Semper Augustus Investments Group Activity Q4 2007-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$81,106,010	+1.4%	231,533	-1.3%	19.44%	+2.8%
DG	Buy	DOLLAR GEN CORP NEW	$42,525,887	+71.5%	401,946	+175.3%	10.19%	+73.9%
MCY	Buy	MERCURY GENL CORP NEW	$37,879,625	-0.7%	1,351,396	+7.3%	9.08%	+0.7%
OLN	Sell	OLIN CORP	$25,299,276	-5.2%	506,188	-2.5%	6.06%	-3.9%
NEM	Buy	NEWMONT CORP	$19,460,715	-12.4%	526,677	+1.2%	4.66%	-11.2%
KGC	Buy	KINROSS GOLD CORP	$19,116,327	-4.1%	4,192,177	+0.4%	4.58%	-2.7%
	Sell	HF SINCLAIR CORP	$15,274,205	+5.3%	268,298	-17.5%	3.66%	+6.8%
VIAC	Buy	PARAMOUNT GLOBAL	$15,011,420	-16.9%	1,163,676	+2.5%	3.60%	-15.7%
ALK	Buy	ALASKA AIR GROUP INC	$9,941,927	-26.6%	268,121	+5.3%	2.38%	-25.5%
DIS	Buy	DISNEY WALT CO	$9,908,525	-9.0%	122,252	+0.2%	2.38%	-7.8%
CMI	Sell	CUMMINS INC	$9,341,272	-7.7%	40,888	-0.9%	2.24%	-6.4%
DLTR	Buy	DOLLAR TREE INC	$9,128,833	-16.7%	85,757	+12.3%	2.19%	-15.5%
SBUX	Sell	STARBUCKS CORP	$8,657,872	-10.0%	94,860	-2.3%	2.08%	-8.8%
EQNR	Buy	EQUINOR ASAsponsored adr	$7,838,581	+13.2%	239,054	+0.8%	1.88%	+14.7%
XOM	Sell	EXXON MOBIL CORP	$6,623,869	-16.9%	56,335	-24.2%	1.59%	-15.8%
VLO	Sell	VALERO ENERGY CORP	$5,031,697	-56.2%	35,507	-63.7%	1.21%	-55.6%
NXPI	Sell	NXP SEMICONDUCTORS N V	$4,912,234	-39.6%	24,571	-38.1%	1.18%	-38.8%
COST	Sell	COSTCO WHSL CORP NEW	$2,250,801	+0.2%	3,984	-4.5%	0.54%	+1.7%
NKE	Buy	NIKE INCcl b	$1,084,585	-13.4%	11,343	+0.0%	0.26%	-12.2%
PEP	Sell	PEPSICO INC	$246,874	-15.7%	1,457	-7.9%	0.06%	-14.5%

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$79,974,730	–	234,530	–	18.91%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$66,797,490	–	129	–	15.79%	–
MCY	New	MERCURY GENL CORP NEW	$38,131,886	–	1,259,725	–	9.02%	–
OLN	New	OLIN CORP	$26,678,553	–	519,139	–	6.31%	–
DG	New	DOLLAR GEN CORP NEW	$24,792,125	–	146,025	–	5.86%	–
NEM	New	NEWMONT CORP	$22,212,081	–	520,677	–	5.25%	–
KGC	New	KINROSS GOLD CORP	$19,924,285	–	4,176,999	–	4.71%	–
VIAC	New	PARAMOUNT GLOBAL	$18,055,161	–	1,134,831	–	4.27%	–
	New	HF SINCLAIR CORP	$14,499,365	–	325,025	–	3.43%	–
ALK	New	ALASKA AIR GROUP INC	$13,537,820	–	254,566	–	3.20%	–
VLO	New	VALERO ENERGY CORP	$11,482,849	–	97,893	–	2.72%	–
DLTR	New	DOLLAR TREE INC	$10,954,073	–	76,335	–	2.59%	–
DIS	New	DISNEY WALT CO	$10,894,213	–	122,023	–	2.58%	–
CMI	New	CUMMINS INC	$10,118,244	–	41,272	–	2.39%	–
SBUX	New	STARBUCKS CORP	$9,622,688	–	97,140	–	2.28%	–
NXPI	New	NXP SEMICONDUCTORS N V	$8,129,480	–	39,718	–	1.92%	–
XOM	New	EXXON MOBIL CORP	$7,973,829	–	74,348	–	1.88%	–
EQNR	New	EQUINOR ASAsponsored adr	$6,927,502	–	237,162	–	1.64%	–
MRK	New	MERCK & CO INC	$5,128,393	–	44,444	–	1.21%	–
TRV	New	TRAVELERS COMPANIES INC	$3,500,117	–	20,155	–	0.83%	–
SMHI	New	SEACOR MARINE HLDGS INC	$2,822,947	–	246,977	–	0.67%	–
COST	New	COSTCO WHSL CORP NEW	$2,246,121	–	4,172	–	0.53%	–
	New	GENERAL ELECTRIC CO	$1,819,006	–	16,559	–	0.43%	–
KO	New	COCA COLA CO	$1,350,434	–	22,425	–	0.32%	–
NKE	New	NIKE INCcl b	$1,251,816	–	11,342	–	0.30%	–
AXP	New	AMERICAN EXPRESS CO	$1,119,409	–	6,426	–	0.26%	–
WAFD	New	WASHINGTON FED INC	$731,289	–	27,575	–	0.17%	–
AAPL	New	APPLE INC	$622,256	–	3,208	–	0.15%	–
CVX	New	CHEVRON CORP NEW	$511,860	–	3,253	–	0.12%	–
	New	GE HEALTHCARE TECHNOLOGIES I	$372,160	–	4,581	–	0.09%	–
PEP	New	PEPSICO INC	$293,018	–	1,582	–	0.07%	–
DOW	New	DOW INC	$275,301	–	5,169	–	0.06%	–
	New	SHELL PLCspon ads	$251,664	–	4,168	–	0.06%	–

