Mraz, Amerine & Associates, Inc. Activity Q4 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$63,819,406	+1.1%	182,185	-1.6%	14.38%	-3.1%
WTM	Sell	WHITE MTNS INS GROUP LTD	$32,940,816	+5.9%	22,024	-1.7%	7.42%	+1.6%
WRB	Buy	BERKLEY W R CORP	$27,783,543	+12.1%	437,605	+5.2%	6.26%	+7.5%
FRFHF	Buy	FAIRFAX FINL HLDGS LTD SUB VTGstock	$25,952,977	+9.9%	31,775	+0.8%	5.85%	+5.4%
MKL	Buy	MARKEL GROUP INC	$25,728,818	+6.6%	17,473	+0.1%	5.80%	+2.3%
ESGR	Buy	ENSTAR GROUP LIMITED	$24,472,492	+8.4%	101,126	+9.4%	5.52%	+4.0%
JEF	Sell	JEFFERIES FINL GROUP INC	$20,732,330	+9.3%	565,993	-1.1%	4.67%	+4.8%
L	Sell	LOEWS CORP	$16,945,833	+5.0%	267,664	-1.5%	3.82%	+0.7%
AVUV	Sell	AMERICAN CENTY ETF TRus sml cp valu	$11,303,234	+0.1%	145,006	-0.3%	2.55%	-4.0%
CACC	Buy	CREDIT ACCEP CORP MICH	$6,312,386	-1.3%	13,719	+8.9%	1.42%	-5.4%
MSFT	Sell	MICROSOFT CORP	$6,261,615	-7.5%	19,831	-0.3%	1.41%	-11.3%
AVDV	Buy	AMERICAN CENTY ETF TRintl smcp vlu	$6,237,174	+3.2%	107,816	+2.7%	1.41%	-1.0%
CNQ	Buy	CANADIAN NAT RES LTD	$5,396,453	+16.7%	83,446	+1.5%	1.22%	+11.9%
OXY	Buy	OCCIDENTAL PETE CORP	$5,170,382	+13.2%	79,691	+2.6%	1.16%	+8.6%
	Buy	U HAUL HOLDING COMPANY	$4,449,587	+12.3%	84,932	+8.6%	1.00%	+7.7%
RMT	Sell	ROYCE MICRO-CAP TR INC	$3,597,060	-5.6%	434,428	-0.3%	0.81%	-9.5%
VTIP	Sell	VANGUARD MALVERN FDSstrm infproidx	$3,494,465	-23.8%	73,910	-23.6%	0.79%	-26.9%
	Buy	DIMENSIONAL ETF TRUSTinternatnal val	$3,449,874	+41.7%	105,759	+42.7%	0.78%	+35.8%
COG	Sell	COTERRA ENERGY INC	$3,238,589	+6.1%	119,726	-0.8%	0.73%	+1.8%
LENB	Buy	LENNAR CORPcl b	$3,220,111	-6.1%	31,499	+3.7%	0.73%	-9.9%
SLB	Buy	SCHLUMBERGER LTD	$3,192,042	+18.8%	54,752	+0.1%	0.72%	+13.8%
AR	Buy	ANTERO RESOURCES CORP	$2,996,388	+14.5%	118,061	+3.9%	0.68%	+9.8%
VTV	Buy	VANGUARD INDEX FDSvalue etf	$2,777,073	+8.0%	20,134	+11.3%	0.63%	+3.6%
JNJ	Sell	JOHNSON & JOHNSON	$2,777,646	-6.9%	17,834	-1.1%	0.63%	-10.7%
TDW	Sell	TIDEWATER INC NEW	$2,775,710	+27.2%	39,056	-0.8%	0.62%	+21.8%
NVR	Buy	NVR INC	$2,713,302	-3.8%	455	+2.5%	0.61%	-7.7%
	Sell	VITESSE ENERGY INC	$2,580,122	+1.8%	112,718	-0.4%	0.58%	-2.5%
	Buy	BROOKFIELD CORPcl a ltd vt sh	$2,555,853	+74.1%	81,735	+87.4%	0.58%	+67.0%
RES	Sell	RPC INC	$2,451,990	+3.8%	274,272	-16.9%	0.55%	-0.4%
AAPL	Sell	APPLE INC	$2,406,902	-14.3%	14,058	-2.9%	0.54%	-17.9%
GHC	Buy	GRAHAM HLDGS CO	$2,397,985	+9.1%	4,113	+6.9%	0.54%	+4.7%
AMR	Buy	ALPHA METALLURGICAL RESOUR I	$2,356,530	+65.1%	9,073	+4.5%	0.53%	+58.5%
BSM	Sell	BLACK STONE MINERALS L P	$2,296,134	+7.3%	133,264	-0.7%	0.52%	+2.8%
CLF	Buy	CLEVELAND-CLIFFS INC NEW	$2,249,063	-4.6%	143,894	+2.3%	0.51%	-8.5%
ABEV	Sell	AMBEV SAsponsored adr	$2,187,773	-19.7%	847,974	-1.1%	0.49%	-23.0%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$2,069,469	-1.3%	55,497	+5.8%	0.47%	-5.5%
COP	Sell	CONOCOPHILLIPS	$2,039,323	+13.7%	17,023	-1.7%	0.46%	+9.3%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$1,999,630	+6.3%	11,168	-1.7%	0.45%	+2.0%
	Buy	WARNER BROS DISCOVERY INC	$1,983,264	-4.7%	182,621	+10.0%	0.45%	-8.6%
DFAI	Sell	DIMENSIONAL ETF TRUSTintl core eqt mk	$1,899,600	-7.4%	72,754	-3.1%	0.43%	-11.2%
VYM	Buy	VANGUARD WHITEHALL FDShigh div yld	$1,896,542	+10.9%	18,356	+13.9%	0.43%	+6.2%
SBR	Sell	SABINE RTY TRunit ben int	$1,891,094	-1.1%	28,762	-1.0%	0.43%	-5.1%
	Buy	CRESCENT ENERGY COMPANY	$1,828,163	+28.5%	144,633	+5.9%	0.41%	+23.4%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$1,828,633	+4.5%	1,325	-2.8%	0.41%	+0.2%
EURN	Sell	EURONAV NV	$1,733,792	+7.6%	105,526	-0.3%	0.39%	+3.2%
CRT	Sell	CROSS TIMBERS RTY TRtr unit	$1,685,090	-16.2%	86,637	-5.2%	0.38%	-19.5%
AMGN	Buy	AMGEN INC	$1,631,505	+31.4%	6,070	+8.5%	0.37%	+26.0%
	Sell	CORE LABORATORIES INC	$1,596,810	+1.8%	66,506	-1.4%	0.36%	-2.2%
OIH	Sell	VANECK ETF TRUSToil services etf	$1,599,429	+14.7%	4,635	-4.4%	0.36%	+10.1%
CUBI	Sell	CUSTOMERS BANCORP INC	$1,542,878	+13.0%	44,786	-0.8%	0.35%	+8.4%
GAM	Sell	GENERAL AMERN INVS CO INC	$1,525,954	-19.2%	37,092	-18.1%	0.34%	-22.5%
SJT	Buy	SAN JUAN BASIN RTY TRunit ben int	$1,516,142	-6.6%	219,413	+0.0%	0.34%	-10.2%
CVX	Sell	CHEVRON CORP NEW	$1,509,823	-7.2%	8,954	-13.4%	0.34%	-11.0%
AVEM	Buy	AMERICAN CENTY ETF TRavantis emgmkt	$1,468,873	+12.0%	27,825	+14.2%	0.33%	+7.5%
VIGI	Sell	VANGUARD WHITEHALL FDSintl dvd etf	$1,428,573	-7.4%	20,028	-2.5%	0.32%	-11.0%
EMR	Sell	EMERSON ELEC CO	$1,389,173	+5.4%	14,385	-1.3%	0.31%	+1.0%
	Buy	DIMENSIONAL ETF TRUSTintl high profit	$1,341,004	-2.8%	57,827	+2.6%	0.30%	-6.8%
CRC	Sell	CALIFORNIA RES CORP	$1,293,395	+22.3%	23,092	-1.1%	0.29%	+17.3%
BK	Sell	BANK NEW YORK MELLON CORP	$1,282,358	-14.5%	30,067	-10.7%	0.29%	-17.9%
GNK	Sell	GENCO SHIPPING & TRADING LTD	$1,213,513	-2.3%	86,741	-2.0%	0.27%	-6.5%
CTO	Sell	CTO RLTY GROWTH INC NEW	$1,172,423	-13.0%	72,327	-8.0%	0.26%	-16.7%
CSWC	Sell	CAPITAL SOUTHWEST CORP	$1,162,035	+15.5%	50,744	-0.5%	0.26%	+11.0%
DFAC	Sell	DIMENSIONAL ETF TRUSTus core equity 2	$1,093,847	-7.9%	41,750	-4.6%	0.25%	-11.8%
APD	Buy	AIR PRODS & CHEMS INC	$1,078,266	-5.1%	3,805	+0.3%	0.24%	-9.0%
NTR	Buy	NUTRIEN LTD	$1,060,172	+7.9%	17,166	+3.1%	0.24%	+3.5%
IVOL	Sell	KRANESHARES TRquadrtc int rt	$969,198	-0.3%	47,140	-0.2%	0.22%	-4.4%
ABT	Buy	ABBOTT LABS	$937,639	-11.1%	9,681	+0.1%	0.21%	-14.9%
AXP	Sell	AMERICAN EXPRESS CO	$915,849	-17.3%	6,139	-3.5%	0.21%	-20.8%
DVN	Buy	DEVON ENERGY CORP NEW	$877,035	+18.3%	18,386	+19.9%	0.20%	+13.8%
HP	Sell	HELMERICH & PAYNE INC	$880,674	+18.6%	20,889	-0.2%	0.20%	+13.8%
	Buy	AMERICAN CENTY ETF TRemerging mkt val	$856,801	+3.1%	19,724	+3.6%	0.19%	-1.0%
CVS	Buy	CVS HEALTH CORP	$819,198	+23.2%	11,733	+22.0%	0.18%	+18.6%
IEO	Sell	ISHARES TRus oil gs ex etf	$803,552	+6.1%	8,239	-7.6%	0.18%	+1.7%
BUR	Buy	BURFORD CAP LTD	$777,770	+32.0%	55,555	+14.8%	0.18%	+26.8%
AGO	Sell	ASSURED GUARANTY LTD	$777,682	+8.2%	12,850	-0.2%	0.18%	+3.6%
VONV	Sell	VANGUARD SCOTTSDALE FDSvng rus1000val	$765,101	-14.7%	11,478	-11.4%	0.17%	-18.5%
NMM	Sell	NAVIOS MARITIME PARTNERS L P	$754,669	+5.7%	32,627	-0.2%	0.17%	+1.2%
IAU	Sell	ISHARES GOLD TRishares new	$710,892	-5.9%	20,317	-2.2%	0.16%	-10.1%
CNA	Sell	CNA FINL CORP	$697,046	-6.6%	17,714	-8.3%	0.16%	-10.3%
VIG	Sell	VANGUARD SPECIALIZED FUNDSdiv app etf	$693,248	-23.9%	4,462	-20.5%	0.16%	-27.1%
	New	LIBERTY MEDIA CORP DEL	$666,735	–	10,702	–	0.15%	–
CTVA	Buy	CORTEVA INC	$647,096	-10.7%	12,648	+0.0%	0.15%	-14.1%
DOW	Buy	DOW INC	$634,407	-3.2%	12,304	+0.0%	0.14%	-7.1%
VEA	Buy	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$622,267	+121.0%	14,233	+133.4%	0.14%	+112.1%
WFG	Buy	WEST FRASER TIMBER CO LTD	$606,507	-10.4%	8,361	+6.2%	0.14%	-13.8%
VTOL	New	BRISTOW GROUP INC	$579,851	–	20,584	–	0.13%	–
EBAY	Sell	EBAY INC.	$580,798	-5.2%	13,173	-3.9%	0.13%	-9.0%
SOR	Sell	SOURCE CAP INC	$501,942	-21.3%	13,007	-21.8%	0.11%	-24.7%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$489,189	-38.2%	344,499	-1.7%	0.11%	-40.9%
EQT	Sell	EQT CORP	$481,165	-1.7%	11,857	-0.4%	0.11%	-6.1%
MAC	Sell	MACERICH CO	$464,099	-3.6%	42,539	-0.4%	0.10%	-7.1%
LBRDK	Sell	LIBERTY BROADBAND CORP	$440,802	-2.6%	4,827	-14.5%	0.10%	-6.6%
LBTYK	Sell	LIBERTY GLOBAL PLC	$431,873	-7.4%	23,269	-11.3%	0.10%	-11.8%
PDS	Sell	PRECISION DRILLING CORP	$363,186	+37.6%	5,411	-0.0%	0.08%	+32.3%
UHAL	Sell	U HAUL HOLDING COMPANY	$356,233	-4.9%	6,528	-3.6%	0.08%	-9.1%
CCJ	Buy	CAMECO CORP	$346,731	+27.3%	8,747	+0.6%	0.08%	+21.9%
BXMT	Sell	BLACKSTONE MTG TR INC	$341,910	+3.2%	15,720	-1.3%	0.08%	-1.3%
CVE	Buy	CENOVUS ENERGY INC	$337,451	+95.5%	16,208	+59.5%	0.08%	+85.4%
GEOS	Buy	GEOSPACE TECHNOLOGIES CORP	$335,806	+80.6%	25,931	+8.4%	0.08%	+72.7%
PTEN	Sell	PATTERSON-UTI ENERGY INC	$327,533	+12.4%	23,666	-2.8%	0.07%	+8.8%
WABC	Sell	WESTAMERICA BANCORPORATION	$325,024	+9.9%	7,515	-2.7%	0.07%	+5.8%
AMBC	Sell	AMBAC FINL GROUP INC	$323,811	-15.9%	26,850	-0.7%	0.07%	-18.9%
BPMC	Sell	BLUEPRINT MEDICINES CORP	$316,938	-23.7%	6,311	-4.0%	0.07%	-27.6%
SRE	Buy	SEMPRA	$312,318	-6.6%	4,591	+100.0%	0.07%	-11.4%
DBEF	New	DBX ETF TRxtrack msci eafe	$309,877	–	8,879	–	0.07%	–
TRMD	Sell	TORM PLC	$289,070	+12.3%	10,504	-1.4%	0.06%	+8.3%
ENB	Buy	ENBRIDGE INC	$288,645	-3.8%	8,606	+6.6%	0.06%	-7.1%
OXYWS	Sell	OCCIDENTAL PETE CORP*w exp 08/03/202	$283,547	+15.8%	6,556	-0.1%	0.06%	+10.3%
QCOM	Sell	QUALCOMM INC	$282,648	-7.1%	2,545	-0.4%	0.06%	-9.9%
MET	Sell	METLIFE INC	$271,582	-2.2%	4,317	-12.1%	0.06%	-6.2%
BX	Sell	BLACKSTONE INC	$260,672	-24.9%	2,433	-34.8%	0.06%	-28.0%
OVLY	Sell	OAK VY BANCORP OAKDALE CALIF	$234,548	-9.2%	9,352	-8.8%	0.05%	-13.1%
	Buy	DIMENSIONAL ETF TRUSTemerging mkts va	$224,155	-1.5%	9,470	+1.4%	0.05%	-3.8%
MTR	Sell	MESA RTY TRunit ben int	$177,861	-38.0%	11,686	-0.3%	0.04%	-40.3%
QURE	Sell	UNIQURE NV	$102,992	-43.0%	15,349	-2.6%	0.02%	-45.2%
SB	New	SAFE BULKERS INC	$43,241	–	13,346	–	0.01%	–
ADES	Sell	ADVANCED EMISSIONS SOLUTIONS	$24,564	-16.4%	13,800	-12.7%	0.01%	-14.3%
	Exit	DRAGONFLY ENERGY HOLDINGS CO	$0	–	-10,000	–	-0.00%	–
POWW	Exit	AMMO INC	$0	–	-10,000	–	-0.01%	–
	Exit	DIMENSIONAL ETF TRUSTus high profitab	$0	–	-8,009	–	-0.05%	–
CC	Exit	CHEMOURS CO	$0	–	-5,882	–	-0.05%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-3,865	–	-0.05%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-3,817	–	-0.06%	–
	Exit	SAFEHOLD INC	$0	–	-10,041	–	-0.06%	–
	Exit	BROOKFIELD ASSET MANAGMT LTD	$0	–	-7,395	–	-0.06%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-8,295	–	-0.06%	–
BATRK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-6,963	–	-0.06%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-12,309	–	-0.12%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-11,801	–	-0.21%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$63,148,767	–	185,187	–	14.84%	–
WTM	New	WHITE MTNS INS GROUP LTD	$31,108,564	–	22,398	–	7.31%	–
WRB	New	BERKLEY W R CORP	$24,778,756	–	416,030	–	5.82%	–
MKL	New	MARKEL GROUP INC	$24,133,725	–	17,448	–	5.67%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD SUB VTGstock	$23,625,345	–	31,523	–	5.55%	–
ESGR	New	ENSTAR GROUP LIMITED	$22,579,255	–	92,447	–	5.30%	–
JEF	New	JEFFERIES FINL GROUP INC	$18,974,931	–	572,051	–	4.46%	–
L	New	LOEWS CORP	$16,133,786	–	271,704	–	3.79%	–
AVUV	New	AMERICAN CENTY ETF TRus sml cp valu	$11,291,583	–	145,491	–	2.65%	–
MSFT	New	MICROSOFT CORP	$6,770,945	–	19,883	–	1.59%	–
CACC	New	CREDIT ACCEP CORP MICH	$6,398,394	–	12,597	–	1.50%	–
AVDV	New	AMERICAN CENTY ETF TRintl smcp vlu	$6,041,803	–	104,965	–	1.42%	–
CNQ	New	CANADIAN NAT RES LTD	$4,625,585	–	82,218	–	1.09%	–
VTIP	New	VANGUARD MALVERN FDSstrm infproidx	$4,585,941	–	96,709	–	1.08%	–
OXY	New	OCCIDENTAL PETE CORP	$4,567,277	–	77,675	–	1.07%	–
	New	U HAUL HOLDING COMPANY	$3,962,597	–	78,204	–	0.93%	–
RMT	New	ROYCE MICRO-CAP TR INC	$3,812,090	–	435,667	–	0.90%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,624,670	–	7	–	0.85%	–
LENB	New	LENNAR CORPcl b	$3,430,909	–	30,367	–	0.81%	–
COG	New	COTERRA ENERGY INC	$3,052,531	–	120,653	–	0.72%	–
JNJ	New	JOHNSON & JOHNSON	$2,984,988	–	18,034	–	0.70%	–
NVR	New	NVR INC	$2,819,675	–	444	–	0.66%	–
AAPL	New	APPLE INC	$2,809,096	–	14,482	–	0.66%	–
ABEV	New	AMBEV SAsponsored adr	$2,725,460	–	857,063	–	0.64%	–
SLB	New	SCHLUMBERGER LTD	$2,687,797	–	54,719	–	0.63%	–
SCHW	New	SCHWAB CHARLES CORP	$2,659,459	–	46,921	–	0.62%	–
AR	New	ANTERO RESOURCES CORP	$2,617,060	–	113,637	–	0.62%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$2,571,239	–	18,095	–	0.60%	–
	New	VITESSE ENERGY INC	$2,534,967	–	113,168	–	0.60%	–
	New	DIMENSIONAL ETF TRUSTinternatnal val	$2,434,238	–	74,102	–	0.57%	–
RES	New	RPC INC	$2,361,129	–	330,228	–	0.56%	–
CLF	New	CLEVELAND-CLIFFS INC NEW	$2,358,149	–	140,701	–	0.55%	–
GHC	New	GRAHAM HLDGS CO	$2,197,998	–	3,846	–	0.52%	–
TDW	New	TIDEWATER INC NEW	$2,181,897	–	39,356	–	0.51%	–
BSM	New	BLACK STONE MINERALS L P	$2,140,797	–	134,219	–	0.50%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$2,097,580	–	52,440	–	0.49%	–
	New	WARNER BROS DISCOVERY INC	$2,081,866	–	166,018	–	0.49%	–
DFAI	New	DIMENSIONAL ETF TRUSTintl core eqt mk	$2,051,572	–	75,094	–	0.48%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$2,009,920	–	91,360	–	0.47%	–
SBR	New	SABINE RTY TRunit ben int	$1,912,272	–	29,062	–	0.45%	–
GAM	New	GENERAL AMERN INVS CO INC	$1,889,029	–	45,279	–	0.44%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$1,881,888	–	11,362	–	0.44%	–
COP	New	CONOCOPHILLIPS	$1,793,891	–	17,314	–	0.42%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$1,749,342	–	1,363	–	0.41%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$1,709,424	–	16,116	–	0.40%	–
	New	DIMENSIONAL ETF TRUSTintl small cap v	$1,656,210	–	70,030	–	0.39%	–
CVX	New	CHEVRON CORP NEW	$1,626,684	–	10,338	–	0.38%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$1,623,106	–	219,339	–	0.38%	–
EURN	New	EURONAV NV	$1,611,509	–	105,881	–	0.38%	–
DMLP	New	DORCHESTER MINERALS LP	$1,598,156	–	53,343	–	0.38%	–
	New	CORE LABORATORIES INC	$1,568,352	–	67,456	–	0.37%	–
VIGI	New	VANGUARD WHITEHALL FDSintl dvd etf	$1,542,095	–	20,537	–	0.36%	–
BK	New	BANK NEW YORK MELLON CORP	$1,499,300	–	33,677	–	0.35%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$1,468,015	–	43,626	–	0.34%	–
AMR	New	ALPHA METALLURGICAL RESOUR I	$1,427,138	–	8,683	–	0.34%	–
	New	CRESCENT ENERGY COMPANY	$1,422,995	–	136,564	–	0.33%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$1,402,124	–	1,065	–	0.33%	–
OIH	New	VANECK ETF TRUSToil services etf	$1,393,850	–	4,846	–	0.33%	–
JOE	New	ST JOE CO	$1,383,394	–	28,618	–	0.32%	–
	New	DIMENSIONAL ETF TRUSTintl high profit	$1,379,165	–	56,338	–	0.32%	–
CUBI	New	CUSTOMERS BANCORP INC	$1,365,967	–	45,141	–	0.32%	–
CTO	New	CTO RLTY GROWTH INC NEW	$1,347,202	–	78,600	–	0.32%	–
EMR	New	EMERSON ELEC CO	$1,317,489	–	14,576	–	0.31%	–
AVEM	New	AMERICAN CENTY ETF TRavantis emgmkt	$1,311,234	–	24,368	–	0.31%	–
AMGN	New	AMGEN INC	$1,241,608	–	5,592	–	0.29%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$1,242,131	–	88,534	–	0.29%	–
DFAC	New	DIMENSIONAL ETF TRUSTus core equity 2	$1,187,856	–	43,752	–	0.28%	–
APD	New	AIR PRODS & CHEMS INC	$1,136,550	–	3,794	–	0.27%	–
AXP	New	AMERICAN EXPRESS CO	$1,107,679	–	6,359	–	0.26%	–
	New	DIAMOND OFFSHORE DRILLING IN	$1,100,068	–	77,252	–	0.26%	–
VAL	New	VALARIS LIMITEDcl a	$1,078,620	–	17,140	–	0.25%	–
CRC	New	CALIFORNIA RES CORP	$1,057,566	–	23,351	–	0.25%	–
ABT	New	ABBOTT LABS	$1,054,896	–	9,676	–	0.25%	–
CSWC	New	CAPITAL SOUTHWEST CORP	$1,005,788	–	51,003	–	0.24%	–
NTR	New	NUTRIEN LTD	$982,828	–	16,644	–	0.23%	–
IVOL	New	KRANESHARES TRquadrtc int rt	$971,993	–	47,230	–	0.23%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$911,261	–	5,610	–	0.21%	–
VONV	New	VANGUARD SCOTTSDALE FDSvng rus1000val	$897,093	–	12,962	–	0.21%	–
RVT	New	ROYCE VALUE TR INC	$894,763	–	64,838	–	0.21%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$888,379	–	11,801	–	0.21%	–
DD	New	DUPONT DE NEMOURS INC	$870,187	–	12,181	–	0.20%	–
	New	AMERICAN CENTY ETF TRemerging mkt val	$831,348	–	19,046	–	0.20%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$791,658	–	350,291	–	0.19%	–
IEO	New	ISHARES TRus oil gs ex etf	$757,578	–	8,920	–	0.18%	–
IAU	New	ISHARES GOLD TRishares new	$755,711	–	20,767	–	0.18%	–
CNA	New	CNA FINL CORP	$745,907	–	19,314	–	0.18%	–
DVN	New	DEVON ENERGY CORP NEW	$741,548	–	15,340	–	0.17%	–
HP	New	HELMERICH & PAYNE INC	$742,265	–	20,938	–	0.17%	–
CTVA	New	CORTEVA INC	$724,684	–	12,647	–	0.17%	–
AGO	New	ASSURED GUARANTY LTD	$718,704	–	12,880	–	0.17%	–
NMM	New	NAVIOS MARITIME PARTNERS L P	$713,997	–	32,677	–	0.17%	–
WFG	New	WEST FRASER TIMBER CO LTD	$676,749	–	7,871	–	0.16%	–
CVS	New	CVS HEALTH CORP	$665,100	–	9,621	–	0.16%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$660,008	–	84,725	–	0.16%	–
DOW	New	DOW INC	$655,163	–	12,301	–	0.15%	–
NVS	New	NOVARTIS AGsponsored adr	$648,952	–	6,431	–	0.15%	–
SOR	New	SOURCE CAP INC	$637,654	–	16,640	–	0.15%	–
SU	New	SUNCOR ENERGY INC NEW	$620,822	–	21,174	–	0.15%	–
EBAY	New	EBAY INC.	$612,834	–	13,713	–	0.14%	–
BUR	New	BURFORD CAP LTD	$589,378	–	48,389	–	0.14%	–
SWN	New	SOUTHWESTERN ENERGY CO	$583,884	–	97,152	–	0.14%	–
AMAT	New	APPLIED MATLS INC	$545,783	–	3,776	–	0.13%	–
COST	New	COSTCO WHSL CORP NEW	$530,843	–	986	–	0.12%	–
WFC	New	WELLS FARGO CO NEW	$525,348	–	12,309	–	0.12%	–
EQT	New	EQT CORP	$489,512	–	11,902	–	0.12%	–
SO	New	SOUTHERN CO	$484,023	–	6,890	–	0.11%	–
WY	New	WEYERHAEUSER CO MTN BE	$485,258	–	14,481	–	0.11%	–
MAC	New	MACERICH CO	$481,367	–	42,712	–	0.11%	–
IMO	New	IMPERIAL OIL LTD	$469,955	–	9,180	–	0.11%	–
LBTYK	New	LIBERTY GLOBAL PLC	$466,391	–	26,246	–	0.11%	–
WMB	New	WILLIAMS COS INC	$461,910	–	14,156	–	0.11%	–
LBRDK	New	LIBERTY BROADBAND CORP	$452,381	–	5,647	–	0.11%	–
GD	New	GENERAL DYNAMICS CORP	$433,527	–	2,015	–	0.10%	–
LMT	New	LOCKHEED MARTIN CORP	$429,995	–	934	–	0.10%	–
OFG	New	OFG BANCORP	$427,712	–	16,400	–	0.10%	–
USB	New	US BANCORP DEL	$423,176	–	12,808	–	0.10%	–
BPMC	New	BLUEPRINT MEDICINES CORP	$415,287	–	6,571	–	0.10%	–
OEC	New	ORION S.A.	$407,000	–	19,180	–	0.10%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$401,826	–	10,508	–	0.09%	–
AMBC	New	AMBAC FINL GROUP INC	$384,907	–	27,030	–	0.09%	–
UHAL	New	U HAUL HOLDING COMPANY	$374,572	–	6,771	–	0.09%	–
CMCSA	New	COMCAST CORP NEWcl a	$353,632	–	8,511	–	0.08%	–
BX	New	BLACKSTONE INC	$347,057	–	3,733	–	0.08%	–
ZTS	New	ZOETIS INCcl a	$344,076	–	1,998	–	0.08%	–
SRE	New	SEMPRA	$334,259	–	2,296	–	0.08%	–
BXMT	New	BLACKSTONE MTG TR INC	$331,295	–	15,920	–	0.08%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$325,836	–	9,051	–	0.08%	–
CSCO	New	CISCO SYS INC	$306,301	–	5,920	–	0.07%	–
QCOM	New	QUALCOMM INC	$304,147	–	2,555	–	0.07%	–
ENB	New	ENBRIDGE INC	$300,023	–	8,076	–	0.07%	–
WABC	New	WESTAMERICA BANCORPORATION	$295,714	–	7,721	–	0.07%	–
PTEN	New	PATTERSON-UTI ENERGY INC	$291,397	–	24,344	–	0.07%	–
FTI	New	TECHNIPFMC PLC	$289,238	–	17,403	–	0.07%	–
MTR	New	MESA RTY TRunit ben int	$287,042	–	11,716	–	0.07%	–
AVGO	New	BROADCOM INC	$286,252	–	330	–	0.07%	–
VEA	New	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$281,559	–	6,097	–	0.07%	–
IP	New	INTERNATIONAL PAPER CO	$275,157	–	8,650	–	0.06%	–
BATRK	New	LIBERTY MEDIA CORP DEL	$275,874	–	6,963	–	0.06%	–
MET	New	METLIFE INC	$277,675	–	4,912	–	0.06%	–
CCJ	New	CAMECO CORP	$272,414	–	8,695	–	0.06%	–
CATY	New	CATHAY GEN BANCORP	$267,016	–	8,295	–	0.06%	–
CSWI	New	CSW INDUSTRIALS INC	$265,904	–	1,600	–	0.06%	–
PDS	New	PRECISION DRILLING CORP	$263,884	–	5,413	–	0.06%	–
VYMI	New	VANGUARD WHITEHALL FDSintl high etf	$264,682	–	4,188	–	0.06%	–
OVLY	New	OAK VY BANCORP OAKDALE CALIF	$258,248	–	10,252	–	0.06%	–
TRMD	New	TORM PLC	$257,401	–	10,654	–	0.06%	–
DJCO	New	DAILY JOURNAL CORP	$257,170	–	889	–	0.06%	–
RRC	New	RANGE RES CORP	$244,902	–	8,330	–	0.06%	–
OXYWS	New	OCCIDENTAL PETE CORP*w exp 08/03/202	$244,857	–	6,561	–	0.06%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$241,299	–	7,395	–	0.06%	–
HAL	New	HALLIBURTON CO	$239,276	–	7,253	–	0.06%	–
MRK	New	MERCK & CO INC	$239,550	–	2,076	–	0.06%	–
CABO	New	CABLE ONE INC	$236,549	–	360	–	0.06%	–
	New	SAFEHOLD INC	$238,273	–	10,041	–	0.06%	–
XOM	New	EXXON MOBIL CORP	$238,953	–	2,228	–	0.06%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$235,509	–	3,817	–	0.06%	–
	New	DIMENSIONAL ETF TRUSTemerging mkts va	$227,616	–	9,340	–	0.05%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$221,484	–	12,291	–	0.05%	–
MCK	New	MCKESSON CORP	$220,065	–	515	–	0.05%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$223,126	–	3,865	–	0.05%	–
CC	New	CHEMOURS CO	$216,987	–	5,882	–	0.05%	–
LAD	New	LITHIA MTRS INC	$216,222	–	711	–	0.05%	–
SYLD	New	CAMBRIA ETF TR	$217,031	–	3,548	–	0.05%	–
	New	DIMENSIONAL ETF TRUSTus high profitab	$212,559	–	8,009	–	0.05%	–
MRO	New	MARATHON OIL CORP	$202,300	–	8,788	–	0.05%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$185,944	–	23,931	–	0.04%	–
QURE	New	UNIQURE NV	$180,655	–	15,764	–	0.04%	–
CVE	New	CENOVUS ENERGY INC	$172,568	–	10,163	–	0.04%	–
TFSL	New	TFS FINL CORP	$154,360	–	12,280	–	0.04%	–
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$133,439	–	15,745	–	0.03%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$132,281	–	19,862	–	0.03%	–
FUND	New	SPROTT FOCUS TR INC	$133,854	–	16,837	–	0.03%	–
	New	RAMACO RES INC	$91,996	–	10,900	–	0.02%	–
TTI	New	TETRA TECHNOLOGIES INC DEL	$74,360	–	22,000	–	0.02%	–
PHX	New	PHX MINERALS INCcl a	$45,162	–	14,475	–	0.01%	–
BRFS	New	BRF SAsponsored adr	$43,178	–	22,725	–	0.01%	–
ADES	New	ADVANCED EMISSIONS SOLUTIONS	$29,388	–	15,800	–	0.01%	–
POWW	New	AMMO INC	$21,300	–	10,000	–	0.01%	–
	New	DRAGONFLY ENERGY HOLDINGS CO	$14,800	–	10,000	–	0.00%	–
