MAD RIVER INVESTORS Activity Q4 2006-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TPL	Sell	TEXAS PACIFIC LAND CORPORATI	$73,659,709	+20.0%	40,393	-0.9%	52.12%	+14.9%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$7,703,341	-9.8%	189,971	-0.3%	5.45%	-13.6%
PBT	Buy	PERMIAN BASIN RTY TRunit ben int	$7,134,256	-11.8%	335,730	+0.3%	5.05%	-15.6%
MSB	Buy	MESABI TRctf ben int	$7,131,072	+3.2%	355,310	+1.1%	5.05%	-1.2%
CACI	Sell	CACI INTL INCcl a	$6,806,003	-10.8%	21,680	-0.5%	4.82%	-14.6%
CVEO	Sell	CIVEO CORP CDA	$6,747,386	+5.0%	325,489	-1.0%	4.77%	+0.5%
FNV	Sell	FRANCO NEV CORP	$5,580,538	-8.6%	41,805	-0.2%	3.95%	-12.5%
CCL	Sell	CARNIVAL CORP	$3,999,380	-27.8%	291,500	-0.9%	2.83%	-30.9%
AC	Sell	ASSOCIATED CAP GROUP INCcl a	$3,637,225	-3.6%	99,650	-2.1%	2.57%	-7.7%
TRC	Sell	TEJON RANCH CO	$3,461,754	-10.1%	213,425	-2.4%	2.45%	-14.0%
CME	Sell	CME GROUP INC	$1,490,438	-0.7%	7,444	-1.3%	1.06%	-5.0%
CBOE	Sell	CBOE GLOBAL MKTS INC	$1,383,240	+10.3%	8,855	-1.4%	0.98%	+5.6%
SAND	Buy	SANDSTORM GOLD LTD	$1,363,587	-16.0%	292,615	+0.0%	0.96%	-19.6%
BA	Sell	BOEING CO	$973,352	-20.9%	5,078	-1.5%	0.69%	-24.3%
	New	LIBERTY MEDIA CORP DEL	$292,686	–	4,698	–	0.21%	–
RSP	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$230,388	-34.4%	1,626	-28.3%	0.16%	-37.3%
	New	HOWARD HUGHES HOLDINGS INC	$226,097	–	3,050	–	0.16%	–
	Sell	RUMBLE INC	$211,650	-41.5%	41,500	-1.2%	0.15%	-44.0%
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,200	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.16%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-3,225	–	-0.20%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-4,698	–	-0.25%	–

Q2 2023

			Value		Shares		↓ Weighting
TPL	New	TEXAS PACIFIC LAND CORPORATI	$61,379,141	–	40,748	–	45.37%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$8,538,513	–	190,464	–	6.31%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$8,087,136	–	334,871	–	5.98%	–
CACI	New	CACI INTL INCcl a	$7,632,584	–	21,780	–	5.64%	–
MSB	New	MESABI TRctf ben int	$6,909,999	–	351,475	–	5.11%	–
CVEO	New	CIVEO CORP CDA	$6,423,404	–	328,731	–	4.75%	–
FNV	New	FRANCO NEV CORP	$6,107,616	–	41,879	–	4.52%	–
CCL	New	CARNIVAL CORP	$5,538,960	–	294,000	–	4.09%	–
TRC	New	TEJON RANCH CO	$3,851,748	–	218,725	–	2.85%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$3,771,690	–	101,800	–	2.79%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$2,850,265	–	12,482	–	2.11%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$2,767,462	–	7,863	–	2.05%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$1,671,145	–	10,052	–	1.24%	–
SAND	New	SANDSTORM GOLD LTD	$1,623,922	–	292,598	–	1.20%	–
CME	New	CME GROUP INC	$1,500,955	–	7,544	–	1.11%	–
CBOE	New	CBOE GLOBAL MKTS INC	$1,254,327	–	8,980	–	0.93%	–
BA	New	BOEING CO	$1,230,795	–	5,153	–	0.91%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,197,364	–	10,430	–	0.88%	–
RLI	New	RLI CORP	$733,755	–	5,500	–	0.54%	–
ACWX	New	ISHARES TRmsci acwi ex us	$415,594	–	8,125	–	0.31%	–
	New	RUMBLE INC	$362,040	–	42,000	–	0.27%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$351,423	–	2,269	–	0.26%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$341,075	–	4,698	–	0.25%	–
HHC	New	HOWARD HUGHES CORP	$272,287	–	3,225	–	0.20%	–
DIS	New	DISNEY WALT CO	$213,336	–	2,400	–	0.16%	–
JNJ	New	JOHNSON & JOHNSON	$201,036	–	1,200	–	0.15%	–
RCG	New	RENN FD INC	$51,800	–	28,000	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
TUSK	Exit	MAMMOTH ENERGY SVCS INC	$0	–	-11,250	–	-0.03%	–
RCG	Exit	RENN FD INC	$0	–	-28,000	–	-0.04%	–
	Exit	CORE SCIENTIFIC INC	$0	–	-154,200	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.16%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-26,500	–	-0.20%	–
EBAY	Exit	EBAY INC.	$0	–	-11,900	–	-0.32%	–
GBL	Exit	GAMCO INVS INC	$0	–	-25,750	–	-0.32%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-9,633	–	-0.41%	–
RLI	Exit	RLI CORP	$0	–	-6,000	–	-0.45%	–
	Exit	RUMBLE INC	$0	–	-54,700	–	-0.49%	–
BA	Exit	BOEING CO	$0	–	-7,190	–	-0.63%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-17,383	–	-0.70%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-11,365	–	-0.75%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-199,900	–	-0.75%	–
CBOE	Exit	CBOE GLOBAL MKTS INC	$0	–	-9,855	–	-0.84%	–
CME	Exit	CME GROUP INC	$0	–	-8,739	–	-1.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-9,928	–	-1.93%	–
TRC	Exit	TEJON RANCH CO	$0	–	-238,525	–	-2.50%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-109,275	–	-2.92%	–
MSB	Exit	MESABI TRctf ben int	$0	–	-197,825	–	-3.10%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-39,091	–	-3.40%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-333,922	–	-3.97%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-172,694	–	-4.07%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-23,480	–	-4.46%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-344,433	–	-6.30%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-46,326	–	-59.96%	–

Q3 2022

			Value		Shares		↓ Weighting
TPL	Buy	TEXAS PACIFIC LAND CORPORATI	$82,332,000	+19.5%	46,326	+0.0%	59.96%	+11.3%
CVEO	Buy	CIVEO CORP CDA	$8,656,000	-2.3%	344,433	+0.6%	6.30%	-9.0%
CACI	Sell	CACI INTL INCcl a	$6,130,000	-7.6%	23,480	-0.3%	4.46%	-14.0%
WPM	Buy	WHEATON PRECIOUS METALS CORP	$5,588,000	-8.8%	172,694	+1.5%	4.07%	-15.1%
PBT	Buy	PERMIAN BASIN RTY TRunit ben int	$5,453,000	+0.9%	333,922	+2.3%	3.97%	-6.0%
FNV	Buy	FRANCO NEV CORP	$4,671,000	-7.8%	39,091	+1.6%	3.40%	-14.1%
MSB	Buy	MESABI TRctf ben int	$4,255,000	-11.2%	197,825	+1.2%	3.10%	-17.3%
TRC	Sell	TEJON RANCH CO	$3,435,000	-10.6%	238,525	-3.6%	2.50%	-16.7%
SAND	Sell	SANDSTORM GOLD LTD	$1,033,000	-15.3%	199,900	-2.4%	0.75%	-21.1%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$1,027,000	-9.7%	11,365	-6.0%	0.75%	-15.9%
HHC	Sell	HOWARD HUGHES CORP	$963,000	-19.9%	17,383	-1.6%	0.70%	-25.4%
BA	Sell	BOEING CO	$871,000	-17.1%	7,190	-6.4%	0.63%	-22.9%
	New	RUMBLE INC	$670,000	–	54,700	–	0.49%	–
GBL	Sell	GAMCO INVS INC	$439,000	-20.2%	25,750	-2.1%	0.32%	-25.6%
EBAY	Sell	EBAY INC.	$438,000	-28.8%	11,900	-19.3%	0.32%	-33.7%
	Sell	CORE SCIENTIFIC INC	$200,000	-17.7%	154,200	-5.5%	0.15%	-23.2%
TUSK	Buy	MAMMOTH ENERGY SVCS INC	$38,000	+58.3%	11,250	+5.1%	0.03%	+47.4%
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,200	–	-0.17%	–
CFVI	Exit	CF ACQUISITION CORP VI	$0	–	-57,000	–	-0.44%	–

