exit	COMERICA INC	$0	–	-61,700	–	-0.20%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-268,700	–	-0.26%	–
CMC	Exit	COMMERCIAL METALS CO	$0	–	-128,800	–	-0.52%	–

Q2 2023

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$1,149,546,856	–	23,780,448	–	87.41%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$116,287,820	–	4,413,200	–	8.84%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$22,478,720	–	65,920	–	1.71%	–
WRB	New	BERKLEY W R CORP	$7,814,272	–	131,200	–	0.59%	–
CMC	New	COMMERCIAL METALS CO	$6,782,608	–	128,800	–	0.52%	–
ET	New	ENERGY TRANSFER L P	$3,412,490	–	268,700	–	0.26%	–
CMA	New	COMERICA INC	$2,613,612	–	61,700	–	0.20%	–
USB	New	US BANCORP DEL	$2,431,744	–	73,600	–	0.18%	–
KEY	New	KEYCORP	$2,382,996	–	257,900	–	0.18%	–
AAPL	New	APPLE INC	$826,312	–	4,260	–	0.06%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$517,810	–	1	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-1	–	-0.04%	–
AAPL	Exit	APPLE INC	$0	–	-4,260	–	-0.06%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-15,500	–	-0.12%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-74,000	–	-0.23%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-268,700	–	-0.29%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-355,200	–	-0.58%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-316,100	–	-0.64%	–
C	Exit	CITIGROUP INC	$0	–	-174,100	–	-0.70%	–
INTC	Exit	INTEL CORP	$0	–	-585,300	–	-1.47%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-97,525	–	-2.53%	–
CMC	Exit	COMMERCIAL METALS CO	$0	–	-2,377,800	–	-8.20%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-3,882,800	–	-8.97%	–
JOE	Exit	ST JOE CO	$0	–	-24,469,790	–	-76.18%	–

Q3 2022

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$92,333,000	+5.5%	3,882,800	+8.1%	8.97%	+23.9%
CMC	Buy	COMMERCIAL METALS CO	$84,364,000	+11.3%	2,377,800	+3.8%	8.20%	+30.7%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$26,041,000	+93.4%	97,525	+97.7%	2.53%	+127.2%
INTC	Sell	INTEL CORP	$15,083,000	-31.5%	585,300	-0.5%	1.47%	-19.5%
C	Sell	CITIGROUP INC	$7,255,000	-10.3%	174,100	-1.0%	0.70%	+5.4%
KMI	Sell	KINDER MORGAN INC DEL	$5,911,000	-55.2%	355,200	-54.8%	0.58%	-47.2%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$2,324,000	-11.1%	74,000	+7.2%	0.23%	+4.6%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$1,240,000	-33.0%	15,500	-4.8%	0.12%	-20.9%
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-11,000	–	-0.07%	–
DHI	Exit	D R HORTON INC	$0	–	-71,000	–	-0.39%	–

Q2 2022

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$968,025,000	–	24,469,790	–	80.07%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$87,557,000	–	3,592,800	–	7.24%	–
CMC	New	COMMERCIAL METALS CO	$75,832,000	–	2,291,000	–	6.27%	–
INTC	New	INTEL CORP	$22,012,000	–	588,400	–	1.82%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$13,467,000	–	49,325	–	1.11%	–
KMI	New	KINDER MORGAN INC DEL	$13,183,000	–	786,600	–	1.09%	–
C	New	CITIGROUP INC	$8,090,000	–	175,900	–	0.67%	–
ORI	New	OLD REP INTL CORP	$7,068,000	–	316,100	–	0.58%	–
DHI	New	D R HORTON INC	$4,699,000	–	71,000	–	0.39%	–
ET	New	ENERGY TRANSFER L P	$2,682,000	–	268,700	–	0.22%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$2,615,000	–	69,000	–	0.22%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,852,000	–	16,290	–	0.15%	–
WFG	New	WEST FRASER TIMBER CO LTD	$844,000	–	11,000	–	0.07%	–
AAPL	New	APPLE INC	$582,000	–	4,260	–	0.05%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$409,000	–	1	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-1	–	-0.03%	–
NTR	Exit	NUTRIEN LTD	$0	–	-20,000	–	-0.10%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-10,580	–	-0.13%	–
AAPL	Exit	APPLE INC	$0	–	-14,060	–	-0.16%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-331,100	–	-0.62%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-375,800	–	-0.63%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-331,700	–	-0.69%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-49,960	–	-1.10%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-1,489,200	–	-1.15%	–
ENB	Exit	ENBRIDGE INC	$0	–	-390,800	–	-1.25%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-934,900	–	-1.26%	–
INTC	Exit	INTEL CORP	$0	–	-418,600	–	-1.80%	–
CMC	Exit	COMMERCIAL METALS CO	$0	–	-1,130,200	–	-2.77%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-1,593,400	–	-2.78%	–
JOE	Exit	ST JOE CO	$0	–	-25,243,090	–	-85.54%	–