NLS	New	NAUTILUS INC	$14,051	–	11,517	–	0.00%	–
TPHS	New	TRINITY PL HLDGS INC	$6,397	–	11,847	–	0.00%	–
GLDG	New	GOLDMINING INC	$9,011	–	10,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-11,161	–	-0.00%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-11,244	–	-0.00%	–
LDI	Exit	LOANDEPOT INC	$0	–	-14,400	–	-0.01%	–
ADES	Exit	ADVANCED EMISSIONS SOLUTIONS	$0	–	-13,150	–	-0.01%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-10,600	–	-0.01%	–
PHX	Exit	PHX MINERALS INCcl a	$0	–	-15,764	–	-0.01%	–
TTI	Exit	TETRA TECHNOLOGIES INC DEL	$0	–	-16,000	–	-0.02%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-10,500	–	-0.02%	–
AEF	Exit	ABRDN EMRG MKTS EQTY INCM FD	$0	–	-19,485	–	-0.02%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-27,580	–	-0.03%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-16,837	–	-0.03%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-19,862	–	-0.04%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-17,403	–	-0.04%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-33,406	–	-0.04%	–
MTR	Exit	MESA RTY TRunit ben int	$0	–	-11,731	–	-0.04%	–
TFSL	Exit	TFS FINL CORP	$0	–	-12,997	–	-0.04%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-12,291	–	-0.05%	–
OVLY	Exit	OAK VY BANCORP OAKDALE CALIF	$0	–	-11,252	–	-0.05%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-5,301	–	-0.05%	–
BATRK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-7,337	–	-0.05%	–
RRC	Exit	RANGE RES CORP	$0	–	-8,365	–	-0.06%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-1,446	–	-0.06%	–
TRMD	Exit	TORM PLC	$0	–	-10,854	–	-0.06%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-2,803	–	-0.06%	–
VEA	Exit	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$0	–	-6,097	–	-0.06%	–
QCOM	Exit	QUALCOMM INC	$0	–	-2,000	–	-0.06%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-889	–	-0.06%	–
MRK	Exit	MERCK & CO INC	$0	–	-2,666	–	-0.06%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-8,511	–	-0.07%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-5,417	–	-0.07%	–
	Exit	AMERICAN CENTY ETF TRemerging mkt val	$0	–	-6,791	–	-0.07%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-19,580	–	-0.07%	–
OXYWS	Exit	OCCIDENTAL PETE CORP*w exp 08/03/202	$0	–	-6,585	–	-0.07%	–
SLRC	Exit	SLR INVESTMENT CORP	$0	–	-21,434	–	-0.07%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-6,168	–	-0.07%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-5,511	–	-0.08%	–
IP	Exit	INTERNATIONAL PAPER CO	$0	–	-8,850	–	-0.08%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-2,772	–	-0.08%	–
PTEN	Exit	PATTERSON-UTI ENERGY INC	$0	–	-25,021	–	-0.08%	–
MAC	Exit	MACERICH CO	$0	–	-36,980	–	-0.08%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-1,998	–	-0.08%	–
CSCO	Exit	CISCO SYS INC	$0	–	-7,579	–	-0.08%	–
ENB	Exit	ENBRIDGE INC	$0	–	-8,093	–	-0.08%	–
CABO	Exit	CABLE ONE INC	$0	–	-360	–	-0.08%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-3,776	–	-0.08%	–
BX	Exit	BLACKSTONE INC	$0	–	-3,963	–	-0.09%	–
MET	Exit	METLIFE INC	$0	–	-5,562	–	-0.09%	–
SRE	Exit	SEMPRA	$0	–	-2,296	–	-0.09%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-9,485	–	-0.09%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-9,303	–	-0.10%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-934	–	-0.10%	–
	Exit	DIMENSIONAL ETF TRUSTinternatnal val	$0	–	-14,046	–	-0.10%	–
CSWC	Exit	CAPITAL SOUTHWEST CORP	$0	–	-21,548	–	-0.10%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-10,508	–	-0.10%	–
	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-57,412	–	-0.10%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-30,530	–	-0.10%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-16,587	–	-0.10%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-9,180	–	-0.11%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-14,156	–	-0.11%	–
OFG	Exit	OFG BANCORP	$0	–	-16,400	–	-0.11%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-5,809	–	-0.12%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,015	–	-0.12%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-26,701	–	-0.12%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-15,911	–	-0.12%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-8,743	–	-0.12%	–
SO	Exit	SOUTHERN CO	$0	–	-6,890	–	-0.13%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,017	–	-0.13%	–
EQT	Exit	EQT CORP	$0	–	-11,931	–	-0.13%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-6,391	–	-0.13%	–
STAR	Exit	ISTAR INC	$0	–	-54,020	–	-0.13%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-8,696	–	-0.14%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-12,544	–	-0.14%	–
USB	Exit	US BANCORP DEL	$0	–	-12,808	–	-0.14%	–
DOW	Exit	DOW INC	$0	–	-12,292	–	-0.14%	–
EBAY	Exit	EBAY INC.	$0	–	-14,811	–	-0.15%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-9,150	–	-0.15%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-11,652	–	-0.15%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-89,034	–	-0.16%	–
IEO	Exit	ISHARES TRus oil gs ex etf	$0	–	-7,124	–	-0.16%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-99,152	–	-0.16%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-12,179	–	-0.16%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-22,389	–	-0.17%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-51,205	–	-0.17%	–
NTR	Exit	NUTRIEN LTD	$0	–	-7,832	–	-0.18%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-17,649	–	-0.18%	–
GRIN	Exit	GRINDROD SHIPPING HOLDINGS L	$0	–	-27,433	–	-0.18%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-12,233	–	-0.19%	–
CTVA	Exit	CORTEVA INC	$0	–	-12,644	–	-0.19%	–
SOR	Exit	SOURCE CAP INC	$0	–	-21,394	–	-0.20%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-8,503	–	-0.22%	–
IAU	Exit	ISHARES GOLD TRishares new	$0	–	-25,863	–	-0.22%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-17,140	–	-0.22%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-22,228	–	-0.23%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-40,370	–	-0.24%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,765	–	-0.24%	–
CNA	Exit	CNA FINL CORP	$0	–	-23,784	–	-0.24%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-71,770	–	-0.24%	–
JOE	Exit	ST JOE CO	$0	–	-28,618	–	-0.25%	–
	Exit	DIMENSIONAL ETF TRUSTintl high profit	$0	–	-48,534	–	-0.25%	–
OIH	Exit	VANECK ETF TRUSToil services etf	$0	–	-4,428	–	-0.25%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-7,109	–	-0.26%	–
ABT	Exit	ABBOTT LABS	$0	–	-9,970	–	-0.26%	–
VONV	Exit	VANGUARD SCOTTSDALE FDSvng rus1000val	$0	–	-16,559	–	-0.26%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-74,021	–	-0.27%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-34,201	–	-0.27%	–
AVEM	Exit	AMERICAN CENTY ETF TRavantis emgmkt	$0	–	-24,115	–	-0.30%	–
AMR	Exit	ALPHA METALLURGICAL RESOUR I	$0	–	-8,413	–	-0.31%	–
CLF	Exit	CLEVELAND-CLIFFS INC NEW	$0	–	-86,567	–	-0.31%	–
AMGN	Exit	AMGEN INC	$0	–	-5,192	–	-0.31%	–
	Exit	CRESCENT ENERGY COMPANY	$0	–	-89,552	–	-0.32%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-16,601	–	-0.33%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-106,258	–	-0.33%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-30,526	–	-0.34%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-9,857	–	-0.36%	–
IVOL	Exit	KRANESHARES TRquadrtc int rt	$0	–	-61,194	–	-0.36%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-54,876	–	-0.37%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-51,462	–	-0.38%	–
VIGI	Exit	VANGUARD WHITEHALL FDSintl dvd etf	$0	–	-23,191	–	-0.39%	–
VYM	Exit	VANGUARD WHITEHALL FDShigh div yld	$0	–	-15,700	–	-0.40%	–
CTO	Exit	CTO RLTY GROWTH INC NEW	$0	–	-80,879	–	-0.41%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-10,706	–	-0.41%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-213,525	–	-0.42%	–
DFAC	Exit	DIMENSIONAL ETF TRUSTus core equity 2	$0	–	-70,980	–	-0.42%	–
EURN	Exit	EURONAV NV	$0	–	-106,952	–	-0.44%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-11,452	–	-0.44%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-596,227	–	-0.45%	–
NVR	Exit	NVR INC	$0	–	-448	–	-0.48%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-30,822	–	-0.49%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-15,147	–	-0.50%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-1,065	–	-0.51%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-18,561	–	-0.51%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-52,945	–	-0.51%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-102,539	–	-0.53%	–
DFAI	Exit	DIMENSIONAL ETF TRUSTintl core eqt mk	$0	–	-93,281	–	-0.54%	–
AAPL	Exit	APPLE INC	$0	–	-14,753	–	-0.55%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-3,818	–	-0.55%	–
SBR	Exit	SABINE RTY TRunit ben int	$0	–	-29,162	–	-0.56%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-133,721	–	-0.56%	–
GAM	Exit	GENERAL AMERN INVS CO INC	$0	–	-64,118	–	-0.58%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-233,472	–	-0.59%	–
RES	Exit	RPC INC	$0	–	-351,515	–	-0.65%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-348,429	–	-0.74%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-91,718	–	-0.75%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-7	–	-0.76%	–
COG	Exit	COTERRA ENERGY INC	$0	–	-115,339	–	-0.81%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-78,385	–	-0.81%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-18,738	–	-0.82%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-7,019	–	-0.82%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-47,117	–	-0.91%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-74,524	–	-0.93%	–
UHAL	Exit	AMERCO	$0	–	-7,328	–	-1.00%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-77,081	–	-1.27%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-20,927	–	-1.31%	–
AVDV	Exit	AMERICAN CENTY ETF TRintl smcp vlu	$0	–	-111,597	–	-1.42%	–
AVUV	Exit	AMERICAN CENTY ETF TRus sml cp valu	$0	–	-130,568	–	-2.32%	–
VTIP	Exit	VANGUARD MALVERN FDSstrm infproidx	$0	–	-236,350	–	-3.05%	–
L	Exit	LOEWS CORP	$0	–	-279,287	–	-3.74%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD SUB VTGstock	$0	–	-31,603	–	-3.87%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-85,394	–	-3.89%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-561,600	–	-4.45%	–
MKL	Exit	MARKEL CORP	$0	–	-16,780	–	-4.88%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-23,739	–	-5.35%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-368,653	–	-6.39%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-22,510	–	-7.88%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-192,963	–	-13.83%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$51,525,000	-2.9%	192,963	-0.8%	13.83%	+1.4%
WTM	Sell	WHITE MTNS INS GROUP LTD	$29,330,000	+3.8%	22,510	-0.7%	7.88%	+8.5%
WRB	Buy	BERKLEY W R CORP	$23,808,000	-4.9%	368,653	+0.5%	6.39%	-0.7%
Y	Sell	ALLEGHANY CORP MD	$19,926,000	-2.9%	23,739	-3.7%	5.35%	+1.4%
MKL	Buy	MARKEL CORP	$18,193,000	-14.4%	16,780	+2.1%	4.88%	-10.5%
JEF	Sell	JEFFERIES FINL GROUP INC	$16,567,000	+6.5%	561,600	-0.3%	4.45%	+11.3%
ESGR	Buy	ENSTAR GROUP LIMITED	$14,482,000	-18.7%	85,394	+2.6%	3.89%	-15.1%
FRFHF	Buy	FAIRFAX FINL HLDGS LTD SUB VTGstock	$14,421,000	-12.4%	31,603	+1.7%	3.87%	-8.5%
L	Buy	LOEWS CORP	$13,920,000	-14.8%	279,287	+1.3%	3.74%	-11.0%
VTIP	Sell	VANGUARD MALVERN FDSstrm infproidx	$11,371,000	-15.3%	236,350	-11.7%	3.05%	-11.5%
AVUV	Buy	AMERICAN CENTY ETF TRus sml cp valu	$8,636,000	+0.6%	130,568	+4.0%	2.32%	+5.1%
AVDV	Buy	AMERICAN CENTY ETF TRintl smcp vlu	$5,301,000	-5.6%	111,597	+4.9%	1.42%	-1.3%
MSFT	Buy	MICROSOFT CORP	$4,874,000	-9.1%	20,927	+0.3%	1.31%	-4.9%
OXY	Buy	OCCIDENTAL PETE CORP	$4,737,000	+4.5%	77,081	+0.2%	1.27%	+9.3%
UHAL	Buy	AMERCO	$3,732,000	+8.2%	7,328	+1.6%	1.00%	+13.1%
CNQ	Buy	CANADIAN NAT RES LTD	$3,471,000	-6.4%	74,524	+7.9%	0.93%	-2.2%
CACC	Buy	CREDIT ACCEP CORP MICH	$3,074,000	+3.2%	7,019	+11.6%	0.82%	+7.8%
JNJ	Buy	JOHNSON & JOHNSON	$3,061,000	-7.8%	18,738	+0.2%	0.82%	-3.6%
BK	Sell	BANK NEW YORK MELLON CORP	$3,019,000	-7.8%	78,385	-0.1%	0.81%	-3.6%
COG	Sell	COTERRA ENERGY INC	$3,013,000	+0.3%	115,339	-1.0%	0.81%	+4.8%
AR	Buy	ANTERO RESOURCES CORP	$2,800,000	+2.5%	91,718	+2.9%	0.75%	+7.1%
RMT	Buy	ROYCE MICRO-CAP TR INC	$2,763,000	+4.6%	348,429	+10.3%	0.74%	+9.3%
RES	Sell	RPC INC	$2,436,000	-1.9%	351,515	-2.2%	0.65%	+2.5%
SJT	Sell	SAN JUAN BASIN RTY TRunit ben int	$2,195,000	+8.3%	233,472	-0.1%	0.59%	+13.1%
GAM	Sell	GENERAL AMERN INVS CO INC	$2,170,000	-7.0%	64,118	-2.9%	0.58%	-2.8%
BSM	Buy	BLACK STONE MINERALS L P	$2,093,000	+14.4%	133,721	+0.1%	0.56%	+19.6%
GHC	Buy	GRAHAM HLDGS CO	$2,054,000	-2.1%	3,818	+3.1%	0.55%	+2.2%
AAPL	Sell	APPLE INC	$2,039,000	-1.6%	14,753	-2.7%	0.55%	+2.8%
DFAI	Buy	DIMENSIONAL ETF TRUSTintl core eqt mk	$2,012,000	-4.7%	93,281	+6.7%	0.54%	-0.4%
SLB	Buy	SCHLUMBERGER LTD	$1,901,000	+9.1%	52,945	+8.6%	0.51%	+13.8%
COP	Sell	CONOCOPHILLIPS	$1,900,000	+13.6%	18,561	-0.4%	0.51%	+18.6%
VTV	Buy	VANGUARD INDEX FDSvalue etf	$1,870,000	+6.6%	15,147	+13.8%	0.50%	+11.3%
LENB	Buy	LENNAR CORPcl b	$1,834,000	+7.2%	30,822	+5.7%	0.49%	+11.8%
ABEV	Buy	AMBEV SAsponsored adr	$1,687,000	+14.0%	596,227	+1.1%	0.45%	+19.2%
EURN	Sell	EURONAV NV	$1,646,000	+25.8%	106,952	-2.5%	0.44%	+31.5%
DFAC	Sell	DIMENSIONAL ETF TRUSTus core equity 2	$1,579,000	-9.9%	70,980	-5.6%	0.42%	-5.8%
LUMN	Buy	LUMEN TECHNOLOGIES INC	$1,554,000	-18.4%	213,525	+22.3%	0.42%	-14.7%
CVX	Buy	CHEVRON CORP NEW	$1,538,000	+4.6%	10,706	+5.4%	0.41%	+9.3%
CTO	Buy	CTO RLTY GROWTH INC NEW	$1,516,000	-8.2%	80,879	+199.4%	0.41%	-4.0%
VYM	Buy	VANGUARD WHITEHALL FDShigh div yld	$1,490,000	-5.1%	15,700	+1.7%	0.40%	-0.7%
VIGI	Sell	VANGUARD WHITEHALL FDSintl dvd etf	$1,438,000	-9.8%	23,191	-0.2%	0.39%	-5.9%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$1,406,000	+4.6%	51,462	+12.0%	0.38%	+9.6%
IVOL	Sell	KRANESHARES TRquadrtc int rt	$1,356,000	-17.3%	61,194	-5.4%	0.36%	-13.5%
VIG	Sell	VANGUARD SPECIALIZED FUNDSdiv app etf	$1,332,000	-6.1%	9,857	-0.3%	0.36%	-1.6%
	Buy	WARNER BROS DISCOVERY INC	$1,222,000	+14.6%	106,258	+33.8%	0.33%	+19.7%
EMR	Buy	EMERSON ELEC CO	$1,216,000	-7.9%	16,601	+0.0%	0.33%	-3.8%
	Buy	CRESCENT ENERGY COMPANY	$1,206,000	+8.1%	89,552	+0.1%	0.32%	+12.9%
CLF	Buy	CLEVELAND-CLIFFS INC NEW	$1,166,000	+25.4%	86,567	+43.0%	0.31%	+31.0%
AVEM	Sell	AMERICAN CENTY ETF TRavantis emgmkt	$1,108,000	-11.9%	24,115	-0.2%	0.30%	-8.0%
CUBI	Buy	CUSTOMERS BANCORP INC	$1,008,000	-9.5%	34,201	+4.0%	0.27%	-5.2%
CLB	Buy	CORE LABORATORIES N V	$998,000	-24.3%	74,021	+11.3%	0.27%	-20.9%
VONV	Sell	VANGUARD SCOTTSDALE FDSvng rus1000val	$988,000	-12.6%	16,559	-6.9%	0.26%	-8.9%
ABT	Buy	ABBOTT LABS	$965,000	-9.5%	9,970	+1.6%	0.26%	-5.5%
OIH	Buy	VANECK ETF TRUSToil services etf	$935,000	-1.4%	4,428	+8.6%	0.25%	+2.9%
	Buy	DIMENSIONAL ETF TRUSTintl high profit	$926,000	+31.0%	48,534	+46.7%	0.25%	+36.8%
RVT	Sell	ROYCE VALUE TR INC	$901,000	-10.8%	71,770	-0.7%	0.24%	-6.9%
CNA	Sell	CNA FINL CORP	$878,000	-18.8%	23,784	-1.2%	0.24%	-15.1%
APD	Buy	AIR PRODS & CHEMS INC	$876,000	-3.0%	3,765	+0.3%	0.24%	+1.3%
CRC	Buy	CALIFORNIA RES CORP	$854,000	+0.5%	22,228	+0.7%	0.23%	+5.0%
CVS	Buy	CVS HEALTH CORP	$811,000	+5.5%	8,503	+2.4%	0.22%	+10.1%
SOR	Sell	SOURCE CAP INC	$749,000	-9.3%	21,394	-3.3%	0.20%	-5.2%
CTVA	Buy	CORTEVA INC	$723,000	+5.7%	12,644	+0.0%	0.19%	+10.2%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$716,000	-8.6%	12,233	-0.9%	0.19%	-4.5%
GRIN	Buy	GRINDROD SHIPPING HOLDINGS L	$656,000	+53.6%	27,433	+10.1%	0.18%	+60.0%
NTR	Buy	NUTRIEN LTD	$653,000	+24.4%	7,832	+18.8%	0.18%	+29.6%
HP	Sell	HELMERICH & PAYNE INC	$652,000	-30.6%	17,649	-19.1%	0.18%	-27.4%
GNK	Buy	GENCO SHIPPING & TRADING LTD	$642,000	+7.7%	51,205	+65.9%	0.17%	+12.4%
SU	Buy	SUNCOR ENERGY INC NEW	$630,000	-19.5%	22,389	+0.2%	0.17%	-15.9%
IEO	Buy	ISHARES TRus oil gs ex etf	$593,000	+22.0%	7,124	+14.1%	0.16%	+27.2%
PSLV	Buy	SPROTT PHYSICAL SILVER TRtr unit	$589,000	+10.7%	89,034	+15.6%	0.16%	+15.3%
AGO	Buy	ASSURED GUARANTY LTD	$565,000	+40.5%	11,652	+61.8%	0.15%	+47.6%
EBAY	Buy	EBAY INC.	$545,000	-2.9%	14,811	+10.1%	0.15%	+1.4%
DOW	Buy	DOW INC	$540,000	-14.8%	12,292	+0.0%	0.14%	-11.0%
WFC	Sell	WELLS FARGO CO NEW	$505,000	+2.6%	12,544	-0.2%	0.14%	+7.9%
VGSH	Sell	VANGUARD SCOTTSDALE FDSshort term treas	$503,000	-4.7%	8,696	-3.1%	0.14%	-0.7%
STAR	Sell	ISTAR INC	$500,000	-54.4%	54,020	-32.5%	0.13%	-52.5%
EQT	Buy	EQT CORP	$486,000	+18.5%	11,931	+0.0%	0.13%	+23.8%
NVS	Buy	NOVARTIS AGsponsored adr	$486,000	-6.4%	6,391	+4.0%	0.13%	-2.3%
COST	Buy	COSTCO WHSL CORP NEW	$480,000	+5.3%	1,017	+6.8%	0.13%	+10.3%
WABC	Sell	WESTAMERICA BANCORPORATION	$457,000	-8.4%	8,743	-2.4%	0.12%	-3.9%
LBTYK	Sell	LIBERTY GLOBAL PLC	$441,000	-25.6%	26,701	-0.6%	0.12%	-22.4%
LBRDK	Sell	LIBERTY BROADBAND CORP	$429,000	-36.6%	5,809	-0.8%	0.12%	-33.9%
OFG	Sell	OFG BANCORP	$412,000	-5.7%	16,400	-4.7%	0.11%	-0.9%
AMBC	Buy	AMBAC FINL GROUP INC	$389,000	+49.0%	30,530	+32.6%	0.10%	+55.2%
	Buy	DIAMOND OFFSHORE DRILLING IN	$381,000	+49.4%	57,412	+32.5%	0.10%	+54.5%
CSWC	New	CAPITAL SOUTHWEST CORP	$365,000	–	21,548	–	0.10%	–
	New	DIMENSIONAL ETF TRUSTinternatnal val	$362,000	–	14,046	–	0.10%	–
LMT	Buy	LOCKHEED MARTIN CORP	$361,000	-5.2%	934	+5.3%	0.10%	-1.0%
CATY	Buy	CATHAY GEN BANCORP	$358,000	-0.6%	9,303	+1.3%	0.10%	+4.3%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$343,000	-0.3%	9,485	+1.8%	0.09%	+4.5%
BX	Sell	BLACKSTONE INC	$332,000	-9.0%	3,963	-1.0%	0.09%	-5.3%
AMAT	Sell	APPLIED MATLS INC	$309,000	-20.6%	3,776	-11.7%	0.08%	-17.0%
CABO	Buy	CABLE ONE INC	$307,000	-31.9%	360	+2.9%	0.08%	-29.3%
ENB	Sell	ENBRIDGE INC	$300,000	-12.8%	8,093	-0.5%	0.08%	-8.0%
CSCO	Buy	CISCO SYS INC	$303,000	+17.9%	7,579	+25.6%	0.08%	+22.7%
ZTS	Buy	ZOETIS INCcl a	$296,000	-12.7%	1,998	+1.3%	0.08%	-9.2%
MAC	Buy	MACERICH CO	$294,000	+84.9%	36,980	+103.1%	0.08%	+92.7%
PTEN	Buy	PATTERSON-UTI ENERGY INC	$292,000	-25.9%	25,021	+0.0%	0.08%	-22.8%
PDS	New	PRECISION DRILLING CORP	$279,000	–	5,511	–	0.08%	–
OXYWS	Sell	OCCIDENTAL PETE CORP*w exp 08/03/202	$261,000	+7.0%	6,585	-0.1%	0.07%	+11.1%
	Buy	AMERICAN CENTY ETF TRemerging mkt val	$254,000	+5.4%	6,791	+19.1%	0.07%	+9.7%
VEA	Sell	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$222,000	-11.6%	6,097	-0.9%	0.06%	-6.2%
VT	Sell	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$221,000	-8.3%	2,803	-0.6%	0.06%	-4.8%
VZ	Sell	VERIZON COMMUNICATIONS INC	$201,000	-27.4%	5,301	-3.0%	0.05%	-23.9%
BATRK	New	LIBERTY MEDIA CORP DEL	$202,000	–	7,337	–	0.05%	–
OVLY	Sell	OAK VY BANCORP OAKDALE CALIF	$201,000	-6.5%	11,252	-10.1%	0.05%	-1.8%
FTI	Buy	TECHNIPFMC PLC	$147,000	+44.1%	17,403	+15.2%	0.04%	+50.0%
GEOS	Buy	GEOSPACE TECHNOLOGIES CORP	$147,000	+26.7%	33,406	+37.1%	0.04%	+30.0%
AEF	Sell	ABRDN EMRG MKTS EQTY INCM FD	$89,000	-74.8%	19,485	-69.5%	0.02%	-73.6%
GTE	Buy	GRAN TIERRA ENERGY INC	$14,000	+7.7%	11,244	+1.8%	0.00%	+33.3%
GNLN	Exit	GREENLANE HLDGS INCcl a	$0	–	-21,200	–	-0.00%	–
CARS	Exit	CARS COM INC	$0	–	-10,673	–	-0.03%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-2,600	–	-0.05%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-5,785	–	-0.05%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,007	–	-0.06%	–
VFC	Exit	V F CORP	$0	–	-5,650	–	-0.06%	–
T	Exit	AT&T INC	$0	–	-12,171	–	-0.07%	–
GLW	Exit	CORNING INC	$0	–	-10,813	–	-0.09%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-26,566	–	-0.09%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$53,089,000	–	194,452	–	13.64%	–
WTM	New	WHITE MTNS INS GROUP LTD	$28,250,000	–	22,671	–	7.26%	–
WRB	New	BERKLEY W R CORP	$25,044,000	–	366,894	–	6.44%	–
MKL	New	MARKEL CORP	$21,248,000	–	16,430	–	5.46%	–
Y	New	ALLEGHANY CORP MD	$20,530,000	–	24,643	–	5.28%	–
ESGR	New	ENSTAR GROUP LIMITED	$17,817,000	–	83,264	–	4.58%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD SUB VTGstock	$16,463,000	–	31,067	–	4.23%	–
L	New	LOEWS CORP	$16,336,000	–	275,660	–	4.20%	–
JEF	New	JEFFERIES FINL GROUP INC	$15,552,000	–	563,080	–	4.00%	–
VTIP	New	VANGUARD MALVERN FDSstrm infproidx	$13,418,000	–	267,709	–	3.45%	–
AVUV	New	AMERICAN CENTY ETF TRus sml cp valu	$8,586,000	–	125,597	–	2.21%	–
AVDV	New	AMERICAN CENTY ETF TRintl smcp vlu	$5,614,000	–	106,415	–	1.44%	–
MSFT	New	MICROSOFT CORP	$5,360,000	–	20,870	–	1.38%	–
OXY	New	OCCIDENTAL PETE CORP	$4,531,000	–	76,949	–	1.16%	–
CNQ	New	CANADIAN NAT RES LTD	$3,708,000	–	69,067	–	0.95%	–
UHAL	New	AMERCO	$3,449,000	–	7,213	–	0.89%	–
JNJ	New	JOHNSON & JOHNSON	$3,320,000	–	18,701	–	0.85%	–
BK	New	BANK NEW YORK MELLON CORP	$3,273,000	–	78,460	–	0.84%	–
COG	New	COTERRA ENERGY INC	$3,005,000	–	116,537	–	0.77%	–