Q2 2022

			Value		Shares		↓ Weighting
TPL	New	TEXAS PACIFIC LAND CORPORATI	$68,919,000	–	46,316	–	53.88%	–
CVEO	New	CIVEO CORP CDA	$8,856,000	–	342,333	–	6.92%	–
CACI	New	CACI INTL INCcl a	$6,637,000	–	23,555	–	5.19%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$6,128,000	–	170,094	–	4.79%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$5,402,000	–	326,400	–	4.22%	–
FNV	New	FRANCO NEV CORP	$5,065,000	–	38,490	–	3.96%	–
MSB	New	MESABI TRctf ben int	$4,792,000	–	195,425	–	3.75%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$3,915,000	–	109,275	–	3.06%	–
TRC	New	TEJON RANCH CO	$3,842,000	–	247,525	–	3.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$2,711,000	–	9,928	–	2.12%	–
CME	New	CME GROUP INC	$1,789,000	–	8,739	–	1.40%	–
SAND	New	SANDSTORM GOLD LTD	$1,219,000	–	204,900	–	0.95%	–
HHC	New	HOWARD HUGHES CORP	$1,202,000	–	17,658	–	0.94%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,137,000	–	12,090	–	0.89%	–
CBOE	New	CBOE GLOBAL MKTS INC	$1,115,000	–	9,855	–	0.87%	–
BA	New	BOEING CO	$1,051,000	–	7,685	–	0.82%	–
RLI	New	RLI CORP	$700,000	–	6,000	–	0.55%	–
EBAY	New	EBAY INC.	$615,000	–	14,750	–	0.48%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$611,000	–	9,633	–	0.48%	–
CFVI	New	CF ACQUISITION CORP VI	$568,000	–	57,000	–	0.44%	–
GBL	New	GAMCO INVS INC	$550,000	–	26,300	–	0.43%	–
NEA	New	NUVEEN AMT FREE QLTY MUN INC	$311,000	–	26,500	–	0.24%	–
	New	CORE SCIENTIFIC INC	$243,000	–	163,100	–	0.19%	–
DIS	New	DISNEY WALT CO	$227,000	–	2,400	–	0.18%	–
JNJ	New	JOHNSON & JOHNSON	$213,000	–	1,200	–	0.17%	–
RCG	New	RENN FD INC	$64,000	–	28,000	–	0.05%	–
TUSK	New	MAMMOTH ENERGY SVCS INC	$24,000	–	10,700	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
TUSK	Exit	MAMMOTH ENERGY SVCS INC	$0	–	-10,700	–	-0.03%	–
LSXMA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-7,604	–	-0.23%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-26,500	–	-0.27%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.27%	–
FWONA	Exit	LIBERTY MEDIA CORP DEL	$0	–	-13,133	–	-0.36%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-3,340	–	-0.36%	–
RLI	Exit	RLI CORP	$0	–	-7,000	–	-0.47%	–
LSXMK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-24,814	–	-0.74%	–
CBOE	Exit	CBOE GLOBAL MKTS INC	$0	–	-11,510	–	-0.88%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-13,325	–	-1.02%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-41,625	–	-1.29%	–
BA	Exit	BOEING CO	$0	–	-8,650	–	-1.33%	–
CME	Exit	CME GROUP INC	$0	–	-10,424	–	-1.42%	–
EBAY	Exit	EBAY INC.	$0	–	-36,675	–	-1.65%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-16,580	–	-1.85%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-388,600	–	-1.97%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-14,028	–	-2.50%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-46,386	–	-2.90%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-120,725	–	-3.01%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-40,365	–	-3.76%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-25,380	–	-4.16%	–
MSB	Exit	MESABI TRctf ben int	$0	–	-188,900	–	-4.29%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-378,565	–	-4.32%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-216,427	–	-6.12%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-53,403	–	-54.82%	–

Q2 2021

			Value		Shares		↓ Weighting
TPL	New	TEXAS PACIFIC LAND CORPORATI	$85,431,000	–	53,403	–	54.82%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$9,538,000	–	216,427	–	6.12%	–
CVEO	New	CIVEO CORP CDA	$6,738,000	–	378,565	–	4.32%	–
MSB	New	MESABI TRctf ben int	$6,687,000	–	188,900	–	4.29%	–
CACI	New	CACI INTL INCcl a	$6,475,000	–	25,380	–	4.16%	–
FNV	New	FRANCO NEV CORP	$5,856,000	–	40,365	–	3.76%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$4,691,000	–	120,725	–	3.01%	–
HHC	New	HOWARD HUGHES CORP	$4,521,000	–	46,386	–	2.90%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,899,000	–	14,028	–	2.50%	–
SAND	New	SANDSTORM GOLD LTD	$3,066,000	–	388,600	–	1.97%	–
LBRDK	New	LIBERTY BROADBAND CORP	$2,879,000	–	16,580	–	1.85%	–
EBAY	New	EBAY INC.	$2,575,000	–	36,675	–	1.65%	–
CME	New	CME GROUP INC	$2,217,000	–	10,424	–	1.42%	–
BA	New	BOEING CO	$2,072,000	–	8,650	–	1.33%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$2,007,000	–	41,625	–	1.29%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,582,000	–	13,325	–	1.02%	–
CBOE	New	CBOE GLOBAL MKTS INC	$1,370,000	–	11,510	–	0.88%	–
LSXMK	New	LIBERTY MEDIA CORP DEL	$1,151,000	–	24,814	–	0.74%	–
RLI	New	RLI CORP	$732,000	–	7,000	–	0.47%	–
LBRDA	New	LIBERTY BROADBAND CORP	$562,000	–	3,340	–	0.36%	–
FWONA	New	LIBERTY MEDIA CORP DEL	$560,000	–	13,133	–	0.36%	–
DIS	New	DISNEY WALT CO	$422,000	–	2,400	–	0.27%	–
NEA	New	NUVEEN AMT FREE QLTY MUN INC	$416,000	–	26,500	–	0.27%	–
LSXMA	New	LIBERTY MEDIA CORP DEL	$354,000	–	7,604	–	0.23%	–
TUSK	New	MAMMOTH ENERGY SVCS INC	$49,000	–	10,700	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
TUSK	Exit	MAMMOTH ENERGY SVCS INC	$0	–	-11,700	–	-0.02%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.38%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-33,097	–	-0.60%	–
FWONA	Exit	LIBERTY MEDIA CORP DELclass a	$0	–	-14,634	–	-0.62%	–
RLI	Exit	RLI CORP	$0	–	-7,000	–	-0.74%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELclass a	$0	–	-23,190	–	-0.98%	–
LBRDA	Exit	LIBERTY BROADBAND CORPclass a	$0	–	-5,464	–	-0.99%	–
CBOE	Exit	CBOE GLOBAL MARKETS INC	$0	–	-13,510	–	-1.51%	–
MSB	Exit	MESABI TRben int	$0	–	-56,850	–	-1.53%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-13,250	–	-1.69%	–
BA	Exit	BOEING CO	$0	–	-8,790	–	-1.85%	–
FWONK	Exit	LIBERTY MEDIA CORP DELclass c	$0	–	-43,283	–	-2.00%	–
CME	Exit	CME GROUP INC	$0	–	-10,707	–	-2.28%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELclass c	$0	–	-73,201	–	-3.08%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-48,874	–	-3.58%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-4,403,167	–	-3.78%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DEL	$0	–	-16,749	–	-4.54%	–
LBRDK	Exit	LIBERTY BROADBAND CORPclass c	$0	–	-26,338	–	-4.78%	–
AC	Exit	ASSOCIATED CAP GROUP INC	$0	–	-129,875	–	-5.97%	–
CACI	Exit	CACI INTL INC	$0	–	-24,355	–	-6.60%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-39,490	–	-7.01%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-225,977	–	-14.10%	–
TPL	Exit	TEXAS PAC LD TR	$0	–	-54,626	–	-31.37%	–

Q3 2020

			Value		Shares		↓ Weighting
TPL	Sell	TEXAS PAC LD TR	$24,667,000	-26.8%	54,626	-3.6%	31.37%	-18.8%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$11,089,000	+1.3%	225,977	-9.1%	14.10%	+12.3%
FNV	Sell	FRANCO NEV CORP	$5,512,000	-2.6%	39,490	-2.5%	7.01%	+8.0%
CACI	Sell	CACI INTL INC	$5,192,000	-4.2%	24,355	-2.5%	6.60%	+6.3%
AC	Sell	ASSOCIATED CAP GROUP INC	$4,692,000	-5.1%	129,875	-3.6%	5.97%	+5.2%
LBRDK	Sell	LIBERTY BROADBAND CORPclass c	$3,763,000	-5.9%	26,338	-18.4%	4.78%	+4.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DEL	$3,567,000	+7.7%	16,749	-9.7%	4.54%	+19.4%
CVEO	Sell	CIVEO CORP CDA	$2,973,000	+6.1%	4,403,167	-3.1%	3.78%	+17.7%
HHC	Sell	HOWARD HUGHES CORP	$2,815,000	+7.2%	48,874	-3.3%	3.58%	+18.9%
LSXMK	Sell	LIBERTY MEDIA CORP DELclass c	$2,421,000	-17.8%	73,201	-14.4%	3.08%	-8.9%
CME	Sell	CME GROUP INC	$1,791,000	-0.1%	10,707	-2.9%	2.28%	+10.8%
FWONK	Sell	LIBERTY MEDIA CORP DELclass c	$1,570,000	+11.0%	43,283	-3.0%	2.00%	+23.0%
BA	Sell	BOEING CO	$1,453,000	-12.8%	8,790	-3.3%	1.85%	-3.3%
ICE	Sell	INTERCONTINENTAL EXCHANGE IN	$1,326,000	+5.2%	13,250	-3.6%	1.69%	+16.7%
MSB	New	MESABI TRben int	$1,206,000	–	56,850	–	1.53%	–
CBOE	Sell	CBOE GLOBAL MARKETS INC	$1,185,000	-9.3%	13,510	-3.6%	1.51%	+0.5%
LBRDA	Sell	LIBERTY BROADBAND CORPclass a	$775,000	+4.9%	5,464	-9.7%	0.99%	+16.4%
LSXMA	Sell	LIBERTY MEDIA CORP DELclass a	$769,000	-16.0%	23,190	-12.6%	0.98%	-6.9%
FWONA	Sell	LIBERTY MEDIA CORP DELclass a	$490,000	+10.1%	14,634	-4.1%	0.62%	+22.2%
TUSK	New	MAMMOTH ENERGY SVCS INC	$19,000	–	11,700	–	0.02%	–

Q2 2020

			Value		Shares		↓ Weighting
TPL	New	TEXAS PAC LD TR	$33,702,000	–	56,671	–	38.65%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$10,947,000	–	248,502	–	12.55%	–
FNV	New	FRANCO NEV CORP	$5,658,000	–	40,515	–	6.49%	–
CACI	New	CACI INTL INC	$5,418,000	–	24,980	–	6.21%	–
AC	New	ASSOCIATED CAP GROUP INC	$4,945,000	–	134,775	–	5.67%	–
LBRDK	New	LIBERTY BROADBAND CORPclass c	$4,001,000	–	32,274	–	4.59%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL	$3,312,000	–	18,554	–	3.80%	–
LSXMK	New	LIBERTY MEDIA CORP DELclass c	$2,947,000	–	85,538	–	3.38%	–
CVEO	New	CIVEO CORP CDA	$2,801,000	–	4,544,167	–	3.21%	–
HHC	New	HOWARD HUGHES CORP	$2,625,000	–	50,532	–	3.01%	–
CME	New	CME GROUP INC	$1,793,000	–	11,032	–	2.06%	–
BA	New	BOEING CO	$1,666,000	–	9,090	–	1.91%	–
FWONK	New	LIBERTY MEDIA CORP DELclass c	$1,415,000	–	44,619	–	1.62%	–
CBOE	New	CBOE GLOBAL MARKETS INC	$1,307,000	–	14,015	–	1.50%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$1,260,000	–	13,750	–	1.44%	–
LSXMA	New	LIBERTY MEDIA CORP DELclass a	$916,000	–	26,528	–	1.05%	–
LBRDA	New	LIBERTY BROADBAND CORPclass a	$739,000	–	6,052	–	0.85%	–
RLI	New	RLI CORP	$575,000	–	7,000	–	0.66%	–
NEA	New	NUVEEN AMT FREE QLTY MUN INC	$460,000	–	33,097	–	0.53%	–
FWONA	New	LIBERTY MEDIA CORP DELclass a	$445,000	–	15,252	–	0.51%	–
DIS	New	DISNEY WALT CO	$268,000	–	2,400	–	0.31%	–

