Chou Associates Management Activity Q4 2007-Q3 2023

Q2 2023

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$41,424,778	–	80	–	52.47%	–
HTZZW	New	HERTZ GLOBAL HLDGS INC*w exp 06/30/205	$7,482,568	–	741,583	–	9.48%	–
BHC	New	BAUSCH HEALTH COS INC	$5,719,997	–	715,000	–	7.24%	–
ALLY	New	ALLY FINL INC	$4,205,077	–	155,686	–	5.33%	–
SYF	New	SYNCHRONY FINANCIAL	$4,070,398	–	120,000	–	5.16%	–
NAVI	New	NAVIENT CORPORATION	$3,406,418	–	183,338	–	4.31%	–
C	New	CITIGROUP INC	$2,656,276	–	57,695	–	3.36%	–
BB	New	BLACKBERRY LTD	$1,733,674	–	312,900	–	2.20%	–
MBI	New	MBIA INC	$1,723,938	–	199,530	–	2.18%	–
LBTYA	New	LIBERTY GLOBAL PLC	$1,632,435	–	96,823	–	2.07%	–
OSTK	New	OVERSTOCK COM INC	$1,250,850	–	38,405	–	1.58%	–
WFC	New	WELLS FARGO CO NEW	$834,052	–	19,542	–	1.06%	–
CYD	New	CHINA YUCHAI INTL LTD	$770,322	–	73,364	–	0.98%	–
MGA	New	MAGNA INTL INC	$564,400	–	10,000	–	0.72%	–
STLA	New	STELLANTIS N.V	$526,200	–	30,000	–	0.67%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$505,995	–	4,575	–	0.64%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$283,390	–	3,400	–	0.36%	–
MEOH	New	METHANEX CORP	$165,284	–	4,000	–	0.21%	–

Q4 2022

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-12,000	–	-0.13%	–
GNUS	Exit	GENIUS BRANDS INTL INC	$0	–	-341,303	–	-0.15%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-4,575	–	-0.19%	–
STLA	Exit	STELLANTIS N.V	$0	–	-30,000	–	-0.25%	–
MGA	Exit	MAGNA INTL INC	$0	–	-10,000	–	-0.34%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-0.38%	–
PKX	Exit	POSCO HOLDINGS INCsponsored adr	$0	–	-21,000	–	-0.55%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-19,542	–	-0.56%	–
HTZZW	Exit	HERTZ GLOBAL HLDGS INC*w exp 06/30/205	$0	–	-97,309	–	-0.61%	–
OSTK	Exit	OVERSTOCK COM INC	$0	–	-38,405	–	-0.67%	–
BB	Exit	BLACKBERRY LTD	$0	–	-312,900	–	-1.06%	–
MBI	Exit	MBIA INC	$0	–	-199,530	–	-1.32%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-7,100	–	-1.49%	–
C	Exit	CITIGROUP INC	$0	–	-57,695	–	-1.72%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-24,275	–	-1.82%	–
	Exit	BAUSCH HEALTH COS INCcall	$0	–	-600,000	–	-2.96%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-715,000	–	-3.53%	–
	Exit	RESOLUTE FST PRODS INCcall	$0	–	-1,725,000	–	-24.71%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-1,986,460	–	-28.45%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-100	–	-29.11%	–

Q3 2022

			Value		Shares		↓ Weighting
RFP	Sell	RESOLUTE FST PRODS INC	$39,729,000	+0.6%	1,986,460	-35.8%	28.45%	+0.5%
	Sell	RESOLUTE FST PRODS INCcall	$34,500,000	+11.5%	1,725,000	-28.9%	24.71%	+11.4%
BB	Sell	BLACKBERRY LTD	$1,475,000	-28.5%	312,900	-18.3%	1.06%	-28.6%
OSTK	Sell	OVERSTOCK COM INC	$935,000	-15.1%	38,405	-12.8%	0.67%	-15.1%
HTZZW	New	HERTZ GLOBAL HLDGS INC*w exp 06/30/205	$856,000	–	97,309	–	0.61%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$40,895,000	–	100	–	29.30%	–
RFP	New	RESOLUTE FST PRODS INC	$39,511,000	–	3,096,460	–	28.31%	–
	New	RESOLUTE FST PRODS INCcall	$30,943,000	–	2,425,000	–	22.17%	–
BHC	New	BAUSCH HEALTH COS INC	$5,977,000	–	715,000	–	4.28%	–
	New	BAUSCH HEALTH COS INCcall	$5,016,000	–	600,000	–	3.59%	–
JPM	New	JPMORGAN CHASE & CO	$2,734,000	–	24,275	–	1.96%	–
C	New	CITIGROUP INC	$2,653,000	–	57,695	–	1.90%	–
MBI	New	MBIA INC	$2,464,000	–	199,530	–	1.77%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,109,000	–	7,100	–	1.51%	–
BB	New	BLACKBERRY LTD	$2,064,000	–	382,900	–	1.48%	–
OSTK	New	OVERSTOCK COM INC	$1,101,000	–	44,021	–	0.79%	–
PKX	New	POSCO HOLDINGS INCsponsored adr	$935,000	–	21,000	–	0.67%	–
WFC	New	WELLS FARGO CO NEW	$765,000	–	19,542	–	0.55%	–
CYD	New	CHINA YUCHAI INTL LTD	$647,000	–	73,364	–	0.46%	–
MGA	New	MAGNA INTL INC	$549,000	–	10,000	–	0.39%	–
STLA	New	STELLANTIS N.V	$371,000	–	30,000	–	0.27%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$308,000	–	4,575	–	0.22%	–
GNUS	New	GENIUS BRANDS INTL INC	$258,000	–	341,303	–	0.18%	–
LBTYA	New	LIBERTY GLOBAL PLC	$253,000	–	12,000	–	0.18%	–