Q4 2022

			Value		Shares		↓ Weighting
DOW	Exit	DOW INC	$0	–	-5,169	–	-0.07%	–
	Exit	SHELL PLCspon ads	$0	–	-4,868	–	-0.07%	–
PEP	Exit	PEPSICO INC	$0	–	-1,582	–	-0.08%	–
AAPL	Exit	APPLE INC	$0	–	-3,374	–	-0.14%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-3,610	–	-0.16%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-27,847	–	-0.25%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-6,593	–	-0.27%	–
NKE	Exit	NIKE INCcl b	$0	–	-11,515	–	-0.29%	–
	Exit	GENERAL ELECTRIC CO	$0	–	-17,821	–	-0.33%	–
KO	Exit	COCA COLA CO	$0	–	-22,425	–	-0.38%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-250,922	–	-0.43%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-5,119	–	-0.73%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-0.93%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-71,366	–	-1.12%	–
MRK	Exit	MERCK & CO INC	$0	–	-44,473	–	-1.16%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-38,719	–	-1.73%	–
DIS	Exit	DISNEY WALT CO	$0	–	-67,367	–	-1.92%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-196,445	–	-1.97%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-208,447	–	-2.47%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-98,925	–	-2.52%	–
CMI	Exit	CUMMINS INC	$0	–	-41,561	–	-2.56%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-11,065	–	-2.81%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-69,902	–	-2.88%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-44,064	–	-3.20%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-122,353	–	-3.23%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-121,761	–	-3.94%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-3,741,021	–	-4.25%	–
	Exit	HF SINCLAIR CORP	$0	–	-283,360	–	-4.61%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-572,572	–	-4.92%	–
NEM	Exit	NEWMONT CORP	$0	–	-426,434	–	-5.42%	–
VIAC	Exit	PARAMOUNT GLOBAL	$0	–	-1,025,957	–	-5.91%	–
OLN	Exit	OLIN CORP	$0	–	-641,270	–	-8.32%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-102	–	-12.54%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-227,986	–	-18.41%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$60,877,000	-1.4%	227,986	+0.8%	18.41%	+0.6%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$41,460,000	+10.2%	102	+10.9%	12.54%	+12.5%
OLN	Buy	OLIN CORP	$27,498,000	+3.6%	641,270	+11.8%	8.32%	+5.7%
VIAC	Buy	PARAMOUNT GLOBAL	$19,534,000	-17.2%	1,025,957	+7.3%	5.91%	-15.5%
NEM	Buy	NEWMONT CORP	$17,923,000	-26.1%	426,434	+5.0%	5.42%	-24.5%
MCY	Buy	MERCURY GENL CORP NEW	$16,273,000	+157.2%	572,572	+301.0%	4.92%	+162.6%
	Buy	HF SINCLAIR CORP	$15,256,000	+21.0%	283,360	+1.5%	4.61%	+23.5%
KGC	Buy	KINROSS GOLD CORP	$14,066,000	+8.7%	3,741,021	+3.5%	4.25%	+10.9%
VLO	Buy	VALERO ENERGY CORP	$13,010,000	+3.0%	121,761	+2.4%	3.94%	+5.1%
XOM	Sell	EXXON MOBIL CORP	$10,683,000	-21.8%	122,353	-23.3%	3.23%	-20.2%
DG	Sell	DOLLAR GEN CORP NEW	$10,569,000	-2.4%	44,064	-0.1%	3.20%	-0.3%
DLTR	Sell	DOLLAR TREE INC	$9,514,000	-12.7%	69,902	-0.1%	2.88%	-10.9%
Y	Sell	ALLEGHANY CORP MD	$9,288,000	-46.1%	11,065	-46.5%	2.81%	-45.0%
CMI	Buy	CUMMINS INC	$8,458,000	+6.2%	41,561	+1.0%	2.56%	+8.4%
SBUX	Buy	STARBUCKS CORP	$8,335,000	+10.3%	98,925	+0.0%	2.52%	+12.6%
ALK	Buy	ALASKA AIR GROUP INC	$8,161,000	+0.7%	208,447	+3.0%	2.47%	+2.8%
EQNR	Sell	EQUINOR ASAsponsored adr	$6,504,000	-4.9%	196,445	-0.1%	1.97%	-2.9%
DIS	Buy	DISNEY WALT CO	$6,355,000	+2.0%	67,367	+2.1%	1.92%	+4.2%
NXPI	Buy	NXP SEMICONDUCTORS N V	$5,711,000	+6.5%	38,719	+6.9%	1.73%	+8.7%
HXL	Sell	HEXCEL CORP NEW	$3,691,000	-1.2%	71,366	-0.1%	1.12%	+0.8%
SMHI	Sell	SEACOR MARINE HLDGS INC	$1,410,000	-2.6%	250,922	-0.2%	0.43%	-0.7%
NKE	Buy	NIKE INCcl b	$957,000	-17.4%	11,515	+1.6%	0.29%	-15.7%
AXP	Sell	AMERICAN EXPRESS CO	$889,000	-68.6%	6,593	-67.8%	0.27%	-68.0%
WAFD	Sell	WASHINGTON FED INC	$835,000	-54.5%	27,847	-54.5%	0.25%	-53.5%
CVX	Sell	CHEVRON CORP NEW	$519,000	-12.2%	3,610	-11.5%	0.16%	-10.3%
AAPL	New	APPLE INC	$466,000	–	3,374	–	0.14%	–
DOW	New	DOW INC	$227,000	–	5,169	–	0.07%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$61,760,000	–	226,209	–	18.30%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$37,623,000	–	92	–	11.15%	–
OLN	New	OLIN CORP	$26,550,000	–	573,688	–	7.87%	–
NEM	New	NEWMONT CORP	$24,241,000	–	406,256	–	7.18%	–
VIAC	New	PARAMOUNT GLOBAL	$23,591,000	–	955,864	–	6.99%	–
Y	New	ALLEGHANY CORP MD	$17,229,000	–	20,681	–	5.10%	–
XOM	New	EXXON MOBIL CORP	$13,665,000	–	159,565	–	4.05%	–
KGC	New	KINROSS GOLD CORP	$12,944,000	–	3,615,556	–	3.84%	–
VLO	New	VALERO ENERGY CORP	$12,636,000	–	118,892	–	3.74%	–
	New	HF SINCLAIR CORP	$12,609,000	–	279,209	–	3.74%	–
DLTR	New	DOLLAR TREE INC	$10,903,000	–	69,956	–	3.23%	–
DG	New	DOLLAR GEN CORP NEW	$10,824,000	–	44,100	–	3.21%	–
ALK	New	ALASKA AIR GROUP INC	$8,103,000	–	202,318	–	2.40%	–
CMI	New	CUMMINS INC	$7,962,000	–	41,141	–	2.36%	–
SBUX	New	STARBUCKS CORP	$7,555,000	–	98,901	–	2.24%	–
EQNR	New	EQUINOR ASAsponsored adr	$6,838,000	–	196,717	–	2.03%	–
MCY	New	MERCURY GENL CORP NEW	$6,326,000	–	142,802	–	1.87%	–
DIS	New	DISNEY WALT CO	$6,228,000	–	65,975	–	1.84%	–
NXPI	New	NXP SEMICONDUCTORS N V	$5,363,000	–	36,231	–	1.59%	–
MRK	New	MERCK & CO INC	$4,055,000	–	44,473	–	1.20%	–
HXL	New	HEXCEL CORP NEW	$3,737,000	–	71,438	–	1.11%	–
TRV	New	TRAVELERS COMPANIES INC	$3,383,000	–	20,000	–	1.00%	–
AXP	New	AMERICAN EXPRESS CO	$2,835,000	–	20,451	–	0.84%	–
COST	New	COSTCO WHSL CORP NEW	$2,453,000	–	5,119	–	0.73%	–
WAFD	New	WASHINGTON FED INC	$1,837,000	–	61,190	–	0.54%	–
SMHI	New	SEACOR MARINE HLDGS INC	$1,448,000	–	251,428	–	0.43%	–
KO	New	COCA COLA CO	$1,411,000	–	22,425	–	0.42%	–
NKE	New	NIKE INCcl b	$1,158,000	–	11,335	–	0.34%	–
	New	GENERAL ELECTRIC CO	$1,135,000	–	17,821	–	0.34%	–
CVX	New	CHEVRON CORP NEW	$591,000	–	4,079	–	0.18%	–
PEP	New	PEPSICO INC	$264,000	–	1,582	–	0.08%	–
	New	SHELL PLCspon ads	$255,000	–	4,868	–	0.08%	–