CACC	New	CREDIT ACCEP CORP MICH	$2,978,000	–	6,291	–	0.76%	–
SCHW	New	SCHWAB CHARLES CORP	$2,977,000	–	47,117	–	0.76%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,863,000	–	7	–	0.74%	–
AR	New	ANTERO RESOURCES CORP	$2,731,000	–	89,105	–	0.70%	–
RMT	New	ROYCE MICRO-CAP TR INC	$2,642,000	–	315,973	–	0.68%	–
RES	New	RPC INC	$2,483,000	–	359,364	–	0.64%	–
GAM	New	GENERAL AMERN INVS CO INC	$2,334,000	–	66,003	–	0.60%	–
DFAI	New	DIMENSIONAL ETF TRUSTintl core eqt mk	$2,111,000	–	87,457	–	0.54%	–
GHC	New	GRAHAM HLDGS CO	$2,099,000	–	3,703	–	0.54%	–
AAPL	New	APPLE INC	$2,072,000	–	15,158	–	0.53%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$2,026,000	–	233,675	–	0.52%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$1,905,000	–	174,604	–	0.49%	–
BSM	New	BLACK STONE MINERALS L P	$1,829,000	–	133,634	–	0.47%	–
NVR	New	NVR INC	$1,794,000	–	448	–	0.46%	–
SBR	New	SABINE RTY TRunit ben int	$1,776,000	–	29,162	–	0.46%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$1,755,000	–	13,307	–	0.45%	–
DFAC	New	DIMENSIONAL ETF TRUSTus core equity 2	$1,753,000	–	75,230	–	0.45%	–
SLB	New	SCHLUMBERGER LTD	$1,743,000	–	48,746	–	0.45%	–
LENB	New	LENNAR CORPcl b	$1,711,000	–	29,150	–	0.44%	–
COP	New	CONOCOPHILLIPS	$1,673,000	–	18,627	–	0.43%	–
CTO	New	CTO RLTY GROWTH INC NEW	$1,651,000	–	27,015	–	0.42%	–
IVOL	New	KRANESHARES TRquadrtc int rt	$1,639,000	–	64,682	–	0.42%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$1,632,000	–	11,452	–	0.42%	–
VIGI	New	VANGUARD WHITEHALL FDSintl dvd etf	$1,595,000	–	23,243	–	0.41%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$1,585,000	–	1,065	–	0.41%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$1,570,000	–	15,442	–	0.40%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$1,538,000	–	102,539	–	0.40%	–
ABEV	New	AMBEV SAsponsored adr	$1,480,000	–	589,529	–	0.38%	–
CVX	New	CHEVRON CORP NEW	$1,471,000	–	10,159	–	0.38%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$1,418,000	–	9,885	–	0.36%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,357,000	–	30,526	–	0.35%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$1,344,000	–	45,949	–	0.34%	–
EMR	New	EMERSON ELEC CO	$1,320,000	–	16,600	–	0.34%	–
CLB	New	CORE LABORATORIES N V	$1,318,000	–	66,519	–	0.34%	–
EURN	New	EURONAV NV	$1,308,000	–	109,652	–	0.34%	–
DMLP	New	DORCHESTER MINERALS LP	$1,309,000	–	54,876	–	0.34%	–
AMGN	New	AMGEN INC	$1,263,000	–	5,192	–	0.32%	–
AVEM	New	AMERICAN CENTY ETF TRavantis emgmkt	$1,258,000	–	24,169	–	0.32%	–
JOE	New	ST JOE CO	$1,132,000	–	28,618	–	0.29%	–
VONV	New	VANGUARD SCOTTSDALE FDSvng rus1000val	$1,131,000	–	17,791	–	0.29%	–
	New	CRESCENT ENERGY COMPANY	$1,116,000	–	89,425	–	0.29%	–
CUBI	New	CUSTOMERS BANCORP INC	$1,114,000	–	32,874	–	0.29%	–
STAR	New	ISTAR INC	$1,097,000	–	80,020	–	0.28%	–
AMR	New	ALPHA METALLURGICAL RESOUR I	$1,086,000	–	8,413	–	0.28%	–
CNA	New	CNA FINL CORP	$1,081,000	–	24,081	–	0.28%	–
ABT	New	ABBOTT LABS	$1,066,000	–	9,815	–	0.27%	–
	New	WARNER BROS DISCOVERY INC	$1,066,000	–	79,445	–	0.27%	–
RVT	New	ROYCE VALUE TR INC	$1,010,000	–	72,308	–	0.26%	–
AXP	New	AMERICAN EXPRESS CO	$985,000	–	7,109	–	0.25%	–
OIH	New	VANECK ETF TRUSToil services etf	$948,000	–	4,076	–	0.24%	–
HP	New	HELMERICH & PAYNE INC	$939,000	–	21,808	–	0.24%	–
CLF	New	CLEVELAND-CLIFFS INC NEW	$930,000	–	60,529	–	0.24%	–
APD	New	AIR PRODS & CHEMS INC	$903,000	–	3,755	–	0.23%	–
IAU	New	ISHARES GOLD TRishares new	$887,000	–	25,863	–	0.23%	–
TDW	New	TIDEWATER INC NEW	$851,000	–	40,370	–	0.22%	–
CRC	New	CALIFORNIA RES CORP	$850,000	–	22,072	–	0.22%	–
SOR	New	SOURCE CAP INC	$826,000	–	22,129	–	0.21%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$783,000	–	12,341	–	0.20%	–
SU	New	SUNCOR ENERGY INC NEW	$783,000	–	22,338	–	0.20%	–
CVS	New	CVS HEALTH CORP	$769,000	–	8,301	–	0.20%	–
VAL	New	VALARIS LIMITEDcl a	$724,000	–	17,140	–	0.19%	–
	New	DIMENSIONAL ETF TRUSTintl high profit	$707,000	–	33,091	–	0.18%	–
CTVA	New	CORTEVA INC	$684,000	–	12,643	–	0.18%	–
DD	New	DUPONT DE NEMOURS INC	$677,000	–	12,179	–	0.17%	–
LBRDK	New	LIBERTY BROADBAND CORP	$677,000	–	5,853	–	0.17%	–
DOW	New	DOW INC	$634,000	–	12,289	–	0.16%	–
SWN	New	SOUTHWESTERN ENERGY CO	$620,000	–	99,152	–	0.16%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$596,000	–	30,871	–	0.15%	–
LBTYK	New	LIBERTY GLOBAL PLC	$593,000	–	26,865	–	0.15%	–
USB	New	US BANCORP DEL	$589,000	–	12,808	–	0.15%	–
EBAY	New	EBAY INC.	$561,000	–	13,458	–	0.14%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$532,000	–	77,034	–	0.14%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$528,000	–	8,976	–	0.14%	–
WY	New	WEYERHAEUSER CO MTN BE	$527,000	–	15,911	–	0.14%	–
NTR	New	NUTRIEN LTD	$525,000	–	6,594	–	0.14%	–
NVS	New	NOVARTIS AGsponsored adr	$519,000	–	6,145	–	0.13%	–
DVN	New	DEVON ENERGY CORP NEW	$504,000	–	9,150	–	0.13%	–
WABC	New	WESTAMERICA BANCORPORATION	$499,000	–	8,957	–	0.13%	–
WFC	New	WELLS FARGO CO NEW	$492,000	–	12,569	–	0.13%	–
SO	New	SOUTHERN CO	$491,000	–	6,890	–	0.13%	–
IEO	New	ISHARES TRus oil gs ex etf	$486,000	–	6,241	–	0.12%	–
BXMT	New	BLACKSTONE MTG TR INC	$459,000	–	16,587	–	0.12%	–
COST	New	COSTCO WHSL CORP NEW	$456,000	–	952	–	0.12%	–
CABO	New	CABLE ONE INC	$451,000	–	350	–	0.12%	–
GD	New	GENERAL DYNAMICS CORP	$446,000	–	2,015	–	0.12%	–
WMB	New	WILLIAMS COS INC	$442,000	–	14,156	–	0.11%	–
OFG	New	OFG BANCORP	$437,000	–	17,200	–	0.11%	–
IMO	New	IMPERIAL OIL LTD	$432,000	–	9,180	–	0.11%	–
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$427,000	–	24,918	–	0.11%	–
EQT	New	EQT CORP	$410,000	–	11,926	–	0.10%	–
AGO	New	ASSURED GUARANTY LTD	$402,000	–	7,202	–	0.10%	–
PTEN	New	PATTERSON-UTI ENERGY INC	$394,000	–	25,010	–	0.10%	–
AMAT	New	APPLIED MATLS INC	$389,000	–	4,276	–	0.10%	–
LMT	New	LOCKHEED MARTIN CORP	$381,000	–	887	–	0.10%	–
IP	New	INTERNATIONAL PAPER CO	$370,000	–	8,850	–	0.10%	–
BX	New	BLACKSTONE INC	$365,000	–	4,003	–	0.09%	–
CATY	New	CATHAY GEN BANCORP	$360,000	–	9,185	–	0.09%	–
AEF	New	ABRDN EMRG MKTS EQTY INCM FD	$353,000	–	63,892	–	0.09%	–
MET	New	METLIFE INC	$349,000	–	5,562	–	0.09%	–
SRE	New	SEMPRA	$345,000	–	2,296	–	0.09%	–
ENB	New	ENBRIDGE INC	$344,000	–	8,133	–	0.09%	–
GLW	New	CORNING INC	$341,000	–	10,813	–	0.09%	–
GBDC	New	GOLUB CAP BDC INC	$344,000	–	26,566	–	0.09%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$344,000	–	9,313	–	0.09%	–
ZTS	New	ZOETIS INCcl a	$339,000	–	1,972	–	0.09%	–
CMCSA	New	COMCAST CORP NEWcl a	$334,000	–	8,511	–	0.09%	–
SLRC	New	SLR INVESTMENT CORP	$314,000	–	21,434	–	0.08%	–
ETR	New	ENTERGY CORP NEW	$312,000	–	2,772	–	0.08%	–
OEC	New	ORION ENGINEERED CARBONS S A	$304,000	–	19,580	–	0.08%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$286,000	–	5,417	–	0.07%	–
VZ	New	VERIZON COMMUNICATIONS INC	$277,000	–	5,464	–	0.07%	–
AMBC	New	AMBAC FINL GROUP INC	$261,000	–	23,030	–	0.07%	–
T	New	AT&T INC	$255,000	–	12,171	–	0.07%	–
QCOM	New	QUALCOMM INC	$255,000	–	2,000	–	0.07%	–
CSCO	New	CISCO SYS INC	$257,000	–	6,035	–	0.07%	–
	New	DIAMOND OFFSHORE DRILLING IN	$255,000	–	43,327	–	0.07%	–
BHF	New	BRIGHTHOUSE FINL INC	$253,000	–	6,168	–	0.06%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDvan ftse dev mkt	$251,000	–	6,152	–	0.06%	–
VFC	New	V F CORP	$250,000	–	5,650	–	0.06%	–
OXYWS	New	OCCIDENTAL PETE CORP*w exp 08/03/202	$244,000	–	6,590	–	0.06%	–
MRK	New	MERCK & CO INC	$243,000	–	2,666	–	0.06%	–
	New	AMERICAN CENTY ETF TRemerging mkt val	$241,000	–	5,701	–	0.06%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$241,000	–	2,821	–	0.06%	–
PNC	New	PNC FINL SVCS GROUP INC	$228,000	–	1,446	–	0.06%	–
LBRDA	New	LIBERTY BROADBAND CORP	$228,000	–	2,007	–	0.06%	–
DJCO	New	DAILY JOURNAL CORP	$230,000	–	889	–	0.06%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$223,000	–	10,508	–	0.06%	–
OVLY	New	OAK VY BANCORP OAKDALE CALIF	$215,000	–	12,515	–	0.06%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$207,000	–	12,291	–	0.05%	–
RRC	New	RANGE RES CORP	$207,000	–	8,365	–	0.05%	–
CET	New	CENTRAL SECS CORP	$204,000	–	5,785	–	0.05%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$200,000	–	2,600	–	0.05%	–
TFSL	New	TFS FINL CORP	$178,000	–	12,997	–	0.05%	–
MAC	New	MACERICH CO	$159,000	–	18,208	–	0.04%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$151,000	–	19,862	–	0.04%	–
TRMD	New	TORM PLC	$147,000	–	10,854	–	0.04%	–
FUND	New	SPROTT FOCUS TR INC	$127,000	–	16,837	–	0.03%	–
MTR	New	MESA RTY TRunit ben int	$128,000	–	11,731	–	0.03%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$116,000	–	24,370	–	0.03%	–
CARS	New	CARS COM INC	$101,000	–	10,673	–	0.03%	–
FTI	New	TECHNIPFMC PLC	$102,000	–	15,103	–	0.03%	–
TK	New	TEEKAY CORPORATION	$79,000	–	27,580	–	0.02%	–
TTI	New	TETRA TECHNOLOGIES INC DEL	$65,000	–	16,000	–	0.02%	–
ADES	New	ADVANCED EMISSIONS SOLUTIONS	$62,000	–	13,150	–	0.02%	–
HNRG	New	HALLADOR ENERGY COMPANY	$57,000	–	10,500	–	0.02%	–
AUY	New	YAMANA GOLD INC	$49,000	–	10,600	–	0.01%	–
PHX	New	PHX MINERALS INCcl a	$48,000	–	15,764	–	0.01%	–
LDI	New	LOANDEPOT INC	$21,000	–	14,400	–	0.01%	–
TPHS	New	TRINITY PL HLDGS INC	$11,000	–	11,161	–	0.00%	–
GTE	New	GRAN TIERRA ENERGY INC	$13,000	–	11,043	–	0.00%	–
GNLN	New	GREENLANE HLDGS INCcl a	$4,000	–	21,200	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
BORR	Exit	BORR DRILLING LTD	$0	–	-16,754	–	-0.00%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-10,050	–	-0.01%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-12,500	–	-0.01%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-10,600	–	-0.01%	–
TTI	Exit	TETRA TECHNOLOGIES INC DEL	$0	–	-16,000	–	-0.01%	–
MTR	Exit	MESA RTY TRunit ben int	$0	–	-11,371	–	-0.02%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-10,400	–	-0.02%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-22,880	–	-0.02%	–
ADES	Exit	ADVANCED EMISSIONS SOLUTIONS	$0	–	-13,150	–	-0.02%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT IN	$0	–	-13,000	–	-0.03%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-16,837	–	-0.04%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-19,862	–	-0.04%	–
CARS	Exit	CARS COM INC	$0	–	-14,435	–	-0.05%	–
MRK	Exit	MERCK & CO INC	$0	–	-2,666	–	-0.06%	–
BATRK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-7,657	–	-0.06%	–
CSWI	Exit	CSW INDUSTRIALS INC	$0	–	-1,600	–	-0.06%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-12,291	–	-0.06%	–
TFSL	Exit	TFS FINL CORP	$0	–	-11,070	–	-0.06%	–
OVLY	Exit	OAK VY BANCORP OAKDALE CALIF	$0	–	-12,515	–	-0.06%	–
SLRC	Exit	SLR INVESTMENT CORP	$0	–	-11,663	–	-0.06%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-5,451	–	-0.06%	–
PTEN	Exit	PATTERSON-UTI ENERGY INC	$0	–	-25,980	–	-0.06%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-5,855	–	-0.07%	–
EQT	Exit	EQT CORP	$0	–	-11,914	–	-0.07%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-5,668	–	-0.07%	–
QCOM	Exit	QUALCOMM INC	$0	–	-2,000	–	-0.07%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-28,070	–	-0.07%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-14,715	–	-0.07%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-5,765	–	-0.07%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-2,772	–	-0.08%	–
VTWV	Exit	VANGUARD SCOTTSDALE FDSvng rus2000val	$0	–	-1,999	–	-0.08%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-1,446	–	-0.08%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-5,202	–	-0.08%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-889	–	-0.08%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-9,180	–	-0.08%	–
SRE	Exit	SEMPRA	$0	–	-2,296	–	-0.08%	–
MAC	Exit	MACERICH CO	$0	–	-17,632	–	-0.08%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-20,850	–	-0.08%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-8,650	–	-0.08%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-887	–	-0.08%	–
IDT	Exit	IDT CORPcl b new	$0	–	-7,480	–	-0.09%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-6,365	–	-0.09%	–
ENB	Exit	ENBRIDGE INC	$0	–	-8,133	–	-0.09%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,048	–	-0.09%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-3,383	–	-0.09%	–
MET	Exit	METLIFE INC	$0	–	-5,562	–	-0.09%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-13,625	–	-0.10%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-2,677	–	-0.10%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-5,737	–	-0.10%	–
GRIN	Exit	GRINDROD SHIPPING HOLDINGS L	$0	–	-24,445	–	-0.10%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-6,127	–	-0.10%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-9,185	–	-0.10%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-852	–	-0.10%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-21,180	–	-0.10%	–
INTC	Exit	INTEL CORP	$0	–	-7,225	–	-0.10%	–
CSCO	Exit	CISCO SYS INC	$0	–	-7,259	–	-0.11%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,028	–	-0.11%	–
T	Exit	AT&T INC	$0	–	-15,332	–	-0.11%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-9,313	–	-0.12%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-2,170	–	-0.12%	–
NTR	Exit	NUTRIEN LTD	$0	–	-6,594	–	-0.12%	–
SO	Exit	SOUTHERN CO	$0	–	-6,890	–	-0.12%	–
OFG	Exit	OFG BANCORP	$0	–	-17,200	–	-0.12%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-28,066	–	-0.12%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-166,150	–	-0.12%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-22,332	–	-0.13%	–
GLW	Exit	CORNING INC	$0	–	-12,995	–	-0.13%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-8,511	–	-0.13%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-3,518	–	-0.13%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-23,978	–	-0.13%	–
IP	Exit	INTERNATIONAL PAPER CO	$0	–	-8,850	–	-0.14%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-16,587	–	-0.14%	–
VFC	Exit	V F CORP	$0	–	-7,500	–	-0.14%	–
BX	Exit	BLACKSTONE INC	$0	–	-4,380	–	-0.14%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-6,245	–	-0.14%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-42,870	–	-0.14%	–
CTVA	Exit	CORTEVA INC	$0	–	-12,650	–	-0.14%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-15,307	–	-0.15%	–
CLF	Exit	CLEVELAND-CLIFFS INC NEW	$0	–	-27,008	–	-0.15%	–
AEF	Exit	ABERDEEN EMRG MRKTS EQT INM	$0	–	-65,833	–	-0.15%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,350	–	-0.15%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-101,152	–	-0.15%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-10,309	–	-0.16%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-16,261	–	-0.16%	–
AMR	Exit	ALPHA METALLURGICAL RESOUR I	$0	–	-12,213	–	-0.17%	–
CABO	Exit	CABLE ONE INC	$0	–	-350	–	-0.17%	–
AVEM	Exit	AMERICAN CENTY ETF TRavantis emgmkt	$0	–	-10,030	–	-0.18%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-12,750	–	-0.18%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-14,505	–	-0.18%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-24,953	–	-0.19%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-8,301	–	-0.19%	–
DOW	Exit	DOW INC	$0	–	-12,457	–	-0.20%	–
DNOW	Exit	NOW INC	$0	–	-96,708	–	-0.20%	–
USB	Exit	US BANCORP DEL	$0	–	-12,808	–	-0.21%	–
MCF	Exit	CONTANGO OIL & GAS CO	$0	–	-169,857	–	-0.21%	–
EBAY	Exit	EBAY INC.	$0	–	-11,297	–	-0.22%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-3,032	–	-0.22%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-27,084	–	-0.22%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.22%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-20,195	–	-0.23%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-12,256	–	-0.23%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-109,934	–	-0.23%	–
IAU	Exit	ISHARES GOLD TRishares new	$0	–	-26,602	–	-0.24%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-34,418	–	-0.26%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,744	–	-0.26%	–
EURN	Exit	EURONAV NV	$0	–	-99,219	–	-0.26%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-54,976	–	-0.29%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-6,103	–	-0.29%	–
CNA	Exit	CNA FINL CORP	$0	–	-25,187	–	-0.29%	–
AMGN	Exit	AMGEN INC	$0	–	-5,241	–	-0.30%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-37,817	–	-0.31%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-11,098	–	-0.31%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-224,701	–	-0.31%	–
ABT	Exit	ABBOTT LABS	$0	–	-9,906	–	-0.32%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-7,209	–	-0.33%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-101,891	–	-0.34%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-28,600	–	-0.34%	–
SBR	Exit	SABINE RTY TRunit ben int	$0	–	-29,362	–	-0.34%	–
DFAI	Exit	DIMENSIONAL ETF TRUSTintl core eqt mk	$0	–	-43,268	–	-0.34%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-18,791	–	-0.35%	–
DISCK	Exit	DISCOVERY INC	$0	–	-53,561	–	-0.36%	–
VWTR	Exit	VIDLER WATER RESOUCES INC	$0	–	-114,783	–	-0.36%	–
JOE	Exit	ST JOE CO	$0	–	-31,120	–	-0.36%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-1,116	–	-0.37%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-124,141	–	-0.39%	–
SOR	Exit	SOURCE CAP INC	$0	–	-31,862	–	-0.39%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-102,104	–	-0.39%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-44,213	–	-0.39%	–
ANAT	Exit	AMERICAN NATIONAL GROUP INC	$0	–	-7,672	–	-0.40%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-83,178	–	-0.41%	–
CTO	Exit	CTO RLTY GROWTH INC NEW	$0	–	-28,132	–	-0.41%	–
VONV	Exit	VANGUARD SCOTTSDALE FDSvng rus1000val	$0	–	-22,214	–	-0.42%	–
VIGI	Exit	VANGUARD WHITEHALL FDSintl dvd etf	$0	–	-17,685	–	-0.42%	–
VYM	Exit	VANGUARD WHITEHALL FDShigh div yld	$0	–	-15,549	–	-0.44%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-17,155	–	-0.44%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-89,755	–	-0.46%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-32,536	–	-0.48%	–
IVOL	Exit	KRANESHARES TRquadrtc int rt	$0	–	-64,276	–	-0.49%	–
RES	Exit	RPC INC	$0	–	-372,325	–	-0.49%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-3,196	–	-0.51%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-12,290	–	-0.52%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-157,177	–	-0.53%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-67,637	–	-0.55%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-12,029	–	-0.55%	–
STAR	Exit	ISTAR INC	$0	–	-81,533	–	-0.56%	–
NVR	Exit	NVR INC	$0	–	-448	–	-0.59%	–
AAPL	Exit	APPLE INC	$0	–	-15,392	–	-0.60%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-29,114	–	-0.62%	–
DFAC	Exit	DIMENSIONAL ETF TRUSTus core equity 2	$0	–	-87,259	–	-0.63%	–
VTIP	Exit	VANGUARD MALVERN FDSstrm infproidx	$0	–	-44,521	–	-0.64%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-14,070	–	-0.68%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-28,949	–	-0.69%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-69,217	–	-0.69%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-4,903	–	-0.78%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-7	–	-0.79%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-19,083	–	-0.84%	–
GAM	Exit	GENERAL AMERN INVS CO INC	$0	–	-78,028	–	-0.92%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-47,117	–	-0.94%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-79,333	–	-1.12%	–
AVDV	Exit	AMERICAN CENTY ETF TRintl smcp vlu	$0	–	-64,728	–	-1.14%	–
UHAL	Exit	AMERCO	$0	–	-6,588	–	-1.16%	–
AVUV	Exit	AMERICAN CENTY ETF TRus sml cp valu	$0	–	-71,995	–	-1.49%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-24,143	–	-1.86%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD SUB VTGstock	$0	–	-31,041	–	-3.42%	–
L	Exit	LOEWS CORP	$0	–	-282,603	–	-4.16%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-250,074	–	-5.00%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-81,768	–	-5.24%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-31,455	–	-5.36%	–
MKL	Exit	MARKEL CORP	$0	–	-16,541	–	-5.40%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-563,040	–	-5.71%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-22,942	–	-6.70%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-203,095	–	-15.14%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$55,433,000	-3.5%	203,095	-1.7%	15.14%	-2.7%
WTM	Sell	WHITE MTNS INS GROUP LTD	$24,539,000	-7.9%	22,942	-1.2%	6.70%	-7.3%
JEF	Sell	JEFFERIES FINL GROUP INC	$20,906,000	+4.8%	563,040	-3.5%	5.71%	+5.6%
MKL	Sell	MARKEL CORP	$19,769,000	-0.9%	16,541	-1.6%	5.40%	-0.1%
Y	Sell	ALLEGHANY CORP MD	$19,641,000	-8.4%	31,455	-2.1%	5.36%	-7.7%
ESGR	Sell	ENSTAR GROUP LIMITED	$19,193,000	-3.3%	81,768	-1.5%	5.24%	-2.5%