Q4 2019

			Value		Shares		↓ Weighting
PME	Exit	PINGTAN MARINE ENTERPRISE LT	$0	–	-49,769	–	-0.10%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,250	–	-0.26%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.30%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-33,097	–	-0.46%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-15,803	–	-0.61%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-11,089	–	-1.13%	–
RLI	Exit	RLI CORP	$0	–	-15,620	–	-1.41%	–
CBOE	Exit	CBOE GLOBAL MARKETS INC	$0	–	-14,310	–	-1.60%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-46,469	–	-1.88%	–
CME	Exit	CME GROUP INC	$0	–	-11,082	–	-2.28%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-11,019	–	-2.48%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-62,173	–	-2.52%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-49,791	–	-2.57%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-53,647	–	-3.24%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-40,725	–	-3.61%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-103,886	–	-4.24%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-3,539,067	–	-4.38%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-44,703	–	-4.55%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-23,854	–	-4.83%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-139,925	–	-4.85%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-251,967	–	-6.44%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-81,742	–	-10.31%	–
TPL	Exit	TEXAS PAC LD TRsub ctf prop i t	$0	–	-56,855	–	-35.94%	–

Q3 2019

			Value		Shares		↓ Weighting
TPL	Sell	TEXAS PAC LD TRsub ctf prop i t	$36,931,000	-17.8%	56,855	-0.5%	35.94%	-8.7%
HHC	Sell	HOWARD HUGHES CORP	$10,594,000	+3.8%	81,742	-0.8%	10.31%	+15.4%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$6,612,000	+8.3%	251,967	-0.2%	6.44%	+20.3%
AC	Sell	ASSOCIATED CAP GROUP INCcl a	$4,980,000	-5.6%	139,925	-0.8%	4.85%	+4.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$4,962,000	-3.8%	23,854	-1.4%	4.83%	+6.8%
LBRDK	Sell	LIBERTY BROADBAND CORP	$4,679,000	-0.2%	44,703	-0.6%	4.55%	+10.9%
CVEO	Sell	CIVEO CORP CDA	$4,495,000	-26.2%	3,539,067	-0.1%	4.38%	-18.1%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$4,359,000	-15.4%	103,886	-23.4%	4.24%	-6.0%
FNV	Buy	FRANCO NEVADA CORP	$3,712,000	+105.3%	40,725	+91.2%	3.61%	+128.1%
GLIBA	Sell	GCI LIBERTY INC	$3,330,000	-30.0%	53,647	-30.7%	3.24%	-22.2%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a	$2,643,000	+9.7%	49,791	-1.3%	2.57%	+21.9%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$2,585,000	+9.0%	62,173	-0.9%	2.52%	+21.1%
CACI	Sell	CACI INTL INCcl a	$2,548,000	+12.8%	11,019	-0.2%	2.48%	+25.3%
CME	Sell	CME GROUP INC	$2,342,000	+8.1%	11,082	-0.7%	2.28%	+20.1%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$1,933,000	+10.9%	46,469	-0.3%	1.88%	+23.2%
CBOE	Sell	CBOE GLOBAL MARKETS INC	$1,644,000	+10.6%	14,310	-0.2%	1.60%	+22.9%
LBRDA	Sell	LIBERTY BROADBAND CORP	$1,159,000	-25.1%	11,089	-26.3%	1.13%	-16.8%
FWONA	Sell	LIBERTY MEDIA CORP DELAWARE	$626,000	+10.2%	15,803	-0.2%	0.61%	+22.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$272,000	-17.3%	1,250	-7.4%	0.26%	-8.0%
MMM	Exit	3M CO	$0	–	-1,670	–	-0.25%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-25,874	–	-0.26%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-37,367	–	-0.31%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-21,373	–	-0.72%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-23,617	–	-0.92%	–

Q2 2019

			Value		Shares		↓ Weighting
TPL	New	TEXAS PAC LD TRsub ctf prop i t	$44,953,000	–	57,120	–	39.38%	–
HHC	New	HOWARD HUGHES CORP	$10,203,000	–	82,392	–	8.94%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$6,105,000	–	252,467	–	5.35%	–
CVEO	New	CIVEO CORP CDA	$6,094,000	–	3,543,267	–	5.34%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$5,274,000	–	141,025	–	4.62%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$5,160,000	–	24,204	–	4.52%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$5,153,000	–	135,668	–	4.51%	–
GLIBA	New	GCI LIBERTY INC	$4,755,000	–	77,365	–	4.17%	–
LBRDK	New	LIBERTY BROADBAND CORP	$4,689,000	–	44,994	–	4.11%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$2,409,000	–	50,428	–	2.11%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$2,372,000	–	62,743	–	2.08%	–
CACI	New	CACI INTL INCcl a	$2,259,000	–	11,044	–	1.98%	–
CME	New	CME GROUP INC	$2,166,000	–	11,157	–	1.90%	–
FNV	New	FRANCO NEVADA CORP	$1,808,000	–	21,300	–	1.58%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$1,743,000	–	46,589	–	1.53%	–
LBRDA	New	LIBERTY BROADBAND CORP	$1,547,000	–	15,043	–	1.36%	–
CBOE	New	CBOE GLOBAL MARKETS INC	$1,486,000	–	14,340	–	1.30%	–
RLI	New	RLI CORP	$1,339,000	–	15,620	–	1.17%	–
SATS	New	ECHOSTAR CORPcl a	$1,047,000	–	23,617	–	0.92%	–
DISH	New	DISH NETWORK CORPcl a	$821,000	–	21,373	–	0.72%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$568,000	–	15,838	–	0.50%	–
NEA	New	NUVEEN AMT FREE QLTY MUN INC	$457,000	–	33,097	–	0.40%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$350,000	–	37,367	–	0.31%	–
DIS	New	DISNEY WALT CO	$335,000	–	2,400	–	0.29%	–
UNH	New	UNITEDHEALTH GROUP INC	$329,000	–	1,350	–	0.29%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b non vtg	$300,000	–	25,874	–	0.26%	–
MMM	New	3M CO	$289,000	–	1,670	–	0.25%	–
PME	New	PINGTAN MARINE ENTERPRISE LT	$139,000	–	49,769	–	0.12%	–

Q4 2018

			Value		Shares		↓ Weighting
PME	Exit	PINGTAN MARINE ENTERPRISE LT	$0	–	-49,769	–	-0.09%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.22%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,350	–	-0.28%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-33,097	–	-0.32%	–
MMM	Exit	3M CO	$0	–	-2,118	–	-0.34%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-16,484	–	-0.45%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-59,200	–	-0.55%	–
RLI	Exit	RLI CORP	$0	–	-15,620	–	-0.95%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-16,229	–	-1.06%	–
CBOE	Exit	CBOE GLOBAL MARKETS INC	$0	–	-15,315	–	-1.13%	–
TUSK	Exit	MAMMOTH ENERGY SVCS INC	$0	–	-53,300	–	-1.20%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-71,125	–	-1.28%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-46,625	–	-1.28%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-47,533	–	-1.36%	–
CME	Exit	CME GROUP INC	$0	–	-11,345	–	-1.49%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-11,300	–	-1.60%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-54,850	–	-1.96%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-65,340	–	-2.19%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-75,744	–	-2.60%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-45,942	–	-2.99%	–
GLIBA	Exit	GCI LIBERTY INC	$0	–	-82,832	–	-3.26%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-255,600	–	-3.45%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-137,733	–	-4.61%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-28,184	–	-4.65%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-144,175	–	-4.73%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-85,256	–	-8.16%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-2,945,300	–	-9.42%	–
TPL	Exit	TEXAS PAC LD TRsub ctf prop i t	$0	–	-57,723	–	-38.38%	–

Q3 2018

			Value		Shares		↓ Weighting
TPL	Sell	TEXAS PAC LD TRsub ctf prop i t	$49,790,000	+23.8%	57,723	-0.2%	38.38%	+15.0%
CVEO	Sell	CIVEO CORP CDA	$12,223,000	-5.1%	2,945,300	-0.3%	9.42%	-11.8%
HHC	Sell	HOWARD HUGHES CORP	$10,591,000	-6.9%	85,256	-0.7%	8.16%	-13.6%
AC	Buy	ASSOCIATED CAP GROUP INCcl a	$6,135,000	+17.4%	144,175	+4.7%	4.73%	+9.1%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$5,984,000	-4.3%	137,733	-0.1%	4.61%	-11.2%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$4,473,000	-20.9%	255,600	-0.2%	3.45%	-26.5%
GLIBA	Sell	GCI LIBERTY INC	$4,224,000	+12.9%	82,832	-0.2%	3.26%	+4.9%
LBRDK	Sell	LIBERTY BROADBAND CORP	$3,873,000	+11.2%	45,942	-0.2%	2.99%	+3.3%
SATS	Sell	ECHOSTAR CORPcl a	$2,543,000	+3.5%	54,850	-0.9%	1.96%	-3.9%
CACI	Sell	CACI INTL INCcl a	$2,081,000	+9.0%	11,300	-0.2%	1.60%	+1.2%
CME	Sell	CME GROUP INC	$1,931,000	+3.6%	11,345	-0.2%	1.49%	-3.7%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$1,768,000	-0.2%	47,533	-0.4%	1.36%	-7.3%
DISH	Sell	DISH NETWORK CORPcl a	$1,667,000	-1.5%	46,625	-7.4%	1.28%	-8.5%
LGFB	Sell	LIONS GATE ENTMNT CORPcl b non vtg	$1,657,000	-0.9%	71,125	-0.2%	1.28%	-8.0%
TUSK	Sell	MAMMOTH ENERGY SVCS INC	$1,551,000	-20.8%	53,300	-7.6%	1.20%	-26.4%
CBOE	Sell	CBOE GLOBAL MARKETS INC	$1,470,000	-7.9%	15,315	-0.2%	1.13%	-14.5%
NVGS	Sell	NAVIGATOR HOLDINGS LTD	$716,000	-7.0%	59,200	-2.8%	0.55%	-13.6%
PGLC	Exit	PERSHING GOLD CORP	$0	–	-133,817	–	-0.20%	–