Q3 2021

			Value		Shares		↓ Weighting
JOE	Sell	ST JOE CO	$1,062,734,000	-7.5%	25,243,090	-2.0%	85.54%	-5.6%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$34,481,000	+1805.0%	1,593,400	+2024.5%	2.78%	+1840.6%
CMC	Buy	COMMERCIAL METALS CO	$34,426,000	+100.8%	1,130,200	+102.5%	2.77%	+104.8%
INTC	Buy	INTEL CORP	$22,303,000	+152.2%	418,600	+165.8%	1.80%	+157.2%
KMI	Buy	KINDER MORGAN INC DEL	$15,641,000	+28.6%	934,900	+40.1%	1.26%	+31.1%
ENB	Buy	ENBRIDGE INC	$15,554,000	+9.2%	390,800	+9.8%	1.25%	+11.4%
ET	Buy	ENERGY TRANSFER L P	$14,267,000	+30.4%	1,489,200	+44.7%	1.15%	+33.0%
WMB	Buy	WILLIAMS COS INC	$8,604,000	+6.4%	331,700	+8.9%	0.69%	+8.6%
WES	Sell	WESTERN MIDSTREAM PARTNERS L	$7,877,000	-24.4%	375,800	-22.7%	0.63%	-22.9%
ORI	Buy	OLD REP INTL CORP	$7,658,000	+27.5%	331,100	+37.3%	0.62%	+30.0%
NTR	New	NUTRIEN LTD	$1,297,000	–	20,000	–	0.10%	–
VST	Exit	VISTRA CORP	$0	–	-552,900	–	-0.81%	–

Q2 2021

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$1,148,509,000	–	25,745,557	–	90.64%	–
CMC	New	COMMERCIAL METALS CO	$17,145,000	–	558,100	–	1.35%	–
ENB	New	ENBRIDGE INC	$14,246,000	–	355,800	–	1.12%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$13,885,000	–	49,960	–	1.10%	–
KMI	New	KINDER MORGAN INC DEL	$12,163,000	–	667,200	–	0.96%	–
ET	New	ENERGY TRANSFER L P	$10,940,000	–	1,029,200	–	0.86%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$10,417,000	–	486,300	–	0.82%	–
VST	New	VISTRA CORP	$10,256,000	–	552,900	–	0.81%	–
INTC	New	INTEL CORP	$8,842,000	–	157,500	–	0.70%	–
WMB	New	WILLIAMS COS INC	$8,090,000	–	304,700	–	0.64%	–
ORI	New	OLD REP INTL CORP	$6,006,000	–	241,100	–	0.47%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$2,399,000	–	10,580	–	0.19%	–
AAPL	New	APPLE INC	$1,926,000	–	14,060	–	0.15%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,810,000	–	75,000	–	0.14%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$419,000	–	1	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
OXYWS	Exit	OCCIDENTAL PETE CORP*w exp 08/03/202	$0	–	-29,102	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-1	–	-0.05%	–
AAPL	Exit	APPLE INC	$0	–	-4,260	–	-0.08%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-258,300	–	-0.21%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-196,600	–	-0.37%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-52,200	–	-0.52%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-540,000	–	-0.66%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-290,500	–	-0.71%	–
T	Exit	AT&T INC	$0	–	-229,500	–	-1.00%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-266,300	–	-1.22%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-337,400	–	-1.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-316,595	–	-10.33%	–
JOE	Exit	ST JOE CO	$0	–	-26,444,357	–	-83.59%	–

Q3 2020

			Value		Shares		↓ Weighting
JOE	Sell	ST JOE CO	$545,547,000	+6.0%	26,444,357	-0.2%	83.59%	-2.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$67,416,000	+16.4%	316,595	-2.4%	10.33%	+6.6%
BAC	New	BK OF AMERICA CORP	$8,128,000	–	337,400	–	1.24%	–
KHC	Sell	KRAFT HEINZ CO	$7,976,000	-43.3%	266,300	-39.6%	1.22%	-48.0%
T	New	AT&T INC	$6,543,000	–	229,500	–	1.00%	–
CNQ	New	CANADIAN NAT RES LTD	$4,651,000	–	290,500	–	0.71%	–
WES	Buy	WESTERN MIDSTREAM PARTNERS L	$4,320,000	+48.4%	540,000	+86.2%	0.66%	+35.9%
SPG	Buy	SIMON PPTY GROUP INC NEW	$3,376,000	+70.2%	52,200	+80.0%	0.52%	+55.7%
KMI	New	KINDER MORGAN INC DEL	$2,424,000	–	196,600	–	0.37%	–
ET	New	ENERGY TRANSFER LP	$1,400,000	–	258,300	–	0.21%	–
AAPL	New	APPLE INC	$493,000	–	4,260	–	0.08%	–
OXYWS	New	OCCIDENTAL PETE CORP*w exp 08/03/202	$87,000	–	29,102	–	0.01%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-328,110	–	-1.00%	–

Q2 2020

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$514,466,000	–	26,491,533	–	86.09%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$57,893,000	–	324,310	–	9.69%	–
KHC	New	KRAFT HEINZ CO	$14,057,000	–	440,800	–	2.35%	–
OXY	New	OCCIDENTAL PETE CORP	$6,004,000	–	328,110	–	1.00%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$2,912,000	–	290,000	–	0.49%	–
SPG	New	SIMON PPTY GROUP INC NEW	$1,983,000	–	29,000	–	0.33%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$267,000	–	1	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
VSTO	Exit	VISTA OUTDOOR INC	$0	–	-370,500	–	-0.48%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-16,490	–	-0.72%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-647,300	–	-3.81%	–
JOE	Exit	ST JOE CO	$0	–	-26,340,233	–	-94.99%	–