WRB	Sell	BERKLEY W R CORP	$18,300,000	-3.8%	250,074	-2.2%	5.00%	-3.1%
L	Sell	LOEWS CORP	$15,241,000	-4.1%	282,603	-2.8%	4.16%	-3.3%
FRFHF	Sell	FAIRFAX FINL HLDGS LTD SUB VTGstock	$12,519,000	-9.6%	31,041	-1.6%	3.42%	-8.8%
MSFT	Sell	MICROSOFT CORP	$6,806,000	+1.9%	24,143	-2.1%	1.86%	+2.7%
AVUV	Buy	AMERICAN CENTY ETF TRus sml cp valu	$5,444,000	+19.8%	71,995	+20.4%	1.49%	+20.7%
UHAL	Sell	AMERCO	$4,256,000	+8.2%	6,588	-1.3%	1.16%	+9.0%
AVDV	Buy	AMERICAN CENTY ETF TRintl smcp vlu	$4,182,000	+16.4%	64,728	+16.6%	1.14%	+17.2%
BK	Sell	BANK NEW YORK MELLON CORP	$4,113,000	-0.9%	79,333	-2.1%	1.12%	-0.1%
SCHW	Sell	SCHWAB CHARLES CORP	$3,432,000	-0.4%	47,117	-0.5%	0.94%	+0.4%
GAM	Sell	GENERAL AMERN INVS CO INC	$3,360,000	-1.4%	78,028	-0.6%	0.92%	-0.6%
JNJ	Sell	JOHNSON & JOHNSON	$3,082,000	-3.0%	19,083	-1.0%	0.84%	-2.2%
CACC	Sell	CREDIT ACCEP CORP MICH	$2,870,000	+26.5%	4,903	-1.8%	0.78%	+27.5%
CNQ	Sell	CANADIAN NAT RES LTD	$2,529,000	-1.2%	69,217	-1.9%	0.69%	-0.4%
XEC	Sell	CIMAREX ENERGY CO	$2,524,000	+19.6%	28,949	-0.7%	0.69%	+20.5%
MHK	Sell	MOHAWK INDS INC	$2,496,000	-8.4%	14,070	-0.8%	0.68%	-7.7%
VTIP	Buy	VANGUARD MALVERN FDSstrm infproidx	$2,341,000	+710.0%	44,521	+707.9%	0.64%	+720.5%
DFAC	Buy	DIMENSIONAL ETF TRUSTus core equity 2	$2,318,000	+124.6%	87,259	+128.1%	0.63%	+126.1%
AAPL	Sell	APPLE INC	$2,178,000	+0.8%	15,392	-2.4%	0.60%	+1.5%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$2,005,000	+1.7%	12,029	-1.4%	0.55%	+2.6%
OXY	Buy	OCCIDENTAL PETE CORP	$2,001,000	+22.2%	67,637	+29.2%	0.55%	+23.2%
LUMN	Buy	LUMEN TECHNOLOGIES INC	$1,947,000	-6.7%	157,177	+2.4%	0.53%	-5.8%
VIG	Buy	VANGUARD SPECIALIZED FUNDSdiv app etf	$1,888,000	+8.8%	12,290	+9.7%	0.52%	+9.8%
GHC	Sell	GRAHAM HLDGS CO	$1,883,000	-7.7%	3,196	-0.6%	0.51%	-7.1%
RES	Sell	RPC INC	$1,809,000	-2.0%	372,325	-0.1%	0.49%	-1.2%
IVOL	Buy	KRANESHARES TRquadrtc int rt	$1,791,000	+16.7%	64,276	+15.7%	0.49%	+17.5%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,741,000	+4.9%	32,536	-0.0%	0.48%	+5.8%
AR	Buy	ANTERO RESOURCES CORP	$1,688,000	+55.1%	89,755	+24.0%	0.46%	+56.3%
VYM	Buy	VANGUARD WHITEHALL FDShigh div yld	$1,607,000	+4.6%	15,549	+6.0%	0.44%	+5.3%
VIGI	Buy	VANGUARD WHITEHALL FDSintl dvd etf	$1,543,000	+14.5%	17,685	+14.8%	0.42%	+15.6%
VONV	Buy	VANGUARD SCOTTSDALE FDSvng rus1000val	$1,526,000	-1.3%	22,214	+0.0%	0.42%	-0.5%
CTO	Sell	CTO RLTY GROWTH INC NEW	$1,512,000	-1.2%	28,132	-1.7%	0.41%	-0.5%
RVT	Sell	ROYCE VALUE TR INC	$1,499,000	-5.5%	83,178	-0.5%	0.41%	-4.9%
ANAT	Sell	AMERICAN NATIONAL GROUP INC	$1,450,000	+22.8%	7,672	-3.5%	0.40%	+23.8%
FCX	Sell	FREEPORT-MCMORAN INCcl b	$1,438,000	-13.5%	44,213	-1.3%	0.39%	-12.9%
CRT	Sell	CROSS TIMBERS RTY TRtr unit	$1,425,000	+17.6%	102,104	-0.4%	0.39%	+18.2%
SOR	Sell	SOURCE CAP INC	$1,422,000	-5.3%	31,862	-3.5%	0.39%	-4.7%
RMT	Sell	ROYCE MICRO-CAP TR INC	$1,418,000	-8.2%	124,141	-0.3%	0.39%	-7.6%
TPL	Sell	TEXAS PACIFIC LAND CORPORATI	$1,350,000	-26.4%	1,116	-2.6%	0.37%	-25.8%
VWTR	Sell	VIDLER WATER RESOUCES INC	$1,306,000	-15.7%	114,783	-1.5%	0.36%	-15.0%
DISCK	Buy	DISCOVERY INC	$1,300,000	-14.8%	53,561	+1.7%	0.36%	-14.3%
COP	Sell	CONOCOPHILLIPS	$1,273,000	+8.3%	18,791	-2.6%	0.35%	+9.1%
SBR	Sell	SABINE RTY TRunit ben int	$1,253,000	+5.1%	29,362	-0.7%	0.34%	+5.9%
DFAI	Buy	DIMENSIONAL ETF TRUSTintl core eqt mk	$1,251,000	+163.4%	43,268	+166.1%	0.34%	+165.1%
CUBI	Sell	CUSTOMERS BANCORP INC	$1,230,000	+8.8%	28,600	-1.4%	0.34%	+9.4%
BSM	Buy	BLACK STONE MINERALS L P	$1,228,000	+330.9%	101,891	+283.9%	0.34%	+335.1%
ABT	Sell	ABBOTT LABS	$1,170,000	-0.6%	9,906	-2.5%	0.32%	+0.3%
SJT	Sell	SAN JUAN BASIN RTY TRunit ben int	$1,139,000	-2.6%	224,701	-0.8%	0.31%	-1.9%
SLB	Buy	SCHLUMBERGER LTD	$1,121,000	+14.2%	37,817	+23.3%	0.31%	+15.0%
CNA	Sell	CNA FINL CORP	$1,057,000	-10.6%	25,187	-3.1%	0.29%	-9.7%
LBRDK	Sell	LIBERTY BROADBAND CORP	$1,054,000	-0.9%	6,103	-0.4%	0.29%	0.0%
EURN	Buy	EURONAV NV	$968,000	+10.3%	99,219	+5.3%	0.26%	+10.9%
CLB	Buy	CORE LABORATORIES N V	$955,000	-6.6%	34,418	+31.2%	0.26%	-5.8%
IAU	Sell	ISHARES GOLD TRishares new	$889,000	-0.9%	26,602	-0.0%	0.24%	0.0%
CRC	Sell	CALIFORNIA RES CORP	$828,000	+34.2%	20,195	-1.3%	0.23%	+35.3%
MCF	Buy	CONTANGO OIL & GAS CO	$776,000	+5.7%	169,857	+0.0%	0.21%	+6.5%
DNOW	Sell	NOW INC	$740,000	-22.4%	96,708	-3.7%	0.20%	-21.7%
DOW	Sell	DOW INC	$717,000	-9.7%	12,457	-0.8%	0.20%	-8.8%
HP	Buy	HELMERICH & PAYNE INC	$684,000	-13.0%	24,953	+3.5%	0.19%	-12.2%
AVEM	Buy	AMERICAN CENTY ETF TRavantis emgmkt	$647,000	+9.7%	10,030	+18.3%	0.18%	+10.6%
AMR	Sell	ALPHA METALLURGICAL RESOUR I	$608,000	+22.6%	12,213	-36.9%	0.17%	+23.9%
WY	Sell	WEYERHAEUSER CO MTN BE	$578,000	+3.0%	16,261	-0.2%	0.16%	+3.9%
SWN	Sell	SOUTHWESTERN ENERGY CO	$560,000	-2.6%	101,152	-0.2%	0.15%	-1.9%
AEF	Buy	ABERDEEN EMRG MRKTS EQT INM	$548,000	-8.1%	65,833	+0.0%	0.15%	-7.4%
VAL	Buy	VALARIS LIMITEDcl a	$534,000	+25.9%	15,307	+4.1%	0.15%	+27.0%
CLF	Buy	CLEVELAND-CLIFFS INC NEW	$535,000	+12.2%	27,008	+22.2%	0.15%	+13.2%
CTVA	Sell	CORTEVA INC	$532,000	-5.8%	12,650	-0.8%	0.14%	-5.2%
GNK	Sell	GENCO SHIPPING & TRADING LTD	$483,000	+4.5%	23,978	-2.1%	0.13%	+5.6%
VTV	Buy	VANGUARD INDEX FDSvalue etf	$476,000	+28.3%	3,518	+30.2%	0.13%	+28.7%
SU	Sell	SUNCOR ENERGY INC NEW	$463,000	-15.5%	22,332	-2.3%	0.13%	-15.4%
T	Sell	AT&T INC	$414,000	-17.0%	15,332	-11.5%	0.11%	-16.3%
INTC	Sell	INTEL CORP	$385,000	-7.7%	7,225	-2.7%	0.10%	-7.1%
VGSH	Sell	VANGUARD SCOTTSDALE FDSshort term treas	$376,000	-31.0%	6,127	-30.9%	0.10%	-30.4%
KMB	Sell	KIMBERLY-CLARK CORP	$355,000	-1.7%	2,677	-0.9%	0.10%	-1.0%
MET	Sell	METLIFE INC	$343,000	-2.3%	5,562	-5.1%	0.09%	-1.1%
VT	Buy	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$344,000	0.0%	3,383	+1.9%	0.09%	+1.1%
ENB	Sell	ENBRIDGE INC	$324,000	-3.6%	8,133	-3.1%	0.09%	-2.2%
VEA	Sell	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$321,000	-13.0%	6,365	-11.2%	0.09%	-12.0%
IDT	Sell	IDT CORPcl b new	$314,000	+8.7%	7,480	-4.3%	0.09%	+10.3%
LMT	Buy	LOCKHEED MARTIN CORP	$306,000	+46.4%	887	+60.7%	0.08%	+47.4%
DVN	New	DEVON ENERGY CORP NEW	$307,000	–	8,650	–	0.08%	–
AMBC	Sell	AMBAC FINL GROUP INC	$299,000	-9.4%	20,850	-1.2%	0.08%	-7.9%
MAC	Sell	MACERICH CO	$295,000	-14.2%	17,632	-6.4%	0.08%	-12.9%
VTWV	Sell	VANGUARD SCOTTSDALE FDSvng rus2000val	$281,000	-3.4%	1,999	-0.1%	0.08%	-2.5%
PNC	Sell	PNC FINL SVCS GROUP INC	$283,000	-4.4%	1,446	-6.7%	0.08%	-3.8%
AGO	Sell	ASSURED GUARANTY LTD	$270,000	-11.8%	5,765	-10.5%	0.07%	-10.8%
INSW	New	INTERNATIONAL SEAWAYS INC	$268,000	–	14,715	–	0.07%	–
CET	Sell	CENTRAL SECS CORP	$247,000	-2.4%	5,855	-2.3%	0.07%	-2.9%
PTEN	Buy	PATTERSON-UTI ENERGY INC	$234,000	-9.3%	25,980	+0.0%	0.06%	-8.6%
TFSL	Sell	TFS FINL CORP	$211,000	-8.7%	11,070	-2.6%	0.06%	-7.9%
CSWI	New	CSW INDUSTRIALS INC	$204,000	–	1,600	–	0.06%	–
CARS	Sell	CARS COM INC	$183,000	-24.7%	14,435	-14.7%	0.05%	-24.2%
ADES	Buy	ADVANCED EMISSIONS SOLUTIONS	$84,000	-6.7%	13,150	+8.2%	0.02%	-4.2%
AUY	New	YAMANA GOLD INC	$42,000	–	10,600	–	0.01%	–
WTI	Exit	W & T OFFSHORE INC	$0	–	-10,000	–	-0.01%	–
METC	Exit	RAMACO RES INC	$0	–	-25,000	–	-0.04%	–
CC	Exit	CHEMOURS CO	$0	–	-5,882	–	-0.06%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-9,538	–	-0.06%	–
DSSI	Exit	DIAMOND S SHIPPING INC	$0	–	-26,592	–	-0.07%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-28,725	–	-0.15%	–
TGNA	Exit	TEGNA INC	$0	–	-56,200	–	-0.29%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$57,427,000	–	206,631	–	15.57%	–
WTM	New	WHITE MTNS INS GROUP LTD	$26,658,000	–	23,220	–	7.23%	–
Y	New	ALLEGHANY CORP MD	$21,431,000	–	32,127	–	5.81%	–
JEF	New	JEFFERIES FINL GROUP INC	$19,945,000	–	583,190	–	5.41%	–
MKL	New	MARKEL CORP	$19,946,000	–	16,808	–	5.41%	–
ESGR	New	ENSTAR GROUP LIMITED	$19,839,000	–	83,036	–	5.38%	–
WRB	New	BERKLEY W R CORP	$19,031,000	–	255,695	–	5.16%	–
L	New	LOEWS CORP	$15,886,000	–	290,688	–	4.31%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD SUB VTGstock	$13,842,000	–	31,561	–	3.75%	–
MSFT	New	MICROSOFT CORP	$6,681,000	–	24,662	–	1.81%	–
AVUV	New	AMERICAN CENTY ETF TRus sml cp valu	$4,545,000	–	59,797	–	1.23%	–
BK	New	BANK NEW YORK MELLON CORP	$4,150,000	–	81,016	–	1.12%	–
UHAL	New	AMERCO	$3,935,000	–	6,676	–	1.07%	–
AVDV	New	AMERICAN CENTY ETF TRintl smcp vlu	$3,594,000	–	55,529	–	0.97%	–
SCHW	New	SCHWAB CHARLES CORP	$3,446,000	–	47,335	–	0.93%	–
GAM	New	GENERAL AMERN INVS CO INC	$3,408,000	–	78,500	–	0.92%	–
JNJ	New	JOHNSON & JOHNSON	$3,177,000	–	19,283	–	0.86%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,930,000	–	7	–	0.79%	–
MHK	New	MOHAWK INDS INC	$2,726,000	–	14,185	–	0.74%	–
CNQ	New	CANADIAN NAT RES LTD	$2,559,000	–	70,526	–	0.69%	–
LENB	New	LENNAR CORPcl b	$2,371,000	–	29,114	–	0.64%	–
CACC	New	CREDIT ACCEP CORP MICH	$2,268,000	–	4,994	–	0.62%	–
NVR	New	NVR INC	$2,228,000	–	448	–	0.60%	–
AAPL	New	APPLE INC	$2,160,000	–	15,768	–	0.59%	–
XEC	New	CIMAREX ENERGY CO	$2,111,000	–	29,139	–	0.57%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$2,086,000	–	153,476	–	0.56%	–
GHC	New	GRAHAM HLDGS CO	$2,039,000	–	3,216	–	0.55%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$1,971,000	–	12,205	–	0.53%	–
RES	New	RPC INC	$1,845,000	–	372,715	–	0.50%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$1,833,000	–	1,146	–	0.50%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$1,735,000	–	11,207	–	0.47%	–
STAR	New	ISTAR INC	$1,690,000	–	81,533	–	0.46%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$1,663,000	–	44,803	–	0.45%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,659,000	–	32,543	–	0.45%	–
EMR	New	EMERSON ELEC CO	$1,651,000	–	17,155	–	0.45%	–
OXY	New	OCCIDENTAL PETE CORP	$1,637,000	–	52,357	–	0.44%	–
RVT	New	ROYCE VALUE TR INC	$1,586,000	–	83,603	–	0.43%	–
VWTR	New	VIDLER WATER RESOUCES INC	$1,550,000	–	116,573	–	0.42%	–
VONV	New	VANGUARD SCOTTSDALE FDSvng rus1000val	$1,546,000	–	22,211	–	0.42%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,544,000	–	124,532	–	0.42%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$1,537,000	–	14,670	–	0.42%	–
IVOL	New	KRANESHARES TRquadrtc int rt	$1,535,000	–	55,562	–	0.42%	–
CTO	New	CTO RLTY GROWTH INC NEW	$1,531,000	–	28,607	–	0.42%	–
DISCK	New	DISCOVERY INC	$1,526,000	–	52,665	–	0.41%	–
SOR	New	SOURCE CAP INC	$1,502,000	–	33,001	–	0.41%	–
JOE	New	ST JOE CO	$1,388,000	–	31,120	–	0.38%	–
VIGI	New	VANGUARD WHITEHALL FDSintl dvd etf	$1,348,000	–	15,406	–	0.36%	–
AMGN	New	AMGEN INC	$1,278,000	–	5,241	–	0.35%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$1,212,000	–	102,483	–	0.33%	–
SBR	New	SABINE RTY TRunit ben int	$1,192,000	–	29,562	–	0.32%	–
AXP	New	AMERICAN EXPRESS CO	$1,191,000	–	7,209	–	0.32%	–
ANAT	New	AMERICAN NATIONAL GROUP INC	$1,181,000	–	7,952	–	0.32%	–
CNA	New	CNA FINL CORP	$1,182,000	–	25,987	–	0.32%	–
COP	New	CONOCOPHILLIPS	$1,175,000	–	19,291	–	0.32%	–
ABT	New	ABBOTT LABS	$1,177,000	–	10,156	–	0.32%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$1,169,000	–	226,465	–	0.32%	–
CVX	New	CHEVRON CORP NEW	$1,162,000	–	11,098	–	0.32%	–
CUBI	New	CUSTOMERS BANCORP INC	$1,131,000	–	29,000	–	0.31%	–
AR	New	ANTERO RESOURCES CORP	$1,088,000	–	72,398	–	0.30%	–
APD	New	AIR PRODS & CHEMS INC	$1,077,000	–	3,744	–	0.29%	–
LBRDK	New	LIBERTY BROADBAND CORP	$1,064,000	–	6,125	–	0.29%	–
TGNA	New	TEGNA INC	$1,054,000	–	56,200	–	0.29%	–
DFAC	New	DIMENSIONAL ETF TRUSTus core equity 2	$1,032,000	–	38,259	–	0.28%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$1,020,000	–	109,934	–	0.28%	–
CLB	New	CORE LABORATORIES N V	$1,022,000	–	26,241	–	0.28%	–
SLB	New	SCHLUMBERGER LTD	$982,000	–	30,665	–	0.27%	–
DNOW	New	NOW INC	$953,000	–	100,408	–	0.26%	–
DD	New	DUPONT DE NEMOURS INC	$949,000	–	12,256	–	0.26%	–
DMLP	New	DORCHESTER MINERALS LP	$926,000	–	54,976	–	0.25%	–
IAU	New	ISHARES GOLD TRishares new	$897,000	–	26,612	–	0.24%	–
PYPL	New	PAYPAL HLDGS INC	$884,000	–	3,032	–	0.24%	–
EURN	New	EURONAV NV	$878,000	–	94,219	–	0.24%	–
EBAY	New	EBAY INC.	$793,000	–	11,297	–	0.22%	–
DOW	New	DOW INC	$794,000	–	12,554	–	0.22%	–
HP	New	HELMERICH & PAYNE INC	$786,000	–	24,103	–	0.21%	–
MCF	New	CONTANGO OIL & GAS CO	$734,000	–	169,819	–	0.20%	–
LBTYK	New	LIBERTY GLOBAL PLC	$732,000	–	27,084	–	0.20%	–
USB	New	US BANCORP DEL	$730,000	–	12,808	–	0.20%	–
CVA	New	COVANTA HLDG CORP	$709,000	–	40,250	–	0.19%	–
CVS	New	CVS HEALTH CORP	$693,000	–	8,301	–	0.19%	–
CABO	New	CABLE ONE INC	$669,000	–	350	–	0.18%	–
WFC	New	WELLS FARGO CO NEW	$657,000	–	14,505	–	0.18%	–
AMAT	New	APPLIED MATLS INC	$619,000	–	4,350	–	0.17%	–
CRC	New	CALIFORNIA RES CORP	$617,000	–	20,470	–	0.17%	–
VFC	New	V F CORP	$615,000	–	7,500	–	0.17%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$615,000	–	12,750	–	0.17%	–
WABC	New	WESTAMERICA BANCORPORATION	$598,000	–	10,309	–	0.16%	–
AEF	New	ABERDEEN EMRG MRKTS EQT INM	$596,000	–	65,831	–	0.16%	–
AVEM	New	AMERICAN CENTY ETF TRavantis emgmkt	$590,000	–	8,480	–	0.16%	–
SWN	New	SOUTHWESTERN ENERGY CO	$575,000	–	101,400	–	0.16%	–
ABEV	New	AMBEV SAsponsored adr	$572,000	–	166,150	–	0.16%	–
NVS	New	NOVARTIS AGsponsored adr	$570,000	–	6,245	–	0.16%	–
CTVA	New	CORTEVA INC	$565,000	–	12,748	–	0.15%	–
WY	New	WEYERHAEUSER CO MTN BE	$561,000	–	16,290	–	0.15%	–
SU	New	SUNCOR ENERGY INC NEW	$548,000	–	22,850	–	0.15%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$545,000	–	8,866	–	0.15%	–
IP	New	INTERNATIONAL PAPER CO	$543,000	–	8,850	–	0.15%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$538,000	–	28,725	–	0.15%	–
GLW	New	CORNING INC	$531,000	–	12,995	–	0.14%	–
BXMT	New	BLACKSTONE MTG TR INC	$529,000	–	16,587	–	0.14%	–
TDW	New	TIDEWATER INC NEW	$517,000	–	42,870	–	0.14%	–
T	New	AT&T INC	$499,000	–	17,332	–	0.14%	–
AMR	New	ALPHA METALLURGICAL RESOUR I	$496,000	–	19,368	–	0.13%	–
CMCSA	New	COMCAST CORP NEWcl a	$485,000	–	8,511	–	0.13%	–
DFAI	New	DIMENSIONAL ETF TRUSTintl core eqt mk	$475,000	–	16,261	–	0.13%	–
CLF	New	CLEVELAND-CLIFFS INC NEW	$477,000	–	22,106	–	0.13%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$462,000	–	24,488	–	0.12%	–
GBDC	New	GOLUB CAP BDC INC	$433,000	–	28,066	–	0.12%	–
BX	New	BLACKSTONE GROUP INC	$425,000	–	4,380	–	0.12%	–
VAL	New	VALARIS LIMITEDcl a	$424,000	–	14,698	–	0.12%	–
SO	New	SOUTHERN CO	$417,000	–	6,890	–	0.11%	–
INTC	New	INTEL CORP	$417,000	–	7,425	–	0.11%	–
ZTS	New	ZOETIS INCcl a	$404,000	–	2,170	–	0.11%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$405,000	–	9,313	–	0.11%	–
OEC	New	ORION ENGINEERED CARBONS S A	$402,000	–	21,180	–	0.11%	–
NTR	New	NUTRIEN LTD	$400,000	–	6,594	–	0.11%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$386,000	–	5,737	–	0.10%	–
CSCO	New	CISCO SYS INC	$385,000	–	7,259	–	0.10%	–
GD	New	GENERAL DYNAMICS CORP	$382,000	–	2,028	–	0.10%	–
OFG	New	OFG BANCORP	$380,000	–	17,200	–	0.10%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$371,000	–	2,702	–	0.10%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$369,000	–	7,165	–	0.10%	–
CATY	New	CATHAY GEN BANCORP	$362,000	–	9,185	–	0.10%	–
KMB	New	KIMBERLY-CLARK CORP	$361,000	–	2,701	–	0.10%	–
WMB	New	WILLIAMS COS INC	$362,000	–	13,625	–	0.10%	–
MET	New	METLIFE INC	$351,000	–	5,862	–	0.10%	–
LBRDA	New	LIBERTY BROADBAND CORP	$344,000	–	2,048	–	0.09%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$344,000	–	3,320	–	0.09%	–
MAC	New	MACERICH CO	$344,000	–	18,837	–	0.09%	–
COST	New	COSTCO WHSL CORP NEW	$337,000	–	852	–	0.09%	–
ENB	New	ENBRIDGE INC	$336,000	–	8,389	–	0.09%	–
AMBC	New	AMBAC FINL GROUP INC	$330,000	–	21,100	–	0.09%	–
AGO	New	ASSURED GUARANTY LTD	$306,000	–	6,443	–	0.08%	–
SRE	New	SEMPRA ENERGY	$304,000	–	2,296	–	0.08%	–
DJCO	New	DAILY JOURNAL CORP	$301,000	–	889	–	0.08%	–
PNC	New	PNC FINL SVCS GROUP INC	$296,000	–	1,550	–	0.08%	–
VTWV	New	VANGUARD SCOTTSDALE FDSvng rus2000val	$291,000	–	2,002	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS INC	$291,000	–	5,202	–	0.08%	–
VTIP	New	VANGUARD MALVERN FDSstrm infproidx	$289,000	–	5,511	–	0.08%	–
QCOM	New	QUALCOMM INC	$286,000	–	2,000	–	0.08%	–
IDT	New	IDT CORPcl b new	$289,000	–	7,813	–	0.08%	–
BSM	New	BLACK STONE MINERALS L P	$285,000	–	26,543	–	0.08%	–
IMO	New	IMPERIAL OIL LTD	$280,000	–	9,180	–	0.08%	–
ETR	New	ENTERGY CORP NEW	$276,000	–	2,772	–	0.08%	–
EQT	New	EQT CORP	$265,000	–	11,914	–	0.07%	–
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$266,000	–	24,445	–	0.07%	–
DSSI	New	DIAMOND S SHIPPING INC	$265,000	–	26,592	–	0.07%	–
BHF	New	BRIGHTHOUSE FINL INC	$258,000	–	5,668	–	0.07%	–
PTEN	New	PATTERSON-UTI ENERGY INC	$258,000	–	25,970	–	0.07%	–
CET	New	CENTRAL SECS CORP	$253,000	–	5,990	–	0.07%	–
CARS	New	CARS COM INC	$243,000	–	16,931	–	0.07%	–
SLV	New	ISHARES SILVER TRishares	$231,000	–	9,538	–	0.06%	–
TFSL	New	TFS FINL CORP	$231,000	–	11,370	–	0.06%	–
OVLY	New	OAK VY BANCORP OAKDALE CALIF	$227,000	–	12,515	–	0.06%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$230,000	–	12,291	–	0.06%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$227,000	–	28,070	–	0.06%	–
BAC	New	BK OF AMERICA CORP	$225,000	–	5,451	–	0.06%	–
SLRC	New	SLR INVESTMENT CORP	$217,000	–	11,663	–	0.06%	–
BATRK	New	LIBERTY MEDIA CORP DEL	$213,000	–	7,657	–	0.06%	–
LMT	New	LOCKHEED MARTIN CORP	$209,000	–	552	–	0.06%	–
MRK	New	MERCK & CO INC	$207,000	–	2,666	–	0.06%	–
CC	New	CHEMOURS CO	$205,000	–	5,882	–	0.06%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$162,000	–	19,862	–	0.04%	–
FUND	New	SPROTT FOCUS TR INC	$143,000	–	16,837	–	0.04%	–
METC	New	RAMACO RES INC	$138,000	–	25,000	–	0.04%	–
NLY	New	ANNALY CAPITAL MANAGEMENT IN	$115,000	–	13,000	–	0.03%	–
FTI	New	TECHNIPFMC PLC	$94,000	–	10,400	–	0.02%	–
ADES	New	ADVANCED EMISSIONS SOLUTIONS	$90,000	–	12,150	–	0.02%	–
TK	New	TEEKAY CORPORATION	$85,000	–	22,880	–	0.02%	–
MTR	New	MESA RTY TRunit ben int	$72,000	–	11,371	–	0.02%	–
TTI	New	TETRA TECHNOLOGIES INC DEL	$69,000	–	16,000	–	0.02%	–
WTI	New	W & T OFFSHORE INC	$49,000	–	10,000	–	0.01%	–
HNRG	New	HALLADOR ENERGY COMPANY	$34,000	–	12,500	–	0.01%	–
TPHS	New	TRINITY PL HLDGS INC	$21,000	–	10,050	–	0.01%	–
BORR	New	BORR DRILLING LTD	$14,000	–	16,754	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-12,671	–	-0.00%	–
TTI	Exit	TETRA TECHNOLOGIES INC DEL	$0	–	-15,000	–	-0.00%	–
BORR	Exit	BORR DRILLING LTD	$0	–	-26,754	–	-0.01%	–
GCI	Exit	GANNETT CO INC	$0	–	-16,951	–	-0.01%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-15,350	–	-0.01%	–
NEX	Exit	NEXTIER OILFIELD SOLUTIONS	$0	–	-17,133	–	-0.01%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-25,400	–	-0.02%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-10,400	–	-0.02%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-26,739	–	-0.03%	–
CLF	Exit	CLEVELAND-CLIFFS INC NEW	$0	–	-13,120	–	-0.03%	–
METC	Exit	RAMACO RES INC	$0	–	-25,000	–	-0.03%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-15,200	–	-0.04%	–
GRIN	Exit	GRINDROD SHIPPING HOLDINGS L	$0	–	-24,445	–	-0.04%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT IN	$0	–	-13,000	–	-0.04%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-16,837	–	-0.04%	–
PK	Exit	PARK HOTELS RESORTS INC	$0	–	-10,000	–	-0.04%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-21,049	–	-0.05%	–
CTRA	Exit	CONTURA ENERGY INC	$0	–	-17,568	–	-0.05%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-10,410	–	-0.05%	–
TRC	Exit	TEJON RANCH CO	$0	–	-10,957	–	-0.06%	–
MAC	Exit	MACERICH CO	$0	–	-23,418	–	-0.06%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-10,480	–	-0.06%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-14,215	–	-0.06%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-25,284	–	-0.06%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-11,763	–	-0.07%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-73,431	–	-0.08%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-9,460	–	-0.08%	–
VTWV	Exit	VANGUARD SCOTTSDALE FDSvng rus2000val	$0	–	-2,352	–	-0.08%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-4,100	–	-0.08%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-552	–	-0.08%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-889	–	-0.08%	–
MRK	Exit	MERCK & CO. INC	$0	–	-2,606	–	-0.08%	–
CSWI	Exit	CSW INDUSTRIALS INC	$0	–	-2,800	–	-0.08%	–
DSSI	Exit	DIAMOND S SHIPPING INC	$0	–	-31,617	–	-0.08%	–
MMM	Exit	3M CO	$0	–	-1,365	–	-0.08%	–
OFG	Exit	OFG BANCORP	$0	–	-17,550	–	-0.08%	–
CET	Exit	CENTRAL SECS CORP	$0	–	-7,496	–	-0.08%	–
TSI	Exit	TCW STRATEGIC INCOME FD INC	$0	–	-39,233	–	-0.08%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-36,060	–	-0.08%	–
QCOM	Exit	QUALCOMM INC	$0	–	-1,970	–	-0.09%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-99,400	–	-0.09%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-7,429	–	-0.09%	–