Q4 2021

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-12,000	–	-0.17%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-4,575	–	-0.24%	–
STLA	Exit	STELLANTIS	$0	–	-30,000	–	-0.28%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-0.48%	–
PKX	Exit	POSCOsponsored adr	$0	–	-21,000	–	-0.70%	–
MGA	Exit	MAGNA INTL INC	$0	–	-20,000	–	-0.73%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-7,100	–	-1.30%	–
	Exit	BLACKBERRY LTDcall	$0	–	-382,600	–	-1.80%	–
BB	Exit	BLACKBERRY LTD	$0	–	-382,900	–	-1.80%	–
C	Exit	CITIGROUP INC	$0	–	-57,695	–	-1.96%	–
	Exit	MBIA INCcall	$0	–	-400,000	–	-2.48%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-34,275	–	-2.71%	–
MBI	Exit	MBIA INC	$0	–	-599,530	–	-3.72%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-169,542	–	-3.80%	–
	Exit	BAUSCH HEALTH COS INCcall	$0	–	-600,000	–	-8.07%	–
	Exit	RESOLUTE FST PRODS INCcall	$0	–	-1,886,000	–	-10.84%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-3,299,460	–	-18.96%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-100	–	-19.86%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,495,000	–	-20.11%	–

Q3 2021

			Value		Shares		↓ Weighting
RFP	Sell	RESOLUTE FST PRODS INC	$39,264,000	-18.3%	3,299,460	-16.3%	18.96%	-9.8%
	Sell	RESOLUTE FST PRODS INCcall	$22,443,000	-27.0%	1,886,000	-25.1%	10.84%	-19.3%
BB	Sell	BLACKBERRY LTD	$3,727,000	-23.8%	382,900	-4.3%	1.80%	-15.8%
	Sell	BLACKBERRY LTDcall	$3,725,000	-23.8%	382,600	-4.4%	1.80%	-15.9%

Q2 2021

			Value		Shares		↓ Weighting
RFP	New	RESOLUTE FST PRODS INC	$48,074,000	–	3,940,460	–	21.02%	–
BHC	New	BAUSCH HEALTH COS INC	$43,833,000	–	1,495,000	–	19.17%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$41,860,000	–	100	–	18.30%	–
	New	RESOLUTE FST PRODS INCcall	$30,726,000	–	2,518,500	–	13.44%	–
	New	BAUSCH HEALTH COS INCcall	$17,592,000	–	600,000	–	7.69%	–
WFC	New	WELLS FARGO CO NEW	$7,679,000	–	169,542	–	3.36%	–
MBI	New	MBIA INC	$6,595,000	–	599,530	–	2.88%	–
JPM	New	JPMORGAN CHASE & CO	$5,331,000	–	34,275	–	2.33%	–
	New	BLACKBERRY LTDcall	$4,889,000	–	400,000	–	2.14%	–
BB	New	BLACKBERRY LTD	$4,889,000	–	400,000	–	2.14%	–
	New	MBIA INCcall	$4,400,000	–	400,000	–	1.92%	–
C	New	CITIGROUP INC	$4,082,000	–	57,695	–	1.78%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,695,000	–	7,100	–	1.18%	–
MGA	New	MAGNA INTL INC	$1,853,000	–	20,000	–	0.81%	–
PKX	New	POSCOsponsored adr	$1,612,000	–	21,000	–	0.70%	–
CYD	New	CHINA YUCHAI INTL LTD	$1,177,000	–	73,364	–	0.52%	–
STLA	New	STELLANTIS	$591,000	–	30,000	–	0.26%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$495,000	–	4,575	–	0.22%	–
LBTYA	New	LIBERTY GLOBAL PLC	$326,000	–	12,000	–	0.14%	–

Q4 2020

			Value		Shares		↓ Weighting
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-30,000	–	-0.35%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-4,575	–	-0.36%	–
BAC	Exit	BANK AMER CORP	$0	–	-18,376	–	-0.42%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-4,317	–	-0.49%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-50,000	–	-0.77%	–
PKX	Exit	POSCOsponsored adr	$0	–	-21,000	–	-0.84%	–
MGA	Exit	MAGNA INTL INC	$0	–	-20,000	–	-0.87%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-1.26%	–
DVA	Exit	DAVITA INC	$0	–	-22,743	–	-1.85%	–
BB	Exit	BLACKBERRY LTD	$0	–	-429,040	–	-1.87%	–
C	Exit	CITIGROUP INC	$0	–	-67,695	–	-2.78%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-34,275	–	-3.14%	–
MBI	Exit	MBIA INC	$0	–	-652,531	–	-3.76%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-20,000	–	-3.83%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-209,542	–	-4.69%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,571,960	–	-19.50%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,538,992	–	-22.77%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-100	–	-30.46%	–

Q2 2020

			Value		Shares		↓ Weighting
BHC	New	BAUSCH HEALTH COS INC	$27,154,000	–	1,538,992	–	29.86%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$25,786,000	–	100	–	28.35%	–
RFP	New	RESOLUTE FST PRODS INC	$9,306,000	–	4,571,960	–	10.23%	–
WFC	New	WELLS FARGO CO NEW	$5,175,000	–	209,542	–	5.69%	–
MBI	New	MBIA INC	$4,564,000	–	652,531	–	5.02%	–
GS	New	GOLDMAN SACHS GROUP INC	$3,813,000	–	20,000	–	4.19%	–
C	New	CITIGROUP INC	$3,337,000	–	67,695	–	3.67%	–
JPM	New	JPMORGAN CHASE & CO	$3,110,000	–	34,275	–	3.42%	–
BB	New	BLACKBERRY LTD	$2,018,000	–	429,040	–	2.22%	–
DVA	New	DAVITA INC	$1,736,000	–	22,743	–	1.91%	–
CYD	New	CHINA YUCHAI INTL LTD	$1,018,000	–	73,364	–	1.12%	–
MGA	New	MAGNA INTL INC	$859,000	–	20,000	–	0.94%	–
SAVE	New	SPIRIT AIRLS INC	$859,000	–	50,000	–	0.94%	–
PKX	New	POSCOsponsored adr	$750,000	–	21,000	–	0.82%	–
ALGT	New	ALLEGIANT TRAVEL CO	$455,000	–	4,317	–	0.50%	–
BAC	New	BANK AMER CORP	$421,000	–	18,376	–	0.46%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$296,000	–	30,000	–	0.32%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$293,000	–	4,575	–	0.32%	–