Q2 2018

			Value		Shares		↓ Weighting
TPL	New	TEXAS PAC LD TRsub ctf prop i t	$40,221,000	–	57,843	–	33.38%	–
CVEO	New	CIVEO CORP CDA	$12,874,000	–	2,952,800	–	10.69%	–
HHC	New	HOWARD HUGHES CORP	$11,379,000	–	85,877	–	9.44%	–
LSXMK	New	LIBERTY MEDIA CORP SIRIUS XM CLASS C	$6,256,000	–	137,908	–	5.19%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$5,652,000	–	256,200	–	4.69%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$5,261,000	–	28,184	–	4.37%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$5,224,000	–	137,650	–	4.34%	–
GLIBA	New	GCI LIBERTY INC	$3,740,000	–	82,957	–	3.10%	–
LBRDK	New	LIBERTY BROADBAND CORP	$3,484,000	–	46,017	–	2.89%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$3,071,000	–	75,744	–	2.55%	–
LSXMA	New	LIBERTY MEDIA CORP SIRIUS XM CLASS A	$2,944,000	–	65,340	–	2.44%	–
SATS	New	ECHOSTAR CORPcl a	$2,458,000	–	55,350	–	2.04%	–
TUSK	New	MAMMOTH ENERGY SVCS INC	$1,959,000	–	57,700	–	1.63%	–
CACI	New	CACI INTL INCcl a	$1,909,000	–	11,325	–	1.58%	–
CME	New	CME GROUP INC	$1,864,000	–	11,370	–	1.55%	–
FWONK	New	LIBERTY MEDIA CORP FORMULA 1 CLASS C	$1,771,000	–	47,701	–	1.47%	–
DISH	New	DISH NETWORK CORPcl a	$1,693,000	–	50,375	–	1.40%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b non vtg	$1,672,000	–	71,275	–	1.39%	–
CBOE	New	CBOE GLOBAL MARKETS INC	$1,596,000	–	15,340	–	1.32%	–
LBRDA	New	LIBERTY BROADBAND CORP	$1,228,000	–	16,229	–	1.02%	–
RLI	New	RLI CORP	$1,034,000	–	15,620	–	0.86%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$770,000	–	60,900	–	0.64%	–
FWONA	New	LIBERTY MEDIA CORP FORMULA 1 CLASS A	$582,000	–	16,484	–	0.48%	–
NEA	New	NUVEEN AMT FREE QLTY MUN INC	$431,000	–	33,097	–	0.36%	–
MMM	New	3M CO	$417,000	–	2,118	–	0.35%	–
UNH	New	UNITEDHEALTH GROUP INC	$331,000	–	1,350	–	0.28%	–
DIS	New	DISNEY WALT CO	$252,000	–	2,400	–	0.21%	–
PGLC	New	PERSHING GOLD CORP	$245,000	–	133,817	–	0.20%	–
PME	New	PINGTAN MARINE ENTERPRISE LT	$161,000	–	49,769	–	0.13%	–

Q4 2017

			Value		Shares		↓ Weighting
PME	Exit	PINGTAN MARINE ENTERPRISE LT	$0	–	-49,769	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.25%	–
MMM	Exit	3M CO	$0	–	-1,146	–	-0.26%	–
PGLC	Exit	PERSHING GOLD CORP	$0	–	-142,537	–	-0.45%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-33,097	–	-0.49%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-16,840	–	-0.66%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-65,800	–	-0.78%	–
RLI	Exit	RLI CORP	$0	–	-15,620	–	-0.96%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-16,255	–	-1.64%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-46,554	–	-1.90%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-71,361	–	-2.43%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-48,525	–	-2.82%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-67,481	–	-3.03%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-54,725	–	-3.35%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-76,779	–	-3.40%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-91,750	–	-3.51%	–
IEP	Exit	ICAHN ENTERPRISES LPdepositary unit	$0	–	-72,672	–	-4.27%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-46,344	–	-4.73%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-240,500	–	-4.92%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-83,428	–	-5.14%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-29,854	–	-5.86%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-140,237	–	-6.29%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-2,166,400	–	-6.61%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-86,439	–	-10.91%	–
TPL	Exit	TEXAS PAC LD TRsub ctf prop i t	$0	–	-58,266	–	-25.21%	–

Q3 2017

			Value		Shares		↓ Weighting
TPL	Buy	TEXAS PAC LD TRsub ctf prop i t	$23,545,000	+79.7%	58,266	+30.6%	25.21%	+65.1%
HHC	Sell	HOWARD HUGHES CORP	$10,194,000	-5.1%	86,439	-1.2%	10.91%	-12.8%
CVEO	Buy	CIVEO CORP CDA	$6,174,000	+74.5%	2,166,400	+28.6%	6.61%	+60.4%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$5,872,000	-0.8%	140,237	-1.2%	6.29%	-8.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$5,473,000	-14.1%	29,854	-20.6%	5.86%	-21.0%
LVNTA	Sell	LIBERTY INTERACTIVE CORP	$4,801,000	+8.6%	83,428	-1.3%	5.14%	-0.2%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$4,591,000	-5.2%	240,500	-1.2%	4.92%	-12.9%
LBRDK	Sell	LIBERTY BROADBAND CORP	$4,417,000	+8.6%	46,344	-1.2%	4.73%	-0.2%
IEP	Sell	ICAHN ENTERPRISES LPdepositary unit	$3,987,000	-29.2%	72,672	-33.4%	4.27%	-35.0%
AC	Sell	ASSOCIATED CAP GROUP INCcl a	$3,275,000	+4.4%	91,750	-0.5%	3.51%	-4.1%
SATS	Sell	ECHOSTAR CORPcl a	$3,132,000	-6.2%	54,725	-0.5%	3.35%	-13.8%
DISH	Buy	DISH NETWORK CORPcl a	$2,632,000	-13.4%	48,525	+0.2%	2.82%	-20.5%
LGFB	Sell	LIONS GATE ENTMNT CORPcl b non vtg	$2,269,000	+20.1%	71,361	-0.8%	2.43%	+10.3%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$1,773,000	+2.7%	46,554	-1.3%	1.90%	-5.7%
LBRDA	Sell	LIBERTY BROADBAND CORP	$1,531,000	+9.6%	16,255	-0.2%	1.64%	+0.7%
RLI	Buy	RLI CORP	$896,000	+109.8%	15,620	+100.0%	0.96%	+93.0%
MMM	New	3M CO	$241,000	–	1,146	–	0.26%	–
SHLWQ	Exit	SEARS HLDGS CORPw exp 12/15/201	$0	–	-17,356	–	-0.04%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-35,388	–	-1.33%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-96,925	–	-1.43%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-135,050	–	-1.80%	–

Q2 2017

			Value		Shares		↓ Weighting
TPL	New	TEXAS PAC LD TRsub ctf prop it	$13,106,000	–	44,610	–	15.27%	–
HHC	New	HOWARD HUGHES CORP	$10,747,000	–	87,489	–	12.52%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$6,369,000	–	37,604	–	7.42%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$5,917,000	–	141,903	–	6.89%	–
IEP	New	ICAHN ENTERPRISES LPdepositary unit	$5,634,000	–	109,052	–	6.56%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$4,843,000	–	243,500	–	5.64%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$4,420,000	–	84,530	–	5.15%	–
LBRDK	New	LIBERTY BROADBAND CORP	$4,067,000	–	46,886	–	4.74%	–
CVEO	New	CIVEO CORP CDA	$3,538,000	–	1,684,900	–	4.12%	–
SATS	New	ECHOSTAR CORPcl a	$3,340,000	–	55,025	–	3.89%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$3,137,000	–	92,250	–	3.66%	–
DISH	New	DISH NETWORK CORPcl a	$3,041,000	–	48,450	–	3.54%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$3,011,000	–	76,779	–	3.51%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$2,833,000	–	67,481	–	3.30%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b	$1,890,000	–	71,936	–	2.20%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$1,727,000	–	47,170	–	2.01%	–
GRBK	New	GREEN BRICK PARTNERS INC	$1,546,000	–	135,050	–	1.80%	–
LBRDA	New	LIBERTY BROADBAND CORP	$1,397,000	–	16,280	–	1.63%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$1,229,000	–	96,925	–	1.43%	–
CLR	New	CONTINENTAL RESOURCES INC	$1,144,000	–	35,388	–	1.33%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$590,000	–	16,840	–	0.69%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$546,000	–	65,800	–	0.64%	–
NEA	New	NUVEEN AMT FREE QLTY MUN INC	$453,000	–	33,097	–	0.53%	–
RLI	New	RLI CORP	$427,000	–	7,810	–	0.50%	–
PGLC	New	PERSHING GOLD CORP	$398,000	–	142,537	–	0.46%	–
DIS	New	DISNEY WALT CO	$255,000	–	2,400	–	0.30%	–
PME	New	PINGTAN MARINE ENTERPRISE LT	$197,000	–	49,769	–	0.23%	–
SHLWQ	New	SEARS HLDGS CORPw exp 12/15/201	$37,000	–	17,356	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
PME	Exit	PINGTAN MARINE ENTERPRISE LT	$0	–	-49,769	–	-0.07%	–
SHLWQ	Exit	SEARS HLDGS CORPexp 12/15/19	$0	–	-23,475	–	-0.10%	–
CHUBA	Exit	COMMERCEHUB INC	$0	–	-13,316	–	-0.26%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.28%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,400	–	-0.36%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-166,036	–	-0.51%	–
CHUBK	Exit	COMMERCEHUB INC	$0	–	-26,681	–	-0.54%	–
NEA	Exit	NUVEEN AMT FREE QLTY MUN INC	$0	–	-33,097	–	-0.61%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-17,268	–	-0.62%	–
RLI	Exit	RLI CORP	$0	–	-7,810	–	-0.67%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-83,400	–	-0.76%	–
EMGCQ	Exit	EMERGENT CAP INC	$0	–	-313,873	–	-1.16%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-36,011	–	-1.28%	–
PGLC	Exit	PERSHING GOLD CORP	$0	–	-232,308	–	-1.33%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-16,708	–	-1.48%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-118,067	–	-1.71%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-191,250	–	-2.00%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-37,438	–	-2.46%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-248,975	–	-2.55%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-47,800	–	-2.65%	–
STRZA	Exit	STARZ	$0	–	-69,316	–	-2.73%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-41,075	–	-2.84%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-69,198	–	-2.97%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-79,063	–	-3.51%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-46,769	–	-4.22%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-144,637	–	-6.10%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-135,201	–	-6.81%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-39,554	–	-7.22%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-243,150	–	-8.30%	–
IEP	Exit	ICAHN ENTERPRISES LPdpu	$0	–	-133,868	–	-8.55%	–
TPL	Exit	TEXAS PAC LD TRsub ctf	$0	–	-41,840	–	-12.65%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-87,893	–	-12.71%	–