MET	Exit	METLIFE INC	$0	–	-6,362	–	-0.09%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-12,300	–	-0.09%	–
CARS	Exit	CARS COM INC	$0	–	-30,218	–	-0.09%	–
MCF	Exit	CONTANGO OIL & GAS CO	$0	–	-181,851	–	-0.09%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-63,800	–	-0.09%	–
GLNG	Exit	GOLAR LNG LTD	$0	–	-41,811	–	-0.09%	–
AVDV	Exit	AMERICAN CENTY ETF TRintl smcp vlu	$0	–	-5,344	–	-0.09%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-25,731	–	-0.10%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-14,167	–	-0.10%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-21,380	–	-0.10%	–
ENB	Exit	ENBRIDGE INC	$0	–	-9,208	–	-0.10%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-21,100	–	-0.10%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-2,291	–	-0.10%	–
TTE	Exit	TOTAL SEsponsored ads	$0	–	-7,950	–	-0.10%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,028	–	-0.10%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-26,300	–	-0.11%	–
VONV	Exit	VANGUARD SCOTTSDALE FDSvng rus1000val	$0	–	-2,855	–	-0.11%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-44,060	–	-0.11%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-7,268	–	-0.11%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-13,875	–	-0.11%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,146	–	-0.11%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-5,202	–	-0.12%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.12%	–
NTR	Exit	NUTRIEN LTD	$0	–	-7,994	–	-0.12%	–
EBAY	Exit	EBAY INC.	$0	–	-6,200	–	-0.12%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-6,165	–	-0.12%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-14,400	–	-0.13%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-952	–	-0.13%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-3,472	–	-0.13%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-4,329	–	-0.13%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-26,364	–	-0.13%	–
CSCO	Exit	CISCO SYS INC	$0	–	-8,857	–	-0.13%	–
INTC	Exit	INTEL CORP	$0	–	-6,936	–	-0.13%	–
CTVA	Exit	CORTEVA INC	$0	–	-12,811	–	-0.14%	–
SO	Exit	SOUTHERN CO	$0	–	-6,890	–	-0.14%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-2,266	–	-0.14%	–
IP	Exit	INTERNATIONAL PAPER CO	$0	–	-9,850	–	-0.15%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-28,130	–	-0.15%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-26,646	–	-0.15%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-9,114	–	-0.16%	–
IAU	Exit	ISHARES GOLD TRUSTishares	$0	–	-25,011	–	-0.17%	–
GLW	Exit	CORNING INC	$0	–	-14,144	–	-0.17%	–
USB	Exit	US BANCORP DEL	$0	–	-12,808	–	-0.17%	–
TPL	Exit	TEXAS PAC LD TRsub ctf prop i t	$0	–	-1,033	–	-0.17%	–
AEF	Exit	ABERDEEN EMRG MRKTS EQT INM	$0	–	-72,110	–	-0.17%	–
T	Exit	AT&T INC	$0	–	-17,471	–	-0.18%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-13,887	–	-0.19%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-17,690	–	-0.19%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-38,000	–	-0.20%	–
VFC	Exit	V F CORP	$0	–	-7,500	–	-0.20%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-6,245	–	-0.20%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-9,520	–	-0.21%	–
DNOW	Exit	NOW INC	$0	–	-122,848	–	-0.21%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-9,600	–	-0.21%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-232,915	–	-0.22%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-11,330	–	-0.22%	–
DOW	Exit	DOW INC	$0	–	-12,613	–	-0.22%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-29,759	–	-0.23%	–
ANAT	Exit	AMERICAN NATIONAL GROUP INC	$0	–	-9,059	–	-0.23%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-3,257	–	-0.24%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-118,801	–	-0.24%	–
VIGI	Exit	VANGUARD WHITEHALL FDSintl dvd etf	$0	–	-9,279	–	-0.25%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-21,188	–	-0.26%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-11,265	–	-0.26%	–
JOE	Exit	ST JOE CO	$0	–	-33,901	–	-0.26%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-12,609	–	-0.26%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC NE	$0	–	-12,251	–	-0.26%	–
CABO	Exit	CABLE ONE INC	$0	–	-375	–	-0.26%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-68,376	–	-0.26%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-29,754	–	-0.27%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-46,165	–	-0.27%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-7,302	–	-0.27%	–
EURN	Exit	EURONAV NV	$0	–	-85,496	–	-0.28%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-11,098	–	-0.30%	–
CNA	Exit	CNA FINL CORP	$0	–	-27,787	–	-0.31%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-110,210	–	-0.34%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-6,425	–	-0.34%	–
TGNA	Exit	TEGNA INC	$0	–	-82,130	–	-0.36%	–
DISCK	Exit	DISCOVERY INC	$0	–	-49,370	–	-0.36%	–
SBR	Exit	SABINE ROYALTY TRunit ben int	$0	–	-33,495	–	-0.36%	–
RES	Exit	RPC INC	$0	–	-377,970	–	-0.37%	–
STAR	Exit	ISTAR INC	$0	–	-86,020	–	-0.38%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-137,175	–	-0.39%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,720	–	-0.41%	–
CTO	Exit	CTO REALTY GROWTH INC	$0	–	-25,165	–	-0.41%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-89,570	–	-0.42%	–
PICO	Exit	PICO HLDGS INC	$0	–	-130,357	–	-0.43%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-35,762	–	-0.44%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-2,962	–	-0.44%	–
ABT	Exit	ABBOTT LABS	$0	–	-11,643	–	-0.47%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-19,956	–	-0.49%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-82,884	–	-0.49%	–
AMGN	Exit	AMGEN INC	$0	–	-5,341	–	-0.50%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-15,065	–	-0.55%	–
SOR	Exit	SOURCE CAP INC	$0	–	-40,276	–	-0.55%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-167,638	–	-0.63%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-47,335	–	-0.64%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-5,073	–	-0.64%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-13,490	–	-0.66%	–
NVR	Exit	NVR INC	$0	–	-443	–	-0.67%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-34,494	–	-0.70%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-15,638	–	-0.75%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-31,210	–	-0.76%	–
AAPL	Exit	APPLE INC	$0	–	-19,168	–	-0.83%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-7	–	-0.83%	–
UHAL	Exit	AMERCO	$0	–	-6,962	–	-0.92%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-85,749	–	-1.10%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-88,218	–	-1.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-21,145	–	-1.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-28,819	–	-2.26%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD SUB VTGstock	$0	–	-35,909	–	-3.93%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-614,460	–	-4.11%	–
L	Exit	LOEWS CORP	$0	–	-321,385	–	-4.15%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-85,992	–	-5.17%	–
MKL	Exit	MARKEL CORP	$0	–	-17,197	–	-6.23%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-288,655	–	-6.57%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-34,980	–	-6.77%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-25,464	–	-7.38%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-235,089	–	-18.62%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$50,060,000	+14.3%	235,089	-4.2%	18.62%	+14.4%
WTM	Sell	WHITE MTNS INS GROUP LTD	$19,837,000	-14.6%	25,464	-2.7%	7.38%	-14.5%
Y	Sell	ALLEGHANY CORP DEL	$18,205,000	+2.1%	34,980	-4.0%	6.77%	+2.2%
WRB	Sell	BERKLEY W R CORP	$17,651,000	-0.5%	288,655	-6.7%	6.57%	-0.3%
MKL	Sell	MARKEL CORP	$16,745,000	+0.0%	17,197	-5.2%	6.23%	+0.1%
ESGR	Sell	ENSTAR GROUP LIMITED	$13,888,000	+2.9%	85,992	-2.7%	5.17%	+3.0%
L	Sell	LOEWS CORP	$11,168,000	-3.2%	321,385	-4.4%	4.15%	-3.1%
JEF	Sell	JEFFERIES FINL GROUP INC	$11,060,000	+9.9%	614,460	-5.1%	4.11%	+10.0%
FRFHF	Buy	FAIRFAX FINL HLDGS LTD SUB VTGstock	$10,574,000	+0.3%	35,909	+5.2%	3.93%	+0.4%
MSFT	Sell	MICROSOFT CORP	$6,062,000	-38.8%	28,819	-40.8%	2.26%	-38.8%
JNJ	Sell	JOHNSON & JOHNSON	$3,148,000	+5.3%	21,145	-0.5%	1.17%	+5.4%
GAM	Sell	GENERAL AMERN INVS INC	$2,995,000	+5.0%	88,218	-1.6%	1.11%	+5.1%
BK	Sell	BANK NEW YORK MELLON CORP	$2,945,000	-20.2%	85,749	-10.2%	1.10%	-20.1%
UHAL	Sell	AMERCO	$2,478,000	+17.6%	6,962	-0.1%	0.92%	+17.8%
AAPL	Buy	APPLE INC	$2,220,000	-23.1%	19,168	+142.3%	0.83%	-22.9%
LENB	Sell	LENNAR CORPcl b	$2,049,000	+38.5%	31,210	-2.8%	0.76%	+38.5%
WABC	Sell	WESTAMERICA BANCORPORATION	$1,875,000	-27.2%	34,494	-23.0%	0.70%	-27.1%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$1,781,000	-25.7%	13,490	-29.0%	0.66%	-25.6%
CACC	Buy	CREDIT ACCEP CORP MICH	$1,718,000	-1.0%	5,073	+22.4%	0.64%	-0.9%
SCHW	Sell	SCHWAB CHARLES CORP	$1,715,000	+7.2%	47,335	-0.2%	0.64%	+7.2%
LUMN	Buy	LUMEN TECHNOLOGIES INC	$1,691,000	+13.2%	167,638	+12.5%	0.63%	+13.3%
SOR	Sell	SOURCE CAP INC	$1,484,000	-1.1%	40,276	-11.2%	0.55%	-0.9%
MHK	Buy	MOHAWK INDS INC	$1,470,000	-3.9%	15,065	+0.2%	0.55%	-3.9%
AMGN	Buy	AMGEN INC	$1,357,000	+7.7%	5,341	+0.0%	0.50%	+7.9%
CNQ	Buy	CANADIAN NAT RES LTD	$1,327,000	-3.7%	82,884	+4.8%	0.49%	-3.5%
EMR	Sell	EMERSON ELEC CO	$1,309,000	-2.5%	19,956	-7.8%	0.49%	-2.4%
ABT	Sell	ABBOTT LABS	$1,267,000	-48.1%	11,643	-56.4%	0.47%	-48.1%
GHC	Buy	GRAHAM HLDGS CO	$1,197,000	+459.3%	2,962	+373.9%	0.44%	+456.2%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,182,000	-2.6%	35,762	-3.0%	0.44%	-2.4%
PICO	Buy	PICO HLDGS INC	$1,168,000	+7.5%	130,357	+1.1%	0.43%	+7.4%
RVT	Sell	ROYCE VALUE TR INC	$1,132,000	+0.7%	89,570	-0.0%	0.42%	+0.7%
CTO	Sell	CTO REALTY GROWTH INC	$1,110,000	+11.2%	25,165	-0.4%	0.41%	+11.3%
APD	Buy	AIR PRODS & CHEMS INC	$1,108,000	+23.7%	3,720	+0.2%	0.41%	+23.7%
RMT	Sell	ROYCE MICRO-CAP TR INC	$1,052,000	+4.6%	137,175	-1.8%	0.39%	+4.5%
STAR	Sell	ISTAR INC	$1,016,000	-7.4%	86,020	-3.4%	0.38%	-7.4%
RES	Sell	RPC INC	$998,000	-25.0%	377,970	-12.4%	0.37%	-24.9%
SBR	Sell	SABINE ROYALTY TRunit ben int	$975,000	+2.6%	33,495	-2.3%	0.36%	+2.8%
DISCK	Sell	DISCOVERY INC	$968,000	-1.3%	49,370	-3.0%	0.36%	-1.4%
TGNA	Sell	TEGNA INC	$965,000	-5.1%	82,130	-10.1%	0.36%	-5.0%
PSLV	Sell	SPROTT PHYSICAL SILVER TRtr unit	$911,000	+25.0%	110,210	-0.0%	0.34%	+25.1%
CNA	Sell	CNA FINL CORP	$833,000	-8.2%	27,787	-1.5%	0.31%	-8.0%
EURN	Buy	EURONAV NV	$755,000	+20.0%	85,496	+10.8%	0.28%	+20.1%
AXP	Sell	AMERICAN EXPRESS CO	$732,000	+4.6%	7,302	-0.6%	0.27%	+4.6%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$722,000	+44.7%	46,165	+7.0%	0.27%	+45.4%
XEC	Sell	CIMAREX ENERGY CO	$724,000	-21.9%	29,754	-11.8%	0.27%	-21.8%
CABO	Sell	CABLE ONE INC	$707,000	-30.8%	375	-34.8%	0.26%	-30.6%
DMLP	Sell	DORCHESTER MINERALS LP	$706,000	-20.5%	68,376	-1.6%	0.26%	-20.3%
JOE	Sell	ST JOE CO	$699,000	+4.6%	33,901	-1.5%	0.26%	+4.8%
SPB	Sell	SPECTRUM BRANDS HLDGS INC NE	$700,000	+13.1%	12,251	-9.2%	0.26%	+13.0%
DD	Buy	DUPONT DE NEMOURS INC	$700,000	+4.5%	12,609	+0.0%	0.26%	+4.4%
VGSH	Buy	VANGUARD SCOTTSDALE FDSshort term treas	$699,000	+203.9%	11,265	+205.3%	0.26%	+205.9%
COP	Sell	CONOCOPHILLIPS	$696,000	-25.6%	21,188	-4.9%	0.26%	-25.6%
VIGI	Buy	VANGUARD WHITEHALL FDSintl dvd etf	$668,000	+206.4%	9,279	+185.7%	0.25%	+206.2%
CRT	Sell	CROSS TIMBERS RTY TRtr unit	$653,000	-24.9%	118,801	-0.8%	0.24%	-24.8%
PYPL	Sell	PAYPAL HLDGS INC	$642,000	-43.4%	3,257	-50.0%	0.24%	-43.4%
ANAT	New	AMERICAN NATIONAL GROUP INC	$612,000	–	9,059	–	0.23%	–
DOW	Buy	DOW INC	$593,000	+15.4%	12,613	+0.0%	0.22%	+15.7%
BX	Sell	BLACKSTONE GROUP INC	$591,000	-11.3%	11,330	-3.6%	0.22%	-10.9%
SJT	Buy	SAN JUAN BASIN RTY TRunit ben int	$587,000	+17.4%	232,915	+6.2%	0.22%	+17.2%
AMAT	Sell	APPLIED MATLS INC	$571,000	-11.7%	9,600	-10.3%	0.21%	-11.7%
DNOW	Sell	NOW INC	$558,000	-54.9%	122,848	-14.3%	0.21%	-54.8%
CVS	New	CVS HEALTH CORP	$556,000	–	9,520	–	0.21%	–
NVS	Sell	NOVARTIS AGsponsored adr	$543,000	-14.2%	6,245	-13.8%	0.20%	-14.0%
WY	Sell	WEYERHAEUSER CO MTN BE	$505,000	+0.6%	17,690	-20.8%	0.19%	+0.5%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$504,000	+13.0%	13,887	-1.4%	0.19%	+12.7%
T	Sell	AT&T INC	$498,000	-16.2%	17,471	-11.2%	0.18%	-16.3%
AEF	Sell	ABERDEEN EMRG MRKTS EQT INM	$467,000	+5.9%	72,110	-1.0%	0.17%	+6.1%
TPL	Buy	TEXAS PAC LD TRsub ctf prop i t	$466,000	+23.9%	1,033	+63.2%	0.17%	+23.6%
USB	Buy	US BANCORP DEL	$459,000	+10.3%	12,808	+13.3%	0.17%	+10.3%
GLW	Sell	CORNING INC	$458,000	+16.8%	14,144	-6.6%	0.17%	+16.4%
IAU	New	ISHARES GOLD TRUSTishares	$450,000	–	25,011	–	0.17%	–
CMCSA	Sell	COMCAST CORP NEWcl a	$422,000	+13.4%	9,114	-4.4%	0.16%	+13.8%
SLB	Buy	SCHLUMBERGER LTD	$415,000	+60.9%	26,646	+90.0%	0.15%	+60.4%
HP	Sell	HELMERICH & PAYNE INC	$412,000	-38.0%	28,130	-17.5%	0.15%	-38.1%
CTVA	Buy	CORTEVA INC	$369,000	+7.6%	12,811	+0.0%	0.14%	+7.9%
VT	Buy	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$349,000	+10.8%	4,329	+2.8%	0.13%	+11.1%
GBDC	Sell	GOLUB CAP BDC INC	$349,000	+9.4%	26,364	-3.7%	0.13%	+9.2%
CSCO	Sell	CISCO SYS INC	$349,000	-46.0%	8,857	-36.1%	0.13%	-45.8%
ETR	Sell	ENTERGY CORP NEW	$342,000	-33.3%	3,472	-36.5%	0.13%	-33.5%
COST	Sell	COSTCO WHSL CORP NEW	$338,000	-53.1%	952	-60.0%	0.13%	-53.0%
WFC	Sell	WELLS FARGO CO NEW	$339,000	-13.3%	14,400	-5.7%	0.13%	-13.1%
NTR	Buy	NUTRIEN LTD	$314,000	+45.4%	7,994	+18.7%	0.12%	+46.2%
VZ	Sell	VERIZON COMMUNICATIONS INC	$309,000	+4.7%	5,202	-2.8%	0.12%	+4.5%
CUBI	Buy	CUSTOMERS BANCORP INC	$295,000	+41.8%	26,300	+52.0%	0.11%	+42.9%
TDW	Sell	TIDEWATER INC NEW	$296,000	+5.7%	44,060	-12.0%	0.11%	+5.8%
VEA	New	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$297,000	–	7,268	–	0.11%	–
VONV	New	VANGUARD SCOTTSDALE FDSvng rus1000val	$296,000	–	2,855	–	0.11%	–
GD	Sell	GENERAL DYNAMICS CORP	$281,000	-48.3%	2,028	-44.3%	0.10%	-48.0%
SRE	Sell	SEMPRA ENERGY	$271,000	-10.6%	2,291	-11.2%	0.10%	-10.6%
ENB	Buy	ENBRIDGE INC	$269,000	+13.0%	9,208	+17.7%	0.10%	+13.6%
OEC	Sell	ORION ENGINEERED CARBONS S A	$267,000	+14.1%	21,380	-3.2%	0.10%	+13.8%
CEF	Buy	SPROTT PHYSICAL GOLD & SILVEtr unit	$260,000	+16.6%	14,167	+7.6%	0.10%	+16.9%
OXY	Buy	OCCIDENTAL PETE CORP	$258,000	-42.7%	25,731	+4.6%	0.10%	-42.5%
AVDV	New	AMERICAN CENTY ETF TRintl smcp vlu	$253,000	–	5,344	–	0.09%	–
GLNG	Sell	GOLAR LNG LTD	$253,000	-19.9%	41,811	-4.1%	0.09%	-19.7%
CVE	Sell	CENOVUS ENERGY INC	$248,000	-17.1%	63,800	-0.4%	0.09%	-17.1%
CARS	Sell	CARS COM INC	$244,000	+34.8%	30,218	-3.8%	0.09%	+35.8%
MCF	Buy	CONTANGO OIL & GAS CO	$244,000	-32.4%	181,851	+15.4%	0.09%	-32.1%
WMB	Buy	WILLIAMS COS INC	$242,000	+12.6%	12,300	+8.8%	0.09%	+12.5%
FNF	New	FIDELITY NATIONAL FINANCIAL	$233,000	–	7,429	–	0.09%	–
SWN	Buy	SOUTHWESTERN ENERGY CO	$234,000	-5.3%	99,400	+3.1%	0.09%	-5.4%
QCOM	New	QUALCOMM INC	$232,000	–	1,970	–	0.09%	–
GEOS	Buy	GEOSPACE TECHNOLOGIES CORP	$223,000	-10.8%	36,060	+8.4%	0.08%	-10.8%
DSSI	Sell	DIAMOND S SHIPPING INC	$217,000	-23.9%	31,617	-11.2%	0.08%	-23.6%
CET	Sell	CENTRAL SECS CORP	$217,000	-13.9%	7,496	-14.1%	0.08%	-13.8%
CSWI	New	CSW INDUSTRIALS INC	$216,000	–	2,800	–	0.08%	–
VTWV	New	VANGUARD SCOTTSDALE FDSvng rus2000val	$205,000	–	2,352	–	0.08%	–
AR	Sell	ANTERO RESOURCES CORP	$202,000	+1.5%	73,431	-6.3%	0.08%	+1.4%
OVLY	Sell	OAK VALLEY BANCORP OAKDALE C	$163,000	-9.9%	14,215	-0.4%	0.06%	-9.0%
CLB	New	CORE LABORATORIES N V	$160,000	–	10,480	–	0.06%	–
MAC	Buy	MACERICH CO	$159,000	-18.5%	23,418	+7.6%	0.06%	-18.1%
CTRA	Buy	CONTURA ENERGY INC	$129,000	+230.8%	17,568	+37.1%	0.05%	+242.9%
BSM	Sell	BLACK STONE MINERALS L P	$93,000	-17.0%	15,200	-11.6%	0.04%	-16.7%
METC	New	RAMACO RES INC	$88,000	–	25,000	–	0.03%	–
PTEN	Sell	PATTERSON UTI ENERGY INC	$76,000	-27.6%	26,739	-11.5%	0.03%	-28.2%
FTI	New	TECHNIPFMC PLC	$66,000	–	10,400	–	0.02%	–
NEX	Sell	NEXTIER OILFIELD SOLUTIONS	$32,000	-51.5%	17,133	-36.1%	0.01%	-52.0%
GCI	Sell	GANNETT CO INC	$22,000	-8.3%	16,951	-2.0%	0.01%	-11.1%
BORR	Sell	BORR DRILLING LTD	$15,000	-61.5%	26,754	-23.3%	0.01%	-57.1%
TTI	New	TETRA TECHNOLOGIES INC DEL	$8,000	–	15,000	–	0.00%	–
	Exit	TOP SHIPS INC	$0	–	-26,500	–	-0.00%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-8,786	–	-0.08%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-7,976	–	-0.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-6,104	–	-0.10%	–
PEP	Exit	PEPSICO INC	$0	–	-2,708	–	-0.13%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-5,550	–	-0.22%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$43,794,000	–	245,330	–	16.27%	–
WTM	New	WHITE MTNS INS GROUP LTD	$23,229,000	–	26,160	–	8.63%	–
Y	New	ALLEGHANY CORP DEL	$17,823,000	–	36,438	–	6.62%	–
WRB	New	BERKLEY W R CORP	$17,731,000	–	309,491	–	6.59%	–
MKL	New	MARKEL CORP	$16,740,000	–	18,133	–	6.22%	–
ESGR	New	ENSTAR GROUP LIMITED	$13,499,000	–	88,361	–	5.02%	–
L	New	LOEWS CORP	$11,532,000	–	336,316	–	4.28%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD SUB VTGstock	$10,546,000	–	34,126	–	3.92%	–
JEF	New	JEFFERIES FINL GROUP INC	$10,064,000	–	647,213	–	3.74%	–
MSFT	New	MICROSOFT CORP	$9,913,000	–	48,708	–	3.68%	–
BK	New	BANK NEW YORK MELLON CORP	$3,690,000	–	95,469	–	1.37%	–
JNJ	New	JOHNSON & JOHNSON	$2,989,000	–	21,251	–	1.11%	–
AAPL	New	APPLE INC	$2,886,000	–	7,910	–	1.07%	–
GAM	New	GENERAL AMERN INVS INC	$2,853,000	–	89,656	–	1.06%	–
WABC	New	WESTAMERICA BANCORPORATION	$2,574,000	–	44,824	–	0.96%	–
ABT	New	ABBOTT LABS	$2,443,000	–	26,724	–	0.91%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$2,398,000	–	19,005	–	0.89%	–
UHAL	New	AMERCO	$2,107,000	–	6,972	–	0.78%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,871,000	–	7	–	0.70%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$1,832,000	–	15,638	–	0.68%	–
CACC	New	CREDIT ACCEP CORP MICH	$1,736,000	–	4,143	–	0.64%	–
SCHW	New	SCHWAB CHARLES CORP	$1,600,000	–	47,422	–	0.60%	–
MHK	New	MOHAWK INDS INC	$1,530,000	–	15,040	–	0.57%	–
SOR	New	SOURCE CAP INC	$1,500,000	–	45,351	–	0.56%	–
LUMN	New	CENTURYLINK INC	$1,494,000	–	148,950	–	0.56%	–
LENB	New	LENNAR CORPcl b	$1,479,000	–	32,100	–	0.55%	–
NVR	New	NVR INC	$1,444,000	–	443	–	0.54%	–
CNQ	New	CANADIAN NAT RES LTD	$1,378,000	–	79,068	–	0.51%	–
EMR	New	EMERSON ELEC CO	$1,343,000	–	21,655	–	0.50%	–
RES	New	RPC INC	$1,330,000	–	431,660	–	0.49%	–
AMGN	New	AMGEN INC	$1,260,000	–	5,340	–	0.47%	–
DNOW	New	NOW INC	$1,238,000	–	143,400	–	0.46%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,214,000	–	36,887	–	0.45%	–
PYPL	New	PAYPAL HLDGS INC	$1,135,000	–	6,513	–	0.42%	–
RVT	New	ROYCE VALUE TR INC	$1,124,000	–	89,613	–	0.42%	–
STAR	New	ISTAR INC	$1,097,000	–	89,020	–	0.41%	–
PICO	New	PICO HLDGS INC	$1,087,000	–	128,937	–	0.40%	–
CABO	New	CABLE ONE INC	$1,021,000	–	575	–	0.38%	–
TGNA	New	TEGNA INC	$1,017,000	–	91,330	–	0.38%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,006,000	–	139,760	–	0.37%	–
CTO	New	CTO REALTY GROWTH INC	$998,000	–	25,254	–	0.37%	–
CVX	New	CHEVRON CORP NEW	$990,000	–	11,098	–	0.37%	–
DISCK	New	DISCOVERY INC	$981,000	–	50,920	–	0.36%	–
SBR	New	SABINE ROYALTY TRunit ben int	$950,000	–	34,276	–	0.35%	–
COP	New	CONOCOPHILLIPS	$936,000	–	22,287	–	0.35%	–
XEC	New	CIMAREX ENERGY CO	$927,000	–	33,735	–	0.34%	–
CNA	New	CNA FINL CORP	$907,000	–	28,199	–	0.34%	–
APD	New	AIR PRODS & CHEMS INC	$896,000	–	3,712	–	0.33%	–
DMLP	New	DORCHESTER MINERALS LP	$888,000	–	69,476	–	0.33%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$870,000	–	119,720	–	0.32%	–
LBRDK	New	LIBERTY BROADBAND CORP	$796,000	–	6,425	–	0.30%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$729,000	–	110,213	–	0.27%	–
COST	New	COSTCO WHSL CORP NEW	$721,000	–	2,379	–	0.27%	–
AXP	New	AMERICAN EXPRESS CO	$700,000	–	7,349	–	0.26%	–
DD	New	DUPONT DE NEMOURS INC	$670,000	–	12,608	–	0.25%	–
JOE	New	ST JOE CO	$668,000	–	34,401	–	0.25%	–
BX	New	BLACKSTONE GROUP INC	$666,000	–	11,750	–	0.25%	–
HP	New	HELMERICH & PAYNE INC	$665,000	–	34,080	–	0.25%	–
CSCO	New	CISCO SYS INC	$646,000	–	13,857	–	0.24%	–
AMAT	New	APPLIED MATLS INC	$647,000	–	10,700	–	0.24%	–
LBTYK	New	LIBERTY GLOBAL PLC	$640,000	–	29,759	–	0.24%	–
NVS	New	NOVARTIS AGsponsored adr	$633,000	–	7,245	–	0.24%	–
EURN	New	EURONAV NV ANTWERPEN	$629,000	–	77,196	–	0.23%	–
SPB	New	SPECTRUM BRANDS HLDGS INC NE	$619,000	–	13,487	–	0.23%	–
T	New	AT&T INC	$594,000	–	19,664	–	0.22%	–
PNC	New	PNC FINL SVCS GROUP INC	$584,000	–	5,550	–	0.22%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$551,000	–	38,000	–	0.20%	–
GD	New	GENERAL DYNAMICS CORP	$544,000	–	3,643	–	0.20%	–
ETR	New	ENTERGY CORP NEW	$513,000	–	5,472	–	0.19%	–
DOW	New	DOW INC	$514,000	–	12,610	–	0.19%	–