Q3 2019

			Value		Shares		↓ Weighting
JOE	Sell	ST JOE CO	$451,208,000	-1.5%	26,340,233	-0.6%	94.99%	-3.1%
KHC	New	KRAFT HEINZ CO	$18,082,000	–	647,300	–	3.81%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$3,430,000	-12.3%	16,490	-10.1%	0.72%	-13.7%
VSTO	Sell	VISTA OUTDOOR INC	$2,293,000	-57.4%	370,500	-38.9%	0.48%	-58.1%

Q2 2019

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$458,048,000	–	26,507,388	–	98.01%	–
VSTO	New	VISTA OUTDOOR INC	$5,384,000	–	606,300	–	1.15%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,911,000	–	18,345	–	0.84%	–

Q4 2018

			Value		Shares		↓ Weighting
SHLWQ	Exit	SEARS HLDGS CORP*w exp 12/15/201	$0	–	-5,549,754	–	-0.02%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-66,000	–	-0.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-9,600	–	-0.34%	–
T	Exit	AT&T INC	$0	–	-346,900	–	-1.94%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-14,055,740	–	-2.27%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC NE	$0	–	-291,228	–	-3.63%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-1,015,300	–	-4.22%	–
VSTO	Exit	VISTA OUTDOOR INC	$0	–	-3,532,000	–	-10.54%	–
JOE	Exit	ST JOE CO	$0	–	-27,394,450	–	-76.79%	–

Q3 2018

			Value		Shares		↓ Weighting
JOE	Sell	ST JOE CO	$460,227,000	-6.6%	27,394,450	-0.2%	76.79%	+16.0%
VSTO	Sell	VISTA OUTDOOR INC	$63,187,000	-19.3%	3,532,000	-30.1%	10.54%	+0.2%
VST	Sell	VISTRA ENERGY CORP	$25,261,000	+2.9%	1,015,300	-2.1%	4.22%	+27.8%
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$21,761,000	–	291,228	–	3.63%	–
SHLDQ	Sell	SEARS HLDGS CORP	$13,606,000	-67.1%	14,055,740	-19.4%	2.27%	-59.1%
T	Sell	AT&T INC	$11,649,000	-70.4%	346,900	-71.7%	1.94%	-63.3%
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$2,055,000	–	9,600	–	0.34%	–
SHLWQ	Sell	SEARS HLDGS CORP*w exp 12/15/201	$117,000	-86.0%	5,549,754	-0.3%	0.02%	-82.1%
CLPR	Exit	CLIPPER RLTY INC	$0	–	-280,000	–	-0.32%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-181,000	–	-0.99%	–
C	Exit	CITIGROUP INC	$0	–	-235,000	–	-2.11%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-243,500	–	-2.67%	–
HRG	Exit	HRG GROUP INC	$0	–	-1,553,250	–	-2.73%	–

Q2 2018

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$492,622,000	–	27,444,119	–	66.19%	–
VSTO	New	VISTA OUTDOOR INC	$78,307,000	–	5,055,300	–	10.52%	–
SHLDQ	New	SEARS HLDGS CORP	$41,305,000	–	17,428,147	–	5.55%	–
T	New	AT&T INC	$39,409,000	–	1,227,300	–	5.30%	–
VST	New	VISTRA ENERGY CORP	$24,547,000	–	1,037,500	–	3.30%	–
HRG	New	HRG GROUP INC	$20,332,000	–	1,553,250	–	2.73%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$19,874,000	–	243,500	–	2.67%	–
C	New	CITIGROUP INC	$15,726,000	–	235,000	–	2.11%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$7,358,000	–	181,000	–	0.99%	–
CLPR	New	CLIPPER RLTY INC	$2,391,000	–	280,000	–	0.32%	–
JEF	New	JEFFERIES FINL GROUP INC	$1,501,000	–	66,000	–	0.20%	–
SHLWQ	New	SEARS HLDGS CORP*w exp 12/15/201	$835,000	–	5,566,341	–	0.11%	–

Q4 2017

			Value		Shares		↓ Weighting
LUK	Exit	LEUCADIA NATL CORP	$0	–	-66,000	–	-0.18%	–
SHLWQ	Exit	SEARS HLDGS CORP*w exp 12/15/201	$0	–	-6,640,451	–	-1.58%	–
SRG	Exit	SERITAGE GROWTH PPTYScl a	$0	–	-3,766,650	–	-19.14%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-28,508,998	–	-22.95%	–
JOE	Exit	ST JOE CO	$0	–	-27,002,485	–	-56.14%	–

Q3 2017

			Value		Shares		↓ Weighting
JOE	Buy	ST JOE CO	$508,997,000	+6.5%	27,002,485	+6.0%	56.14%	+15.3%
SHLDQ	Sell	SEARS HLDGS CORP	$208,116,000	-18.6%	28,508,998	-1.2%	22.95%	-11.9%
SRG	Sell	SERITAGE GROWTH PPTYScl a	$173,530,000	+8.7%	3,766,650	-1.1%	19.14%	+17.7%
SHLWQ	Sell	SEARS HLDGS CORP*w exp 12/15/201	$14,343,000	+5.0%	6,640,451	-0.8%	1.58%	+13.7%
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-776,850	–	-0.21%	–
WPG	Exit	WASHINGTON PRIME GROUP NEW	$0	–	-1,331,300	–	-1.14%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-21,562,974	–	-1.76%	–
LE	Exit	LANDS END INC NEW	$0	–	-2,855,900	–	-4.33%	–