Q4 2021

			Value		Shares		↓ Weighting
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-4,868	–	-0.07%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-4,437	–	-0.07%	–
PEP	Exit	PEPSICO INC	$0	–	-1,582	–	-0.08%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-4,600	–	-0.08%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDG	$0	–	-14,000	–	-0.09%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-900	–	-0.10%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-3,288	–	-0.11%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-21,000	–	-0.20%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-260,372	–	-0.39%	–
KO	Exit	COCA COLA CO	$0	–	-23,500	–	-0.40%	–
NKE	Exit	NIKE INCcl b	$0	–	-10,639	–	-0.50%	–
	Exit	GENERAL ELECTRIC CO	$0	–	-17,821	–	-0.59%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-64,478	–	-0.72%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-10,627	–	-0.73%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-5,507	–	-0.80%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-0.98%	–
OXYWS	Exit	OCCIDENTAL PETE CORP*w exp 08/03/202	$0	–	-266,717	–	-1.02%	–
MRK	Exit	MERCK & CO INC	$0	–	-44,073	–	-1.07%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-21,908	–	-1.19%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-71,118	–	-1.36%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-23,233	–	-1.47%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-188,356	–	-1.55%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-8,595	–	-1.73%	–
DIS	Exit	DISNEY WALT CO	$0	–	-37,559	–	-2.05%	–
CMI	Exit	CUMMINS INC	$0	–	-29,111	–	-2.11%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-69,122	–	-2.14%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-122,227	–	-2.32%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-134,516	–	-2.42%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-116,990	–	-2.67%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-78,207	–	-2.79%	–
HFC	Exit	HOLLYFRONTIER CORP	$0	–	-269,298	–	-2.88%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-165,173	–	-3.14%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-2,091,111	–	-3.62%	–
NEM	Exit	NEWMONT CORP	$0	–	-381,192	–	-6.69%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-766,023	–	-9.78%	–
OLN	Exit	OLIN CORP	$0	–	-732,298	–	-11.42%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-86	–	-11.43%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-218,209	–	-19.24%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$59,558,000	+4.1%	218,209	+6.0%	19.24%	+1.4%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$35,379,000	-0.6%	86	+1.2%	11.43%	-3.2%
OLN	Sell	OLIN CORP	$35,333,000	+4.1%	732,298	-0.2%	11.42%	+1.3%
VIAC	Buy	VIACOMCBS INCcl b	$30,266,000	+11.2%	766,023	+27.2%	9.78%	+8.3%
NEM	Buy	NEWMONT CORP	$20,699,000	-9.4%	381,192	+5.7%	6.69%	-11.8%
KGC	Buy	KINROSS GOLD CORP	$11,208,000	-0.4%	2,091,111	+18.0%	3.62%	-3.0%
XOM	Buy	EXXON MOBIL CORP	$9,715,000	-6.3%	165,173	+0.5%	3.14%	-8.8%
HFC	Buy	HOLLYFRONTIER CORP	$8,922,000	+8.6%	269,298	+7.8%	2.88%	+5.7%
SBUX	Sell	STARBUCKS CORP	$8,627,000	-8.8%	78,207	-7.6%	2.79%	-11.2%
VLO	Buy	VALERO ENERGY CORP	$8,256,000	-1.8%	116,990	+8.7%	2.67%	-4.4%
MCY	Sell	MERCURY GENL CORP NEW	$7,489,000	-19.6%	134,516	-6.2%	2.42%	-21.7%
ALK	Buy	ALASKA AIR GROUP INC	$7,163,000	+33.9%	122,227	+37.8%	2.32%	+30.3%
DLTR	New	DOLLAR TREE INC	$6,616,000	–	69,122	–	2.14%	–
CMI	Sell	CUMMINS INC	$6,537,000	-8.1%	29,111	-0.2%	2.11%	-10.5%
DIS	Sell	DISNEY WALT CO	$6,354,000	-6.6%	37,559	-3.0%	2.05%	-9.1%
Y	Buy	ALLEGHANY CORP MD	$5,367,000	-5.4%	8,595	+1.0%	1.73%	-8.0%
EQNR	Sell	EQUINOR ASAsponsored adr	$4,803,000	+20.0%	188,356	-0.2%	1.55%	+16.8%
NXPI	Sell	NXP SEMICONDUCTORS N V	$4,551,000	-5.0%	23,233	-0.3%	1.47%	-7.5%
HXL	Sell	HEXCEL CORP NEW	$4,224,000	-4.9%	71,118	-0.0%	1.36%	-7.4%
AXP	Sell	AMERICAN EXPRESS CO	$3,670,000	-0.1%	21,908	-1.5%	1.19%	-2.7%
COST	Sell	COSTCO WHSL CORP NEW	$2,475,000	-7.3%	5,507	-18.4%	0.80%	-9.8%
DG	Sell	DOLLAR GEN CORP NEW	$2,254,000	-2.1%	10,627	-0.1%	0.73%	-4.7%
WAFD	Sell	WASHINGTON FED INC	$2,212,000	+7.8%	64,478	-0.1%	0.72%	+5.0%
	New	GENERAL ELECTRIC CO	$1,836,000	–	17,821	–	0.59%	–
NKE	Sell	NIKE INCcl b	$1,545,000	-6.3%	10,639	-0.3%	0.50%	-8.8%
KO	Sell	COCA COLA CO	$1,233,000	-10.7%	23,500	-7.8%	0.40%	-13.1%
SMHI	Sell	SEACOR MARINE HLDGS INC	$1,206,000	+4.9%	260,372	-0.1%	0.39%	+2.1%
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$217,000	–	4,868	–	0.07%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-142,607	–	-0.64%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$57,198,000	–	205,808	–	18.99%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$35,581,000	–	85	–	11.81%	–
OLN	New	OLIN CORP	$33,950,000	–	733,900	–	11.27%	–
VIAC	New	VIACOMCBS INCcl b	$27,214,000	–	602,081	–	9.03%	–
NEM	New	NEWMONT CORP	$22,851,000	–	360,539	–	7.59%	–
KGC	New	KINROSS GOLD CORP	$11,252,000	–	1,771,994	–	3.74%	–
XOM	New	EXXON MOBIL CORP	$10,367,000	–	164,340	–	3.44%	–
SBUX	New	STARBUCKS CORP	$9,459,000	–	84,602	–	3.14%	–
MCY	New	MERCURY GENL CORP NEW	$9,313,000	–	143,390	–	3.09%	–
VLO	New	VALERO ENERGY CORP	$8,407,000	–	107,671	–	2.79%	–
HFC	New	HOLLYFRONTIER CORP	$8,216,000	–	249,735	–	2.73%	–
CMI	New	CUMMINS INC	$7,112,000	–	29,172	–	2.36%	–
DIS	New	DISNEY WALT CO	$6,803,000	–	38,702	–	2.26%	–
Y	New	ALLEGHANY CORP MD	$5,676,000	–	8,509	–	1.88%	–
ALK	New	ALASKA AIR GROUP INC	$5,349,000	–	88,700	–	1.78%	–
NXPI	New	NXP SEMICONDUCTORS N V	$4,792,000	–	23,293	–	1.59%	–
HXL	New	HEXCEL CORP NEW	$4,440,000	–	71,146	–	1.47%	–
EQNR	New	EQUINOR ASAsponsored adr	$4,003,000	–	188,807	–	1.33%	–
OXYWS	New	OCCIDENTAL PETE CORP*w exp 08/03/202	$3,710,000	–	266,717	–	1.23%	–
AXP	New	AMERICAN EXPRESS CO	$3,673,000	–	22,231	–	1.22%	–
MRK	New	MERCK & CO INC	$3,428,000	–	44,073	–	1.14%	–
TRV	New	TRAVELERS COMPANIES INC	$2,994,000	–	20,000	–	0.99%	–
COST	New	COSTCO WHSL CORP NEW	$2,671,000	–	6,750	–	0.89%	–
DG	New	DOLLAR GEN CORP NEW	$2,302,000	–	10,640	–	0.76%	–
WAFD	New	WASHINGTON FED INC	$2,052,000	–	64,559	–	0.68%	–
GE	New	GENERAL ELECTRIC CO	$1,919,000	–	142,607	–	0.64%	–
NKE	New	NIKE INCcl b	$1,649,000	–	10,675	–	0.55%	–
KO	New	COCA COLA CO	$1,380,000	–	25,500	–	0.46%	–
SMHI	New	SEACOR MARINE HLDGS INC	$1,150,000	–	260,735	–	0.38%	–
OXY	New	OCCIDENTAL PETE CORP	$657,000	–	21,000	–	0.22%	–
CVX	New	CHEVRON CORP NEW	$344,000	–	3,288	–	0.11%	–
PSTH	New	PERSHING SQUARE TONTINE HLDG	$319,000	–	14,000	–	0.11%	–
FB	New	FACEBOOK INCcl a	$313,000	–	900	–	0.10%	–
RCII	New	RENT A CTR INC NEW	$244,000	–	4,600	–	0.08%	–
PEP	New	PEPSICO INC	$234,000	–	1,582	–	0.08%	–
SYF	New	SYNCHRONY FINANCIAL	$215,000	–	4,437	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
PEP	Exit	PEPSICO INC	$0	–	-1,582	–	-0.11%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-257,672	–	-0.27%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-142,607	–	-0.46%	–
KO	Exit	COCA COLA CO	$0	–	-25,500	–	-0.65%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-64,993	–	-0.70%	–
NKE	Exit	NIKE INCcl b	$0	–	-13,531	–	-0.87%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-139,906	–	-1.01%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.11%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-10,684	–	-1.15%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-22,902	–	-1.18%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-71,851	–	-1.24%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-30,843	–	-1.51%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-92,035	–	-1.73%	–
MRK	Exit	MERCK & CO. INC	$0	–	-44,044	–	-1.88%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-8,017	–	-2.14%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-142,964	–	-2.52%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-17,238	–	-3.14%	–
CMI	Exit	CUMMINS INC	$0	–	-30,008	–	-3.25%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-51,839	–	-3.32%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-216,227	–	-4.59%	–
OLN	Exit	OLIN CORP	$0	–	-724,993	–	-4.61%	–
DIS	Exit	DISNEY WALT CO	$0	–	-76,417	–	-4.87%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-123,017	–	-5.43%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,216,635	–	-5.51%	–
NEM	Exit	NEWMONT CORP	$0	–	-314,001	–	-10.23%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-85	–	-13.97%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-206,361	–	-22.56%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$43,943,000	+18.0%	206,361	-1.1%	22.56%	+7.1%
NEM	Buy	NEWMONT CORP	$19,923,000	+4.2%	314,001	+1.4%	10.23%	-5.3%
KGC	Buy	KINROSS GOLD CORP	$10,731,000	+25.1%	1,216,635	+2.4%	5.51%	+13.6%
SBUX	Sell	STARBUCKS CORP	$10,570,000	+16.2%	123,017	-0.5%	5.43%	+5.5%
DIS	Sell	DISNEY WALT CO	$9,482,000	+10.8%	76,417	-0.5%	4.87%	+0.6%
OLN	Buy	OLIN CORP	$8,975,000	+9.7%	724,993	+1.8%	4.61%	-0.4%
MCY	Buy	MERCURY GENL CORP NEW	$8,945,000	+4.6%	216,227	+3.0%	4.59%	-5.0%
NXPI	Sell	NXP SEMICONDUCTORS N V	$6,470,000	+8.7%	51,839	-0.7%	3.32%	-1.3%
CMI	Sell	CUMMINS INC	$6,336,000	+18.6%	30,008	-2.7%	3.25%	+7.7%
COST	Sell	COSTCO WHSL CORP NEW	$6,119,000	+5.3%	17,238	-10.0%	3.14%	-4.4%
XOM	Sell	EXXON MOBIL CORP	$4,908,000	-23.6%	142,964	-0.5%	2.52%	-30.6%
Y	Buy	ALLEGHANY CORP DEL	$4,172,000	+7.0%	8,017	+0.6%	2.14%	-2.8%
ALK	Sell	ALASKA AIR GROUP INC	$3,371,000	+0.5%	92,035	-0.5%	1.73%	-8.7%
GPC	Sell	GENUINE PARTS CO	$2,935,000	+8.7%	30,843	-0.7%	1.51%	-1.3%
HXL	Sell	HEXCEL CORP NEW	$2,411,000	-26.2%	71,851	-0.6%	1.24%	-33.0%
AXP	Sell	AMERICAN EXPRESS CO	$2,296,000	+4.1%	22,902	-1.1%	1.18%	-5.5%
DG	Sell	DOLLAR GEN CORP NEW	$2,240,000	+9.6%	10,684	-0.4%	1.15%	-0.4%
EQNR	Sell	EQUINOR ASAsponsored adr	$1,967,000	-3.6%	139,906	-0.7%	1.01%	-12.5%
NKE	Sell	NIKE INCcl b	$1,699,000	+27.3%	13,531	-0.6%	0.87%	+15.5%
WAFD	Sell	WASHINGTON FED INC	$1,356,000	-22.6%	64,993	-0.4%	0.70%	-29.8%
SMHI	Sell	SEACOR MARINE HLDGS INC	$523,000	-20.8%	257,672	-0.5%	0.27%	-27.9%