WY	New	WEYERHAEUSER CO MTN BE	$502,000	–	22,335	–	0.19%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$500,000	–	219,215	–	0.19%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$499,000	–	43,165	–	0.18%	–
VFC	New	V F CORP	$457,000	–	7,500	–	0.17%	–
OXY	New	OCCIDENTAL PETE CORP	$450,000	–	24,603	–	0.17%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$446,000	–	14,079	–	0.17%	–
AEF	New	ABERDEEN EMRG MRKTS EQT INM	$441,000	–	72,810	–	0.16%	–
USB	New	US BANCORP DEL	$416,000	–	11,308	–	0.16%	–
INTC	New	INTEL CORP	$415,000	–	6,936	–	0.15%	–
GLW	New	CORNING INC	$392,000	–	15,144	–	0.15%	–
WFC	New	WELLS FARGO CO NEW	$391,000	–	15,270	–	0.14%	–
CVA	New	COVANTA HLDG CORP	$386,000	–	40,250	–	0.14%	–
TPL	New	TEXAS PAC LD TRsub ctf prop i t	$376,000	–	633	–	0.14%	–
CMCSA	New	COMCAST CORP NEWcl a	$372,000	–	9,536	–	0.14%	–
MCF	New	CONTANGO OIL & GAS CO	$361,000	–	157,632	–	0.13%	–
SO	New	SOUTHERN CO	$357,000	–	6,890	–	0.13%	–
PEP	New	PEPSICO INC	$358,000	–	2,708	–	0.13%	–
IP	New	INTL PAPER CO	$347,000	–	9,850	–	0.13%	–
CTVA	New	CORTEVA INC	$343,000	–	12,809	–	0.13%	–
BXMT	New	BLACKSTONE MTG TR INC	$334,000	–	13,875	–	0.12%	–
EBAY	New	EBAY INC.	$325,000	–	6,200	–	0.12%	–
GBDC	New	GOLUB CAP BDC INC	$319,000	–	27,364	–	0.12%	–
GLNG	New	GOLAR LNG LTD	$316,000	–	43,611	–	0.12%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$315,000	–	4,210	–	0.12%	–
ZTS	New	ZOETIS INCcl a	$311,000	–	2,266	–	0.12%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$310,000	–	6,165	–	0.12%	–
TTE	New	TOTAL S.A.sponsored ads	$306,000	–	7,950	–	0.11%	–
SRE	New	SEMPRA ENERGY	$303,000	–	2,581	–	0.11%	–
AMBC	New	AMBAC FINL GROUP INC	$302,000	–	21,100	–	0.11%	–
CVE	New	CENOVUS ENERGY INC	$299,000	–	64,050	–	0.11%	–
VZ	New	VERIZON COMMUNICATIONS INC	$295,000	–	5,352	–	0.11%	–
DSSI	New	DIAMOND S SHIPPING INC	$285,000	–	35,617	–	0.11%	–
TDW	New	TIDEWATER INC NEW	$280,000	–	50,044	–	0.10%	–
XOM	New	EXXON MOBIL CORP	$273,000	–	6,104	–	0.10%	–
LBRDA	New	LIBERTY BROADBAND CORP	$262,000	–	2,146	–	0.10%	–
SLB	New	SCHLUMBERGER LTD	$258,000	–	14,022	–	0.10%	–
CET	New	CENTRAL SECS CORP	$252,000	–	8,727	–	0.09%	–
CATY	New	CATHAY GEN BANCORP	$249,000	–	9,460	–	0.09%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$250,000	–	33,270	–	0.09%	–
SWN	New	SOUTHWESTERN ENERGY CO	$247,000	–	96,400	–	0.09%	–
DJCO	New	DAILY JOURNAL CORP	$240,000	–	889	–	0.09%	–
ENB	New	ENBRIDGE INC	$238,000	–	7,820	–	0.09%	–
OFG	New	OFG BANCORP	$235,000	–	17,550	–	0.09%	–
OEC	New	ORION ENGINEERED CARBONS S A	$234,000	–	22,080	–	0.09%	–
MET	New	METLIFE INC	$232,000	–	6,362	–	0.09%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$230,000	–	3,690	–	0.08%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$223,000	–	13,172	–	0.08%	–
BHF	New	BRIGHTHOUSE FINL INC	$222,000	–	7,976	–	0.08%	–
VIGI	New	VANGUARD WHITEHALL FDSintl dvd etf	$218,000	–	3,248	–	0.08%	–
TSI	New	TCW STRATEGIC INCOME FD INC	$214,000	–	39,233	–	0.08%	–
NTR	New	NUTRIEN LTD	$216,000	–	6,734	–	0.08%	–
GHC	New	GRAHAM HLDGS CO	$214,000	–	625	–	0.08%	–
WMB	New	WILLIAMS COS INC	$215,000	–	11,300	–	0.08%	–
MMM	New	3M CO	$213,000	–	1,365	–	0.08%	–
BAC	New	BK OF AMERICA CORP	$209,000	–	8,786	–	0.08%	–
SNY	New	SANOFIsponsored adr	$209,000	–	4,100	–	0.08%	–
CUBI	New	CUSTOMERS BANCORP INC	$208,000	–	17,300	–	0.08%	–
MRK	New	MERCK & CO. INC	$202,000	–	2,606	–	0.08%	–
LMT	New	LOCKHEED MARTIN CORP	$201,000	–	552	–	0.08%	–
AR	New	ANTERO RESOURCES CORP	$199,000	–	78,331	–	0.07%	–
MAC	New	MACERICH CO	$195,000	–	21,770	–	0.07%	–
SLRC	New	SOLAR CAP LTD	$188,000	–	11,763	–	0.07%	–
CARS	New	CARS COM INC	$181,000	–	31,417	–	0.07%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$181,000	–	14,265	–	0.07%	–
TRC	New	TEJON RANCH CO	$158,000	–	10,957	–	0.06%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$159,000	–	25,284	–	0.06%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$141,000	–	21,049	–	0.05%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$120,000	–	10,410	–	0.04%	–
BSM	New	BLACK STONE MINERALS L P	$112,000	–	17,200	–	0.04%	–
PTEN	New	PATTERSON UTI ENERGY INC	$105,000	–	30,217	–	0.04%	–
PK	New	PARK HOTELS RESORTS INC	$99,000	–	10,000	–	0.04%	–
FUND	New	SPROTT FOCUS TR INC	$99,000	–	16,837	–	0.04%	–
NLY	New	ANNALY CAPITAL MANAGEMENT IN	$85,000	–	13,000	–	0.03%	–
CLF	New	CLEVELAND CLIFFS INC	$72,000	–	13,120	–	0.03%	–
NEX	New	NEXTIER OILFIELD SOLUTIONS	$66,000	–	26,816	–	0.02%	–
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$67,000	–	24,445	–	0.02%	–
TK	New	TEEKAY CORPORATION	$61,000	–	25,400	–	0.02%	–
BORR	New	BORR DRILLING LTD	$39,000	–	34,862	–	0.01%	–
CTRA	New	CONTURA ENERGY INC	$39,000	–	12,818	–	0.01%	–
GCI	New	GANNETT CO INC	$24,000	–	17,302	–	0.01%	–
TPHS	New	TRINITY PL HLDGS INC	$21,000	–	15,350	–	0.01%	–
HNRG	New	HALLADOR ENERGY COMPANY	$8,000	–	12,671	–	0.00%	–
	New	TOP SHIPS INC	$4,000	–	26,500	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
XPL	Exit	SOLITARIO ZINC CORP	$0	–	-14,300	–	-0.00%	–
SDRMU	Exit	SANDRIDGE MISSISSIPPIAN TR Ish ben int	$0	–	-18,500	–	-0.00%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-14,663	–	-0.02%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-13,350	–	-0.02%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-43,875	–	-0.02%	–
TK	Exit	TEEKAY CORPORATION	$0	–	-15,000	–	-0.02%	–
AM	Exit	ANTERO MIDSTREAM CORP	$0	–	-10,325	–	-0.02%	–
VALPQ	Exit	VALARIS PLC	$0	–	-17,715	–	-0.02%	–
GRIN	Exit	GRINDROD SHIPPING HOLDINGS L	$0	–	-17,246	–	-0.03%	–
MCF	Exit	CONTANGO OIL & GAS COMPANY	$0	–	-34,928	–	-0.03%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-10,854	–	-0.03%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-16,837	–	-0.03%	–
AR	Exit	ANTERO RES CORP	$0	–	-45,481	–	-0.04%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-16,000	–	-0.04%	–
TRC	Exit	TEJON RANCH CO	$0	–	-10,862	–	-0.06%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,787	–	-0.06%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-552	–	-0.06%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-889	–	-0.06%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-2,032	–	-0.06%	–
NTR	Exit	NUTRIEN LTD	$0	–	-4,434	–	-0.07%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-21,049	–	-0.07%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-9,300	–	-0.07%	–
TSI	Exit	TCW STRATEGIC INCOME FUND IN	$0	–	-39,433	–	-0.07%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,500	–	-0.07%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,220	–	-0.07%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-25,284	–	-0.07%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-5,100	–	-0.07%	–
AXE	Exit	ANIXTER INTL INC	$0	–	-3,400	–	-0.07%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-14,265	–	-0.07%	–
EBAY	Exit	EBAY INC	$0	–	-6,200	–	-0.07%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-11,763	–	-0.07%	–
CTRA	Exit	CONTURA ENERGY INC	$0	–	-8,718	–	-0.07%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-11,800	–	-0.07%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-3,800	–	-0.07%	–
CJ	Exit	C&J ENERGY SVCS INC NEW	$0	–	-22,775	–	-0.07%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-12,925	–	-0.08%	–
EURN	Exit	EURONAV NV ANTWERPEN	$0	–	-28,091	–	-0.08%	–
ALLY	Exit	ALLY FINL INC	$0	–	-7,849	–	-0.08%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-27,461	–	-0.08%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-9,425	–	-0.08%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-16,080	–	-0.08%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-31,400	–	-0.08%	–
MRK	Exit	MERCK & CO INC	$0	–	-3,182	–	-0.08%	–
VIGI	Exit	VANGUARD WHITEHALL FDS INCintl dvd etf	$0	–	-4,220	–	-0.08%	–
ENB	Exit	ENBRIDGE INC	$0	–	-8,047	–	-0.08%	–
SALT	Exit	SCORPIO BULKERS INC	$0	–	-46,800	–	-0.08%	–
MEOH	Exit	METHANEX CORP	$0	–	-8,100	–	-0.09%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-4,130	–	-0.09%	–
CELG	Exit	CELGENE CORP	$0	–	-2,925	–	-0.09%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-3,900	–	-0.09%	–
APA	Exit	APACHE CORP	$0	–	-11,889	–	-0.09%	–
MET	Exit	METLIFE INC	$0	–	-6,462	–	-0.09%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-33,475	–	-0.09%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-5,202	–	-0.09%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-2,500	–	-0.09%	–
CARS	Exit	CARS COM INC	$0	–	-35,874	–	-0.10%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-6,165	–	-0.10%	–
PFE	Exit	PFIZER INC	$0	–	-9,370	–	-0.10%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-9,700	–	-0.10%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-8,276	–	-0.10%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-6,182	–	-0.10%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-66,543	–	-0.10%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-21,990	–	-0.10%	–
BAC	Exit	BANK AMER CORP	$0	–	-12,140	–	-0.10%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,188	–	-0.10%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-57,413	–	-0.11%	–
CTVA	Exit	CORTEVA INC	$0	–	-12,807	–	-0.11%	–
INTC	Exit	INTEL CORP	$0	–	-7,332	–	-0.11%	–
OFG	Exit	OFG BANCORP	$0	–	-17,550	–	-0.11%	–
PEP	Exit	PEPSICO INC	$0	–	-2,858	–	-0.12%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-21,100	–	-0.12%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-625	–	-0.12%	–
SO	Exit	SOUTHERN CO	$0	–	-6,890	–	-0.13%	–
GLW	Exit	CORNING INC	$0	–	-15,030	–	-0.13%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-9,621	–	-0.13%	–
TTE	Exit	TOTAL S Asponsored ads	$0	–	-8,301	–	-0.13%	–
GCI	Exit	GANNETT CO INC	$0	–	-41,050	–	-0.13%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-7,427	–	-0.13%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-10,253	–	-0.14%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-152,052	–	-0.14%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-13,875	–	-0.15%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-3,402	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-4,140	–	-0.15%	–
IP	Exit	INTL PAPER CO	$0	–	-12,350	–	-0.15%	–
USB	Exit	US BANCORP DEL	$0	–	-9,463	–	-0.16%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-34,770	–	-0.16%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-28,864	–	-0.16%	–
MAC	Exit	MACERICH CO	$0	–	-17,450	–	-0.16%	–
AEF	Exit	ABERDEEN EMRG MRKTS EQT INM	$0	–	-80,507	–	-0.17%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-8,404	–	-0.18%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-45,711	–	-0.18%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-1,300	–	-0.18%	–
DOW	Exit	DOW INC	$0	–	-12,607	–	-0.18%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-12,234	–	-0.18%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-14,919	–	-0.18%	–
JOE	Exit	ST JOE CO	$0	–	-36,001	–	-0.18%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-7,306	–	-0.19%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-23,095	–	-0.19%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-13,200	–	-0.19%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-52,448	–	-0.20%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,613	–	-0.20%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-119,331	–	-0.20%	–
VFC	Exit	V F CORP	$0	–	-7,500	–	-0.20%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,379	–	-0.20%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-6,604	–	-0.21%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-6,713	–	-0.21%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.21%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-49,500	–	-0.21%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-6,122	–	-0.21%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-30,815	–	-0.22%	–
CSCO	Exit	CISCO SYS INC	$0	–	-14,948	–	-0.22%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-15,336	–	-0.23%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-5,550	–	-0.23%	–
CABO	Exit	CABLE ONE INC	$0	–	-625	–	-0.23%	–
SYY	Exit	SYSCO CORP	$0	–	-9,975	–	-0.24%	–
T	Exit	AT&T INC	$0	–	-21,681	–	-0.24%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,703	–	-0.24%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-56,144	–	-0.25%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-86,841	–	-0.26%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-12,607	–	-0.27%	–
DISCK	Exit	DISCOVERY INC	$0	–	-37,015	–	-0.27%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-8,094	–	-0.28%	–
AMGN	Exit	AMGEN INC	$0	–	-5,500	–	-0.32%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-128,963	–	-0.32%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-140,996	–	-0.34%	–
PICO	Exit	PICO HLDGS INC	$0	–	-118,504	–	-0.36%	–
STAR	Exit	ISTAR INC	$0	–	-98,070	–	-0.38%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-68,676	–	-0.38%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-93,696	–	-0.38%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-11,184	–	-0.41%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-24,430	–	-0.41%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-11,916	–	-0.42%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-27,498	–	-0.43%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-36,980	–	-0.44%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-34,185	–	-0.45%	–
TGNA	Exit	TEGNA INC	$0	–	-98,445	–	-0.46%	–
CNA	Exit	CNA FINL CORP	$0	–	-31,229	–	-0.46%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-23,442	–	-0.47%	–
SBR	Exit	SABINE ROYALTY TRunit ben int	$0	–	-36,347	–	-0.47%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-63,892	–	-0.51%	–
UHAL	Exit	AMERCO	$0	–	-4,491	–	-0.52%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-27,579	–	-0.54%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-38,108	–	-0.54%	–
VIG	Exit	VANGUARD GROUPdiv app etf	$0	–	-16,301	–	-0.58%	–
SOR	Exit	SOURCE CAP INC	$0	–	-54,258	–	-0.59%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-47,335	–	-0.59%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-16,460	–	-0.61%	–
DNOW	Exit	NOW INC	$0	–	-179,577	–	-0.61%	–
AAPL	Exit	APPLE INC	$0	–	-9,344	–	-0.62%	–
RES	Exit	RPC INC	$0	–	-405,672	–	-0.68%	–
ABT	Exit	ABBOTT LABS	$0	–	-28,122	–	-0.70%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-19,050	–	-0.70%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-8	–	-0.74%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-21,954	–	-0.84%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-101,469	–	-1.10%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-61,233	–	-1.13%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-91,623	–	-1.23%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-55,712	–	-2.30%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-641,155	–	-3.51%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD SUB VTGstock	$0	–	-29,447	–	-3.86%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-83,248	–	-4.70%	–
L	Exit	LOEWS CORP	$0	–	-333,464	–	-5.11%	–
MKL	Exit	MARKEL CORP	$0	–	-18,143	–	-6.38%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-300,514	–	-6.46%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-27,075	–	-8.70%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-36,841	–	-8.74%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-254,099	–	-15.72%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$52,858,000	-3.3%	254,099	-0.9%	15.72%	-3.2%
Y	Sell	ALLEGHANY CORP DEL	$29,390,000	+15.9%	36,841	-1.0%	8.74%	+16.0%
WTM	Sell	WHITE MTNS INS GROUP LTD	$29,241,000	+3.6%	27,075	-2.0%	8.70%	+3.6%
WRB	Sell	BERKLEY W R CORP	$21,706,000	+8.9%	300,514	-0.6%	6.46%	+9.0%
MKL	Sell	MARKEL CORP	$21,443,000	+6.8%	18,143	-1.5%	6.38%	+6.9%
L	Buy	LOEWS CORP	$17,167,000	-4.5%	333,464	+1.4%	5.11%	-4.4%
ESGR	Buy	ENSTAR GROUP LIMITED	$15,810,000	+10.6%	83,248	+1.5%	4.70%	+10.7%
FRFHF	Buy	FAIRFAX FINL HLDGS LTD SUB VTGstock	$12,990,000	-6.5%	29,447	+4.0%	3.86%	-6.5%
JEF	Buy	JEFFERIES FINL GROUP INC	$11,797,000	-0.0%	641,155	+4.5%	3.51%	+0.0%
MSFT	Sell	MICROSOFT CORP	$7,746,000	+3.0%	55,712	-0.8%	2.30%	+3.0%
BK	Buy	BANK NEW YORK MELLON CORP	$4,142,000	+6.0%	91,623	+3.5%	1.23%	+6.0%
GAM	Sell	GENERAL AMERN INVS INC	$3,688,000	-1.1%	101,469	-3.5%	1.10%	-1.1%
JNJ	Sell	JOHNSON & JOHNSON	$2,840,000	-7.4%	21,954	-0.3%	0.84%	-7.3%
ABT	Sell	ABBOTT LABS	$2,353,000	-2.2%	28,122	-1.7%	0.70%	-2.1%
RES	Sell	RPC INC	$2,276,000	-25.5%	405,672	-4.3%	0.68%	-25.4%
AAPL	Sell	APPLE INC	$2,093,000	+10.2%	9,344	-2.7%	0.62%	+10.3%
DNOW	Sell	NOW INC	$2,060,000	-25.0%	179,577	-3.5%	0.61%	-25.0%
MHK	Sell	MOHAWK INDS INC	$2,042,000	-17.5%	16,460	-1.9%	0.61%	-17.4%
SOR	Sell	SOURCE CAP INC	$1,981,000	-2.2%	54,258	-2.0%	0.59%	-2.2%
VIG	Sell	VANGUARD GROUPdiv app etf	$1,949,000	-1.5%	16,301	-5.1%	0.58%	-1.4%
XEC	Sell	CIMAREX ENERGY CO	$1,827,000	-21.2%	38,108	-2.5%	0.54%	-21.2%
CTO	Sell	CONSOLIDATED TOMOKA LD CO	$1,809,000	+5.7%	27,579	-3.8%	0.54%	+5.7%
UHAL	Sell	AMERCO	$1,752,000	-3.1%	4,491	-6.0%	0.52%	-3.0%
CNQ	Buy	CANADIAN NAT RES LTD	$1,701,000	+8.8%	63,892	+10.3%	0.51%	+8.8%
SBR	Sell	SABINE ROYALTY TRunit ben int	$1,572,000	-11.3%	36,347	-1.6%	0.47%	-11.2%
EMR	Sell	EMERSON ELEC CO	$1,567,000	-3.5%	23,442	-3.7%	0.47%	-3.3%
CNA	Sell	CNA FINL CORP	$1,538,000	+2.4%	31,229	-2.2%	0.46%	+2.7%
TGNA	Sell	TEGNA INC	$1,529,000	-10.3%	98,445	-12.5%	0.46%	-10.3%
LENB	Sell	LENNAR CORPcl b	$1,517,000	+11.3%	34,185	-3.4%	0.45%	+11.4%
HP	Sell	HELMERICH & PAYNE INC	$1,482,000	-21.7%	36,980	-1.1%	0.44%	-21.5%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,460,000	+46.0%	27,498	+31.4%	0.43%	+46.1%
COP	Sell	CONOCOPHILLIPS	$1,392,000	-8.8%	24,430	-2.4%	0.41%	-8.8%
ANAT	Sell	AMERICAN NATL INS CO	$1,384,000	+2.2%	11,184	-3.8%	0.41%	+2.5%
RVT	Sell	ROYCE VALUE TR INC	$1,289,000	-3.3%	93,696	-2.2%	0.38%	-3.3%
STAR	Sell	ISTAR INC	$1,280,000	+2.6%	98,070	-2.4%	0.38%	+2.7%
DMLP	Buy	DORCHESTER MINERALS LP	$1,281,000	+3.1%	68,676	+1.1%	0.38%	+3.3%
PICO	Sell	PICO HLDGS INC	$1,196,000	-14.1%	118,504	-1.1%	0.36%	-14.0%
RMT	Sell	ROYCE MICRO-CAP TR INC	$1,134,000	-3.3%	140,996	-1.2%	0.34%	-3.4%
CRT	Sell	CROSS TIMBERS RTY TRtr unit	$1,087,000	-33.4%	128,963	-0.2%	0.32%	-33.4%
AMGN	Buy	AMGEN INC	$1,064,000	+5.2%	5,500	+0.2%	0.32%	+5.3%
DISCK	Sell	DISCOVERY INC	$911,000	-16.2%	37,015	-3.1%	0.27%	-16.1%
CRCQQ	Sell	CALIFORNIA RES CORP	$886,000	-49.9%	86,841	-3.4%	0.26%	-49.8%
TDW	Sell	TIDEWATER INC NEW	$848,000	-36.6%	56,144	-1.4%	0.25%	-36.5%
SYY	Sell	SYSCO CORP	$792,000	+7.8%	9,975	-4.1%	0.24%	+8.3%
WFC	Sell	WELLS FARGO CO NEW	$774,000	+2.0%	15,336	-4.4%	0.23%	+1.8%
LBTYK	Buy	LIBERTY GLOBAL PLC	$733,000	+31.4%	30,815	+46.5%	0.22%	+31.3%
MNR	Sell	MONMOUTH REAL ESTATE INVT COcl a	$713,000	-4.4%	49,500	-10.1%	0.21%	-4.5%
PYPL	Buy	PAYPAL HLDGS INC	$695,000	-9.0%	6,713	+0.6%	0.21%	-8.8%
LBRDK	Sell	LIBERTY BROADBAND CORP	$691,000	-0.4%	6,604	-0.8%	0.21%	0.0%
COST	Sell	COSTCO WHSL CORP NEW	$685,000	+4.6%	2,379	-4.0%	0.20%	+4.6%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING IN	$663,000	-16.2%	119,331	+33.7%	0.20%	-16.2%
GD	Buy	GENERAL DYNAMICS CORP	$660,000	+0.8%	3,613	+0.4%	0.20%	+0.5%
LUMN	Sell	CENTURYLINK INC	$655,000	+4.6%	52,448	-1.5%	0.20%	+4.8%
BX	New	BLACKSTONE GROUP INC	$645,000	–	13,200	–	0.19%	–
JOE	Sell	ST JOE CO	$617,000	-2.2%	36,001	-1.4%	0.18%	-2.1%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$620,000	+7.6%	14,919	-3.0%	0.18%	+7.6%
CACC	New	CREDIT ACCEP CORP MICH	$600,000	–	1,300	–	0.18%	–
GLNG	Buy	GOLAR LNG LTD BERMUDA	$594,000	-1.2%	45,711	+40.7%	0.18%	-1.1%
AEF	Sell	ABERDEEN EMRG MRKTS EQT INM	$560,000	-6.5%	80,507	-1.8%	0.17%	-6.2%
MAC	New	MACERICH CO	$551,000	–	17,450	–	0.16%	–
GEOS	Sell	GEOSPACE TECHNOLOGIES CORP	$534,000	-3.4%	34,770	-4.9%	0.16%	-3.0%
IP	Sell	INTL PAPER CO	$516,000	-6.2%	12,350	-2.8%	0.15%	-6.1%
PG	Buy	PROCTER & GAMBLE CO	$515,000	+13.7%	4,140	+0.3%	0.15%	+13.3%
BXMT	Sell	BLACKSTONE MTG TR INC	$497,000	-6.0%	13,875	-6.7%	0.15%	-5.7%
SJT	Sell	SAN JUAN BASIN RTY TRunit ben int	$459,000	-21.8%	152,052	-0.5%	0.14%	-21.3%
OXY	Sell	OCCIDENTAL PETE CORP	$456,000	-15.7%	10,253	-4.7%	0.14%	-15.5%
GCI	Sell	GANNETT CO INC	$441,000	+11.9%	41,050	-15.0%	0.13%	+12.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$434,000	+6.6%	9,621	+0.0%	0.13%	+6.6%
GLW	Sell	CORNING INC	$429,000	-14.5%	15,030	-0.6%	0.13%	-14.1%
AMBC	Sell	AMBAC FINL GROUP INC	$413,000	+11.0%	21,100	-4.5%	0.12%	+10.8%
PEP	Sell	PEPSICO INC	$392,000	+4.0%	2,858	-0.7%	0.12%	+4.5%
OFG	Sell	OFG BANCORP	$384,000	-21.3%	17,550	-14.6%	0.11%	-21.4%
INTC	Sell	INTEL CORP	$378,000	-19.2%	7,332	-25.0%	0.11%	-19.4%
CTVA	New	CORTEVA INC	$359,000	–	12,807	–	0.11%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$358,000	–	57,413	–	0.11%	–