Q2 2017

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$477,835,000	–	25,484,557	–	48.67%	–
SHLDQ	New	SEARS HLDGS CORP	$255,738,000	–	28,864,348	–	26.05%	–
SRG	New	SERITAGE GROWTH PPTYScl a	$159,710,000	–	3,807,150	–	16.27%	–
LE	New	LANDS END INC NEW	$42,553,000	–	2,855,900	–	4.33%	–
SRSCQ	New	SEARS CDA INC	$17,294,000	–	21,562,974	–	1.76%	–
SHLWQ	New	SEARS HLDGS CORP*w exp 12/15/201	$13,655,000	–	6,693,474	–	1.39%	–
WPG	New	WASHINGTON PRIME GROUP NEW	$11,143,000	–	1,331,300	–	1.14%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$2,097,000	–	776,850	–	0.21%	–
LUK	New	LEUCADIA NATL CORP	$1,727,000	–	66,000	–	0.18%	–

Q4 2016

			Value		Shares		↓ Weighting
BACWSB	Exit	BANK AMER CORP*w exp 10/28/201	$0	–	-1,455,701	–	-0.01%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-66,000	–	-0.10%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-776,850	–	-0.31%	–
SHLWQ	Exit	SEARS HLDGS CORP*w exp 12/15/201	$0	–	-6,730,093	–	-1.84%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,713,203	–	-2.15%	–
LE	Exit	LANDS END INC NEW	$0	–	-3,352,627	–	-3.89%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-20,222,179	–	-3.98%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/201	$0	–	-13,023,864	–	-4.82%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-4,368,490	–	-7.42%	–
SRG	Exit	SERITAGE GROWTH PPTYScl a	$0	–	-3,433,750	–	-13.94%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-27,839,448	–	-25.55%	–
JOE	Exit	ST JOE CO	$0	–	-24,445,297	–	-35.99%	–

Q3 2016

			Value		Shares		↓ Weighting
JOE	Sell	ST JOE CO	$449,305,000	+3.7%	24,445,297	-0.0%	35.99%	+20.6%
SHLDQ	Sell	SEARS HLDGS CORP	$319,040,000	-15.9%	27,839,448	-0.1%	25.55%	-2.2%
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/202	$92,612,000	-6.9%	4,368,490	-17.9%	7.42%	+8.3%
BACWSA	Sell	BANK AMER CORP*w exp 01/16/201	$60,170,000	+9.5%	13,023,864	-17.5%	4.82%	+27.3%
SRSCQ	Buy	SEARS CDA INC	$49,747,000	-16.2%	20,222,179	+1.5%	3.98%	-2.6%
LE	Buy	LANDS END INC NEW	$48,613,000	-1.3%	3,352,627	+11.8%	3.89%	+14.7%
BAC	Sell	BANK AMER CORP	$26,812,000	-84.4%	1,713,203	-86.8%	2.15%	-81.9%
SHLWQ	Sell	SEARS HLDGS CORP*w exp 12/15/201	$23,017,000	-11.9%	6,730,093	-0.0%	1.84%	+2.4%

Q2 2016

			Value		Shares		↓ Weighting
JOE	New	ST JOE CO	$433,261,000	–	24,450,397	–	29.85%	–
SHLDQ	New	SEARS HLDGS CORP	$379,223,000	–	27,863,548	–	26.13%	–
BAC	New	BANK AMER CORP	$172,152,000	–	12,973,003	–	11.86%	–
SRG	New	SERITAGE GROWTH PPTYScl a	$171,138,000	–	3,433,750	–	11.79%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/202	$99,439,000	–	5,320,453	–	6.85%	–
SRSCQ	New	SEARS CDA INC	$59,375,000	–	19,924,663	–	4.09%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/201	$54,966,000	–	15,794,903	–	3.79%	–
LE	New	LANDS END INC NEW	$49,251,000	–	2,999,427	–	3.39%	–
SHLWQ	New	SEARS HLDGS CORP*w exp 12/15/201	$26,122,000	–	6,732,415	–	1.80%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$5,236,000	–	776,850	–	0.36%	–
LUK	New	LEUCADIA NATL CORP	$1,144,000	–	66,000	–	0.08%	–
BACWSB	New	BANK AMER CORP*w exp 10/28/201	$121,000	–	1,455,701	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
BACWSB	Exit	BANK AMER CORP*w exp 10/28/201	$0	–	-1,455,701	–	-0.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-3	–	-0.02%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-409,800	–	-0.10%	–
ASA	Exit	ASA GOLD AND PRECIOUS MTLS L	$0	–	-578,000	–	-0.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-143,892	–	-0.54%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-742,936	–	-1.22%	–
LE	Exit	LANDS END INC NEW	$0	–	-1,863,327	–	-1.45%	–
MRC	Exit	MRC GLOBAL INC	$0	–	-5,331,400	–	-1.71%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-1,653,800	–	-1.79%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/201	$0	–	-14,028,188	–	-2.32%	–
DNOW	Exit	NOW INC	$0	–	-6,752,400	–	-2.88%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-754,400	–	-3.15%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-17,901,955	–	-3.36%	–
SHLWQ	Exit	SEARS HLDGS CORP*w exp 12/15/201	$0	–	-6,736,391	–	-3.40%	–
SRG	Exit	SERITAGE GROWTH PPTYScl a	$0	–	-3,367,250	–	-3.61%	–
C	Exit	CITIGROUP INC	$0	–	-3,010,000	–	-4.30%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-9,710,500	–	-5.44%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-10,208,903	–	-5.96%	–
BAC	Exit	BANK AMER CORP	$0	–	-27,523,418	–	-12.35%	–
JOE	Exit	ST JOE CO	$0	–	-24,454,440	–	-13.48%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-23,593,673	–	-15.43%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-26,650,148	–	-17.35%	–