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$37,255,000	–	208,701	–	21.06%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$22,720,000	–	85	–	12.85%	–
NEM	New	NEWMONT CORP	$19,114,000	–	309,595	–	10.81%	–
SBUX	New	STARBUCKS CORP	$9,099,000	–	123,647	–	5.14%	–
KGC	New	KINROSS GOLD CORP	$8,577,000	–	1,187,953	–	4.85%	–
DIS	New	DISNEY WALT CO	$8,561,000	–	76,771	–	4.84%	–
MCY	New	MERCURY GENL CORP NEW	$8,554,000	–	209,903	–	4.84%	–
OLN	New	OLIN CORP	$8,184,000	–	712,272	–	4.63%	–
XOM	New	EXXON MOBIL CORP	$6,425,000	–	143,663	–	3.63%	–
NXPI	New	NXP SEMICONDUCTORS N V	$5,953,000	–	52,202	–	3.37%	–
COST	New	COSTCO WHSL CORP NEW	$5,810,000	–	19,161	–	3.28%	–
CMI	New	CUMMINS INC	$5,341,000	–	30,826	–	3.02%	–
Y	New	ALLEGHANY CORP DEL	$3,898,000	–	7,970	–	2.20%	–
MRK	New	MERCK & CO. INC	$3,406,000	–	44,044	–	1.93%	–
ALK	New	ALASKA AIR GROUP INC	$3,354,000	–	92,500	–	1.90%	–
HXL	New	HEXCEL CORP NEW	$3,269,000	–	72,282	–	1.85%	–
GPC	New	GENUINE PARTS CO	$2,700,000	–	31,053	–	1.53%	–
TRV	New	TRAVELERS COMPANIES INC	$2,281,000	–	20,000	–	1.29%	–
AXP	New	AMERICAN EXPRESS CO	$2,205,000	–	23,161	–	1.25%	–
DG	New	DOLLAR GEN CORP NEW	$2,043,000	–	10,722	–	1.16%	–
EQNR	New	EQUINOR ASAsponsored adr	$2,041,000	–	140,944	–	1.15%	–
WAFD	New	WASHINGTON FED INC	$1,752,000	–	65,276	–	0.99%	–
NKE	New	NIKE INCcl b	$1,335,000	–	13,615	–	0.76%	–
KO	New	COCA COLA CO	$1,139,000	–	25,500	–	0.64%	–
GE	New	GENERAL ELECTRIC CO	$974,000	–	142,607	–	0.55%	–
SMHI	New	SEACOR MARINE HLDGS INC	$660,000	–	259,015	–	0.37%	–
PEP	New	PEPSICO INC	$209,000	–	1,582	–	0.12%	–

Q4 2019

			Value		Shares		↓ Weighting
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-4,868	–	-0.16%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-5,106	–	-0.32%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-119,415	–	-0.61%	–
NKE	Exit	NIKE INCcl b	$0	–	-12,854	–	-0.69%	–
KO	Exit	COCA COLA CO	$0	–	-30,000	–	-0.94%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-55,343	–	-1.17%	–
INTC	Exit	INTEL CORP	$0	–	-40,371	–	-1.19%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-119,367	–	-1.30%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-20,628	–	-1.40%	–
DIS	Exit	DISNEY WALT CO	$0	–	-21,811	–	-1.63%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.70%	–
AVX	Exit	AVX CORP NEW	$0	–	-211,588	–	-1.84%	–
MRK	Exit	MERCK & CO INC	$0	–	-42,512	–	-2.05%	–
OLN	Exit	OLIN CORP	$0	–	-216,916	–	-2.33%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-331,313	–	-2.38%	–
CMI	Exit	CUMMINS INC	$0	–	-29,649	–	-2.76%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-61,106	–	-2.77%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,090,010	–	-2.87%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-61,768	–	-2.90%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-19,619	–	-3.24%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-53,177	–	-3.32%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-107,704	–	-3.45%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-113,297	–	-4.58%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-53,826	–	-4.90%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-114,369	–	-5.79%	–
NEM	Exit	NEWMONT GOLDCORP CORPORATION	$0	–	-290,657	–	-6.31%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-84	–	-15.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-187,851	–	-22.38%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$39,077,000	+1.1%	187,851	+3.6%	22.38%	-2.2%
NEM	Buy	NEWMONT GOLDCORP CORPORATION	$11,022,000	-0.6%	290,657	+0.8%	6.31%	-3.9%
SBUX	Buy	STARBUCKS CORP	$10,113,000	+5.9%	114,369	+0.4%	5.79%	+2.4%
DG	Sell	DOLLAR GEN CORP NEW	$8,555,000	+16.3%	53,826	-1.1%	4.90%	+12.5%
XOM	Buy	EXXON MOBIL CORP	$8,000,000	-5.1%	113,297	+3.0%	4.58%	-8.3%
MCY	Sell	MERCURY GENL CORP NEW	$6,019,000	-10.9%	107,704	-0.3%	3.45%	-13.8%
NXPI	Buy	NXP SEMICONDUCTORS N V	$5,803,000	+12.6%	53,177	+0.7%	3.32%	+8.9%
COST	Buy	COSTCO WHSL CORP NEW	$5,652,000	+9.5%	19,619	+0.5%	3.24%	+5.9%
HXL	Buy	HEXCEL CORP NEW	$5,073,000	+1.8%	61,768	+0.2%	2.90%	-1.6%
KGC	Buy	KINROSS GOLD CORP	$5,014,000	+18.8%	1,090,010	+0.2%	2.87%	+14.9%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$4,843,000	+3.7%	61,106	+1.1%	2.77%	+0.3%
CMI	Buy	CUMMINS INC	$4,823,000	-4.0%	29,649	+1.2%	2.76%	-7.2%
SMHI	Buy	SEACOR MARINE HLDGS INC	$4,165,000	-13.4%	331,313	+3.1%	2.38%	-16.3%
OLN	New	OLIN CORP	$4,061,000	–	216,916	–	2.33%	–
MRK	Sell	MERCK & CO INC	$3,579,000	-0.1%	42,512	-0.5%	2.05%	-3.4%
AVX	Buy	AVX CORP NEW	$3,216,000	-5.1%	211,588	+3.7%	1.84%	-8.2%
DIS	Buy	DISNEY WALT CO	$2,842,000	-5.4%	21,811	+1.4%	1.63%	-8.5%
AXP	Buy	AMERICAN EXPRESS CO	$2,440,000	-3.2%	20,628	+1.0%	1.40%	-6.4%
EQNR	Buy	EQUINOR ASAsponsored adr	$2,262,000	-0.7%	119,367	+3.7%	1.30%	-3.9%
INTC	Buy	INTEL CORP	$2,080,000	+9.9%	40,371	+2.2%	1.19%	+6.2%
WAFD	Buy	WASHINGTON FED INC	$2,047,000	+7.9%	55,343	+1.9%	1.17%	+4.3%
NKE	Buy	NIKE INCcl b	$1,207,000	+13.0%	12,854	+1.0%	0.69%	+9.2%

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$38,647,000	–	181,295	–	22.90%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$26,741,000	–	84	–	15.84%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$11,093,000	–	288,349	–	6.57%	–
SBUX	New	STARBUCKS CORP	$9,549,000	–	113,915	–	5.66%	–
XOM	New	EXXON MOBIL CORP	$8,431,000	–	110,024	–	5.00%	–
DG	New	DOLLAR GEN CORP NEW	$7,353,000	–	54,405	–	4.36%	–
MCY	New	MERCURY GENL CORP NEW	$6,753,000	–	108,043	–	4.00%	–
COST	New	COSTCO WHSL CORP NEW	$5,161,000	–	19,530	–	3.06%	–
NXPI	New	NXP SEMICONDUCTORS N V	$5,154,000	–	52,798	–	3.05%	–
CMI	New	CUMMINS INC	$5,022,000	–	29,311	–	2.98%	–
HXL	New	HEXCEL CORP NEW	$4,985,000	–	61,632	–	2.95%	–
SMHI	New	SEACOR MARINE HLDGS INC	$4,810,000	–	321,498	–	2.85%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$4,669,000	–	60,430	–	2.77%	–
KGC	New	KINROSS GOLD CORP	$4,219,000	–	1,087,314	–	2.50%	–
MRK	New	MERCK & CO INC	$3,582,000	–	42,723	–	2.12%	–
AVX	New	AVX CORP NEW	$3,388,000	–	204,090	–	2.01%	–
DIS	New	DISNEY WALT CO	$3,003,000	–	21,505	–	1.78%	–
TRV	New	TRAVELERS COMPANIES INC	$2,990,000	–	20,000	–	1.77%	–
AXP	New	AMERICAN EXPRESS CO	$2,521,000	–	20,425	–	1.49%	–
EQNR	New	EQUINOR ASAsponsored adr	$2,277,000	–	115,113	–	1.35%	–
WAFD	New	WASHINGTON FED INC	$1,897,000	–	54,320	–	1.12%	–
INTC	New	INTEL CORP	$1,892,000	–	39,520	–	1.12%	–
KO	New	COCA COLA CO	$1,528,000	–	30,000	–	0.90%	–
GE	New	GENERAL ELECTRIC CO	$1,254,000	–	119,415	–	0.74%	–
NKE	New	NIKE INCcl b	$1,068,000	–	12,723	–	0.63%	–
MDT	New	MEDTRONIC PLC	$497,000	–	5,106	–	0.29%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$317,000	–	4,868	–	0.19%	–