Q4 2019

			Value		Shares		↓ Weighting
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-15,000	–	-0.06%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-4,575	–	-0.19%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-30,000	–	-0.24%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-4,317	–	-0.39%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-20,000	–	-0.57%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-0.58%	–
PKX	Exit	POSCOsponsored adr	$0	–	-21,000	–	-0.60%	–
MGA	Exit	MAGNA INTL INC	$0	–	-20,000	–	-0.65%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-380,000	–	-0.74%	–
	Exit	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$0	–	-3,150,000	–	-0.98%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-50,000	–	-1.11%	–
BAC	Exit	ANK AMER CORP	$0	–	-93,376	–	-1.66%	–
BB	Exit	BLACKBERRY LTD	$0	–	-529,040	–	-1.69%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-20,000	–	-2.53%	–
C	Exit	CITIGROUP INC	$0	–	-67,695	–	-2.85%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-44,275	–	-3.18%	–
MBI	Exit	MBIA INC	$0	–	-652,531	–	-3.68%	–
DVA	Exit	DAVITA INC	$0	–	-120,743	–	-4.20%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-339,542	–	-10.45%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,571,960	–	-13.11%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,648,992	–	-21.99%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-150	–	-28.54%	–

Q3 2019

			Value		Shares		↓ Weighting
WFC	Sell	WELLS FARGO CO NEW	$17,126,000	-16.7%	339,542	-21.9%	10.45%	+8.7%
MBI	Sell	MBIA INC	$6,023,000	-32.1%	652,531	-31.5%	3.68%	-11.3%
JPM	Sell	JPMORGAN CHASE & CO	$5,211,000	-57.3%	44,275	-59.5%	3.18%	-44.3%
C	Sell	CITIGROUP INC	$4,676,000	-48.6%	67,695	-47.9%	2.85%	-33.0%
GS	Sell	GOLDMAN SACHS GROUP INC	$4,145,000	-59.5%	20,000	-60.0%	2.53%	-47.1%
	Sell	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$1,606,000	-34.4%	3,150,000	-34.4%	0.98%	-14.3%
ENDP	Sell	ENDO INTL PLC	$1,220,000	-66.4%	380,000	-56.8%	0.74%	-56.1%
SHOS	Exit	SEARS HOMETOWN & OUTLET STORcall	$0	–	-64,000	–	-0.07%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-1,296,960	–	-1.44%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$47,752,000	–	150	–	22.32%	–
BHC	New	BAUSCH HEALTH COS INC	$41,588,000	–	1,648,992	–	19.44%	–
RFP	New	RESOLUTE FST PRODS INC	$32,918,000	–	4,571,960	–	15.39%	–
WFC	New	WELLS FARGO CO NEW	$20,563,000	–	434,542	–	9.61%	–
JPM	New	JPMORGAN CHASE & CO	$12,217,000	–	109,275	–	5.71%	–
GS	New	GOLDMAN SACHS GROUP INC	$10,230,000	–	50,000	–	4.78%	–
C	New	CITIGROUP INC	$9,104,000	–	130,000	–	4.26%	–
MBI	New	MBIA INC	$8,868,000	–	952,531	–	4.14%	–
DVA	New	DAVITA INC	$6,793,000	–	120,743	–	3.18%	–
BB	New	BLACKBERRY LTD	$3,943,000	–	529,040	–	1.84%	–
ENDP	New	ENDO INTL PLC	$3,626,000	–	880,000	–	1.70%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$3,087,000	–	1,296,960	–	1.44%	–
BAC	New	BANK AMER CORP	$2,708,000	–	93,376	–	1.27%	–
	New	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$2,448,000	–	4,800,000	–	1.14%	–
SAVE	New	SPIRIT AIRLS INC	$2,386,000	–	50,000	–	1.12%	–
PKX	New	POSCOsponsored adr	$1,114,000	–	21,000	–	0.52%	–
CYD	New	CHINA YUCHAI INTL LTD	$1,100,000	–	73,364	–	0.51%	–
MGA	New	MAGNA INTL INC	$994,000	–	20,000	–	0.46%	–
SNY	New	SANOFIsponsored adr	$865,000	–	20,000	–	0.40%	–
ALGT	New	ALLEGIANT TRAVEL CO	$619,000	–	4,317	–	0.29%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$415,000	–	30,000	–	0.19%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$293,000	–	4,575	–	0.14%	–
SHOS	New	SEARS HOMETOWN & OUTLET STORcall	$152,000	–	64,000	–	0.07%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$138,000	–	15,000	–	0.06%	–

Q4 2018

			Value		Shares		↓ Weighting
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-15,000	–	-0.11%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-4,575	–	-0.15%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-268,000	–	-0.16%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-505,381	–	-0.16%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-4,317	–	-0.18%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-0.43%	–
PKX	Exit	POSCOsponsored adr	$0	–	-21,000	–	-0.47%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-50,000	–	-0.79%	–
	Exit	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$0	–	-4,800,000	–	-0.86%	–
BAC	Exit	BANK AMER CORP	$0	–	-93,376	–	-0.92%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-1,311,960	–	-1.26%	–
BB	Exit	BLACKBERRY LTD	$0	–	-529,040	–	-2.01%	–
RFP	Exit	RESOLUTE FST PRODS INCcall	$0	–	-550,000	–	-2.39%	–
C	Exit	CITIGROUP INC	$0	–	-130,000	–	-3.13%	–
DVA	Exit	DAVITA INC	$0	–	-140,743	–	-3.39%	–
MBI	Exit	MBIA INC	$0	–	-958,097	–	-3.44%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-50,000	–	-3.77%	–
ENDP	Exit	ENDO INTL PLCcall	$0	–	-700,000	–	-3.96%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-109,275	–	-4.14%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-880,000	–	-4.98%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-360,000	–	-5.40%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-434,542	–	-7.67%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-1,648,992	–	-14.22%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-150	–	-16.12%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,571,960	–	-19.89%	–