Q3 2015

			Value		Shares		↓ Weighting
SHLDQ	Buy	SEARS HLDGS CORP	$602,293,000	-15.3%	26,650,148	+0.1%	17.35%	+20.0%
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/202	$535,576,000	-20.9%	23,593,673	-3.5%	15.43%	+12.0%
JOE	Sell	ST JOE CO	$467,813,000	+22.3%	24,454,440	-0.7%	13.48%	+73.3%
BAC	Sell	BANK AMER CORP	$428,815,000	-66.6%	27,523,418	-63.5%	12.35%	-52.7%
LUK	Sell	LEUCADIA NATL CORP	$206,832,000	-30.8%	10,208,903	-17.1%	5.96%	-2.0%
CNQ	New	CANADIAN NAT RES LTD	$188,869,000	–	9,710,500	–	5.44%	–
C	New	CITIGROUP INC	$149,326,000	–	3,010,000	–	4.30%	–
SRG	New	SERITAGE GROWTH PPTYScl a	$125,430,000	–	3,367,250	–	3.61%	–
SHLWQ	Buy	SEARS HLDGS CORP*w exp 12/15/201	$117,887,000	+22.3%	6,736,391	+4.9%	3.40%	+73.4%
SRSCQ	Buy	SEARS CDA INC	$116,721,000	+19.2%	17,901,955	+11.3%	3.36%	+68.8%
IBM	New	INTERNATIONAL BUSINESS MACHS	$109,365,000	–	754,400	–	3.15%	–
DNOW	New	NOW INC	$99,936,000	–	6,752,400	–	2.88%	–
BACWSA	Buy	BANK AMER CORP*w exp 01/16/201	$80,382,000	-6.6%	14,028,188	+0.6%	2.32%	+32.3%
NOV	Buy	NATIONAL OILWELL VARCO INC	$62,266,000	+14.0%	1,653,800	+46.1%	1.79%	+61.5%
MRC	New	MRC GLOBAL INC	$59,445,000	–	5,331,400	–	1.71%	–
LE	New	LANDS END INC NEW	$50,328,000	–	1,863,327	–	1.45%	–
AIG	Sell	AMERICAN INTL GROUP INC	$42,214,000	-96.4%	742,936	-96.1%	1.22%	-94.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$18,764,000	-9.5%	143,892	-5.5%	0.54%	+28.5%
ASA	New	ASA GOLD AND PRECIOUS MTLS L	$4,520,000	–	578,000	–	0.13%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$3,282,000	–	409,800	–	0.10%	–
LNCWS	Exit	LINCOLN NATL CORP IND*w exp 07/10/201	$0	–	-181,610	–	-0.19%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-749,050	–	-0.34%	–
JPMWS	Exit	JPMORGAN CHASE & CO*w exp 10/28/201	$0	–	-706,300	–	-0.36%	–