Q4 2018

			Value		Shares		↓ Weighting
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-4,868	–	-0.19%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-5,050	–	-0.29%	–
INTC	Exit	INTEL CORP	$0	–	-21,161	–	-0.58%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-119,515	–	-0.78%	–
KO	Exit	COCA COLA CO	$0	–	-30,000	–	-0.80%	–
AVX	Exit	AVX CORP NEW	$0	–	-97,380	–	-1.01%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-55,204	–	-1.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-21,761	–	-1.34%	–
DIS	Exit	DISNEY WALT CO	$0	–	-21,929	–	-1.48%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.50%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-30,378	–	-1.50%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,106,958	–	-1.72%	–
MRK	Exit	MERCK & CO INC	$0	–	-42,723	–	-1.75%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-110,240	–	-1.79%	–
NKE	Exit	NIKE INCcl b	$0	–	-39,618	–	-1.94%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-380,070	–	-2.24%	–
CMI	Exit	CUMMINS INC	$0	–	-30,035	–	-2.53%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-66,278	–	-2.56%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-19,816	–	-2.68%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-175,676	–	-3.06%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-123,472	–	-3.18%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-57,621	–	-3.63%	–
USG	Exit	U S G CORP	$0	–	-147,992	–	-3.70%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-328,858	–	-4.29%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-154,390	–	-4.47%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-114,029	–	-5.59%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-176,492	–	-5.79%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-86	–	-15.87%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-184,062	–	-22.73%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$39,410,000	+14.7%	184,062	-0.0%	22.73%	+5.7%
SBUX	Sell	STARBUCKS CORP	$10,032,000	+16.3%	176,492	-0.0%	5.79%	+7.2%
XOM	Sell	EXXON MOBIL CORP	$9,695,000	+2.7%	114,029	-0.1%	5.59%	-5.3%
MCY	Sell	MERCURY GENL CORP NEW	$7,744,000	+10.1%	154,390	-0.0%	4.47%	+1.5%
USG	Sell	U S G CORP	$6,410,000	-1.0%	147,992	-1.4%	3.70%	-8.7%
DG	Sell	DOLLAR GEN CORP NEW	$6,298,000	+10.8%	57,621	-0.0%	3.63%	+2.1%
HXL	Sell	HEXCEL CORP NEW	$4,444,000	+1.0%	66,278	-0.0%	2.56%	-6.9%
CMI	New	CUMMINS INC	$4,387,000	–	30,035	–	2.53%	–
GG	Sell	GOLDCORP INC NEW	$3,877,000	-25.6%	380,070	-0.0%	2.24%	-31.4%
NXPI	New	NXP SEMICONDUCTORS N V	$2,597,000	–	30,378	–	1.50%	–
DIS	Sell	DISNEY WALT CO	$2,564,000	+11.6%	21,929	-0.0%	1.48%	+2.9%
AXP	Sell	AMERICAN EXPRESS CO	$2,317,000	+8.5%	21,761	-0.1%	1.34%	0.0%
WAFD	Sell	WASHINGTON FED INC	$1,767,000	-2.1%	55,204	-0.0%	1.02%	-9.7%
AVX	Sell	AVX CORP NEW	$1,758,000	+10.2%	97,380	-4.3%	1.01%	+1.6%
FAX	Exit	ABERDEEN ASIA PACIFIC INCOM	$0	–	-10,200	–	-0.03%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-46,494	–	-1.97%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$34,365,000	–	184,114	–	21.50%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$24,255,000	–	86	–	15.18%	–
XOM	New	EXXON MOBIL CORP	$9,442,000	–	114,129	–	5.91%	–
SBUX	New	STARBUCKS CORP	$8,623,000	–	176,518	–	5.40%	–
SMHI	New	SEACOR MARINE HLDGS INC	$7,593,000	–	328,858	–	4.75%	–
MCY	New	MERCURY GENL CORP NEW	$7,034,000	–	154,391	–	4.40%	–
NEM	New	NEWMONT MINING CORP	$6,625,000	–	175,676	–	4.14%	–
USG	New	U S G CORP	$6,472,000	–	150,093	–	4.05%	–
DG	New	DOLLAR GEN CORP NEW	$5,684,000	–	57,647	–	3.56%	–
GG	New	GOLDCORP INC NEW	$5,211,000	–	380,071	–	3.26%	–
SNY	New	SANOFIsponsored adr	$4,940,000	–	123,472	–	3.09%	–
HXL	New	HEXCEL CORP NEW	$4,400,000	–	66,279	–	2.75%	–
KGC	New	KINROSS GOLD CORP	$4,162,000	–	1,106,958	–	2.60%	–
COST	New	COSTCO WHSL CORP NEW	$4,141,000	–	19,816	–	2.59%	–
NKE	New	NIKE INCcl b	$3,157,000	–	39,618	–	1.98%	–
VR	New	VALIDUS HOLDINGS LTD	$3,143,000	–	46,494	–	1.97%	–
EQNR	New	EQUINOR ASAsponsored adr	$2,911,000	–	110,240	–	1.82%	–
MRK	New	MERCK & CO INC	$2,593,000	–	42,723	–	1.62%	–
TRV	New	TRAVELERS COMPANIES INC	$2,447,000	–	20,000	–	1.53%	–
DIS	New	DISNEY WALT CO	$2,298,000	–	21,930	–	1.44%	–
AXP	New	AMERICAN EXPRESS CO	$2,135,000	–	21,781	–	1.34%	–
WAFD	New	WASHINGTON FED INC	$1,805,000	–	55,205	–	1.13%	–
GE	New	GENERAL ELECTRIC CO	$1,627,000	–	119,515	–	1.02%	–
AVX	New	AVX CORP NEW	$1,595,000	–	101,758	–	1.00%	–
KO	New	COCA COLA CO	$1,316,000	–	30,000	–	0.82%	–
INTC	New	INTEL CORP	$1,052,000	–	21,161	–	0.66%	–
MDT	New	MEDTRONIC PLC	$432,000	–	5,050	–	0.27%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$337,000	–	4,868	–	0.21%	–
FAX	New	ABERDEEN ASIA PACIFIC INCOM	$44,000	–	10,200	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-4,868	–	-0.22%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-5,000	–	-0.29%	–
DST	Exit	DST SYS INC DEL	$0	–	-10,136	–	-0.41%	–
KO	Exit	COCA COLA CO	$0	–	-30,000	–	-1.00%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-381,990	–	-1.20%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-56,031	–	-1.39%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-22,091	–	-1.48%	–
NKE	Exit	NIKE INCcl b	$0	–	-40,251	–	-1.54%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.81%	–
STO	Exit	STATOIL ASAsponsored adr	$0	–	-126,514	–	-1.88%	–
MRK	Exit	MERCK & CO INC	$0	–	-42,723	–	-2.02%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-55,851	–	-2.03%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-119,415	–	-2.14%	–
INTC	Exit	INTEL CORP	$0	–	-86,731	–	-2.44%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-20,251	–	-2.46%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-64,792	–	-2.72%	–
SMHI	Exit	SEACOR MARINE HLDGS INC	$0	–	-239,829	–	-2.77%	–
AVX	Exit	AVX CORP NEW	$0	–	-222,558	–	-3.00%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-82,444	–	-3.50%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-58,626	–	-3.51%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-105,188	–	-3.87%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-442,017	–	-4.24%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-197,021	–	-5.46%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-106,161	–	-6.44%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-86	–	-17.47%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-182,138	–	-24.69%	–

Q3 2017

			Value		Shares		↓ Weighting
DG	Buy	DOLLAR GEN CORP NEW	$4,752,000	+12.7%	58,626	+0.2%	3.51%	+8.5%
SMHI	Buy	SEACOR MARINE HLDGS INC	$3,751,000	+123.7%	239,829	+191.2%	2.77%	+115.4%
NKE	Buy	NIKE INCcl b	$2,087,000	-10.7%	40,251	+1.6%	1.54%	-14.1%
AXP	Sell	AMERICAN EXPRESS CO	$1,998,000	-34.4%	22,091	-38.9%	1.48%	-36.8%
DST	Sell	DST SYS INC DEL	$556,000	-40.5%	10,136	-33.0%	0.41%	-42.7%
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-55,468	–	-0.84%	–
CNA	Exit	CNA FINL CORP	$0	–	-37,405	–	-1.40%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$30,849,000	–	182,138	–	23.70%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$21,904,000	–	86	–	16.83%	–
XOM	New	EXXON MOBIL CORP	$8,570,000	–	106,161	–	6.58%	–
NEM	New	NEWMONT MINING CORP	$6,382,000	–	197,021	–	4.90%	–
GG	New	GOLDCORP INC NEW	$5,706,000	–	442,017	–	4.38%	–
SNY	New	SANOFIsponsored adr	$5,040,000	–	105,188	–	3.87%	–
HXL	New	HEXCEL CORP NEW	$4,352,000	–	82,444	–	3.34%	–
DG	New	DOLLAR GEN CORP NEW	$4,217,000	–	58,492	–	3.24%	–
AVX	New	AVX CORP NEW	$3,637,000	–	222,558	–	2.79%	–
MCY	New	MERCURY GENL CORP NEW	$3,499,000	–	64,792	–	2.69%	–
COST	New	COSTCO WHSL CORP NEW	$3,239,000	–	20,251	–	2.49%	–
GE	New	GENERAL ELECTRIC CO	$3,225,000	–	119,415	–	2.48%	–
AXP	New	AMERICAN EXPRESS CO	$3,044,000	–	36,130	–	2.34%	–
INTC	New	INTEL CORP	$2,926,000	–	86,731	–	2.25%	–
VR	New	VALIDUS HOLDINGS LTD	$2,903,000	–	55,851	–	2.23%	–
MRK	New	MERCK & CO INC	$2,738,000	–	42,723	–	2.10%	–
TRV	New	TRAVELERS COMPANIES INC	$2,531,000	–	20,000	–	1.94%	–
NKE	New	NIKE INCcl b	$2,338,000	–	39,619	–	1.80%	–
STO	New	STATOIL ASAsponsored adr	$2,091,000	–	126,514	–	1.61%	–
WAFD	New	WASHINGTON FED INC	$1,860,000	–	56,031	–	1.43%	–
CNA	New	CNA FINL CORP	$1,823,000	–	37,405	–	1.40%	–
SMHI	New	SEACOR MARINE HLDGS INC	$1,677,000	–	82,351	–	1.29%	–
KGC	New	KINROSS GOLD CORP	$1,555,000	–	381,990	–	1.19%	–
KO	New	COCA COLA CO	$1,346,000	–	30,000	–	1.03%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,094,000	–	55,468	–	0.84%	–
DST	New	DST SYS INC DEL	$934,000	–	15,136	–	0.72%	–
MDT	New	MEDTRONIC PLC	$444,000	–	5,000	–	0.34%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$259,000	–	4,868	–	0.20%	–