Q3 2018

			Value		Shares		↓ Weighting
BHC	New	BAUSCH HEALTH COS INC	$42,330,000	–	1,648,992	–	14.22%	–
WFC	New	WELLS FARGO CO NEW	$22,840,000	–	434,542	–	7.67%	–
SNY	Sell	SANOFIsponsored adr	$16,081,000	-2.0%	360,000	-12.2%	5.40%	-13.1%
JPM	New	JPMORGAN CHASE & CO	$12,331,000	–	109,275	–	4.14%	–
ENDP	New	ENDO INTL PLCcall	$11,781,000	–	700,000	–	3.96%	–
GS	Sell	GOLDMAN SACHS GROUP INC	$11,212,000	-32.2%	50,000	-33.3%	3.77%	-39.9%
MBI	Sell	MBIA INC	$10,242,000	+4.8%	958,097	-11.4%	3.44%	-7.1%
C	Sell	CITIGROUP INC	$9,326,000	-33.6%	130,000	-38.1%	3.13%	-41.2%
RFP	Buy	RESOLUTE FST PRODS INCcall	$7,123,000	+358.7%	550,000	+266.7%	2.39%	+306.3%
SHOS	Sell	SEARS HOMETOWN & OUTLET STOR	$3,739,000	+34.6%	1,311,960	-0.8%	1.26%	+19.3%
BAC	New	BANK AMER CORP	$2,751,000	–	93,376	–	0.92%	–
	Sell	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$2,563,000	-3.7%	4,800,000	-9.4%	0.86%	-14.7%
SHLDQ	Sell	SEARS HLDGS CORP	$489,000	-81.8%	505,381	-55.3%	0.16%	-83.9%
ASCMA	Sell	ASCENT CAP GROUP INC	$474,000	-44.9%	268,000	-12.4%	0.16%	-51.2%
OSTK	Exit	OVERSTOCK COM INC DEL	$0	–	-6,650	–	-0.08%	–
BACWSA	Exit	BANK AMER CORPw exp 01/16/201	$0	–	-149,476	–	-0.92%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-650,000	–	-1.42%	–
JPMWS	Exit	JPMORGAN CHASE & COw exp 10/28/201	$0	–	-166,977	–	-4.01%	–
WFCWS	Exit	WELLS FARGO & CO NEWw exp 10/28/201	$0	–	-997,500	–	-8.32%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,648,992	–	-14.52%	–

Q2 2018

			Value		Shares		↓ Weighting
RFP	New	RESOLUTE FST PRODS INC	$47,320,000	–	4,571,960	–	17.94%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$42,306,000	–	150	–	16.04%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$38,323,000	–	1,648,992	–	14.52%	–
WFCWS	New	WELLS FARGO & CO NEWw exp 10/28/201	$21,965,000	–	997,500	–	8.32%	–
GS	New	GOLDMAN SACHS GROUP INC	$16,543,000	–	75,000	–	6.27%	–
SNY	New	SANOFIsponsored adr	$16,404,000	–	410,000	–	6.22%	–
C	New	CITIGROUP INC	$14,053,000	–	210,000	–	5.33%	–
JPMWS	New	JPMORGAN CHASE & COw exp 10/28/201	$10,591,000	–	166,977	–	4.01%	–
DVA	New	DAVITA INC	$9,773,000	–	140,743	–	3.70%	–
MBI	New	MBIA INC	$9,770,000	–	1,080,797	–	3.70%	–
ENDP	New	ENDO INTL PLC	$8,298,000	–	880,000	–	3.14%	–
BB	New	BLACKBERRY LTD	$5,103,000	–	529,040	–	1.93%	–
NOK	New	NOKIA CORPsponsored adr	$3,738,000	–	650,000	–	1.42%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$2,777,000	–	1,322,209	–	1.05%	–
SHLDQ	New	SEARS HLDGS CORP	$2,682,000	–	1,131,610	–	1.02%	–
	New	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$2,662,000	–	5,300,000	–	1.01%	–
BACWSA	New	BANK AMER CORPw exp 01/16/201	$2,439,000	–	149,476	–	0.92%	–
SAVE	New	SPIRIT AIRLS INC	$1,818,000	–	50,000	–	0.69%	–
CYD	New	CHINA YUCHAI INTL LTD	$1,592,000	–	73,364	–	0.60%	–
PKX	New	POSCOsponsored adr	$1,557,000	–	21,000	–	0.59%	–
RFP	New	RESOLUTE FST PRODS INCcall	$1,553,000	–	150,000	–	0.59%	–
ASCMA	New	ASCENT CAP GROUP INC	$860,000	–	306,000	–	0.33%	–
ALGT	New	ALLEGIANT TRAVEL CO	$600,000	–	4,317	–	0.23%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$523,000	–	4,575	–	0.20%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$365,000	–	15,000	–	0.14%	–
OSTK	New	OVERSTOCK COM INC DEL	$224,000	–	6,650	–	0.08%	–

Q4 2017

			Value		Shares		↓ Weighting
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-67,446	–	-0.40%	–
PKX	Exit	POSCOsponsored adr	$0	–	-21,000	–	-0.51%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-0.57%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-16,575	–	-0.61%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-2,683,000	–	-0.75%	–
	Exit	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$0	–	-5,800,000	–	-0.98%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-156,623	–	-1.10%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-1,322,209	–	-1.18%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-306,000	–	-1.39%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-850,000	–	-1.78%	–
BACWSA	Exit	BANK AMER CORPw exp 01/16/201	$0	–	-436,825	–	-2.02%	–
BB	Exit	BLACKBERRY LTD	$0	–	-529,040	–	-2.07%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-950,000	–	-2.84%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-1,131,610	–	-2.89%	–
OSTK	Exit	OVERSTOCK COM INC DEL	$0	–	-286,650	–	-2.98%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-505,000	–	-3.10%	–
MBI	Exit	MBIA INC	$0	–	-1,080,797	–	-3.28%	–
C	Exit	CITIGROUP INC	$0	–	-210,000	–	-5.34%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-75,000	–	-6.22%	–
JPMWS	Exit	JPMORGAN CHASE & COw exp 10/28/201	$0	–	-366,347	–	-6.91%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-410,000	–	-7.13%	–
WFCWS	Exit	WELLS FARGO & CO NEWw exp 10/28/201	$0	–	-997,500	–	-7.51%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,963,423	–	-8.76%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-150	–	-14.40%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-3,053,843	–	-15.29%	–