Q3 2016

			Value		Shares		↓ Weighting
HHC	Sell	HOWARD HUGHES CORP	$10,064,000	-0.9%	87,893	-1.0%	12.71%	-0.0%
TPL	Sell	TEXAS PAC LD TRsub ctf	$10,014,000	+41.9%	41,840	-0.0%	12.65%	+43.1%
IEP	Buy	ICAHN ENTERPRISES LPdpu	$6,767,000	-5.3%	133,868	+1.1%	8.55%	-4.5%
SLW	Sell	SILVER WHEATON CORP	$6,572,000	+13.5%	243,150	-1.2%	8.30%	+14.5%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$5,714,000	-2.3%	39,554	-2.1%	7.22%	-1.5%
LVNTA	Sell	LIBERTY INTERACTIVE CORP	$5,390,000	+6.2%	135,201	-1.3%	6.81%	+7.1%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$4,832,000	+6.9%	144,637	-1.2%	6.10%	+7.8%
LBRDK	Sell	LIBERTY BROADBAND CORP	$3,343,000	+17.7%	46,769	-1.2%	4.22%	+18.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a	$2,781,000	+3.7%	79,063	-2.5%	3.51%	+4.6%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$2,351,000	+5.8%	69,198	-2.4%	2.97%	+6.6%
DISH	Sell	DISH NETWORK CORPcl a	$2,250,000	+3.4%	41,075	-1.0%	2.84%	+4.3%
STRZA	Sell	STARZ	$2,162,000	+2.9%	69,316	-1.3%	2.73%	+3.7%
SATS	Sell	ECHOSTAR CORPcl a	$2,095,000	+9.0%	47,800	-1.3%	2.65%	+9.9%
PAH	Sell	PLATFORM SPECIALTY PRODS COR	$2,019,000	-9.7%	248,975	-1.1%	2.55%	-9.0%
CLR	Sell	CONTINENTAL RESOURCES INC	$1,945,000	+12.6%	37,438	-1.8%	2.46%	+13.5%
GRBK	Sell	GREEN BRICK PARTNERS INC	$1,580,000	+11.0%	191,250	-2.3%	2.00%	+12.0%
SHLDQ	Sell	SEARS HLDGS CORP	$1,353,000	-16.6%	118,067	-1.0%	1.71%	-15.9%
LBRDA	Sell	LIBERTY BROADBAND CORP	$1,172,000	+15.1%	16,708	-2.5%	1.48%	+16.1%
PGLC	Sell	PERSHING GOLD CORP	$1,052,000	+4.4%	232,308	-1.1%	1.33%	+5.2%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$1,013,000	+46.6%	36,011	-1.2%	1.28%	+47.9%
EMGCQ	Sell	EMERGENT CAP INC	$920,000	-13.8%	313,873	-1.1%	1.16%	-13.0%
NVGS	Sell	NAVIGATOR HOLDINGS LTD	$600,000	-38.2%	83,400	-1.2%	0.76%	-37.7%
RLI	New	RLI CORP	$534,000	–	7,810	–	0.67%	–
FWONA	Sell	LIBERTY MEDIA CORP DELAWARE	$495,000	+46.0%	17,268	-2.4%	0.62%	+47.1%
NEA	New	NUVEEN AMT FREE QLTY MUN INC	$483,000	–	33,097	–	0.61%	–
CHUBK	New	COMMERCEHUB INC	$424,000	–	26,681	–	0.54%	–
SRSCQ	Sell	SEARS CDA INC	$407,000	-18.6%	166,036	-1.5%	0.51%	-17.9%
CHUBA	New	COMMERCEHUB INC	$210,000	–	13,316	–	0.26%	–
SHLWQ	Sell	SEARS HLDGS CORPexp 12/15/19	$80,000	-15.8%	23,475	-0.8%	0.10%	-15.1%
NPP	Exit	NUVEEN PERFORMANCE PLUS MUN	$0	–	-14,900	–	-0.31%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-16,800	–	-0.32%	–
DWA	Exit	DREAMWORKS ANIMATION SKG INCcl a	$0	–	-159,783	–	-8.18%	–

Q2 2016

			Value		Shares		↓ Weighting
HHC	New	HOWARD HUGHES CORP	$10,151,000	–	88,793	–	12.71%	–
IEP	New	ICAHN ENTERPRISES LPdpu	$7,147,000	–	132,348	–	8.95%	–
TPL	New	TEXAS PAC LD TRsub ctf	$7,058,000	–	41,850	–	8.84%	–
DWA	New	DREAMWORKS ANIMATION SKG INCcl a	$6,530,000	–	159,783	–	8.18%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$5,850,000	–	40,404	–	7.33%	–
SLW	New	SILVER WHEATON CORP	$5,790,000	–	246,050	–	7.25%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$5,075,000	–	136,916	–	6.36%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$4,519,000	–	146,377	–	5.66%	–
LBRDK	New	LIBERTY BROADBAND CORP	$2,840,000	–	47,335	–	3.56%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$2,682,000	–	81,102	–	3.36%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$2,236,000	–	251,850	–	2.80%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$2,223,000	–	70,901	–	2.78%	–
DISH	New	DISH NETWORK CORPcl a	$2,175,000	–	41,500	–	2.72%	–
STRZA	New	STARZ	$2,102,000	–	70,243	–	2.63%	–
SATS	New	ECHOSTAR CORPcl a	$1,922,000	–	48,425	–	2.41%	–
CLR	New	CONTINENTAL RESOURCES INC	$1,727,000	–	38,138	–	2.16%	–
SHLDQ	New	SEARS HLDGS CORP	$1,623,000	–	119,217	–	2.03%	–
GRBK	New	GREEN BRICK PARTNERS INC	$1,423,000	–	195,750	–	1.78%	–
EMGCQ	New	EMERGENT CAP INC	$1,067,000	–	317,498	–	1.34%	–
LBRDA	New	LIBERTY BROADBAND CORP	$1,018,000	–	17,133	–	1.28%	–
PGLC	New	PERSHING GOLD CORP	$1,008,000	–	234,973	–	1.26%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$971,000	–	84,400	–	1.22%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$691,000	–	36,446	–	0.86%	–
SRSCQ	New	SEARS CDA INC	$500,000	–	168,511	–	0.63%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$339,000	–	17,693	–	0.42%	–
JNJ	New	JOHNSON & JOHNSON	$291,000	–	2,400	–	0.36%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$253,000	–	16,800	–	0.32%	–
NPP	New	NUVEEN PERFORMANCE PLUS MUN	$246,000	–	14,900	–	0.31%	–
DIS	New	DISNEY WALT CO	$235,000	–	2,400	–	0.29%	–
SHLWQ	New	SEARS HLDGS CORPwarr	$95,000	–	23,667	–	0.12%	–
PME	New	PINGTAN MARINE ENTERPRISE LT	$53,000	–	49,769	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
PME	Exit	PINGTAN MARINE ENTERPRISE LT	$0	–	-49,769	–	-0.10%	–
TRF	Exit	TEMPLETON RUS AND EAST EUR F	$0	–	-14,500	–	-0.16%	–
NPP	Exit	NUVEEN PERFORMANCE PLUS MUN	$0	–	-14,900	–	-0.25%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-16,800	–	-0.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,400	–	-0.26%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,400	–	-0.29%	–
RLI	Exit	RLI CORP	$0	–	-7,810	–	-0.49%	–
SHLWQ	Exit	SEARS HLDGS CORPwarr	$0	–	-27,319	–	-0.56%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-13,800	–	-0.58%	–
ZIVZF	Exit	CREDIT SUISSE NASSAU BRHinvrs vix	$0	–	-20,650	–	-0.90%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-19,478	–	-1.17%	–
PGLC	Exit	PERSHING GOLD CORP	$0	–	-262,207	–	-1.17%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-192,758	–	-1.47%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-107,700	–	-1.59%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-65,170	–	-2.20%	–
EMGCQ	Exit	EMERGENT CAP INC	$0	–	-351,348	–	-2.24%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-220,400	–	-2.79%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-44,725	–	-3.05%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-63,200	–	-3.18%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-53,483	–	-3.20%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-87,340	–	-3.21%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-80,653	–	-3.36%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-121,250	–	-3.40%	–
STRZA	Exit	STARZ	$0	–	-80,245	–	-3.50%	–
DWA	Exit	DREAMWORKS ANIMATION SKG INCcl a	$0	–	-186,000	–	-3.79%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-146,908	–	-3.88%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-160,600	–	-4.92%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-329,425	–	-5.04%	–
TPL	Exit	TEXAS PAC LD TRsub ctf	$0	–	-39,909	–	-6.54%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-164,665	–	-6.62%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-155,616	–	-7.33%	–
IEP	Exit	ICAHN ENTERPRISES LPdep u	$0	–	-120,789	–	-9.45%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-97,576	–	-13.07%	–