Q4 2016

			Value		Shares		↓ Weighting
VICL	Exit	VICAL INC	$0	–	-36,848	–	-0.08%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-4,868	–	-0.18%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-9,532	–	-0.19%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-5,000	–	-0.31%	–
DST	Exit	DST SYS INC DEL	$0	–	-5,514	–	-0.47%	–
CB	Exit	CHUBB LIMITED	$0	–	-6,018	–	-0.55%	–
CNA	Exit	CNA FINL CORP	$0	–	-37,580	–	-0.94%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-56,018	–	-1.14%	–
KO	Exit	COCA COLA CO	$0	–	-50,000	–	-1.54%	–
STO	Exit	STATOIL ASAsponsored adr	$0	–	-126,974	–	-1.55%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-529,940	–	-1.62%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.66%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-36,267	–	-1.68%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-19,870	–	-1.70%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-56,001	–	-2.02%	–
AVX	Exit	AVX CORP NEW	$0	–	-223,449	–	-2.24%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-20,302	–	-2.25%	–
INTC	Exit	INTEL CORP	$0	–	-87,125	–	-2.39%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-82,904	–	-2.66%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-129,415	–	-2.78%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-105,774	–	-2.93%	–
MRK	Exit	MERCK & CO INC	$0	–	-78,477	–	-3.55%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-305,027	–	-4.21%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-231,068	–	-4.47%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-373,810	–	-4.48%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-197,896	–	-5.64%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-169,788	–	-6.76%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-106,768	–	-6.76%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-86	–	-13.49%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-188,605	–	-19.76%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$27,248,000	-0.3%	188,605	-0.1%	19.76%	-0.3%
XOM	Sell	EXXON MOBIL CORP	$9,319,000	-7.1%	106,768	-0.2%	6.76%	-7.1%
MCY	Sell	MERCURY GENL CORP NEW	$9,313,000	+3.0%	169,788	-0.2%	6.76%	+3.0%
GG	Sell	GOLDCORP INC NEW	$6,175,000	-13.9%	373,810	-0.3%	4.48%	-13.9%
WAFD	Sell	WASHINGTON FED INC	$6,165,000	+9.8%	231,068	-0.2%	4.47%	+9.8%
LUK	Sell	LEUCADIA NATL CORP	$5,808,000	+9.9%	305,027	-0.0%	4.21%	+9.9%
MRK	Sell	MERCK & CO INC	$4,898,000	+8.0%	78,477	-0.3%	3.55%	+8.0%
SNY	Buy	SANOFIsponsored adr	$4,040,000	-4.9%	105,774	+4.2%	2.93%	-4.9%
HXL	Sell	HEXCEL CORP NEW	$3,673,000	+6.3%	82,904	-0.1%	2.66%	+6.4%
INTC	Sell	INTEL CORP	$3,289,000	+15.0%	87,125	-0.1%	2.39%	+15.1%
AVX	Sell	AVX CORP NEW	$3,081,000	+1.5%	223,449	-0.0%	2.24%	+1.5%
KGC	Sell	KINROSS GOLD CORP	$2,231,000	-14.0%	529,940	-0.0%	1.62%	-13.9%
CBI	Buy	CHICAGO BRIDGE & IRON CO N V	$1,570,000	+38.1%	56,018	+70.6%	1.14%	+38.2%
VICL	Sell	VICAL INC	$112,000	-33.3%	36,848	-0.9%	0.08%	-33.6%

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$27,340,000	–	188,824	–	19.82%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$18,660,000	–	86	–	13.53%	–
XOM	New	EXXON MOBIL CORP	$10,033,000	–	107,029	–	7.27%	–
MCY	New	MERCURY GENL CORP NEW	$9,046,000	–	170,158	–	6.56%	–
NEM	New	NEWMONT MINING CORP	$7,742,000	–	197,896	–	5.61%	–
GG	New	GOLDCORP INC NEW	$7,174,000	–	375,037	–	5.20%	–
WAFD	New	WASHINGTON FED INC	$5,617,000	–	231,543	–	4.07%	–
LUK	New	LEUCADIA NATL CORP	$5,287,000	–	305,077	–	3.83%	–
MRK	New	MERCK & CO INC	$4,536,000	–	78,729	–	3.29%	–
SNY	New	SANOFIsponsored adr	$4,249,000	–	101,539	–	3.08%	–
GE	New	GENERAL ELECTRIC CO	$4,074,000	–	129,415	–	2.95%	–
HXL	New	HEXCEL CORP NEW	$3,454,000	–	82,950	–	2.50%	–
COST	New	COSTCO WHSL CORP NEW	$3,188,000	–	20,302	–	2.31%	–
AVX	New	AVX CORP NEW	$3,036,000	–	223,549	–	2.20%	–
INTC	New	INTEL CORP	$2,859,000	–	87,175	–	2.07%	–
VR	New	VALIDUS HOLDINGS LTD	$2,721,000	–	56,001	–	1.97%	–
KGC	New	KINROSS GOLD CORP	$2,593,000	–	530,190	–	1.88%	–
JNJ	New	JOHNSON & JOHNSON	$2,410,000	–	19,870	–	1.75%	–
TRV	New	TRAVELERS COMPANIES INC	$2,381,000	–	20,000	–	1.73%	–
KO	New	COCA COLA CO	$2,266,000	–	50,000	–	1.64%	–
AXP	New	AMERICAN EXPRESS CO	$2,204,000	–	36,267	–	1.60%	–
STO	New	STATOIL ASAsponsored adr	$2,198,000	–	126,974	–	1.59%	–
CNA	New	CNA FINL CORP	$1,181,000	–	37,580	–	0.86%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,137,000	–	32,828	–	0.82%	–
CB	New	CHUBB LIMITED	$787,000	–	6,018	–	0.57%	–
DST	New	DST SYS INC DEL	$642,000	–	5,514	–	0.46%	–
MDT	New	MEDTRONIC PLC	$434,000	–	5,000	–	0.32%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$269,000	–	4,868	–	0.20%	–
SYF	New	SYNCHRONY FINL	$241,000	–	9,532	–	0.18%	–
VICL	New	VICAL INC	$168,000	–	37,188	–	0.12%	–