Q3 2017

			Value		Shares		↓ Weighting
JPMWS	Sell	JPMORGAN CHASE & COw exp 10/28/201	$19,783,000	-37.4%	366,347	-41.5%	6.91%	-29.2%
C	Sell	CITIGROUP INC	$15,275,000	-26.6%	210,000	-32.3%	5.34%	-17.0%
OSTK	Sell	OVERSTOCK COM INC DEL	$8,514,000	-10.6%	286,650	-50.8%	2.98%	+1.1%
BACWSA	Sell	BANK AMER CORPw exp 01/16/201	$5,784,000	-10.9%	436,825	-18.6%	2.02%	+0.8%
NOK	Sell	NOKIA CORPsponsored adr	$5,083,000	-34.2%	850,000	-32.0%	1.78%	-25.6%
GMWSB	Exit	GENERAL MTRS COw exp 07/10/201	$0	–	-13,019	–	-0.07%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-775,149	–	-0.16%	–

Q2 2017

			Value		Shares		↓ Weighting
VRX	New	VALEANT PHARMACEUTICALS INTL	$53,030,000	–	3,053,843	–	16.38%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$38,348,000	–	150	–	11.84%	–
JPMWS	New	JPMORGAN CHASE & COw exp 10/28/201	$31,617,000	–	626,347	–	9.76%	–
WFCWS	New	WELLS FARGO & CO NEWw exp 10/28/201	$22,228,000	–	997,500	–	6.86%	–
RFP	New	RESOLUTE FST PRODS INC	$21,921,000	–	4,963,423	–	6.77%	–
C	New	CITIGROUP INC	$20,811,000	–	310,000	–	6.43%	–
SNY	New	SANOFIsponsored adr	$19,717,000	–	410,000	–	6.09%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$16,839,000	–	505,000	–	5.20%	–
GS	New	GOLDMAN SACHS GROUP INC	$16,705,000	–	75,000	–	5.16%	–
ENDP	New	ENDO INTL PLC	$10,651,000	–	950,000	–	3.29%	–
MBI	New	MBIA INC	$10,230,000	–	1,080,797	–	3.16%	–
SHLDQ	New	SEARS HLDGS CORP	$10,064,000	–	1,131,610	–	3.11%	–
OSTK	New	OVERSTOCK COM INC DEL	$9,527,000	–	582,271	–	2.94%	–
NOK	New	NOKIA CORPsponsored adr	$7,729,000	–	1,250,000	–	2.39%	–
BACWSA	New	BANK AMER CORPw exp 01/16/201	$6,488,000	–	536,825	–	2.00%	–
BB	New	BLACKBERRY LTD	$5,307,000	–	529,040	–	1.64%	–
ASCMA	New	ASCENT CAP GROUP INC	$4,718,000	–	306,000	–	1.46%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$3,583,000	–	1,322,209	–	1.11%	–
	New	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$2,867,000	–	5,800,000	–	0.88%	–
SD	New	SANDRIDGE ENERGY INC	$2,706,000	–	156,623	–	0.84%	–
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$2,160,000	–	2,683,000	–	0.67%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr ne	$1,790,000	–	16,575	–	0.55%	–
CYD	New	CHINA YUCHAI INTL LTD	$1,341,000	–	73,364	–	0.41%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,336,000	–	67,446	–	0.41%	–
PKX	New	POSCOsponsored adr	$1,319,000	–	21,000	–	0.41%	–
SRSCQ	New	SEARS CDA INC	$529,000	–	775,149	–	0.16%	–
GMWSB	New	GENERAL MTRS COw exp 07/10/201	$226,000	–	13,019	–	0.07%	–

Q4 2016

			Value		Shares		↓ Weighting
GMWSB	Exit	GENERAL MTRS COw exp 07/10/201	$0	–	-13,019	–	-0.07%	–
BP	Exit	BP PLCsponsored adr	$0	–	-10,000	–	-0.13%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-18,000	–	-0.14%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-0.30%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-13,000	–	-0.31%	–
PKX	Exit	POSCOsponsored adr	$0	–	-21,000	–	-0.40%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr ne	$0	–	-16,575	–	-0.46%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-67,446	–	-0.70%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-775,149	–	-0.70%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-2,683,000	–	-0.71%	–
	Exit	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$0	–	-7,800,000	–	-1.21%	–
BACWSA	Exit	BANK AMER CORPw exp 01/16/201	$0	–	-836,825	–	-1.43%	–
BB	Exit	BLACKBERRY LTD	$0	–	-529,040	–	-1.56%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-1,322,209	–	-2.41%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-340,000	–	-2.92%	–
MBI	Exit	MBIA INC	$0	–	-1,080,797	–	-3.12%	–
OSTK	Exit	OVERSTOCK COM INC DEL	$0	–	-582,271	–	-3.30%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-75,000	–	-4.48%	–
WFCWS	Exit	WELLS FARGO & CO NEWw exp 10/28/201	$0	–	-997,500	–	-4.61%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-410,000	–	-5.79%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-1,431,610	–	-6.07%	–
C	Exit	CITIGROUP INC	$0	–	-410,000	–	-7.16%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-3,750,000	–	-8.03%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,904,752	–	-8.58%	–
JPMWS	Exit	JPMORGAN CHASE & COw exp 10/28/201	$0	–	-1,126,347	–	-10.26%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-150	–	-12.00%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,446,843	–	-13.14%	–