Q2 2015

			Value		Shares		↓ Weighting
BAC	New	BANK AMER CORP	$1,284,765,000	–	75,485,585	–	26.12%	–
AIG	New	AMERICAN INTL GROUP INC	$1,163,019,000	–	18,812,987	–	23.65%	–
SHLDQ	New	SEARS HLDGS CORP	$711,006,000	–	26,629,448	–	14.46%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/202	$677,429,000	–	24,447,104	–	13.77%	–
JOE	New	ST JOE CO	$382,425,000	–	24,624,918	–	7.78%	–
LUK	New	LEUCADIA NATL CORP	$298,979,000	–	12,313,785	–	6.08%	–
SRSCQ	New	SEARS CDA INC	$97,949,000	–	16,083,575	–	1.99%	–
SHLWQ	New	SEARS HLDGS CORP*w exp 12/15/201	$96,372,000	–	6,420,552	–	1.96%	–
BACWSA	New	BANK AMER CORP*w exp 01/16/201	$86,064,000	–	13,948,749	–	1.75%	–
NOV	New	NATIONAL OILWELL VARCO INC	$54,643,000	–	1,131,800	–	1.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$20,728,000	–	152,292	–	0.42%	–
JPMWS	New	JPMORGAN CHASE & CO*w exp 10/28/201	$17,481,000	–	706,300	–	0.36%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$16,846,000	–	749,050	–	0.34%	–
LNCWS	New	LINCOLN NATL CORP IND*w exp 07/10/201	$9,262,000	–	181,610	–	0.19%	–
BACWSB	New	BANK AMER CORP*w exp 10/28/201	$742,000	–	1,455,701	–	0.02%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$615,000	–	3	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-3	–	-0.01%	–
BACWSB	Exit	BANK AMER CORP*w exp 10/28/201	$0	–	-1,455,701	–	-0.02%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-52,000	–	-0.03%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-101,500	–	-0.03%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-148,000	–	-0.03%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-71,000	–	-0.03%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-44,400	–	-0.03%	–
BP	Exit	BP PLCsponsored adr	$0	–	-54,000	–	-0.03%	–
C	Exit	CITIGROUP INC	$0	–	-54,560	–	-0.04%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-149,600	–	-0.11%	–
LNCWS	Exit	LINCOLN NATL CORP IND*w exp 07/10/201	$0	–	-205,810	–	-0.13%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-536,900	–	-0.17%	–
JPMWS	Exit	JPMORGAN CHASE & CO*w exp 10/28/201	$0	–	-753,300	–	-0.21%	–
HIGWS	Exit	HARTFORD FINL SVCS GROUP INC*w exp 06/26/201	$0	–	-553,900	–	-0.22%	–
LE	Exit	LANDS END INC NEW	$0	–	-448,419	–	-0.25%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-1,346,665	–	-0.37%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-283,700	–	-0.54%	–
BACWSA	Exit	BANK AMER CORP*w exp 01/16/201	$0	–	-12,358,428	–	-1.28%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-15,082,165	–	-4.95%	–
JOE	Exit	ST JOE CO	$0	–	-24,809,498	–	-6.81%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-24,479,806	–	-8.06%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-25,506,273	–	-8.86%	–
BAC	Exit	BANK AMER CORP	$0	–	-97,710,665	–	-22.94%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-60,311,704	–	-44.86%	–

Q3 2014

			Value		Shares		↓ Weighting
AIG	Sell	AMERICAN INTL GROUP INC	$3,258,038,000	-14.5%	60,311,704	-13.6%	44.86%	+17.0%
BAC	Sell	BANK AMER CORP	$1,665,967,000	+10.1%	97,710,665	-0.7%	22.94%	+50.7%
SHLDQ	Buy	SEARS HLDGS CORP	$643,523,000	-34.7%	25,506,273	+3.4%	8.86%	-10.7%
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/202	$585,067,000	-10.2%	24,479,806	-0.0%	8.06%	+22.9%
JOE	Sell	ST JOE CO	$494,453,000	-21.7%	24,809,498	-0.1%	6.81%	+7.2%
LUK	Sell	LEUCADIA NATL CORP	$359,559,000	-12.7%	15,082,165	-4.0%	4.95%	+19.4%
BACWSA	Buy	BANK AMER CORP*w exp 01/16/201	$92,688,000	+10.5%	12,358,428	+1.6%	1.28%	+51.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$39,190,000	+7.3%	283,700	-1.7%	0.54%	+47.1%
LE	Sell	LANDS END INC NEW	$18,439,000	-83.7%	448,419	-86.7%	0.25%	-77.6%
CHK	New	CHESAPEAKE ENERGY CORP	$12,343,000	–	536,900	–	0.17%	–
BP	New	BP PLCsponsored adr	$2,373,000	–	54,000	–	0.03%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$2,349,000	–	148,000	–	0.03%	–
FNMAG	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$0	–	-4,400	–	-0.00%	–
FMCKP	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-8,400	–	-0.00%	–
FMCCT	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-9,200	–	-0.00%	–
FMCCK	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-9,400	–	-0.00%	–
FMCKL	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-45,500	–	-0.00%	–
FMCCP	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-45,000	–	-0.01%	–
FMCCS	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-60,900	–	-0.01%	–
T	Exit	AT&T INC	$0	–	-68,500	–	-0.02%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-49,000	–	-0.02%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-48,000	–	-0.02%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-53,600	–	-0.02%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-56,500	–	-0.03%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-62,000	–	-0.03%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-44,300	–	-0.03%	–
FMCCO	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-157,500	–	-0.03%	–
FMCKK	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-203,000	–	-0.04%	–
FMCKN	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-447,940	–	-0.04%	–
FNMAO	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$0	–	-269,500	–	-0.05%	–
FMCKO	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-517,900	–	-0.05%	–
FMCCL	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-546,542	–	-0.09%	–
FNMAJ	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$0	–	-1,500,000	–	-0.14%	–
FNMAI	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$0	–	-1,580,000	–	-0.14%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-1,071,500	–	-0.19%	–
FMCCI	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-1,377,829	–	-0.23%	–
FMCCH	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-1,339,572	–	-0.24%	–
FMCCM	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-1,699,250	–	-0.29%	–
FNMAH	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$0	–	-3,672,127	–	-0.32%	–
FMCKI	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-4,196,108	–	-0.39%	–
FMCKM	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-5,799,175	–	-0.55%	–
FMCC	Exit	FEDERAL HOME LOAN MORTGAGE CORP	$0	–	-19,110,900	–	-0.74%	–
FNMA	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATION	$0	–	-20,645,300	–	-0.81%	–
FNMFN	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$0	–	-6,339,843	–	-1.18%	–
FMCKJ	Exit	FEDERAL HOME LOAN MORTGAGE CORPpfd	$0	–	-39,901,900	–	-4.38%	–
FNMAS	Exit	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$0	–	-59,023,319	–	-6.14%	–