Q4 2015

			Value		Shares		↓ Weighting
VICL	Exit	VICAL INC	$0	–	-403,146	–	-0.13%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-4,868	–	-0.16%	–
DST	Exit	DST SYS INC DEL	$0	–	-2,450	–	-0.18%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-5,000	–	-0.24%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-545,078	–	-0.66%	–
CB	Exit	CHUBB CORP	$0	–	-10,000	–	-0.86%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-33,166	–	-0.92%	–
CNA	Exit	CNA FINL CORP	$0	–	-37,915	–	-0.93%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-82,563	–	-0.93%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-24,335	–	-1.26%	–
STO	Exit	STATOIL ASAsponsored adr	$0	–	-128,114	–	-1.31%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-20,089	–	-1.32%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.40%	–
KO	Exit	COCA COLA CO	$0	–	-50,000	–	-1.41%	–
PEP	Exit	PEPSICO INC	$0	–	-21,475	–	-1.42%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-56,101	–	-1.77%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-20,302	–	-2.06%	–
AVX	Exit	AVX CORP NEW	$0	–	-226,869	–	-2.08%	–
INTC	Exit	INTEL CORP	$0	–	-116,230	–	-2.46%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-80,404	–	-2.50%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-145,935	–	-2.58%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-78,729	–	-2.73%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-83,220	–	-2.77%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-235,439	–	-3.76%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-496,630	–	-4.36%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-307,826	–	-4.37%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-35,397	–	-5.70%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-196,847	–	-6.97%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-86	–	-11.78%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-256,418	–	-13.37%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-192,791	–	-17.63%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$25,140,000	-6.2%	192,791	-2.0%	17.63%	-1.7%
XOM	Sell	EXXON MOBIL CORP	$19,065,000	-11.0%	256,418	-0.4%	13.37%	-6.7%
MCY	Sell	MERCURY GENL CORP NEW	$9,943,000	-9.8%	196,847	-0.7%	6.97%	-5.5%
PCP	Buy	PRECISION CASTPARTS CORP	$8,131,000	+356.0%	35,397	+296.7%	5.70%	+377.6%
LUK	Sell	LEUCADIA NATL CORP	$6,237,000	-18.0%	307,826	-1.7%	4.37%	-14.1%
GG	Sell	GOLDCORP INC NEW	$6,218,000	-23.1%	496,630	-0.5%	4.36%	-19.4%
WAFD	Sell	WASHINGTON FED INC	$5,356,000	-3.2%	235,439	-0.6%	3.76%	+1.4%
SNY	Sell	SANOFIsponsored adr	$3,950,000	-9.4%	83,220	-5.4%	2.77%	-5.1%
GE	Sell	GENERAL ELECTRIC CO	$3,680,000	-7.9%	145,935	-2.9%	2.58%	-3.5%
MSFT	Sell	MICROSOFT CORP	$3,559,000	-6.2%	80,404	-6.4%	2.50%	-1.7%
INTC	Sell	INTEL CORP	$3,503,000	-8.0%	116,230	-7.1%	2.46%	-3.6%
AVX	Sell	AVX CORP NEW	$2,970,000	-3.3%	226,869	-0.6%	2.08%	+1.3%
COST	Sell	COSTCO WHSL CORP NEW	$2,935,000	+6.5%	20,302	-0.5%	2.06%	+11.6%
VR	Sell	VALIDUS HOLDINGS LTD	$2,528,000	+0.2%	56,101	-2.2%	1.77%	+4.9%
PEP	Sell	PEPSICO INC	$2,025,000	-4.0%	21,475	-4.9%	1.42%	+0.6%
JNJ	Sell	JOHNSON & JOHNSON	$1,875,000	-4.8%	20,089	-0.6%	1.32%	-0.3%
STO	Sell	STATOIL ASAsponsored adr	$1,865,000	-19.1%	128,114	-0.6%	1.31%	-15.3%
AXP	Sell	AMERICAN EXPRESS CO	$1,804,000	-5.3%	24,335	-0.6%	1.26%	-0.8%
NEM	Sell	NEWMONT MINING CORP	$1,327,000	-32.4%	82,563	-1.8%	0.93%	-29.2%
CNA	Sell	CNA FINL CORP	$1,324,000	-9.1%	37,915	-0.5%	0.93%	-4.8%
CBI	Sell	CHICAGO BRIDGE & IRON CO N V	$1,315,000	-21.3%	33,166	-0.6%	0.92%	-17.5%
KGC	Sell	KINROSS GOLD CORP	$938,000	-26.6%	545,078	-1.0%	0.66%	-23.1%
VICL	Sell	VICAL INC	$185,000	-34.9%	403,146	-0.8%	0.13%	-31.6%

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$26,789,000	–	196,819	–	17.93%	–
XOM	New	EXXON MOBIL CORP	$21,417,000	–	257,418	–	14.34%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$17,617,000	–	86	–	11.79%	–
MCY	New	MERCURY GENL CORP NEW	$11,027,000	–	198,150	–	7.38%	–
GG	New	GOLDCORP INC NEW	$8,083,000	–	498,972	–	5.41%	–
LUK	New	LEUCADIA NATL CORP	$7,606,000	–	313,276	–	5.09%	–
WAFD	New	WASHINGTON FED INC	$5,532,000	–	236,914	–	3.70%	–
MRK	New	MERCK & CO INC NEW	$4,482,000	–	78,729	–	3.00%	–
SNY	New	SANOFIsponsored adr	$4,359,000	–	88,000	–	2.92%	–
GE	New	GENERAL ELECTRIC CO	$3,994,000	–	150,333	–	2.67%	–
INTC	New	INTEL CORP	$3,807,000	–	125,156	–	2.55%	–
MSFT	New	MICROSOFT CORP	$3,795,000	–	85,946	–	2.54%	–
AVX	New	AVX CORP NEW	$3,072,000	–	228,219	–	2.06%	–
COST	New	COSTCO WHSL CORP NEW	$2,755,000	–	20,402	–	1.84%	–
VR	New	VALIDUS HOLDINGS LTD	$2,524,000	–	57,386	–	1.69%	–
STO	New	STATOIL ASAsponsored adr	$2,306,000	–	128,829	–	1.54%	–
PEP	New	PEPSICO INC	$2,109,000	–	22,593	–	1.41%	–
JNJ	New	JOHNSON & JOHNSON	$1,970,000	–	20,218	–	1.32%	–
NEM	New	NEWMONT MINING CORP	$1,964,000	–	84,093	–	1.32%	–
KO	New	COCA COLA CO	$1,962,000	–	50,000	–	1.31%	–
TRV	New	TRAVELERS COMPANIES INC	$1,933,000	–	20,000	–	1.29%	–
AXP	New	AMERICAN EXPRESS CO	$1,904,000	–	24,494	–	1.28%	–
PCP	New	PRECISION CASTPARTS CORP	$1,783,000	–	8,923	–	1.19%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,670,000	–	33,364	–	1.12%	–
CNA	New	CNA FINL CORP	$1,456,000	–	38,100	–	0.98%	–
KGC	New	KINROSS GOLD CORP	$1,278,000	–	550,678	–	0.86%	–
CB	New	CHUBB CORP	$951,000	–	10,000	–	0.64%	–
MDT	New	MEDTRONIC PLC	$370,000	–	5,000	–	0.25%	–
DST	New	DST SYS INC DEL	$309,000	–	2,450	–	0.21%	–
VICL	New	VICAL INC	$284,000	–	406,321	–	0.19%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$278,000	–	4,868	–	0.19%	–

Q4 2014

			Value		Shares		↓ Weighting
AMPE	Exit	AMPIO PHARMACEUTICALS INC	$0	–	-10,000	–	-0.02%	–
MDT	Exit	MEDTRONIC INC	$0	–	-5,000	–	-0.19%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-4,868	–	-0.23%	–
VICL	Exit	VICAL INC	$0	–	-406,821	–	-0.28%	–
CB	Exit	CHUBB CORP	$0	–	-10,000	–	-0.56%	–
CNA	Exit	CNA FINL CORP	$0	–	-38,155	–	-0.89%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.15%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-33,515	–	-1.19%	–
KO	Exit	COCA COLA CO	$0	–	-50,000	–	-1.31%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-95,550	–	-1.31%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-57,531	–	-1.38%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-20,502	–	-1.58%	–
PEP	Exit	PEPSICO INC	$0	–	-29,680	–	-1.70%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-845,828	–	-1.71%	–
AVX	Exit	AVX CORP NEW	$0	–	-219,547	–	-1.79%	–
STO	Exit	STATOIL ASAsponsored adr	$0	–	-129,755	–	-2.16%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-150,327	–	-2.36%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-85,948	–	-2.44%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-37,955	–	-2.48%	–
INTC	Exit	INTEL CORP	$0	–	-125,538	–	-2.68%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-213,180	–	-3.01%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-245,090	–	-3.06%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-88,490	–	-3.06%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-92,754	–	-3.37%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-301,603	–	-4.26%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-315,475	–	-4.61%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-260,611	–	-7.80%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-86	–	-10.92%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-256,532	–	-14.80%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-208,535	–	-17.67%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$28,807,000	+8.6%	208,535	-0.5%	17.67%	+13.4%
MCY	Sell	MERCURY GENL CORP NEW	$12,720,000	+3.7%	260,611	-0.1%	7.80%	+8.3%
NEM	Sell	NEWMONT MINING CORP	$6,952,000	-9.5%	301,603	-0.2%	4.26%	-5.5%
MRK	Sell	MERCK & CO INC NEW	$5,498,000	-2.8%	92,754	-5.1%	3.37%	+1.5%
GG	Buy	GOLDCORP INC NEW	$4,910,000	-17.0%	213,180	+0.5%	3.01%	-13.3%
INTC	Sell	INTEL CORP	$4,371,000	-26.0%	125,538	-34.3%	2.68%	-22.7%
JNJ	Sell	JOHNSON & JOHNSON	$4,046,000	-33.3%	37,955	-34.5%	2.48%	-30.3%
MSFT	Sell	MICROSOFT CORP	$3,985,000	-34.8%	85,948	-41.3%	2.44%	-31.9%
GE	Buy	GENERAL ELECTRIC CO	$3,851,000	-2.5%	150,327	+0.0%	2.36%	+1.8%
AVX	Buy	AVX CORP NEW	$2,916,000	+0.2%	219,547	+0.2%	1.79%	+4.7%
KGC	Buy	KINROSS GOLD CORP	$2,791,000	-20.2%	845,828	+0.2%	1.71%	-16.7%
PEP	Sell	PEPSICO INC	$2,763,000	-37.7%	29,680	-40.3%	1.70%	-35.0%
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,939,000	–	33,515	–	1.19%	–
VICL	Sell	VICAL INC	$456,000	-8.4%	406,821	-0.4%	0.28%	-4.4%