Q3 2016

		Value		Shares		↓ Weighting
New	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$3,276,000	–	7,800,000	–	1.21%	–
New	ASCENT CAP GROUP INCnote 4.000% 7/1	$1,912,000	–	2,683,000	–	0.71%	–
Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-2,683,000	–	-0.58%	–
Exit	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$0	–	-7,800,000	–	-1.31%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$32,546,000	–	150	–	12.42%	–
VRX	New	VALEANT PHARMACEUTICALS INT INC	$29,139,000	–	1,446,843	–	11.12%	–
RFP	New	RESOLUTE FST PRODS INC	$25,946,000	–	4,904,752	–	9.90%	–
JPMWS	New	JPMORGAN CHASE & COw exp 10/28/201	$22,809,000	–	1,126,347	–	8.70%	–
NOK	New	NOKIA CORPsponsored adr	$21,337,000	–	3,750,000	–	8.14%	–
SHLDQ	New	SEARS HLDGS CORP	$19,484,000	–	1,431,610	–	7.44%	–
C	New	CITIGROUP INC	$17,380,000	–	410,000	–	6.63%	–
SNY	New	SANOFIsponsored adr	$17,158,000	–	410,000	–	6.55%	–
WFCWS	New	WELLS FARGO & CO NEWw exp 10/28/201	$13,586,000	–	997,500	–	5.18%	–
GS	New	GOLDMAN SACHS GROUP INC	$11,144,000	–	75,000	–	4.25%	–
OSTK	New	OVERSTOCK COM INC DEL	$9,380,000	–	582,271	–	3.58%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$8,912,000	–	1,322,209	–	3.40%	–
MBI	New	MBIA INC	$7,382,000	–	1,080,797	–	2.82%	–
ASCMA	New	ASCENT CAP GROUP INC	$5,233,000	–	340,000	–	2.00%	–
BB	New	BLACKBERRY LTD	$3,550,000	–	529,040	–	1.36%	–
	New	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$3,432,000	–	7,800,000	–	1.31%	–
BACWSA	New	BANK AMER CORPw exp 01/16/201	$2,912,000	–	836,825	–	1.11%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$2,336,000	–	67,446	–	0.89%	–
SRSCQ	New	SEARS CDA INC	$2,310,000	–	775,149	–	0.88%	–
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$1,524,000	–	2,683,000	–	0.58%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr	$1,153,000	–	16,575	–	0.44%	–
PKX	New	POSCOsponsored adr	$935,000	–	21,000	–	0.36%	–
CYD	New	CHINA YUCHAI INTL LTD	$794,000	–	73,364	–	0.30%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$773,000	–	13,000	–	0.30%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$384,000	–	18,000	–	0.15%	–
BP	New	BP PLCsponsored adr	$355,000	–	10,000	–	0.14%	–
GMWSB	New	GENERAL MTRS COw exp 07/10/201	$136,000	–	13,019	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
BP	Exit	BP PLCsponsored adr	$0	–	-10,000	–	-0.10%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-18,000	–	-0.12%	–
PKX	Exit	POSCOsponsored adr	$0	–	-21,000	–	-0.25%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-13,000	–	-0.28%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-73,364	–	-0.31%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr	$0	–	-17,000	–	-0.46%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-2,683,000	–	-0.67%	–
	Exit	CHICAGO BRIDGE & IRON CO N C	$0	–	-67,446	–	-0.92%	–
BB	Exit	BLACKBERRY LTD	$0	–	-529,040	–	-1.11%	–
BACWSA	Exit	BANK OF AMERICA CORPORATIONw exp 01/16/201	$0	–	-836,825	–	-1.65%	–
SRSCQ	Exit	SEARS CDA INC	$0	–	-775,149	–	-1.73%	–
MBI	Exit	MBIA INC	$0	–	-1,080,797	–	-2.26%	–
	Exit	ASCENT CAP GROUP INC	$0	–	-316,591	–	-2.98%	–
OSTK	Exit	OVERSTOCK COM INC DEL	$0	–	-582,271	–	-3.43%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-1,322,209	–	-3.64%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-75,000	–	-4.48%	–
WFCWS	Exit	WELLS FARGO & CO NEWw exp 10/28/201	$0	–	-997,500	–	-6.20%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-410,000	–	-6.69%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-896,088	–	-6.96%	–
C	Exit	CITIGROUP INC	$0	–	-410,000	–	-6.99%	–
JPMWS	Exit	JPMORGAN CHASE & COw exp 10/28/201	$0	–	-1,126,347	–	-7.70%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-3,750,000	–	-8.73%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,281,218	–	-12.22%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-20.12%	–

Q3 2015

			Value		Shares		↓ Weighting
RFP	Buy	RESOLUTE FST PRODS INC	$35,587,000	-22.5%	4,281,218	+4.9%	12.22%	-12.9%
NOK	Sell	NOKIA CORPsponsored adr	$25,432,000	-1.0%	3,750,000	-25.0%	8.73%	+11.2%
	New	ASCENT CAP GROUP INC	$8,671,000	–	316,591	–	2.98%	–
	New	CHICAGO BRIDGE & IRON CO N C	$2,676,000	–	67,446	–	0.92%	–
CYD	Buy	CHINA YUCHAI INTL LTD	$908,000	+112.1%	73,364	+187.3%	0.31%	+138.2%
PKX	New	POSCOsponsored adr	$736,000	–	21,000	–	0.25%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N C	$0	–	-67,446	–	-1.03%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-140,000	–	-1.83%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$61,438,000	–	300	–	18.79%	–
RFP	New	RESOLUTE FST PRODS INC	$45,901,000	–	4,081,218	–	14.04%	–
JPMWS	New	JPMORGAN CHASE & COw exp 10/28/201	$27,869,000	–	1,126,347	–	8.52%	–
NOK	New	NOKIA CORPsponsored adr	$25,680,000	–	5,000,000	–	7.85%	–
SHLDQ	New	SEARS HLDGS CORP	$23,919,000	–	896,088	–	7.31%	–
C	New	CITIGROUP INC	$22,642,000	–	410,000	–	6.92%	–
WFCWS	New	WELLS FARGO & CO NEWw exp 10/28/201	$22,428,000	–	997,500	–	6.86%	–
SNY	New	SANOFIsponsored adr	$20,302,000	–	410,000	–	6.21%	–
GS	New	GOLDMAN SACHS GROUP INC	$15,655,000	–	75,000	–	4.79%	–
OSTK	New	OVERSTOCK COM INC DEL	$13,121,000	–	582,271	–	4.01%	–
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$12,558,000	–	1,322,209	–	3.84%	–
MBI	New	MBIA INC	$6,494,000	–	1,080,797	–	1.99%	–
ASCMA	New	ASCENT CAP GROUP INC	$5,982,000	–	140,000	–	1.83%	–
BACWSA	New	BANK OF AMERICA CORPORATIONw exp 01/16/201	$5,162,000	–	836,825	–	1.58%	–
SRSCQ	New	SEARS CDA INC	$4,711,000	–	775,149	–	1.44%	–
BB	New	BLACKBERRY LTD	$4,330,000	–	529,040	–	1.32%	–
CBI	New	CHICAGO BRIDGE & IRON CO N C	$3,374,000	–	67,446	–	1.03%	–
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$2,215,000	–	2,683,000	–	0.68%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr	$1,213,000	–	17,000	–	0.37%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$822,000	–	13,000	–	0.25%	–
CYD	New	CHINA YUCHAI INTL LTD	$428,000	–	25,537	–	0.13%	–
BP	New	BP PLCsponsored adr	$399,000	–	10,000	–	0.12%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$374,000	–	18,000	–	0.11%	–