Q3 2015

			Value		Shares		↓ Weighting
HHC	Sell	HOWARD HUGHES CORP	$11,196,000	-20.6%	97,576	-0.7%	13.07%	+12.7%
IEP	Buy	ICAHN ENTERPRISES LPdep u	$8,095,000	-21.1%	120,789	+2.1%	9.45%	+12.1%
LVNTA	Sell	LIBERTY INTERACTIVE CORP	$6,279,000	+1.5%	155,616	-1.2%	7.33%	+44.0%
LMCK	Sell	LIBERTY MEDIA CORP DELAWARE	$5,674,000	-5.4%	164,665	-1.5%	6.62%	+34.2%
TPL	Sell	TEXAS PAC LD TRsub ctf	$5,597,000	-7.0%	39,909	-0.2%	6.54%	+32.0%
TPH	Sell	TRI POINTE GROUP INC	$4,312,000	-15.6%	329,425	-1.3%	5.04%	+19.8%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$4,213,000	-7.0%	160,600	-1.6%	4.92%	+32.1%
SHLDQ	Sell	SEARS HLDGS CORP	$3,320,000	-16.7%	146,908	-1.6%	3.88%	+18.2%
DWA	Sell	DREAMWORKS ANIMATION SKG INCcl a	$3,246,000	-34.8%	186,000	-1.4%	3.79%	-7.4%
STRZA	Sell	STARZ	$2,996,000	-17.7%	80,245	-1.4%	3.50%	+16.9%
LYV	Sell	LIVE NATION ENTERTAINMENT IN	$2,915,000	-14.6%	121,250	-2.3%	3.40%	+21.3%
LMCA	Sell	LIBERTY MEDIA CORP DELAWAREcl a	$2,881,000	-1.9%	80,653	-1.1%	3.36%	+39.2%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a	$2,746,000	-10.2%	87,340	-0.3%	3.21%	+27.4%
LBRDK	Sell	LIBERTY BROADBAND CORP	$2,737,000	-1.4%	53,483	-1.5%	3.20%	+39.9%
SATS	Buy	ECHOSTAR CORPcl a	$2,719,000	-10.8%	63,200	+1.0%	3.18%	+26.7%
DISH	Buy	DISH NETWORK CORPcl a	$2,609,000	-13.5%	44,725	+0.4%	3.05%	+22.8%
GRBK	Sell	GREEN BRICK PARTNERS INC	$2,387,000	-1.9%	220,400	-0.8%	2.79%	+39.3%
EMGCQ	New	EMERGENT CAP INC	$1,915,000	–	351,348	–	2.24%	–
CLR	Sell	CONTINENTAL RESOURCES INC	$1,888,000	-32.5%	65,170	-1.2%	2.20%	-4.1%
PAH	Buy	PLATFORM SPECIALTY PRODS COR	$1,362,000	-50.3%	107,700	+0.6%	1.59%	-29.4%
SRSCQ	Sell	SEARS CDA INC	$1,259,000	+5.3%	192,758	-2.0%	1.47%	+49.4%
PGLC	New	PERSHING GOLD CORP	$1,004,000	–	262,207	–	1.17%	–
LBRDA	Sell	LIBERTY BROADBAND CORP	$1,002,000	-0.6%	19,478	-1.5%	1.17%	+41.1%
ZIVZF	Sell	CREDIT SUISSE NASSAU BRHinvrs vix	$775,000	-21.3%	20,650	-2.6%	0.90%	+11.7%
QSR	Sell	RESTAURANT BRANDS INTL INC	$496,000	-79.2%	13,800	-77.9%	0.58%	-70.5%
SHLWQ	New	SEARS HLDGS CORPwarr	$478,000	–	27,319	–	0.56%	–
RLI	New	RLI CORP	$418,000	–	7,810	–	0.49%	–
DIS	New	DISNEY WALT CO	$245,000	–	2,400	–	0.29%	–
JNJ	New	JOHNSON & JOHNSON	$224,000	–	2,400	–	0.26%	–
NMO	Sell	NUVEEN MUN MKT OPPORTUNITY F	$220,000	-7.9%	16,800	-9.2%	0.26%	+30.5%
TRF	Sell	TEMPLETON RUS AND EAST EUR F	$141,000	-87.4%	14,500	-87.0%	0.16%	-82.0%
DISCA	Exit	DISCOVERY COMMUNICATNS	$0	–	-20,745	–	-0.57%	–
LE	Exit	LANDS END INC	$0	–	-29,813	–	-0.61%	–
DISCK	Exit	DISCOVERY COMMUNICATNS	$0	–	-23,920	–	-0.61%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-92,913	–	-0.73%	–
IFT	Exit	IMPERIAL HLDGS INC	$0	–	-347,723	–	-1.66%	–
PARR	Exit	PAR PETE CORP	$0	–	-117,385	–	-1.81%	–
BRKB	Exit	BERKSHIRE HATHAWAY INCcl b	$0	–	-45,630	–	-5.11%	–
WEN	Exit	WENDYS CO	$0	–	-872,800	–	-8.10%	–

Q2 2015

			Value		Shares		↓ Weighting
HHC	New	HOWARD HUGHES CORP	$14,106,000	–	98,275	–	11.60%	–
IEP	New	ICAHN ENTERPRISES LPdep u	$10,254,000	–	118,248	–	8.44%	–
WEN	New	WENDYS CO	$9,845,000	–	872,800	–	8.10%	–
BRKB	New	BERKSHIRE HATHAWAY INCcl b	$6,211,000	–	45,630	–	5.11%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$6,188,000	–	157,565	–	5.09%	–
TPL	New	TEXAS PAC LD TRtru	$6,017,000	–	39,984	–	4.95%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$5,999,000	–	167,113	–	4.94%	–
TPH	New	TRI POINTE HOMES INC	$5,109,000	–	333,900	–	4.20%	–
DWA	New	DREAMWORKS ANIMATION SKG INCcl a	$4,978,000	–	188,700	–	4.10%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$4,529,000	–	163,200	–	3.72%	–
SHLDQ	New	SEARS HLDGS CORP	$3,986,000	–	149,273	–	3.28%	–
STRZA	New	STARZ	$3,639,000	–	81,369	–	2.99%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$3,412,000	–	124,125	–	2.81%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$3,059,000	–	87,565	–	2.52%	–
SATS	New	ECHOSTAR CORPcl a	$3,047,000	–	62,600	–	2.51%	–
DISH	New	DISH NETWORK CORPcl a	$3,016,000	–	44,550	–	2.48%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$2,938,000	–	81,527	–	2.42%	–
CLR	New	CONTINENTAL RESOURCES INC	$2,796,000	–	65,970	–	2.30%	–
LBRDK	New	LIBERTY BROADBAND CORP	$2,777,000	–	54,277	–	2.28%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$2,738,000	–	107,025	–	2.25%	–
GRBK	New	GREEN BRICK PARTNERS INC	$2,433,000	–	222,200	–	2.00%	–
QSR	New	RESTAURANT BRANDS INTL INC	$2,386,000	–	62,439	–	1.96%	–
PARR	New	PAR PETE CORP	$2,197,000	–	117,385	–	1.81%	–
IFT	New	IMPERIAL HLDGS INC	$2,013,000	–	347,723	–	1.66%	–
SRSCQ	New	SEARS CDA INC	$1,196,000	–	196,607	–	0.98%	–
TRF	New	TEMPLETON RUS AND EAST EUR F	$1,117,000	–	111,125	–	0.92%	–
LBRDA	New	LIBERTY BROADBAND CORP	$1,008,000	–	19,783	–	0.83%	–
ZIVZF	New	CREDIT SUISSE NASSAU BRHvix	$985,000	–	21,200	–	0.81%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$883,000	–	92,913	–	0.73%	–
DISCK	New	DISCOVERY COMMUNICATNS	$743,000	–	23,920	–	0.61%	–
LE	New	LANDS END INC	$740,000	–	29,813	–	0.61%	–
DISCA	New	DISCOVERY COMMUNICATNS	$690,000	–	20,745	–	0.57%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$239,000	–	18,500	–	0.20%	–
NPP	New	NUVEEN PERFORMANCE PLUS MUN	$209,000	–	14,900	–	0.17%	–
PME	New	PINGTAN MARINE ENTERPRISE LT	$86,000	–	49,769	–	0.07%	–

Q4 2014

			Value		Shares		↓ Weighting
PME	Exit	PINGTAN MARINE ENTERPRISE LT	$0	–	-49,769	–	-0.08%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-22,000	–	-0.22%	–
NPP	Exit	NUVEEN PERFORMANCE PLUS MUN	$0	–	-22,725	–	-0.25%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-199,157	–	-0.30%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-23,195	–	-0.66%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-23,195	–	-0.67%	–
ZIVZF	Exit	CREDIT SUISSE NASSAU BRHinvrs vix	$0	–	-21,650	–	-0.72%	–
OAK	Exit	OAKTREE CAP GROUP LLCcl a	$0	–	-22,550	–	-0.88%	–
LE	Exit	LANDS END INC NEW	$0	–	-38,134	–	-1.19%	–
TRF	Exit	TEMPLETON RUS AND EAST EUR F	$0	–	-130,300	–	-1.25%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-29,150	–	-1.46%	–
PARR	Exit	PAR PETE CORP	$0	–	-130,800	–	-1.68%	–
IFT	Exit	IMPERIAL HLDGS INC	$0	–	-338,800	–	-1.68%	–
BKW	Exit	BURGER KING WORLDWIDE INC	$0	–	-81,175	–	-1.83%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-156,253	–	-1.84%	–
BRP	Exit	BROOKFIELD RESIDENTIAL PPTYS	$0	–	-139,275	–	-2.00%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-107,100	–	-2.04%	–
STRZA	Exit	STARZ	$0	–	-82,406	–	-2.08%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-61,377	–	-2.10%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-44,225	–	-2.18%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-126,300	–	-2.31%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-142,223	–	-2.73%	–
PDI	Exit	PIMCO DYNAMIC INCOME FD	$0	–	-114,950	–	-2.76%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-83,294	–	-2.99%	–
TPH	Exit	TRI POINTE HOMES INC	$0	–	-334,100	–	-3.29%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-65,620	–	-3.32%	–
LTRPA	Exit	LIBERTY TRIPADVISOR HLDGS IN	$0	–	-135,516	–	-3.50%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-164,550	–	-3.57%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-135,516	–	-3.92%	–
DWA	Exit	DREAMWORKS ANIMATION SKG INCcl a	$0	–	-192,375	–	-3.99%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-45,605	–	-4.80%	–
WEN	Exit	WENDYS CO	$0	–	-872,600	–	-5.49%	–
TPL	Exit	TEXAS PAC LD TRsub ctf	$0	–	-39,454	–	-5.78%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-169,662	–	-6.07%	–
IEP	Exit	ICAHN ENTERPRISES LPdep u	$0	–	-113,563	–	-9.15%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-98,044	–	-11.20%	–