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$26,525,000	–	209,585	–	15.58%	–
XOM	New	EXXON MOBIL CORP	$25,828,000	–	256,532	–	15.17%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$16,331,000	–	86	–	9.59%	–
MCY	New	MERCURY GENL CORP NEW	$12,266,000	–	260,762	–	7.20%	–
LUK	New	LEUCADIA NATL CORP	$8,272,000	–	315,475	–	4.86%	–
NEM	New	NEWMONT MINING CORP	$7,686,000	–	302,138	–	4.52%	–
MSFT	New	MICROSOFT CORP	$6,109,000	–	146,505	–	3.59%	–
JNJ	New	JOHNSON & JOHNSON	$6,063,000	–	57,955	–	3.56%	–
GG	New	GOLDCORP INC NEW	$5,918,000	–	212,050	–	3.48%	–
INTC	New	INTEL CORP	$5,903,000	–	191,030	–	3.47%	–
MRK	New	MERCK & CO INC NEW	$5,655,000	–	97,754	–	3.32%	–
WAFD	New	WASHINGTON FED INC	$5,497,000	–	245,090	–	3.23%	–
SNY	New	SANOFIsponsored adr	$4,705,000	–	88,490	–	2.76%	–
PEP	New	PEPSICO INC	$4,438,000	–	49,680	–	2.61%	–
STO	New	STATOIL ASAsponsored adr	$4,000,000	–	129,755	–	2.35%	–
GE	New	GENERAL ELECTRIC CO	$3,951,000	–	150,325	–	2.32%	–
KGC	New	KINROSS GOLD CORP	$3,496,000	–	844,528	–	2.05%	–
AVX	New	AVX CORP NEW	$2,909,000	–	219,022	–	1.71%	–
COST	New	COSTCO WHSL CORP NEW	$2,361,000	–	20,502	–	1.39%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$2,355,000	–	95,550	–	1.38%	–
VR	New	VALIDUS HOLDINGS LTD	$2,200,000	–	57,531	–	1.29%	–
KO	New	COCA COLA CO	$2,118,000	–	50,000	–	1.24%	–
TRV	New	TRAVELERS COMPANIES INC	$1,881,000	–	20,000	–	1.10%	–
CNA	New	CNA FINL CORP	$1,542,000	–	38,155	–	0.91%	–
CB	New	CHUBB CORP	$922,000	–	10,000	–	0.54%	–
VICL	New	VICAL INC	$498,000	–	408,421	–	0.29%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$401,000	–	4,868	–	0.24%	–
MDT	New	MEDTRONIC INC	$319,000	–	5,000	–	0.19%	–
AMPE	New	AMPIO PHARMACEUTICALS INC	$84,000	–	10,000	–	0.05%	–

Q4 2013

			Value		Shares		↓ Weighting
TAPA	Exit	MOLSON COORS BREWING COcl a	$0	–	-5,000	–	-0.15%	–
MDT	Exit	MEDTRONIC INC	$0	–	-5,000	–	-0.16%	–
VICL	Exit	VICAL INC	$0	–	-408,421	–	-0.30%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-12,868	–	-0.50%	–
CB	Exit	CHUBB CORP	$0	–	-10,000	–	-0.53%	–
CNA	Exit	CNA FINL CORP	$0	–	-38,155	–	-0.86%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-20,000	–	-1.00%	–
MMM	Exit	3M CO	$0	–	-14,780	–	-1.05%	–
KO	Exit	COCA COLA CO	$0	–	-50,000	–	-1.12%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-95,700	–	-1.14%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-57,531	–	-1.26%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-20,502	–	-1.40%	–
AVX	Exit	AVX CORP NEW	$0	–	-218,772	–	-1.70%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-150,319	–	-2.13%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-139,550	–	-2.15%	–
STO	Exit	STATOIL ASAsponsored adr	$0	–	-168,405	–	-2.26%	–
PEP	Exit	PEPSICO INC	$0	–	-49,730	–	-2.34%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-88,615	–	-2.66%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-146,505	–	-2.89%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-237,790	–	-2.92%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-58,005	–	-2.98%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,118,378	–	-3.35%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-137,754	–	-3.89%	–
INTC	Exit	INTEL CORP	$0	–	-287,830	–	-3.91%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-287,625	–	-4.65%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-302,303	–	-5.04%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-86	–	-8.69%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-310,135	–	-8.89%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-282,900	–	-14.44%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-231,935	–	-15.61%	–

Q3 2013

			Value		Shares		↓ Weighting
XOM	Buy	EXXON MOBIL CORP	$24,341,000	-4.6%	282,900	+0.2%	14.44%	-4.1%
MCY	Sell	MERCURY GENL CORP NEW	$14,983,000	-11.0%	310,135	-19.0%	8.89%	-10.5%
NEM	Buy	NEWMONT MINING CORP	$8,495,000	-6.1%	302,303	+0.1%	5.04%	-5.6%
LUK	Buy	LEUCADIA NATL CORP	$7,835,000	+3.9%	287,625	+0.1%	4.65%	+4.5%
INTC	Sell	INTEL CORP	$6,597,000	-5.9%	287,830	-0.6%	3.91%	-5.4%
KGC	Buy	KINROSS GOLD CORP	$5,648,000	-0.9%	1,118,378	+0.0%	3.35%	-0.4%
MSFT	Buy	MICROSOFT CORP	$4,876,000	-3.5%	146,505	+0.1%	2.89%	-3.0%
PEP	Buy	PEPSICO INC	$3,954,000	-2.5%	49,730	+0.3%	2.34%	-2.0%
STO	Buy	STATOIL ASAsponsored adr	$3,819,000	+9.7%	168,405	+0.1%	2.26%	+10.3%
GG	Buy	GOLDCORP INC NEW	$3,630,000	+5.3%	139,550	+0.1%	2.15%	+5.9%
GE	Buy	GENERAL ELECTRIC CO	$3,591,000	+3.0%	150,319	+0.0%	2.13%	+3.5%
AVX	Sell	AVX CORP NEW	$2,872,000	+10.8%	218,772	-0.8%	1.70%	+11.4%
VR	Sell	VALIDUS HOLDINGS LTD	$2,127,000	+1.9%	57,531	-0.5%	1.26%	+2.4%
RBA	New	RITCHIE BROS AUCTIONEERS	$1,931,000	–	95,700	–	1.14%	–
CNA	Sell	CNA FINL CORP	$1,457,000	+16.2%	38,155	-0.8%	0.86%	+16.8%
TLAB	Exit	TELLABS INC	$0	–	-283,455	–	-0.33%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$25,958,000	–	231,935	–	15.32%	–
XOM	New	EXXON MOBIL CORP	$25,518,000	–	282,440	–	15.06%	–
MCY	New	MERCURY GENL CORP NEW	$16,831,000	–	382,880	–	9.93%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$14,500,000	–	86	–	8.56%	–
NEM	New	NEWMONT MINING CORP	$9,046,000	–	302,023	–	5.34%	–
LUK	New	LEUCADIA NATL CORP	$7,538,000	–	287,475	–	4.45%	–
INTC	New	INTEL CORP	$7,013,000	–	289,430	–	4.14%	–
MRK	New	MERCK & CO INC NEW	$6,399,000	–	137,754	–	3.78%	–
KGC	New	KINROSS GOLD CORP	$5,702,000	–	1,118,078	–	3.36%	–
MSFT	New	MICROSOFT CORP	$5,054,000	–	146,305	–	2.98%	–
JNJ	New	JOHNSON & JOHNSON	$4,980,000	–	58,005	–	2.94%	–
SNY	New	SANOFIsponsored adr	$4,565,000	–	88,615	–	2.69%	–
WAFD	New	WASHINGTON FED INC	$4,489,000	–	237,790	–	2.65%	–
PEP	New	PEPSICO INC	$4,055,000	–	49,580	–	2.39%	–
GE	New	GENERAL ELECTRIC CO	$3,486,000	–	150,317	–	2.06%	–
STO	New	STATOIL ASAsponsored adr	$3,481,000	–	168,255	–	2.05%	–
GG	New	GOLDCORP INC NEW	$3,446,000	–	139,350	–	2.03%	–
AVX	New	AVX CORP NEW	$2,591,000	–	220,522	–	1.53%	–
COST	New	COSTCO WHSL CORP NEW	$2,267,000	–	20,502	–	1.34%	–
VR	New	VALIDUS HOLDINGS LTD	$2,088,000	–	57,798	–	1.23%	–
KO	New	COCA COLA CO	$2,006,000	–	50,000	–	1.18%	–
MMM	New	3M CO	$1,616,000	–	14,780	–	0.95%	–
TRV	New	TRAVELERS COMPANIES INC	$1,598,000	–	20,000	–	0.94%	–
VICL	New	VICAL INC	$1,278,000	–	408,421	–	0.75%	–
CNA	New	CNA FINL CORP	$1,254,000	–	38,455	–	0.74%	–
CB	New	CHUBB CORP	$846,000	–	10,000	–	0.50%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$821,000	–	12,868	–	0.48%	–
TLAB	New	TELLABS INC	$560,000	–	283,455	–	0.33%	–
MDT	New	MEDTRONIC INC	$257,000	–	5,000	–	0.15%	–
TAPA	New	MOLSON COORS BREWING COcl a	$239,000	–	5,000	–	0.14%	–

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