Q2 2014

			Value		Shares		↓ Weighting
AIG	New	AMERICAN INTL GROUP INC	$3,810,247,000	–	69,810,314	–	38.33%	–
BAC	New	BANK OF AMERICA CORPORATION	$1,512,903,000	–	98,432,215	–	15.22%	–
SHLDQ	New	SEARS HLDGS CORP	$985,926,000	–	24,672,823	–	9.92%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/202	$651,406,000	–	24,488,935	–	6.55%	–
JOE	New	ST JOE CO	$631,602,000	–	24,836,898	–	6.35%	–
FNMAS	New	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$610,891,000	–	59,023,319	–	6.14%	–
FMCKJ	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$435,330,000	–	39,901,900	–	4.38%	–
LUK	New	LEUCADIA NATL CORP	$412,057,000	–	15,715,357	–	4.14%	–
FNMFN	New	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$117,287,000	–	6,339,843	–	1.18%	–
LE	New	LANDS END INC NEW	$112,921,000	–	3,362,757	–	1.14%	–
BACWSA	New	BANK OF AMERICA CORPORATION*w exp 01/16/201	$83,890,000	–	12,158,028	–	0.84%	–
FNMA	New	FEDERAL NATIONAL MORTGAGE ASSOCIATION	$80,723,000	–	20,645,300	–	0.81%	–
FMCC	New	FEDERAL HOME LOAN MORTGAGE CORP	$73,768,000	–	19,110,900	–	0.74%	–
FMCKM	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$54,338,000	–	5,799,175	–	0.55%	–
FMCKI	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$39,024,000	–	4,196,108	–	0.39%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$36,528,000	–	288,625	–	0.37%	–
FNMAH	New	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$31,948,000	–	3,672,127	–	0.32%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$28,872,000	–	1,346,665	–	0.29%	–
FMCCM	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$28,462,000	–	1,699,250	–	0.29%	–
FMCCH	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$23,844,000	–	1,339,572	–	0.24%	–
FMCCI	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$23,148,000	–	1,377,829	–	0.23%	–
GNW	New	GENWORTH FINL INC	$18,644,000	–	1,071,500	–	0.19%	–
HIGWS	New	HARTFORD FINL SVCS GROUP INC*w exp 06/26/201	$15,133,000	–	553,900	–	0.15%	–
JPMWS	New	JPMORGAN CHASE & CO*w exp 10/28/201	$14,561,000	–	753,300	–	0.15%	–
FNMAI	New	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$14,410,000	–	1,580,000	–	0.14%	–
FNMAJ	New	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$14,025,000	–	1,500,000	–	0.14%	–
FMCCL	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$9,209,000	–	546,542	–	0.09%	–
LNCWS	New	LINCOLN NATL CORP IND*w exp 07/10/201	$8,747,000	–	205,810	–	0.09%	–
WFC	New	WELLS FARGO & CO NEW	$7,863,000	–	149,600	–	0.08%	–
FMCKO	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$4,920,000	–	517,900	–	0.05%	–
FNMAO	New	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$4,681,000	–	269,500	–	0.05%	–
FMCKN	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$4,166,000	–	447,940	–	0.04%	–
FMCKK	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$3,553,000	–	203,000	–	0.04%	–
FMCCO	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$2,761,000	–	157,500	–	0.03%	–
RAI	New	REYNOLDS AMERICAN INC	$2,674,000	–	44,300	–	0.03%	–
RIG	New	TRANSOCEAN LTD	$2,544,000	–	56,500	–	0.03%	–
MO	New	ALTRIA GROUP INC	$2,600,000	–	62,000	–	0.03%	–
C	New	CITIGROUP INC	$2,570,000	–	54,560	–	0.03%	–
KKR	New	KKR & CO L P DEL	$2,469,000	–	101,500	–	0.02%	–
MCY	New	MERCURY GENL CORP NEW	$2,521,000	–	53,600	–	0.02%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$2,432,000	–	49,000	–	0.02%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$2,400,000	–	48,000	–	0.02%	–
T	New	AT&T INC	$2,422,000	–	68,500	–	0.02%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$2,371,000	–	71,000	–	0.02%	–
LNC	New	LINCOLN NATL CORP IND	$2,284,000	–	44,400	–	0.02%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$1,862,000	–	52,000	–	0.02%	–
BACWSB	New	BANK OF AMERICA CORPORATION*w exp 10/28/201	$1,092,000	–	1,455,701	–	0.01%	–
FMCCS	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$1,072,000	–	60,900	–	0.01%	–
FMCCP	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$831,000	–	45,000	–	0.01%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$570,000	–	3	–	0.01%	–
FMCKL	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$425,000	–	45,500	–	0.00%	–
FMCCK	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$166,000	–	9,400	–	0.00%	–
FMCCT	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$166,000	–	9,200	–	0.00%	–
FMCKP	New	FEDERAL HOME LOAN MORTGAGE CORPpfd	$151,000	–	8,400	–	0.00%	–
FNMAG	New	FEDERAL NATIONAL MORTGAGE ASSOCIATIONpfd	$78,000	–	4,400	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-6	–	-0.01%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-52,000	–	-0.02%	–
LNC	Exit	LINCOLN NATIONAL CORP IND	$0	–	-44,400	–	-0.02%	–
C	Exit	CITIGROUP INC	$0	–	-54,560	–	-0.03%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-149,600	–	-0.07%	–
LNCWS	Exit	LINCOLN NATIONAL CORP IND*w exp 07/10/201	$0	–	-205,810	–	-0.08%	–
HIGWS	Exit	HARTFORD FINL SVCS GROUP INC*w exp 06/26/201	$0	–	-553,900	–	-0.15%	–
JPMWS	Exit	JPMORGAN CHASE & CO*w exp 10/28/201	$0	–	-753,300	–	-0.15%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-1,071,500	–	-0.16%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-1,346,665	–	-0.22%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-794,400	–	-0.24%	–
BACWSA	Exit	BANK OF AMERICA CORPORATION*w exp 01/16/201	$0	–	-9,904,428	–	-0.72%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-716,125	–	-0.96%	–
AIGWS	Exit	AMERICAN INTL GROUP INC*w exp 01/19/202	$0	–	-24,261,438	–	-5.45%	–
JOE	Exit	ST JOE CO	$0	–	-25,010,633	–	-5.81%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-18,604,766	–	-6.00%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-20,758,173	–	-14.67%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-99,696,715	–	-16.30%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-84,931,830	–	-48.93%	–