Q3 2014

			Value		Shares		↓ Weighting
HHC	Sell	HOWARD HUGHES CORP	$14,707,000	-6.5%	98,044	-1.6%	11.20%	-3.0%
IEP	Buy	ICAHN ENTERPRISES LPdep u	$12,019,000	+6.8%	113,563	+0.6%	9.15%	+10.8%
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$7,972,000	–	169,662	–	6.07%	–
TPL	Sell	TEXAS PAC LD TRsub ctf	$7,593,000	+18.3%	39,454	-1.6%	5.78%	+22.7%
WEN	Sell	WENDYS CO	$7,208,000	-4.6%	872,600	-1.5%	5.49%	-1.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b	$6,300,000	+1.5%	45,605	-7.0%	4.80%	+5.3%
DWA	Sell	DREAMWORKS ANIMATION SKG INCcl a	$5,246,000	+15.5%	192,375	-1.5%	3.99%	+19.8%
LVNTA	Sell	LIBERTY INTERACTIVE CORP	$5,144,000	-49.9%	135,516	-2.6%	3.92%	-48.0%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$4,693,000	-4.3%	164,550	-1.4%	3.57%	-0.7%
LTRPA	New	LIBERTY TRIPADVISOR HLDGS IN	$4,594,000	–	135,516	–	3.50%	–
CLR	Buy	CONTINENTAL RESOURCES INC	$4,362,000	-17.1%	65,620	+97.0%	3.32%	-14.1%
TPH	Buy	TRI POINTE HOMES INC	$4,323,000	+150.2%	334,100	+203.9%	3.29%	+159.6%
LMCA	Sell	LIBERTY MEDIA CORP DELAWAREcl a	$3,930,000	-66.6%	83,294	-3.2%	2.99%	-65.3%
PDI	Sell	PIMCO DYNAMIC INCOME FD	$3,628,000	-15.9%	114,950	-9.1%	2.76%	-12.7%
SHLDQ	Sell	SEARS HLDGS CORP	$3,588,000	-37.2%	142,223	-0.5%	2.73%	-34.8%
LYV	Sell	LIVE NATION ENTERTAINMENT IN	$3,034,000	-9.1%	126,300	-6.6%	2.31%	-5.8%
DISH	Sell	DISH NETWORK CORPcl a	$2,856,000	-2.5%	44,225	-1.8%	2.18%	+1.1%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a	$2,760,000	-11.3%	61,377	-13.2%	2.10%	-8.0%
STRZA	Sell	STARZ	$2,726,000	+9.3%	82,406	-1.6%	2.08%	+13.4%
PAH	Buy	PLATFORM SPECIALTY PRODS COR	$2,680,000	-10.5%	107,100	+0.3%	2.04%	-7.1%
BRP	Sell	BROOKFIELD RESIDENTIAL PPTYS	$2,631,000	-10.1%	139,275	-1.3%	2.00%	-6.8%
SHOS	Sell	SEARS HOMETOWN & OUTLET STOR	$2,422,000	-28.6%	156,253	-1.0%	1.84%	-25.9%
BKW	Sell	BURGER KING WORLDWIDE INC	$2,408,000	+7.3%	81,175	-1.5%	1.83%	+11.4%
PARR	New	PAR PETE CORP	$2,204,000	–	130,800	–	1.68%	–
IFT	Buy	IMPERIAL HLDGS INC	$2,204,000	+8.3%	338,800	+13.6%	1.68%	+12.3%
IAC	Sell	IAC INTERACTIVECORP	$1,921,000	-6.3%	29,150	-1.6%	1.46%	-2.8%
TRF	Sell	TEMPLETON RUS AND EAST EUR F	$1,642,000	-18.5%	130,300	-1.3%	1.25%	-15.4%
LE	Sell	LANDS END INC NEW	$1,568,000	+18.4%	38,134	-3.3%	1.19%	+22.8%
OAK	Sell	OAKTREE CAP GROUP LLCcl a	$1,152,000	-66.7%	22,550	-67.4%	0.88%	-65.5%
ZIVZF	Sell	CREDIT SUISSE NASSAU BRHinvrs vix	$952,000	-17.9%	21,650	-13.1%	0.72%	-14.8%
DISCA	Sell	DISCOVERY COMMUNICATNS NEW	$877,000	-49.9%	23,195	-1.5%	0.67%	-48.0%
DISCK	New	DISCOVERY COMMUNICATNS NEW	$865,000	–	23,195	–	0.66%	–
MUX	Sell	MCEWEN MNG INC	$390,000	-35.9%	199,157	-5.6%	0.30%	-33.4%
NPP	Buy	NUVEEN PERFORMANCE PLUS MUN	$330,000	+4.8%	22,725	+5.7%	0.25%	+8.7%
NMO	Buy	NUVEEN MUN MKT OPPORTUNITY F	$292,000	+7.7%	22,000	+8.4%	0.22%	+11.6%
PEP	Exit	PEPSICO INC	$0	–	-3,400	–	-0.22%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-12,785	–	-0.62%	–
RSE	Exit	ROUSE PPTYS INC	$0	–	-52,985	–	-0.67%	–

Q2 2014

			Value		Shares		↓ Weighting
HHC	New	HOWARD HUGHES CORP	$15,731,000	–	99,669	–	11.55%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$11,759,000	–	86,033	–	8.63%	–
IEP	New	ICAHN ENTERPRISES LPdep u	$11,250,000	–	112,847	–	8.26%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$10,265,000	–	139,090	–	7.53%	–
WEN	New	WENDYS CO	$7,554,000	–	885,525	–	5.54%	–
TPL	New	TEXAS PAC LD TRctf	$6,417,000	–	40,079	–	4.71%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$6,205,000	–	49,030	–	4.55%	–
SHLDQ	New	SEARS HLDGS CORP	$5,712,000	–	142,938	–	4.19%	–
CLR	New	CONTINENTAL RESOURCES INC	$5,264,000	–	33,310	–	3.86%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$4,902,000	–	166,950	–	3.60%	–
DWA	New	DREAMWORKS ANIMATION SKG INCcl a	$4,542,000	–	195,275	–	3.33%	–
PDI	New	PIMCO DYNAMIC INCOME FD	$4,312,000	–	126,475	–	3.16%	–
OAK	New	OAKTREE CAP GROUP LLCunit	$3,460,000	–	69,200	–	2.54%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$3,390,000	–	157,903	–	2.49%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$3,339,000	–	135,225	–	2.45%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$3,113,000	–	70,711	–	2.28%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$2,993,000	–	106,775	–	2.20%	–
DISH	New	DISH NETWORK CORPcl a	$2,930,000	–	45,025	–	2.15%	–
BRP	New	BROOKFIELD RESIDENTIAL PPTYS	$2,928,000	–	141,125	–	2.15%	–
STRZA	New	STARZ	$2,494,000	–	83,719	–	1.83%	–
BKW	New	BURGER KING WORLDWIDE INC	$2,244,000	–	82,425	–	1.65%	–
IAC	New	IAC INTERACTIVECORP	$2,051,000	–	29,625	–	1.50%	–
IFT	New	IMPERIAL HLDGS INC	$2,035,000	–	298,300	–	1.49%	–
TRF	New	TEMPLETON RUS AND EAST EUR F	$2,014,000	–	132,000	–	1.48%	–
DISCA	New	DISCOVERY COMMUNICATNS NEW	$1,749,000	–	23,545	–	1.28%	–
TPH	New	TRI POINTE HOMES INC	$1,728,000	–	109,925	–	1.27%	–
LE	New	LANDS END INC NEW	$1,324,000	–	39,415	–	0.97%	–
ZIVZF	New	CREDIT SUISSE NASSAU BRH	$1,159,000	–	24,925	–	0.85%	–
RSE	New	ROUSE PPTYS INC	$907,000	–	52,985	–	0.67%	–
ASCMA	New	ASCENT CAP GROUP INC	$844,000	–	12,785	–	0.62%	–
MUX	New	MCEWEN MNG INC	$608,000	–	210,987	–	0.45%	–
NPP	New	NUVEEN PERFORMANCE PLUS MUN	$315,000	–	21,500	–	0.23%	–
PEP	New	PEPSICO INC	$304,000	–	3,400	–	0.22%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$271,000	–	20,300	–	0.20%	–
PME	New	PINGTAN MARINE ENTERPRISE LT	$127,000	–	49,769	–	0.09%	–