Q4 2014

			Value		Shares		↓ Weighting
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-2,630	–	-0.04%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr no par	$0	–	-5,454	–	-0.05%	–
UTSI	Exit	UTSTARCOM HOLDINGS CORP	$0	–	-113,627	–	-0.10%	–
BP	Exit	BP PLCsponsored adr	$0	–	-10,000	–	-0.12%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-25,537	–	-0.14%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-18,000	–	-0.19%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr	$0	–	-17,000	–	-0.27%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-13,000	–	-0.43%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-2,683,000	–	-0.69%	–
CHT	Exit	CHUNGHWA TELECOM CO LTDspon adr new11	$0	–	-132,088	–	-1.12%	–
BB	Exit	BLACKBERRY LTD	$0	–	-529,040	–	-1.33%	–
LE	Exit	LANDS END INC	$0	–	-151,696	–	-1.77%	–
BACWSA	Exit	BANK OF AMERICA CORPORATIONw exp 01/16/201	$0	–	-836,825	–	-1.78%	–
OSTK	Exit	OVERSTOCK COM INC DEL	$0	–	-582,271	–	-2.79%	–
MBI	Exit	MBIA INC	$0	–	-1,080,797	–	-2.82%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-75,000	–	-3.91%	–
SHOS	Exit	SEARS HOMETOWN & OUTLET STOR	$0	–	-890,170	–	-3.92%	–
WFCWS	Exit	WELLS FARGO & CO NEWw exp 10/28/201	$0	–	-997,500	–	-5.71%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-803,526	–	-5.76%	–
C	Exit	CITIGROUP INC	$0	–	-410,000	–	-6.04%	–
JPM	Exit	JPMORGAN CHASE & COw exp 10/28/201	$0	–	-1,126,347	–	-6.44%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-410,000	–	-6.58%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-5,000,000	–	-12.02%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-17.64%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,117,259	–	-18.30%	–

Q3 2014

			Value		Shares		↓ Weighting
SHOS	New	SEARS HOMETOWN & OUTLET STOR	$15,478,000	–	890,170	–	3.92%	–
LE	Sell	LANDS END INC	$6,997,000	-19.2%	151,696	-37.2%	1.77%	-25.4%
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$2,723,000	–	2,683,000	–	0.69%	–

Q2 2014

			Value		Shares		↓ Weighting
RFP	New	RESOLUTE FST PRODS INC	$73,755,000	–	4,117,259	–	20.23%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$60,819,000	–	300	–	16.68%	–
NOK	New	NOKIA CORPsponsored adr	$40,354,000	–	5,000,000	–	11.07%	–
SHLDQ	New	SEARS HLDGS CORP	$34,278,000	–	803,526	–	9.40%	–
SNY	New	SANOFIsponsored adr	$23,272,000	–	410,000	–	6.38%	–
JPM	New	JPMORGAN CHASE & COw exp 10/28/201	$23,243,000	–	1,126,347	–	6.37%	–
WFCWS	New	WELLS FARGO & CO NEWw exp 10/28/201	$22,831,000	–	997,500	–	6.26%	–
C	New	CITIGROUP INC	$20,616,000	–	410,000	–	5.65%	–
GS	New	GOLDMAN SACHS GROUP INC	$13,406,000	–	75,000	–	3.68%	–
MBI	New	MBIA INC	$12,738,000	–	1,080,797	–	3.49%	–
OSTK	New	OVERSTOCK COM INC DEL	$9,803,000	–	582,271	–	2.69%	–
LE	New	LANDS END INC	$8,664,000	–	241,697	–	2.38%	–
BACWSA	New	BANK OF AMERICA CORPORATIONw exp 01/16/201	$6,164,000	–	836,825	–	1.69%	–
BB	New	BLACKBERRY LTD	$5,788,000	–	529,040	–	1.59%	–
CHT	New	CHUNGHWA TELECOM CO LTDspon adr new11	$4,521,000	–	132,088	–	1.24%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$1,030,000	–	13,000	–	0.28%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr	$1,013,000	–	17,000	–	0.28%	–
CYD	New	CHINA YUCHAI INTL LTD	$579,000	–	25,537	–	0.16%	–
BP	New	BP PLCsponsored adr	$563,000	–	10,000	–	0.15%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$514,000	–	18,000	–	0.14%	–
UTSI	New	UTSTARCOM HOLDINGS CORP	$355,000	–	113,627	–	0.10%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr no par	$194,000	–	5,454	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS INC	$137,000	–	2,630	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
UTSI	Exit	UTSTARCOM HOLDINGS CORP	$0	–	-113,627	–	-0.02%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-10,000	–	-0.02%	–
BP	Exit	BP PLCsponsored adr	$0	–	-10,000	–	-0.02%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-25,537	–	-0.03%	–
S	Exit	SPRINT CORP	$0	–	-110,770	–	-0.04%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored adr	$0	–	-17,000	–	-0.05%	–
BB	Exit	BLACKBERRY LTD	$0	–	-185,000	–	-0.08%	–
PTGI	Exit	PRIMUS TELECOMMUNICATIONS GR	$0	–	-451,022	–	-0.08%	–
RSHCQ	Exit	RADIOSHACK CORP	$0	–	-794,071	–	-0.15%	–
CHT	Exit	CHUNGHWA TELECOM CO LTDspon adr new11	$0	–	-132,088	–	-0.23%	–
BACWSA	Exit	BANK OF AMERICA CORPORATIONw exp 01/16/201	$0	–	-836,825	–	-0.28%	–
ACT	Exit	ACTAVIS INC	$0	–	-76,705	–	-0.61%	–
MBI	Exit	MBIA INC	$0	–	-1,080,797	–	-0.61%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-75,000	–	-0.66%	–
WFCWS	Exit	WELLS FARGO & CO NEWw exp 10/28/201	$0	–	-997,500	–	-0.78%	–
JPMWS	Exit	JPMORGAN CHASE & COw exp 10/28/201	$0	–	-1,126,347	–	-1.04%	–
C	Exit	CITIGROUP INC	$0	–	-410,000	–	-1.10%	–
OSTK	Exit	OVERSTOCK COM INC DEL	$0	–	-694,471	–	-1.14%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-410,000	–	-1.15%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-500,000	–	-1.80%	–
DELL	Exit	DELL INC	$0	–	-2,500,000	–	-1.90%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-803,526	–	-2.65%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-2.83%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-4,127,259	–	-3.02%	–
	Exit	LEVEL 3 COMMUNICATIONS INCnote 6.500%10/0	$0	–	-1,470,000	–	-12.21%	–
	Exit	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$0	–	-12,300,000	–	-27.52%	–
	Exit	MANNKIND CORPnote 3.750%12/1	$0	–	-7,300,000	–	-39.98%	–