Q3 2013

			Value		Shares		↓ Weighting
AIG	Sell	AMERICAN INTL GROUP INC	$4,130,235,000	+7.3%	84,931,830	-1.4%	48.93%	-2.3%
BAC	Sell	BANK OF AMERICA CORPORATION	$1,375,815,000	+6.0%	99,696,715	-1.2%	16.30%	-3.4%
SHLDQ	Buy	SEARS HLDGS CORP	$1,238,017,000	+44.3%	20,758,173	+1.8%	14.67%	+31.5%
LUK	Sell	LEUCADIA NATL CORP	$506,794,000	+3.6%	18,604,766	-0.3%	6.00%	-5.6%
JOE	Sell	ST JOE CO	$490,709,000	-6.8%	25,010,633	-0.0%	5.81%	-15.1%
AIGWS	Sell	AMERICAN INTL GROUP INC*w exp 01/19/202	$459,754,000	+3.8%	24,261,438	-0.1%	5.45%	-5.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$81,287,000	-0.0%	716,125	-1.4%	0.96%	-8.9%
CHK	Sell	CHESAPEAKE ENERGY CORP	$20,559,000	+25.5%	794,400	-1.2%	0.24%	+14.6%
GNW	Sell	GENWORTH FINL INC	$13,704,000	+11.7%	1,071,500	-0.3%	0.16%	+1.2%
WFC	Sell	WELLS FARGO & CO NEW	$6,181,000	-1.1%	149,600	-1.2%	0.07%	-9.9%
C	Sell	CITIGROUP INC	$2,647,000	-3.8%	54,560	-4.9%	0.03%	-13.9%
LNC	Sell	LINCOLN NATIONAL CORP IND	$1,864,000	+12.1%	44,400	-2.6%	0.02%	0.0%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$1,618,000	-1.8%	52,000	-2.4%	0.02%	-9.5%

Q2 2013

			Value		Shares		↓ Weighting
AIG	New	AMERICAN INTL GROUP INC	$3,850,854,000	–	86,148,865	–	50.07%	–
BAC	New	BANK OF AMERICA CORPORATION	$1,298,199,000	–	100,948,615	–	16.88%	–
SHLDQ	New	SEARS HLDGS CORP	$858,136,000	–	20,392,973	–	11.16%	–
JOE	New	ST JOE CO	$526,627,000	–	25,017,933	–	6.85%	–
LUK	New	LEUCADIA NATL CORP	$489,396,000	–	18,664,999	–	6.36%	–
AIGWS	New	AMERICAN INTL GROUP INC*w exp 01/19/202	$442,851,000	–	24,279,115	–	5.76%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$81,313,000	–	726,525	–	1.06%	–
BACWSA	New	BANK OF AMERICA CORPORATION*w exp 01/16/201	$54,078,000	–	9,904,428	–	0.70%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$18,409,000	–	1,346,665	–	0.24%	–
CHK	New	CHESAPEAKE ENERGY CORP	$16,381,000	–	803,800	–	0.21%	–
GNW	New	GENWORTH FINL INC	$12,268,000	–	1,075,200	–	0.16%	–
HIGWS	New	HARTFORD FINL SVCS GROUP INC*w exp 06/26/201	$12,130,000	–	553,900	–	0.16%	–
JPMWS	New	JPMORGAN CHASE & CO*w exp 10/28/201	$11,751,000	–	753,300	–	0.15%	–
WFC	New	WELLS FARGO & CO NEW	$6,248,000	–	151,400	–	0.08%	–
LNCWS	New	LINCOLN NATL CORP IND*w exp 07/10/201	$5,547,000	–	205,810	–	0.07%	–
C	New	CITIGROUP INC	$2,752,000	–	57,360	–	0.04%	–
LNC	New	LINCOLN NATL CORP IND	$1,663,000	–	45,600	–	0.02%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$1,648,000	–	53,300	–	0.02%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,012,000	–	6	–	0.01%	–

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