Q4 2013

			Value		Shares		↓ Weighting
PME	Exit	PINGTAN MARINE ENTERPRISE LT	$0	–	-49,769	–	-0.08%	–
NPP	Exit	NUVEEN PERFORMANCE PLUS MUN	$0	–	-14,900	–	-0.16%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-18,500	–	-0.18%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-217,227	–	-0.41%	–
JCPNQ	Exit	PENNEY J C INC	$0	–	-71,275	–	-0.50%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-8,600	–	-1.08%	–
OAK	Exit	OAKTREE CAP GROUP LLC	$0	–	-26,275	–	-1.09%	–
BKW	Exit	BURGER KING WORLDWIDE INC	$0	–	-79,000	–	-1.22%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-28,950	–	-1.26%	–
CBOE	Exit	CBOE HLDGS INC	$0	–	-37,675	–	-1.35%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-10,235	–	-1.38%	–
ASCMA	Exit	Sharednone	$0	–	-21,700	–	-1.39%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-58,472	–	-1.48%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-43,500	–	-1.56%	–
JAH	Exit	JARDEN CORP	$0	–	-42,062	–	-1.62%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-33,635	–	-1.78%	–
STRZA	Exit	STARZ	$0	–	-83,596	–	-1.87%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-132,450	–	-1.95%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a	$0	–	-80,632	–	-2.40%	–
BRP	Exit	BROOKFIELD RESIDENTIAL PPTYS	$0	–	-135,425	–	-2.48%	–
TPL	Exit	TEXAS PAC LD TRctf	$0	–	-39,459	–	-2.65%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-33,360	–	-2.84%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-135,928	–	-2.94%	–
PDI	Exit	PIMCO DYNAMIC INCOME FD	$0	–	-134,025	–	-3.06%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORPcl a	$0	–	-163,850	–	-3.06%	–
DWA	Exit	DREAMWORKS ANIMATION SKG INCcl a	$0	–	-187,100	–	-4.23%	–
AN	Exit	AUTONATION INC	$0	–	-102,500	–	-4.25%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b	$0	–	-47,455	–	-4.28%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-96,295	–	-4.55%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORPcl a	$0	–	-70,630	–	-4.95%	–
WEN	Exit	WENDYS CO	$0	–	-878,675	–	-5.92%	–
RSE	Exit	ROUSE PPTYS INC	$0	–	-374,763	–	-6.13%	–
IEP	Exit	ICAHN ENTERPRISES LPdpu	$0	–	-108,677	–	-7.19%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-97,934	–	-8.74%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-85,427	–	-9.99%	–

Q3 2013

			Value		Shares		↓ Weighting
LMCA	Buy	LIBERTY MEDIA CORP DELAWAREcl a	$12,571,000	+16.5%	85,427	+0.3%	9.99%	+5.5%
HHC	Buy	HOWARD HUGHES CORP	$11,005,000	+0.9%	97,934	+0.7%	8.74%	-8.6%
IEP	Buy	ICAHN ENTERPRISES LPdpu	$9,050,000	+16.7%	108,677	+2.0%	7.19%	+5.6%
RSE	Buy	ROUSE PPTYS INC	$7,713,000	+5.7%	374,763	+0.8%	6.13%	-4.3%
WEN	Buy	WENDYS CO	$7,451,000	+46.2%	878,675	+0.6%	5.92%	+32.4%
LVNTA	Sell	LIBERTY INTERACTIVE CORPcl a	$6,227,000	+3.4%	70,630	-0.3%	4.95%	-6.4%
SHLDQ	Buy	SEARS HLDGS CORP	$5,729,000	+49.9%	96,295	+6.0%	4.55%	+35.7%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b	$5,387,000	+1.6%	47,455	+0.2%	4.28%	-8.0%
AN	Sell	AUTONATION INC	$5,347,000	+17.9%	102,500	-1.9%	4.25%	+6.8%
DWA	Buy	DREAMWORKS ANIMATION SKG INCcl a	$5,325,000	+12.2%	187,100	+1.2%	4.23%	+1.6%
QRTEA	Buy	LIBERTY INTERACTIVE CORPcl a	$3,846,000	+3.6%	163,850	+1.5%	3.06%	-6.2%
PDI	New	PIMCO DYNAMIC INCOME FD	$3,845,000	–	134,025	–	3.06%	–
LUK	Buy	LEUCADIA NATL CORP	$3,703,000	+6.4%	135,928	+2.4%	2.94%	-3.7%
CLR	Sell	CONTINENTAL RESOURCES INC	$3,578,000	+24.5%	33,360	-0.1%	2.84%	+12.8%
TPL	Buy	TEXAS PAC LD TRctf	$3,335,000	+13.7%	39,459	+13.6%	2.65%	+3.0%
BRP	Buy	BROOKFIELD RESIDENTIAL PPTYS	$3,120,000	+5.1%	135,425	+0.6%	2.48%	-4.8%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a	$3,016,000	+3.4%	80,632	+21.1%	2.40%	-6.4%
LYV	Sell	LIVE NATION ENTERTAINMENT IN	$2,457,000	+19.0%	132,450	-0.5%	1.95%	+7.8%
STRZA	Sell	STARZ	$2,352,000	+26.9%	83,596	-0.3%	1.87%	+14.9%
LVS	Sell	LAS VEGAS SANDS CORP	$2,234,000	+22.3%	33,635	-2.5%	1.78%	+10.7%
JAH	Sell	JARDEN CORP	$2,036,000	+8.7%	42,062	-1.8%	1.62%	-1.6%
DISH	Sell	DISH NETWORK CORPcl a	$1,958,000	+5.6%	43,500	-0.3%	1.56%	-4.4%
SHOS	Buy	SEARS HOMETOWN & OUTLET STOR	$1,856,000	-27.1%	58,472	+0.4%	1.48%	-34.0%
ASCMA	New	Sharednone	$1,749,000	–	21,700	–	1.39%	–
NVO	Sell	NOVO-NORDISK A Sadr	$1,732,000	+5.9%	10,235	-3.1%	1.38%	-4.2%
CBOE	Sell	CBOE HLDGS INC	$1,704,000	-21.2%	37,675	-18.7%	1.35%	-28.6%
IAC	Sell	IAC INTERACTIVECORP	$1,583,000	+14.6%	28,950	-0.3%	1.26%	+3.8%
BKW	Buy	BURGER KING WORLDWIDE INC	$1,542,000	-0.3%	79,000	+23.5%	1.22%	-9.7%
OAK	Buy	OAKTREE CAP GROUP LLC	$1,375,000	+0.7%	26,275	+1.2%	1.09%	-8.8%
WYNN	Sell	WYNN RESORTS LTD	$1,359,000	+22.7%	8,600	-0.7%	1.08%	+11.1%
JCPNQ	Sell	PENNEY J C INC	$628,000	-48.7%	71,275	-0.5%	0.50%	-53.5%
MUX	Buy	MCEWEN MNG INC	$521,000	+50.1%	217,227	+5.2%	0.41%	+36.2%
NMO	Buy	NUVEEN MUN MKT OPPORTUNITY F	$227,000	+69.4%	18,500	+79.6%	0.18%	+52.5%
NPP	New	NUVEEN PERFORMANCE PLUS MUN	$201,000	–	14,900	–	0.16%	–
PME	New	PINGTAN MARINE ENTERPRISE LT	$101,000	–	49,769	–	0.08%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-28,500	–	-0.90%	–
FUR	Exit	WINTHROP RLTY TRsh	$0	–	-192,525	–	-2.03%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTDcl a	$0	–	-103,700	–	-2.23%	–

Q2 2013

			Value		Shares		↓ Weighting
HHC	New	HOWARD HUGHES CORP	$10,902,000	–	97,259	–	9.57%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$10,794,000	–	85,150	–	9.47%	–
IEP	New	ICAHN ENTERPRISES LPdpu	$7,757,000	–	106,598	–	6.81%	–
RSE	New	ROUSE PPTYS INC	$7,297,000	–	371,913	–	6.40%	–
LVNTA	New	LIBERTY INTERACTIVE/VENTURES	$6,023,000	–	70,855	–	5.28%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$5,300,000	–	47,355	–	4.65%	–
WEN	New	WENDYS CO	$5,095,000	–	873,850	–	4.47%	–
DWA	New	DREAMWORKS ANIMATION SKG INCcl a	$4,745,000	–	184,900	–	4.16%	–
AN	New	AUTONATION INC	$4,534,000	–	104,500	–	3.98%	–
SHLDQ	New	SEARS HLDGS CORP	$3,822,000	–	90,820	–	3.35%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$3,714,000	–	161,425	–	3.26%	–
LUK	New	LEUCADIA NATL CORP	$3,481,000	–	132,778	–	3.06%	–
BRP	New	BROOKFIELD RESIDENTIAL PPTYS	$2,969,000	–	134,575	–	2.60%	–
TPL	New	TEXAS PAC LD TRctf	$2,932,000	–	34,724	–	2.57%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a	$2,917,000	–	66,594	–	2.56%	–
CLR	New	CONTINENTAL RESOURCES INC	$2,873,000	–	33,385	–	2.52%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$2,546,000	–	58,242	–	2.23%	–
GLRE	New	GREENLIGHT CAPITAL RE LTDcl a	$2,544,000	–	103,700	–	2.23%	–
FUR	New	WINTHROP RLTY TRsh	$2,316,000	–	192,525	–	2.03%	–
CBOE	New	CBOE HLDGS INC	$2,162,000	–	46,350	–	1.90%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$2,064,000	–	133,175	–	1.81%	–
JAH	New	JARDEN CORP	$1,873,000	–	42,812	–	1.64%	–
DISH	New	DISH NETWORK CORPcl a	$1,855,000	–	43,625	–	1.63%	–
STRZA	New	STARZ	$1,854,000	–	83,881	–	1.63%	–
LVS	New	LAS VEGAS SANDS CORP	$1,827,000	–	34,510	–	1.60%	–
NVO	New	NOVO-NORDISK A Sadr	$1,636,000	–	10,560	–	1.44%	–
BKW	New	BURGER KING WORLDWIDE INC	$1,546,000	–	63,950	–	1.36%	–
IAC	New	IAC INTERACTIVECORP	$1,381,000	–	29,025	–	1.21%	–
OAK	New	OAKTREE CAP GROUP LLCunit	$1,365,000	–	25,975	–	1.20%	–
JCPNQ	New	PENNEY J C INC	$1,223,000	–	71,625	–	1.07%	–
WYNN	New	WYNN RESORTS LTD	$1,108,000	–	8,660	–	0.97%	–
LEN	New	LENNAR CORPcl a	$1,027,000	–	28,500	–	0.90%	–
MUX	New	MCEWEN MNG INC	$347,000	–	206,477	–	0.30%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$134,000	–	10,300	–	0.12%	–

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