Q3 2013

			Value		Shares		↓ Weighting
	New	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$497,523,000	–	12,300,000	–	27.52%	–
RFP	Buy	RESOLUTE FST PRODS INC	$54,562,000	+10.6%	4,127,259	+10.2%	3.02%	-77.3%
SHLDQ	Buy	SEARS HLDGS CORP	$47,922,000	+66.6%	803,526	+17.5%	2.65%	-65.8%
NOK	Sell	NOKIA CORPsponsored adr	$32,550,000	+74.1%	500,000	-90.0%	1.80%	-64.3%
OSTK	Sell	OVERSTOCK COM INC DEL	$20,605,000	-32.8%	694,471	-36.1%	1.14%	-86.2%
ACT	Sell	ACTAVIS INC	$11,045,000	-52.8%	76,705	-58.6%	0.61%	-90.3%
BB	New	BLACKBERRY LTD	$1,458,000	–	185,000	–	0.08%	–
RYAAY	Sell	RYANAIR HLDGS PLCsponsored adr	$846,000	-39.2%	17,000	-37.0%	0.05%	-87.5%
S	New	SPRINT CORP	$688,000	–	110,770	–	0.04%	–
UTSI	New	UTSTARCOM HOLDINGS CORP	$312,000	–	113,627	–	0.02%	–
UTSI	Exit	UTSTARCOM HOLDINGS CORP	$0	–	-113,627	–	-0.08%	–
BBRY	Exit	RESEARCH IN MOTION LTD	$0	–	-185,000	–	-0.52%	–
S	Exit	SPRINT NEXTEL CORP	$0	–	-423,200	–	-0.80%	–
	Exit	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$0	–	-12,300,000	–	-1.34%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$50,580,000	–	300	–	13.64%	–
RFP	New	RESOLUTE FST PRODS INC	$49,326,000	–	3,745,350	–	13.30%	–
DELL	New	DELL INC	$33,375,000	–	2,500,000	–	9.00%	–
OSTK	New	OVERSTOCK COM INC DEL	$30,646,000	–	1,086,725	–	8.26%	–
SHLDQ	New	SEARS HLDGS CORP	$28,770,000	–	683,700	–	7.76%	–
ACT	New	ACTAVIS INC	$23,401,000	–	185,400	–	6.31%	–
SNY	New	SANOFIsponsored adr	$21,119,000	–	410,000	–	5.69%	–
C	New	CITIGROUP INC	$19,668,000	–	410,000	–	5.30%	–
NOK	New	NOKIA CORPsponsored adr	$18,700,000	–	5,000,000	–	5.04%	–
JPMWS	New	JPMORGAN CHASE & COw exp 10/28/201	$17,571,000	–	1,126,347	–	4.74%	–
MBI	New	MBIA INC	$14,385,000	–	1,080,797	–	3.88%	–
WFCWS	New	WELLS FARGO & CO NEWw exp 10/28/201	$13,636,000	–	997,500	–	3.68%	–
GS	New	GOLDMAN SACHS GROUP INC	$11,344,000	–	75,000	–	3.06%	–
	New	MANNKIND CORPnote 3.750%12/1	$6,917,000	–	7,300,000	–	1.86%	–
PTGI	New	PRIMUS TELECOMMUNICATIONS GR	$5,385,000	–	451,022	–	1.45%	–
	New	COMPUCREDIT HLDGS CORPnote 5.875%11/3	$4,982,000	–	12,300,000	–	1.34%	–
BACWSA	New	BANK OF AMERICA CORPORATIONw exp 01/16/201	$4,569,000	–	836,825	–	1.23%	–
CHT	New	CHUNGHWA TELECOM CO LTDspon adr new11	$4,241,000	–	132,088	–	1.14%	–
S	New	SPRINT NEXTEL CORP	$2,971,000	–	423,200	–	0.80%	–
RSHCQ	New	RADIOSHACK CORP	$2,509,000	–	794,071	–	0.68%	–
	New	LEVEL 3 COMMUNICATIONS INCnote 6.500%10/0	$1,993,000	–	1,470,000	–	0.54%	–
BBRY	New	RESEARCH IN MOTION LTD	$1,935,000	–	185,000	–	0.52%	–
RYAAY	New	RYANAIR HLDGS PLCsponsored adr	$1,391,000	–	27,000	–	0.38%	–
CYD	New	CHINA YUCHAI INTL LTD	$450,000	–	25,537	–	0.12%	–
BP	New	BP PLCsponsored adr	$417,000	–	10,000	–	0.11%	–
UTSI	New	UTSTARCOM HOLDINGS CORP	$302,000	–	113,627	–	0.08%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$287,000	–	10,000	–	0.08%	–

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