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$353,000	-18.5%	1,188	-19.6%	0.10%	-18.6%
BAC	Buy	BANK AMER CORP	$354,000	+0.6%	12,140	+0.1%	0.10%	0.0%
SLV	New	ISHARES SILVER TRUSTishares	$350,000	–	21,990	–	0.10%	–
AER	Sell	AERCAP HOLDINGS NV	$338,000	-15.3%	6,182	-19.3%	0.10%	-15.1%
PFE	Sell	PFIZER INC	$337,000	-18.4%	9,370	-1.8%	0.10%	-18.7%
CATY	Sell	CATHAY GEN BANCORP	$337,000	-10.6%	9,700	-7.6%	0.10%	-10.7%
BHF	Sell	BRIGHTHOUSE FINL INC	$335,000	-7.5%	8,276	-16.2%	0.10%	-7.4%
CARS	Sell	CARS COM INC	$322,000	-57.1%	35,874	-5.7%	0.10%	-57.0%
CVE	Sell	CENOVUS ENERGY INC	$314,000	+3.6%	33,475	-2.6%	0.09%	+3.3%
VZ	Sell	VERIZON COMMUNICATIONS INC	$314,000	+2.6%	5,202	-2.8%	0.09%	+2.2%
CELG	Sell	CELGENE CORP	$290,000	+1.0%	2,925	-5.6%	0.09%	+1.2%
ARGO	Sell	ARGO GROUP INTL HLDGS LTD	$290,000	-16.7%	4,130	-12.1%	0.09%	-16.5%
MEOH	Sell	METHANEX CORP	$288,000	-28.0%	8,100	-8.0%	0.09%	-27.7%
ENB	Sell	ENBRIDGE INC	$282,000	-11.6%	8,047	-9.1%	0.08%	-11.6%
VIGI	Sell	VANGUARD WHITEHALL FDS INCintl dvd etf	$281,000	-8.8%	4,220	-6.6%	0.08%	-8.7%
MRK	Sell	MERCK & CO INC	$268,000	-15.5%	3,182	-15.9%	0.08%	-14.9%
PTEN	Sell	PATTERSON UTI ENERGY INC	$268,000	-30.7%	31,400	-6.5%	0.08%	-30.4%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$262,000	-4.0%	9,425	-3.4%	0.08%	-3.7%
FCX	Sell	FREEPORT-MCMORAN INCcl b	$263,000	-22.6%	27,461	-6.1%	0.08%	-22.8%
EURN	Sell	EURONAV NV ANTWERPEN	$258,000	-4.1%	28,091	-1.4%	0.08%	-3.8%
VOD	Sell	VODAFONE GROUP PLC NEWsponsored adr	$257,000	-4.8%	12,925	-21.9%	0.08%	-5.0%
CJ	Sell	C&J ENERGY SVCS INC NEW	$244,000	-20.5%	22,775	-12.5%	0.07%	-19.8%
CUBI	New	CUSTOMERS BANCORP INC	$245,000	–	11,800	–	0.07%	–
CTRA	Sell	CONTURA ENERGY INC	$244,000	-49.0%	8,718	-5.4%	0.07%	-48.6%
ALK	Sell	ALASKA AIR GROUP INC	$247,000	-5.7%	3,800	-7.3%	0.07%	-6.4%
OVLY	Sell	OAK VALLEY BANCORP OAKDALE C	$239,000	-15.2%	14,265	-1.2%	0.07%	-15.5%
LBRDA	Sell	LIBERTY BROADBAND CORP	$232,000	+0.9%	2,220	-0.8%	0.07%	+1.5%
FTI	Sell	TECHNIPFMC PLC	$225,000	-11.4%	9,300	-5.1%	0.07%	-11.8%
JPM	Sell	JPMORGAN CHASE & CO	$210,000	-3.2%	1,787	-7.7%	0.06%	-4.6%
AR	Sell	ANTERO RES CORP	$137,000	-45.6%	45,481	-0.1%	0.04%	-45.3%
RGT	Sell	ROYCE GLOBAL VALUE TR INC	$110,000	-10.6%	10,854	-6.9%	0.03%	-10.8%
GRIN	Buy	GRINDROD SHIPPING HOLDINGS L	$90,000	+18.4%	17,246	+9.2%	0.03%	+17.4%
VALPQ	New	VALARIS PLC	$85,000	–	17,715	–	0.02%	–
TK	Buy	TEEKAY CORPORATION	$60,000	+33.3%	15,000	+15.4%	0.02%	+38.5%
NEBLQ	Sell	NOBLE CORP PLC	$56,000	-36.4%	43,875	-6.8%	0.02%	-34.6%
TPHS	New	TRINITY PL HLDGS INC	$53,000	–	13,350	–	0.02%	–
HNRG	Sell	HALLADOR ENERGY COMPANY	$53,000	-43.6%	14,663	-12.0%	0.02%	-42.9%
SDRMU	New	SANDRIDGE MISSISSIPPIAN TR Ish ben int	$9,000	–	18,500	–	0.00%	–
MCC	Exit	MEDLEY CAP CORP	$0	–	-21,408	–	-0.02%	–
METC	Exit	RAMACO RES INC	$0	–	-10,677	–	-0.02%	–
ESV	Exit	ENSCO ROWAN PLC	$0	–	-18,205	–	-0.05%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-1,211	–	-0.06%	–
MDRIQ	Exit	MCDERMOTT INTL INC	$0	–	-50,962	–	-0.15%	–
SCHB	Exit	SCHWAB STRATEGIC TRus brd mkt etf	$0	–	-8,548	–	-0.18%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-14,206	–	-0.21%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-6,481	–	-0.27%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$54,669,000	–	256,457	–	16.25%	–
WTM	New	WHITE MTNS INS GROUP LTD	$28,231,000	–	27,638	–	8.39%	–
Y	New	ALLEGHANY CORP DEL	$25,351,000	–	37,220	–	7.54%	–
MKL	New	MARKEL CORP	$20,079,000	–	18,428	–	5.97%	–
WRB	New	BERKLEY W R CORP	$19,925,000	–	302,218	–	5.92%	–
L	New	LOEWS CORP	$17,972,000	–	328,727	–	5.34%	–
ESGR	New	ENSTAR GROUP LIMITED	$14,294,000	–	82,018	–	4.25%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD SUB VTGstock	$13,899,000	–	28,305	–	4.13%	–
JEF	New	JEFFERIES FINL GROUP INC	$11,801,000	–	613,688	–	3.51%	–
MSFT	New	MICROSOFT CORP	$7,524,000	–	56,163	–	2.24%	–
BK	New	BANK NEW YORK MELLON CORP	$3,908,000	–	88,523	–	1.16%	–
WABC	New	WESTAMERICA BANCORPORATION	$3,773,000	–	61,233	–	1.12%	–
GAM	New	GENERAL AMERN INVS INC	$3,730,000	–	105,102	–	1.11%	–
JNJ	New	JOHNSON & JOHNSON	$3,068,000	–	22,031	–	0.91%	–
RES	New	RPC INC	$3,055,000	–	423,772	–	0.91%	–
DNOW	New	NOW INC	$2,747,000	–	186,117	–	0.82%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,547,000	–	8	–	0.76%	–
MHK	New	MOHAWK INDS INC	$2,474,000	–	16,775	–	0.74%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$2,432,000	–	19,050	–	0.72%	–
ABT	New	ABBOTT LABS	$2,407,000	–	28,621	–	0.72%	–
XEC	New	CIMAREX ENERGY CO	$2,318,000	–	39,076	–	0.69%	–
SOR	New	SOURCE CAP INC	$2,025,000	–	55,361	–	0.60%	–
VIG	New	VANGUARD GROUPdiv app etf	$1,978,000	–	17,179	–	0.59%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$1,902,000	–	47,335	–	0.56%	–
AAPL	New	APPLE INC	$1,900,000	–	9,600	–	0.56%	–
HP	New	HELMERICH & PAYNE INC	$1,892,000	–	37,380	–	0.56%	–
UHAL	New	AMERCO	$1,808,000	–	4,776	–	0.54%	–
SBR	New	SABINE ROYALTY TRunit ben int	$1,773,000	–	36,943	–	0.53%	–
CRCQQ	New	CALIFORNIA RES CORP	$1,769,000	–	89,866	–	0.53%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$1,712,000	–	28,676	–	0.51%	–
TGNA	New	TEGNA INC	$1,704,000	–	112,465	–	0.51%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$1,633,000	–	129,170	–	0.48%	–
EMR	New	EMERSON ELEC CO	$1,623,000	–	24,332	–	0.48%	–
CNQ	New	CANADIAN NAT RES LTD	$1,563,000	–	57,947	–	0.46%	–
COP	New	CONOCOPHILLIPS	$1,527,000	–	25,029	–	0.45%	–
CNA	New	CNA FINL CORP	$1,502,000	–	31,916	–	0.45%	–
CVX	New	CHEVRON CORP NEW	$1,483,000	–	11,916	–	0.44%	–
PICO	New	PICO HLDGS INC	$1,393,000	–	119,867	–	0.41%	–
LENB	New	LENNAR CORPcl b	$1,363,000	–	35,395	–	0.40%	–
ANAT	New	AMERICAN NATL INS CO	$1,354,000	–	11,624	–	0.40%	–
TDW	New	TIDEWATER INC NEW	$1,337,000	–	56,944	–	0.40%	–
RVT	New	ROYCE VALUE TR INC	$1,333,000	–	95,774	–	0.40%	–
STAR	New	ISTAR INC	$1,248,000	–	100,520	–	0.37%	–
DMLP	New	DORCHESTER MINERALS LP	$1,243,000	–	67,901	–	0.37%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,173,000	–	142,754	–	0.35%	–
DISCK	New	DISCOVERY INC	$1,087,000	–	38,198	–	0.32%	–
AMGN	New	AMGEN INC	$1,011,000	–	5,488	–	0.30%	–
AXP	New	AMERICAN EXPRESS CO	$999,000	–	8,094	–	0.30%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,000,000	–	20,931	–	0.30%	–
DD	New	DUPONT DE NEMOURS INC	$946,000	–	12,607	–	0.28%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$894,000	–	6,481	–	0.27%	–
APD	New	AIR PRODS & CHEMS INC	$838,000	–	3,703	–	0.25%	–
CSCO	New	CISCO SYS INC	$818,000	–	14,948	–	0.24%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$791,000	–	89,231	–	0.24%	–
PNC	New	PNC FINL SVCS GROUP INC	$762,000	–	5,550	–	0.23%	–
PYPL	New	PAYPAL HLDGS INC	$764,000	–	6,673	–	0.23%	–
WFC	New	WELLS FARGO CO NEW	$759,000	–	16,043	–	0.23%	–
CARS	New	CARS COM INC	$750,000	–	38,038	–	0.22%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$746,000	–	55,040	–	0.22%	–
CABO	New	CABLE ONE INC	$732,000	–	625	–	0.22%	–
SYY	New	SYSCO CORP	$735,000	–	10,400	–	0.22%	–
T	New	AT&T INC	$727,000	–	21,681	–	0.22%	–
CVA	New	COVANTA HLDG CORP	$721,000	–	40,250	–	0.21%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$704,000	–	14,206	–	0.21%	–
LBRDK	New	LIBERTY BROADBAND CORP	$694,000	–	6,658	–	0.21%	–
NVS	New	NOVARTIS A Gsponsored adr	$667,000	–	7,306	–	0.20%	–
VFC	New	V F CORP	$655,000	–	7,500	–	0.20%	–
GD	New	GENERAL DYNAMICS CORP	$655,000	–	3,600	–	0.20%	–
COST	New	COSTCO WHSL CORP NEW	$655,000	–	2,479	–	0.20%	–
XOM	New	EXXON MOBIL CORP	$644,000	–	8,404	–	0.19%	–
JOE	New	ST JOE CO	$631,000	–	36,501	–	0.19%	–
ETR	New	ENTERGY CORP NEW	$630,000	–	6,122	–	0.19%	–
LUMN	New	CENTURYLINK INC	$626,000	–	53,268	–	0.19%	–
DOW	New	DOW INC	$622,000	–	12,607	–	0.18%	–
WY	New	WEYERHAEUSER CO	$608,000	–	23,095	–	0.18%	–
SCHB	New	SCHWAB STRATEGIC TRus brd mkt etf	$603,000	–	8,548	–	0.18%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$601,000	–	32,495	–	0.18%	–
AEF	New	ABERDEEN EMRG MRKTS EQT INM	$599,000	–	81,966	–	0.18%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$587,000	–	152,752	–	0.17%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$576,000	–	15,384	–	0.17%	–
LBTYK	New	LIBERTY GLOBAL PLC	$558,000	–	21,037	–	0.17%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$553,000	–	36,570	–	0.16%	–
AMAT	New	APPLIED MATLS INC	$549,000	–	12,234	–	0.16%	–
IP	New	INTL PAPER CO	$550,000	–	12,700	–	0.16%	–
OXY	New	OCCIDENTAL PETE CORP	$541,000	–	10,757	–	0.16%	–
BXMT	New	BLACKSTONE MTG TR INC	$529,000	–	14,875	–	0.16%	–
GBDC	New	GOLUB CAP BDC INC	$514,000	–	28,864	–	0.15%	–
GLW	New	CORNING INC	$502,000	–	15,120	–	0.15%	–
USB	New	US BANCORP DEL	$496,000	–	9,463	–	0.15%	–
MDRIQ	New	MCDERMOTT INTL INC	$492,000	–	50,962	–	0.15%	–
OFG	New	OFG BANCORP	$488,000	–	20,550	–	0.14%	–
CTRA	New	CONTURA ENERGY INC	$478,000	–	9,218	–	0.14%	–
SRE	New	SEMPRA ENERGY	$468,000	–	3,402	–	0.14%	–
INTC	New	INTEL CORP	$468,000	–	9,782	–	0.14%	–
TTE	New	TOTAL S Asponsored ads	$463,000	–	8,301	–	0.14%	–
PG	New	PROCTER AND GAMBLE CO	$453,000	–	4,128	–	0.14%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$433,000	–	1,477	–	0.13%	–
GHC	New	GRAHAM HLDGS CO	$431,000	–	625	–	0.13%	–
PFE	New	PFIZER INC	$413,000	–	9,545	–	0.12%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$414,000	–	7,427	–	0.12%	–
CMCSA	New	COMCAST CORP NEWcl a	$407,000	–	9,619	–	0.12%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$404,000	–	66,543	–	0.12%	–
MEOH	New	METHANEX CORP	$400,000	–	8,800	–	0.12%	–
AER	New	AERCAP HOLDINGS NV	$399,000	–	7,662	–	0.12%	–
GCI	New	GANNETT CO INC	$394,000	–	48,275	–	0.12%	–
PTEN	New	PATTERSON UTI ENERGY INC	$387,000	–	33,600	–	0.12%	–
SO	New	SOUTHERN CO	$381,000	–	6,890	–	0.11%	–
CATY	New	CATHAY GEN BANCORP	$377,000	–	10,500	–	0.11%	–
PEP	New	PEPSICO INC	$377,000	–	2,878	–	0.11%	–
AMBC	New	AMBAC FINL GROUP INC	$372,000	–	22,100	–	0.11%	–
BHF	New	BRIGHTHOUSE FINL INC	$362,000	–	9,876	–	0.11%	–
BAC	New	BANK AMER CORP	$352,000	–	12,129	–	0.10%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$348,000	–	4,700	–	0.10%	–
APA	New	APACHE CORP	$344,000	–	11,889	–	0.10%	–
OEC	New	ORION ENGINEERED CARBONS S A	$344,000	–	16,080	–	0.10%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$340,000	–	29,258	–	0.10%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$338,000	–	6,165	–	0.10%	–
MET	New	METLIFE INC	$321,000	–	6,462	–	0.10%	–
ENB	New	ENBRIDGE INC	$319,000	–	8,853	–	0.10%	–
MRK	New	MERCK & CO INC	$317,000	–	3,782	–	0.09%	–
VIGI	New	VANGUARD WHITEHALL FDS INCintl dvd etf	$308,000	–	4,520	–	0.09%	–
CJ	New	C&J ENERGY SVCS INC NEW	$307,000	–	26,035	–	0.09%	–
VZ	New	VERIZON COMMUNICATIONS INC	$306,000	–	5,352	–	0.09%	–
CVE	New	CENOVUS ENERGY INC	$303,000	–	34,375	–	0.09%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$293,000	–	3,900	–	0.09%	–
CELG	New	CELGENE CORP	$287,000	–	3,100	–	0.08%	–
ZTS	New	ZOETIS INCcl a	$284,000	–	2,500	–	0.08%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$282,000	–	14,441	–	0.08%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$273,000	–	9,752	–	0.08%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$270,000	–	16,558	–	0.08%	–
EURN	New	EURONAV NV ANTWERPEN	$269,000	–	28,491	–	0.08%	–
ALK	New	ALASKA AIR GROUP INC	$262,000	–	4,100	–	0.08%	–
FTI	New	TECHNIPFMC PLC	$254,000	–	9,800	–	0.08%	–
AR	New	ANTERO RES CORP	$252,000	–	45,525	–	0.08%	–
EBAY	New	EBAY INC	$245,000	–	6,200	–	0.07%	–
SLRC	New	SOLAR CAP LTD	$241,000	–	11,763	–	0.07%	–
ALLY	New	ALLY FINL INC	$243,000	–	7,849	–	0.07%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$240,000	–	21,049	–	0.07%	–
NTR	New	NUTRIEN LTD	$237,000	–	4,434	–	0.07%	–
LBRDA	New	LIBERTY BROADBAND CORP	$230,000	–	2,239	–	0.07%	–
CLX	New	CLOROX CO DEL	$230,000	–	1,500	–	0.07%	–
TSI	New	TCW STRATEGIC INCOME FUND IN	$227,000	–	39,433	–	0.07%	–
SNY	New	SANOFIsponsored adr	$221,000	–	5,100	–	0.07%	–
JPM	New	JPMORGAN CHASE & CO	$217,000	–	1,937	–	0.06%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$219,000	–	2,032	–	0.06%	–
SALT	New	SCORPIO BULKERS INC	$215,000	–	46,800	–	0.06%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$213,000	–	25,284	–	0.06%	–
DJCO	New	DAILY JOURNAL CORP	$212,000	–	889	–	0.06%	–
UNP	New	UNION PACIFIC CORP	$205,000	–	1,211	–	0.06%	–
AXE	New	ANIXTER INTL INC	$203,000	–	3,400	–	0.06%	–
LMT	New	LOCKHEED MARTIN CORP	$201,000	–	552	–	0.06%	–
TRC	New	TEJON RANCH CO	$180,000	–	10,862	–	0.05%	–
ESV	New	ENSCO ROWAN PLC	$155,000	–	18,205	–	0.05%	–
NLY	New	ANNALY CAP MGMT INC	$146,000	–	16,000	–	0.04%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$123,000	–	11,654	–	0.04%	–
AM	New	ANTERO MIDSTREAM CORP	$118,000	–	10,325	–	0.04%	–
FUND	New	SPROTT FOCUS TR INC	$113,000	–	16,837	–	0.03%	–
HNRG	New	HALLADOR ENERGY COMPANY	$94,000	–	16,661	–	0.03%	–
NEBLQ	New	NOBLE CORP PLC	$88,000	–	47,075	–	0.03%	–
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$76,000	–	15,800	–	0.02%	–
MCF	New	CONTANGO OIL & GAS COMPANY	$61,000	–	34,928	–	0.02%	–
METC	New	RAMACO RES INC	$57,000	–	10,677	–	0.02%	–
MCC	New	MEDLEY CAP CORP	$50,000	–	21,408	–	0.02%	–
TK	New	TEEKAY CORPORATION	$45,000	–	13,000	–	0.01%	–
XPL	New	SOLITARIO ZINC CORP	$5,000	–	14,300	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
XPL	Exit	SOLITARIO ZINC CORP	$0	–	-14,300	–	-0.00%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS L P	$0	–	-11,018	–	-0.01%	–
NMM	Exit	NAVIOS MARITIME PARTNERS L Punit lpi	$0	–	-23,693	–	-0.01%	–
TAHO	Exit	TAHOE RES INC	$0	–	-13,900	–	-0.01%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-11,092	–	-0.02%	–
KMPH	Exit	KEMPHARM INC	$0	–	-14,245	–	-0.02%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-10,100	–	-0.03%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-16,658	–	-0.03%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-16,837	–	-0.04%	–
MCC	Exit	MEDLEY CAP CORP	$0	–	-35,398	–	-0.04%	–
MCF	Exit	CONTANGO OIL & GAS COMPANY	$0	–	-24,593	–	-0.04%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-15,650	–	-0.05%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-18,950	–	-0.06%	–
ALLY	Exit	ALLY FINL INC	$0	–	-7,587	–	-0.06%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-889	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-1,002	–	-0.06%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-3,300	–	-0.07%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,500	–	-0.07%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,420	–	-0.07%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-12,712	–	-0.07%	–
SLRC	Exit	SOLAR CAP LTD	$0	–	-10,763	–	-0.07%	–
EBAY	Exit	EBAY INC	$0	–	-6,915	–	-0.07%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-21,049	–	-0.07%	–
CC	Exit	CHEMOURS CO	$0	–	-5,882	–	-0.07%	–
CRMT	Exit	AMERICAS CAR MART INC	$0	–	-3,030	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,082	–	-0.07%	–
EIX	Exit	EDISON INTL	$0	–	-3,500	–	-0.07%	–
AXE	Exit	ANIXTER INTL INC	$0	–	-3,400	–	-0.07%	–
TRC	Exit	TEJON RANCH CO	$0	–	-11,562	–	-0.07%	–
TSI	Exit	TCW STRATEGIC INCOME FUND IN	$0	–	-45,033	–	-0.08%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-5,700	–	-0.08%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-36,875	–	-0.08%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-9,917	–	-0.08%	–
OIH	Exit	VANECK VECTORS ETF TRoil svcs etf	$0	–	-10,900	–	-0.08%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-3,086	–	-0.08%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-5,352	–	-0.08%	–
CELG	Exit	CELGENE CORP	$0	–	-3,400	–	-0.09%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L	$0	–	-28,200	–	-0.09%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,354	–	-0.09%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-4,600	–	-0.09%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-5,200	–	-0.10%	–
EURN	Exit	EURONAV NV ANTWERPEN	$0	–	-37,899	–	-0.10%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-11,791	–	-0.10%	–
VIGI	Exit	VANGUARD WHITEHALL FDS INCintl dvd etf	$0	–	-5,100	–	-0.10%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-6,165	–	-0.10%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-4,184	–	-0.10%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-11,300	–	-0.10%	–
PEP	Exit	PEPSICO INC	$0	–	-3,171	–	-0.10%	–
PCG	Exit	PG&E CORP	$0	–	-7,781	–	-0.11%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-625	–	-0.11%	–
SO	Exit	SOUTHERN CO	$0	–	-8,466	–	-0.11%	–
OFG	Exit	OFG BANCORP	$0	–	-22,866	–	-0.11%	–
INTC	Exit	INTEL CORP	$0	–	-8,194	–	-0.12%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-11,055	–	-0.12%	–
BAC	Exit	BANK AMER CORP	$0	–	-13,482	–	-0.12%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-18,877	–	-0.12%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-10,500	–	-0.13%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-3,818	–	-0.13%	–
PFE	Exit	PFIZER INC	$0	–	-9,968	–	-0.13%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,534	–	-0.13%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-22,600	–	-0.13%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-24,864	–	-0.14%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-9,427	–	-0.14%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-12,234	–	-0.14%	–
MET	Exit	METLIFE INC	$0	–	-10,402	–	-0.14%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-14,475	–	-0.14%	–
JOE	Exit	ST JOE CO	$0	–	-29,501	–	-0.15%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-8,769	–	-0.15%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-6,192	–	-0.15%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-38,095	–	-0.16%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-6,229	–	-0.16%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-12,230	–	-0.16%	–
GLW	Exit	CORNING INC	$0	–	-15,420	–	-0.16%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-14,300	–	-0.16%	–
CABO	Exit	CABLE ONE INC	$0	–	-625	–	-0.16%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-69,650	–	-0.16%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-6,907	–	-0.17%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-8,801	–	-0.17%	–
AEF	Exit	ABERDEEN EMRG MRKTS EQT INM	$0	–	-84,199	–	-0.17%	–
APA	Exit	APACHE CORP	$0	–	-12,089	–	-0.17%	–
SSP	Exit	SCRIPPS E W CO OHIOcl a new	$0	–	-35,458	–	-0.17%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,484	–	-0.17%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-15,831	–	-0.18%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-6,773	–	-0.18%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-35,125	–	-0.18%	–
GCI	Exit	GANNETT CO INC	$0	–	-60,275	–	-0.18%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-7,130	–	-0.18%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-7,306	–	-0.19%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,774	–	-0.19%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-15,295	–	-0.19%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-6,051	–	-0.19%	–
IP	Exit	INTL PAPER CO	$0	–	-13,251	–	-0.19%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.19%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-139,092	–	-0.20%	–
MEOH	Exit	METHANEX CORP	$0	–	-8,800	–	-0.21%	–
VFC	Exit	V F CORP	$0	–	-7,600	–	-0.21%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-22,107	–	-0.21%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,600	–	-0.22%	–
ESV	Exit	ENSCO PLC	$0	–	-87,941	–	-0.22%	–
AR	Exit	ANTERO RES CORP	$0	–	-42,411	–	-0.22%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-5,550	–	-0.22%	–
CSCO	Exit	CISCO SYS INC	$0	–	-15,900	–	-0.23%	–
CJ	Exit	C&J ENERGY SVCS INC NEW	$0	–	-38,195	–	-0.24%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-24,825	–	-0.24%	–
USB	Exit	US BANCORP DEL	$0	–	-15,869	–	-0.25%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-16,633	–	-0.26%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-8,238	–	-0.26%	–
MDRIQ	Exit	MCDERMOTT INTL INC	$0	–	-48,607	–	-0.27%	–
STAR	Exit	ISTAR INC	$0	–	-80,800	–	-0.27%	–
SYY	Exit	SYSCO CORP	$0	–	-12,400	–	-0.27%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-21,151	–	-0.28%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-48,111	–	-0.28%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-59,840	–	-0.30%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-45,816	–	-0.32%	–
CARS	Exit	CARS COM INC	$0	–	-41,857	–	-0.34%	–
DISCK	Exit	DISCOVERY INC	$0	–	-39,773	–	-0.35%	–
AMGN	Exit	AMGEN INC	$0	–	-5,996	–	-0.37%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-67,476	–	-0.41%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-36,691	–	-0.42%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-9,498	–	-0.43%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-92,014	–	-0.45%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-148,265	–	-0.45%	–
UHAL	Exit	AMERCO	$0	–	-4,326	–	-0.46%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-12,725	–	-0.46%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-12,091	–	-0.46%	–
SBR	Exit	SABINE ROYALTY TRunit ben int	$0	–	-37,479	–	-0.47%	–
T	Exit	AT&T INC	$0	–	-47,682	–	-0.48%	–
CNA	Exit	CNA FINL CORP	$0	–	-35,191	–	-0.48%	–
TGNA	Exit	TEGNA INC	$0	–	-139,605	–	-0.50%	–
PICO	Exit	PICO HLDGS INC	$0	–	-139,863	–	-0.52%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-122,679	–	-0.54%	–
AAPL	Exit	APPLE INC	$0	–	-8,103	–	-0.54%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-30,140	–	-0.56%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-24,584	–	-0.56%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-25,172	–	-0.58%	–
VIG	Exit	VANGUARD GROUPdiv app etf	$0	–	-17,604	–	-0.58%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-63,405	–	-0.59%	–
KO	Exit	COCA COLA CO	$0	–	-47,360	–	-0.65%	–
ABT	Exit	ABBOTT LABS	$0	–	-30,804	–	-0.67%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-47,335	–	-0.69%	–
SOR	Exit	SOURCE CAP INC	$0	–	-60,023	–	-0.72%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-35,550	–	-0.72%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-197,267	–	-0.72%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-38,130	–	-0.73%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-8	–	-0.76%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-19,840	–	-0.78%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-106,344	–	-0.79%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-24,379	–	-1.00%	–
DNOW	Exit	NOW INC	$0	–	-222,821	–	-1.09%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-42,603	–	-1.17%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-79,840	–	-1.21%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-112,307	–	-1.23%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-85,992	–	-1.24%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-71,633	–	-1.28%	–
RES	Exit	RPC INC	$0	–	-398,995	–	-1.83%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-61,149	–	-2.07%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-552,287	–	-3.60%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-61,674	–	-3.81%	–
L	Exit	LOEWS CORP	$0	–	-312,281	–	-4.65%	–
WRB	Exit	W R BERKLEY CORPORATION	$0	–	-213,032	–	-5.05%	–
MKL	Exit	MARKEL CORP	$0	–	-15,968	–	-5.62%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-38,152	–	-7.38%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-28,271	–	-7.84%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-260,229	–	-16.52%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$55,718,000	+14.2%	260,229	-0.5%	16.52%	+11.9%
WTM	Sell	WHITE MTNS INS GROUP LTD	$26,458,000	+2.1%	28,271	-1.1%	7.84%	+0.0%
Y	Sell	ALLEGHANY CORP DEL	$24,895,000	+13.1%	38,152	-0.3%	7.38%	+10.8%
MKL	Sell	MARKEL CORP	$18,978,000	+9.4%	15,968	-0.2%	5.62%	+7.1%
WRB	Sell	W R BERKLEY CORPORATION	$17,028,000	+10.1%	213,032	-0.2%	5.05%	+7.9%
L	Buy	LOEWS CORP	$15,686,000	+4.1%	312,281	+0.0%	4.65%	+2.0%
ESGR	Sell	ENSTAR GROUP LIMITED	$12,859,000	+0.5%	61,674	-0.1%	3.81%	-1.5%
JEF	Buy	JEFFERIES FINL GROUP INC	$12,128,000	+0.3%	552,287	+3.9%	3.60%	-1.7%
MSFT	Sell	MICROSOFT CORP	$6,994,000	+15.0%	61,149	-0.8%	2.07%	+12.7%
RES	Buy	RPC INC	$6,176,000	+6.7%	398,995	+0.4%	1.83%	+4.6%
CRCQQ	Buy	CALIFORNIA RES CORP	$4,173,000	+17.8%	85,992	+10.3%	1.24%	+15.4%
GAM	Sell	GENERAL AMERN INVS INC	$4,152,000	+6.0%	112,307	-1.6%	1.23%	+3.8%
BK	Buy	BANK NEW YORK MELLON CORP	$4,071,000	-0.5%	79,840	+5.2%	1.21%	-2.6%
XEC	Buy	CIMAREX ENERGY CO	$3,960,000	-8.6%	42,603	+0.0%	1.17%	-10.5%
DNOW	Buy	NOW INC	$3,688,000	+26.6%	222,821	+2.0%	1.09%	+24.1%
FCEA	Sell	FOREST CITY RLTY TR INC	$2,668,000	+6.5%	106,344	-3.1%	0.79%	+4.4%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$2,618,000	+14.1%	19,840	-0.5%	0.78%	+11.8%
DWDP	Sell	DOWDUPONT INC	$2,452,000	-4.1%	38,130	-1.7%	0.73%	-6.0%
TPH	Sell	TRI POINTE GROUP INC	$2,446,000	-24.8%	197,267	-0.8%	0.72%	-26.3%
HP	Sell	HELMERICH & PAYNE INC	$2,445,000	+7.4%	35,550	-0.4%	0.72%	+5.2%
SOR	Buy	SOURCE CAP INC	$2,413,000	+2.3%	60,023	+1.2%	0.72%	+0.1%
ABT	Buy	ABBOTT LABS	$2,260,000	+21.5%	30,804	+1.0%	0.67%	+19.0%
KO	Buy	COCA COLA CO	$2,188,000	+7.6%	47,360	+2.2%	0.65%	+5.5%
TDW	Buy	TIDEWATER INC NEW	$1,978,000	+15.9%	63,405	+7.5%	0.59%	+13.3%
VIG	Sell	VANGUARD GROUPdiv app etf	$1,949,000	+5.1%	17,604	-3.5%	0.58%	+3.0%
COP	Sell	CONOCOPHILLIPS	$1,948,000	+10.7%	25,172	-0.4%	0.58%	+8.5%
EMR	Buy	EMERSON ELEC CO	$1,883,000	+12.2%	24,584	+1.2%	0.56%	+9.8%
CTO	Sell	CONSOLIDATED TOMOKA LD CO	$1,877,000	-1.4%	30,140	-2.6%	0.56%	-3.5%
AAPL	Sell	APPLE INC	$1,829,000	+20.9%	8,103	-0.9%	0.54%	+18.3%
CRT	Buy	CROSS TIMBERS RTY TRtr unit	$1,811,000	+4.8%	122,679	+2.9%	0.54%	+2.7%
PICO	Buy	PICO HLDGS INC	$1,755,000	+7.8%	139,863	+0.1%	0.52%	+5.5%
TGNA	Sell	TEGNA INC	$1,670,000	+8.4%	139,605	-1.7%	0.50%	+6.2%
CNA	Sell	CNA FINL CORP	$1,606,000	-1.2%	35,191	-1.1%	0.48%	-3.3%
SBR	Buy	SABINE ROYALTY TRunit ben int	$1,582,000	-5.0%	37,479	+5.9%	0.47%	-6.9%
ANAT	Sell	AMERICAN NATL INS CO	$1,563,000	+7.6%	12,091	-0.4%	0.46%	+5.5%
CVX	Buy	CHEVRON CORP NEW	$1,556,000	-1.8%	12,725	+1.6%	0.46%	-3.8%
UHAL	Buy	AMERCO	$1,543,000	+7.5%	4,326	+7.3%	0.46%	+5.1%
RMT	Sell	ROYCE MICRO-CAP TR INC	$1,514,000	+1.8%	148,265	-0.4%	0.45%	-0.2%
RVT	Buy	ROYCE VALUE TR INC	$1,504,000	+21.0%	92,014	+17.0%	0.45%	+18.6%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$1,436,000	-1.9%	9,498	-9.4%	0.43%	-3.8%
LENB	Buy	LENNAR CORPcl b	$1,413,000	+14.5%	36,691	+27.0%	0.42%	+12.3%
DMLP	Buy	DORCHESTER MINERALS LP	$1,377,000	+5.4%	67,476	+6.5%	0.41%	+3.3%
AMGN	Buy	AMGEN INC	$1,243,000	+12.3%	5,996	+0.0%	0.37%	+9.9%
DISCK	Buy	DISCOVERY INC	$1,176,000	+16.7%	39,773	+0.6%	0.35%	+14.4%
CARS	Sell	CARS COM INC	$1,156,000	-3.0%	41,857	-0.3%	0.34%	-5.0%
MRO	Sell	MARATHON OIL CORP	$1,067,000	+11.4%	45,816	-0.3%	0.32%	+9.0%
MNR	Sell	MONMOUTH REAL ESTATE INVT COcl a	$1,001,000	-2.2%	59,840	-3.3%	0.30%	-4.2%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$962,000	-5.4%	48,111	-1.3%	0.28%	-7.5%
SYY	Buy	SYSCO CORP	$908,000	+7.8%	12,400	+0.6%	0.27%	+5.5%
STAR	New	ISTAR INC	$903,000	–	80,800	–	0.27%	–
MDRIQ	Sell	MCDERMOTT INTL INC	$896,000	-7.9%	48,607	-1.9%	0.27%	-9.5%
USB	Sell	US BANCORP DEL	$838,000	+4.1%	15,869	-1.4%	0.25%	+1.6%
CJ	Buy	C&J ENERGY SVCS INC NEW	$794,000	+0.3%	38,195	+13.9%	0.24%	-2.1%
CSCO	Sell	CISCO SYS INC	$774,000	+11.2%	15,900	-1.7%	0.23%	+8.5%
PNC	Sell	PNC FINL SVCS GROUP INC	$756,000	+0.5%	5,550	-0.3%	0.22%	-1.8%
AR	Buy	ANTERO RES CORP	$751,000	-16.2%	42,411	+1.0%	0.22%	-17.7%
ESV	Buy	ENSCO PLC	$742,000	+21.8%	87,941	+4.8%	0.22%	+19.6%
SJT	Buy	SAN JUAN BASIN RTY TRunit ben int	$689,000	-13.0%	139,092	+1.7%	0.20%	-15.0%
RSP	Buy	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$646,000	+15.4%	6,051	+10.0%	0.19%	+13.0%
OAK	Sell	OAKTREE CAP GROUP LLCunit cl a	$633,000	+1.0%	15,295	-0.8%	0.19%	-1.1%
GCI	Sell	GANNETT CO INC	$603,000	-10.1%	60,275	-3.9%	0.18%	-11.8%
PTEN	Buy	PATTERSON UTI ENERGY INC	$601,000	0.0%	35,125	+5.2%	0.18%	-2.2%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$589,000	-1.7%	15,831	-1.8%	0.18%	-3.3%
SSP	Sell	SCRIPPS E W CO OHIOcl a new	$585,000	+21.9%	35,458	-1.0%	0.17%	+19.3%
AEF	Buy	ABERDEEN EMRG MRKTS EQT INM	$578,000	+30.8%	84,199	+33.4%	0.17%	+27.6%
TTE	Sell	TOTAL S Asponsored adr	$567,000	+4.4%	8,801	-1.8%	0.17%	+2.4%
PBT	Sell	PERMIAN BASIN RTY TRunit ben int	$556,000	-19.1%	69,650	-5.4%	0.16%	-20.7%
BHF	Sell	BRIGHTHOUSE FINL INC	$541,000	+1.3%	12,230	-8.3%	0.16%	-1.2%
AER	Sell	AERCAP HOLDINGS NV	$504,000	+5.0%	8,769	-1.1%	0.15%	+2.8%
JOE	New	ST JOE CO	$496,000	–	29,501	–	0.15%	–
BXMT	Buy	BLACKSTONE MTG TR INC	$485,000	+14.4%	14,475	+7.4%	0.14%	+12.5%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$446,000	+4.2%	1,534	-2.7%	0.13%	+1.5%
PFE	Sell	PFIZER INC	$439,000	+20.6%	9,968	-0.5%	0.13%	+18.2%
BAC	Sell	BANK AMER CORP	$397,000	+3.4%	13,482	-0.9%	0.12%	+1.7%
CMCSA	Sell	COMCAST CORP NEWcl a	$391,000	+7.4%	11,055	-0.4%	0.12%	+5.5%
INTC	Sell	INTEL CORP	$387,000	-6.3%	8,194	-1.3%	0.12%	-8.0%
OFG	Sell	OFG BANCORP	$369,000	+13.5%	22,866	-1.1%	0.11%	+11.2%
PCG	Sell	PG&E CORP	$358,000	+6.5%	7,781	-1.4%	0.11%	+3.9%
FTI	Buy	TECHNIPFMC PLC	$353,000	+8.0%	11,300	+9.7%	0.10%	+6.1%
PG	Sell	PROCTER AND GAMBLE CO	$348,000	+3.0%	4,184	-3.3%	0.10%	+1.0%
VGK	Sell	VANGUARD INTL EQUITY INDEX Fftse europe etf	$347,000	-1.4%	6,165	-1.6%	0.10%	-3.7%
LBTYK	Sell	LIBERTY GLOBAL PLC	$332,000	+5.1%	11,791	-0.6%	0.10%	+2.1%
MRK	Buy	MERCK & CO INC	$309,000	+18.4%	4,354	+1.2%	0.09%	+16.5%
EEQ	Sell	ENBRIDGE ENERGY MANAGEMENT L	$308,000	-4.0%	28,200	-9.9%	0.09%	-6.2%
VZ	Sell	VERIZON COMMUNICATIONS INC	$286,000	-54.8%	5,352	-57.4%	0.08%	-55.7%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$270,000	-0.4%	9,917	-5.4%	0.08%	-2.4%
SNY	Sell	SANOFIsponsored adr	$255,000	+7.6%	5,700	-3.7%	0.08%	+5.6%
TSI	Sell	TCW STRATEGIC INCOME FUND IN	$252,000	-2.3%	45,033	-4.3%	0.08%	-3.8%
TRC	Sell	TEJON RANCH CO	$251,000	-14.0%	11,562	-3.7%	0.07%	-15.9%
CRMT	New	AMERICAS CAR MART INC	$237,000	–	3,030	–	0.07%	–
JPM	Sell	JPMORGAN CHASE & CO	$235,000	+7.8%	2,082	-0.6%	0.07%	+6.1%
UNP	Buy	UNION PAC CORP	$231,000	+14.9%	1,420	+0.1%	0.07%	+11.5%
SLRC	Buy	SOLAR CAP LTD	$230,000	+15.0%	10,763	+10.2%	0.07%	+11.5%
CLX	Sell	CLOROX CO DEL	$226,000	+10.2%	1,500	-1.3%	0.07%	+8.1%
MMM	New	3M CO	$211,000	–	1,002	–	0.06%	–
ALLY	Sell	ALLY FINL INC	$201,000	0.0%	7,587	-1.0%	0.06%	-1.6%
NLY	Sell	ANNALY CAP MGMT INC	$194,000	-7.6%	18,950	-7.3%	0.06%	-9.4%
GE	Sell	GENERAL ELECTRIC CO	$177,000	-16.9%	15,650	-0.0%	0.05%	-18.8%
HNRG	Buy	HALLADOR ENERGY COMPANY	$104,000	-12.6%	16,658	+0.0%	0.03%	-13.9%
TPHS	Sell	TRINITY PL HLDGS INC	$68,000	-11.7%	11,092	-5.5%	0.02%	-13.0%
TAHO	Sell	TAHOE RES INC	$39,000	-50.6%	13,900	-13.6%	0.01%	-50.0%
CPLP	New	CAPITAL PRODUCT PARTNERS L P	$31,000	–	11,018	–	0.01%	–
REIS	Exit	REIS INC	$0	–	-9,400	–	-0.06%	–
EQT	Exit	EQT CORP	$0	–	-3,800	–	-0.06%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC	$0	–	-15,506	–	-0.09%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERSut ltd partner	$0	–	-182,721	–	-0.64%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD SUB VTGstock	$0	–	-23,567	–	-4.00%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$48,797,000	–	261,438	–	14.77%	–
WTM	New	WHITE MTNS INS GROUP LTD	$25,911,000	–	28,580	–	7.84%	–
Y	New	ALLEGHANY CORP DEL	$22,013,000	–	38,286	–	6.66%	–
MKL	New	MARKEL CORP	$17,353,000	–	16,003	–	5.25%	–
WRB	New	W R BERKLEY CORPORATION	$15,461,000	–	213,521	–	4.68%	–
L	New	LOEWS CORP	$15,073,000	–	312,200	–	4.56%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD SUB VTGstock	$13,221,000	–	23,567	–	4.00%	–
ESGR	New	ENSTAR GROUP LIMITED	$12,795,000	–	61,722	–	3.87%	–
JEF	New	JEFFERIES FINL GROUP INC	$12,093,000	–	531,801	–	3.66%	–
MSFT	New	MICROSOFT CORP	$6,081,000	–	61,672	–	1.84%	–
RES	New	RPC INC	$5,787,000	–	397,212	–	1.75%	–
XEC	New	CIMAREX ENERGY CO	$4,334,000	–	42,602	–	1.31%	–
BK	New	BANK NEW YORK MELLON CORP	$4,093,000	–	75,890	–	1.24%	–
WABC	New	WESTAMERICA BANCORPORATION	$4,048,000	–	71,633	–	1.22%	–
GAM	New	GENERAL AMERN INVS INC	$3,918,000	–	114,151	–	1.19%	–
CRCQQ	New	CALIFORNIA RES CORP	$3,542,000	–	77,958	–	1.07%	–
TPH	New	TRI POINTE GROUP INC	$3,252,000	–	198,767	–	0.98%	–
JNJ	New	JOHNSON & JOHNSON	$2,958,000	–	24,379	–	0.90%	–
DNOW	New	NOW INC	$2,912,000	–	218,452	–	0.88%	–
DWDP	New	DOWDUPONT INC	$2,556,000	–	38,774	–	0.77%	–
FCEA	New	FOREST CITY RLTY TR INC	$2,504,000	–	109,763	–	0.76%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$2,419,000	–	47,335	–	0.73%	–
SOR	New	SOURCE CAP INC	$2,358,000	–	59,322	–	0.71%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$2,295,000	–	19,940	–	0.69%	–
HP	New	HELMERICH & PAYNE INC	$2,276,000	–	35,700	–	0.69%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,256,000	–	8	–	0.68%	–
BWP	New	BOARDWALK PIPELINE PARTNERSut ltd partner	$2,123,000	–	182,721	–	0.64%	–
KO	New	COCA COLA CO	$2,033,000	–	46,360	–	0.62%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$1,903,000	–	30,939	–	0.58%	–
ABT	New	ABBOTT LABS	$1,860,000	–	30,504	–	0.56%	–
VIG	New	VANGUARD GROUPdiv app etf	$1,854,000	–	18,243	–	0.56%	–
COP	New	CONOCOPHILLIPS	$1,759,000	–	25,271	–	0.53%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$1,728,000	–	119,275	–	0.52%	–
TDW	New	TIDEWATER INC NEW	$1,707,000	–	59,005	–	0.52%	–
EMR	New	EMERSON ELEC CO	$1,679,000	–	24,283	–	0.51%	–
SBR	New	SABINE ROYALTY TRunit ben int	$1,666,000	–	35,375	–	0.50%	–
PICO	New	PICO HLDGS INC	$1,628,000	–	139,763	–	0.49%	–
CNA	New	CNA FINL CORP	$1,626,000	–	35,585	–	0.49%	–
CVX	New	CHEVRON CORP NEW	$1,584,000	–	12,528	–	0.48%	–
TGNA	New	TEGNA INC	$1,541,000	–	142,005	–	0.47%	–
T	New	AT&T INC	$1,531,000	–	47,682	–	0.46%	–
AAPL	New	APPLE INC	$1,513,000	–	8,174	–	0.46%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,487,000	–	148,865	–	0.45%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,464,000	–	10,481	–	0.44%	–
ANAT	New	AMERICAN NATL INS CO	$1,452,000	–	12,141	–	0.44%	–
UHAL	New	AMERCO	$1,436,000	–	4,031	–	0.44%	–
DMLP	New	DORCHESTER MINERALS LP	$1,306,000	–	63,376	–	0.40%	–
RVT	New	ROYCE VALUE TR INC	$1,243,000	–	78,669	–	0.38%	–
LENB	New	LENNAR CORPcl b	$1,234,000	–	28,901	–	0.37%	–
CARS	New	CARS COM INC	$1,192,000	–	41,990	–	0.36%	–
AMGN	New	AMGEN INC	$1,107,000	–	5,995	–	0.34%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$1,023,000	–	61,903	–	0.31%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$1,017,000	–	48,761	–	0.31%	–
DISCK	New	DISCOVERY INC	$1,008,000	–	39,538	–	0.30%	–
MDRIQ	New	MCDERMOTT INTL INC	$973,000	–	49,537	–	0.29%	–
MRO	New	MARATHON OIL CORP	$958,000	–	45,941	–	0.29%	–
WFC	New	WELLS FARGO CO NEW	$922,000	–	16,633	–	0.28%	–
WY	New	WEYERHAEUSER CO	$905,000	–	24,825	–	0.27%	–
AR	New	ANTERO RES CORP	$896,000	–	41,982	–	0.27%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$857,000	–	21,151	–	0.26%	–
SYY	New	SYSCO CORP	$842,000	–	12,325	–	0.26%	–
USB	New	US BANCORP DEL	$805,000	–	16,091	–	0.24%	–
AXP	New	AMERICAN EXPRESS CO	$807,000	–	8,238	–	0.24%	–
CNQ	New	CANADIAN NAT RES LTD	$797,000	–	22,107	–	0.24%	–
CJ	New	C&J ENERGY SVCS INC NEW	$792,000	–	33,540	–	0.24%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$792,000	–	136,762	–	0.24%	–
PNC	New	PNC FINL SVCS GROUP INC	$752,000	–	5,565	–	0.23%	–
CSCO	New	CISCO SYS INC	$696,000	–	16,169	–	0.21%	–
IP	New	INTL PAPER CO	$690,000	–	13,251	–	0.21%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$687,000	–	73,650	–	0.21%	–
GCI	New	GANNETT CO INC	$671,000	–	62,725	–	0.20%	–
GD	New	GENERAL DYNAMICS CORP	$671,000	–	3,600	–	0.20%	–
CVA	New	COVANTA HLDG CORP	$664,000	–	40,250	–	0.20%	–
VZ	New	VERIZON COMMUNICATIONS INC	$633,000	–	12,578	–	0.19%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$627,000	–	15,420	–	0.19%	–
MEOH	New	METHANEX CORP	$623,000	–	8,800	–	0.19%	–
VFC	New	V F CORP	$620,000	–	7,600	–	0.19%	–
ESV	New	ENSCO PLC	$609,000	–	83,948	–	0.18%	–
PTEN	New	PATTERSON UTI ENERGY INC	$601,000	–	33,400	–	0.18%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$599,000	–	16,122	–	0.18%	–
XOM	New	EXXON MOBIL CORP	$590,000	–	7,130	–	0.18%	–
APD	New	AIR PRODS & CHEMS INC	$588,000	–	3,774	–	0.18%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$578,000	–	6,907	–	0.18%	–
APA	New	APACHE CORP	$565,000	–	12,089	–	0.17%	–
PYPL	New	PAYPAL HLDGS INC	$564,000	–	6,773	–	0.17%	–
AMAT	New	APPLIED MATLS INC	$565,000	–	12,234	–	0.17%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$560,000	–	5,500	–	0.17%	–
NVS	New	NOVARTIS A Gsponsored adr	$552,000	–	7,306	–	0.17%	–
TTE	New	TOTAL S Asponsored adr	$543,000	–	8,961	–	0.16%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$536,000	–	38,095	–	0.16%	–
BHF	New	BRIGHTHOUSE FINL INC	$534,000	–	13,330	–	0.16%	–
COST	New	COSTCO WHSL CORP NEW	$519,000	–	2,484	–	0.16%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$517,000	–	22,600	–	0.16%	–
ETR	New	ENTERGY CORP NEW	$500,000	–	6,192	–	0.15%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$482,000	–	9,427	–	0.15%	–
AER	New	AERCAP HOLDINGS NV	$480,000	–	8,869	–	0.14%	–
SSP	New	SCRIPPS E W CO OHIOcl a new	$480,000	–	35,833	–	0.14%	–
LBRDK	New	LIBERTY BROADBAND CORP	$472,000	–	6,229	–	0.14%	–
BX	New	BLACKSTONE GROUP L P	$460,000	–	14,300	–	0.14%	–
CABO	New	CABLE ONE INC	$458,000	–	625	–	0.14%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$459,000	–	18,877	–	0.14%	–
GBDC	New	GOLUB CAP BDC INC	$455,000	–	24,864	–	0.14%	–
MET	New	METLIFE INC	$454,000	–	10,402	–	0.14%	–
SRE	New	SEMPRA ENERGY	$443,000	–	3,818	–	0.13%	–
AEF	New	ABERDEEN EMRG MRKTS EQT INM	$442,000	–	63,125	–	0.13%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$428,000	–	1,577	–	0.13%	–
CATY	New	CATHAY GEN BANCORP	$425,000	–	10,500	–	0.13%	–
BXMT	New	BLACKSTONE MTG TR INC	$424,000	–	13,475	–	0.13%	–
GLW	New	CORNING INC	$424,000	–	15,420	–	0.13%	–
INTC	New	INTEL CORP	$413,000	–	8,304	–	0.12%	–
SO	New	SOUTHERN CO	$392,000	–	8,466	–	0.12%	–
BAC	New	BANK AMER CORP	$384,000	–	13,607	–	0.12%	–
GHC	New	GRAHAM HLDGS CO	$366,000	–	625	–	0.11%	–
PFE	New	PFIZER INC	$364,000	–	10,022	–	0.11%	–
CMCSA	New	COMCAST CORP NEWcl a	$364,000	–	11,100	–	0.11%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$352,000	–	6,265	–	0.11%	–
EURN	New	EURONAV NV ANTWERPEN	$349,000	–	37,899	–	0.11%	–
PEP	New	PEPSICO INC	$345,000	–	3,171	–	0.10%	–
PG	New	PROCTER AND GAMBLE CO	$338,000	–	4,329	–	0.10%	–
PCG	New	PG&E CORP	$336,000	–	7,893	–	0.10%	–
VIGI	New	VANGUARD WHITEHALL FDS INCintl dvd etf	$330,000	–	5,100	–	0.10%	–
FTI	New	TECHNIPFMC PLC	$327,000	–	10,300	–	0.10%	–
OFG	New	OFG BANCORP	$325,000	–	23,116	–	0.10%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT L	$321,000	–	31,295	–	0.10%	–
LBTYK	New	LIBERTY GLOBAL PLC	$316,000	–	11,863	–	0.10%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$302,000	–	5,200	–	0.09%	–
TRC	New	TEJON RANCH CO	$292,000	–	12,012	–	0.09%	–
OIH	New	VANECK VECTORS ETF TRoil svcs etf	$286,000	–	10,900	–	0.09%	–
NEWM	New	NEW MEDIA INVT GROUP INC	$287,000	–	15,506	–	0.09%	–
ALK	New	ALASKA AIR GROUP INC	$278,000	–	4,600	–	0.08%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$271,000	–	10,478	–	0.08%	–
CELG	New	CELGENE CORP	$270,000	–	3,400	–	0.08%	–
ZTS	New	ZOETIS INCcl a	$263,000	–	3,086	–	0.08%	–
MRK	New	MERCK & CO INC	$261,000	–	4,301	–	0.08%	–
CC	New	CHEMOURS CO	$261,000	–	5,882	–	0.08%	–
TSI	New	TCW STRATEGIC INCOME FUND IN	$258,000	–	47,033	–	0.08%	–
EBAY	New	EBAY INC	$251,000	–	6,915	–	0.08%	–
SNY	New	SANOFIsponsored adr	$237,000	–	5,921	–	0.07%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$236,000	–	21,049	–	0.07%	–
NEBLQ	New	NOBLE CORP PLC	$233,000	–	36,875	–	0.07%	–
NYRT	New	NEW YORK REIT INC	$232,000	–	12,712	–	0.07%	–
EIX	New	EDISON INTL	$221,000	–	3,500	–	0.07%	–
JPM	New	JPMORGAN CHASE & CO	$218,000	–	2,094	–	0.07%	–
CMP	New	COMPASS MINERALS INTL INC	$217,000	–	3,300	–	0.07%	–
AXE	New	ANIXTER INTL INC	$215,000	–	3,400	–	0.06%	–
NLY	New	ANNALY CAP MGMT INC	$210,000	–	20,450	–	0.06%	–
EQT	New	EQT CORP	$210,000	–	3,800	–	0.06%	–
GE	New	GENERAL ELECTRIC CO	$213,000	–	15,653	–	0.06%	–
DJCO	New	DAILY JOURNAL CORP	$205,000	–	889	–	0.06%	–
CLX	New	CLOROX CO DEL	$205,000	–	1,519	–	0.06%	–
REIS	New	REIS INC	$205,000	–	9,400	–	0.06%	–
SLRC	New	SOLAR CAP LTD	$200,000	–	9,763	–	0.06%	–
UNP	New	UNION PAC CORP	$201,000	–	1,419	–	0.06%	–
ALLY	New	ALLY FINL INC	$201,000	–	7,662	–	0.06%	–
MCF	New	CONTANGO OIL & GAS COMPANY	$140,000	–	24,593	–	0.04%	–
FUND	New	SPROTT FOCUS TR INC	$132,000	–	16,837	–	0.04%	–
MCC	New	MEDLEY CAP CORP	$123,000	–	35,398	–	0.04%	–
HNRG	New	HALLADOR ENERGY COMPANY	$119,000	–	16,657	–	0.04%	–
CVE	New	CENOVUS ENERGY INC	$105,000	–	10,100	–	0.03%	–
KMPH	New	KEMPHARM INC	$93,000	–	14,245	–	0.03%	–
TAHO	New	TAHOE RES INC	$79,000	–	16,080	–	0.02%	–
TPHS	New	TRINITY PL HLDGS INC	$77,000	–	11,738	–	0.02%	–
NMM	New	NAVIOS MARITIME PARTNERS L Punit lpi	$45,000	–	23,693	–	0.01%	–
XPL	New	SOLITARIO ZINC CORP	$6,000	–	14,300	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
XPL	Exit	SOLITARIO ZINC CORP	$0	–	-14,300	–	-0.00%	–
KLDX	Exit	KLONDEX MNS LTD	$0	–	-11,000	–	-0.01%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-16,175	–	-0.02%	–
GNRT	Exit	GENER8 MARITIME INC	$0	–	-17,500	–	-0.02%	–
MCF	Exit	CONTANGO OIL & GAS COMPANY	$0	–	-18,193	–	-0.03%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-13,000	–	-0.03%	–
CCJ	Exit	CAMECO CORP	$0	–	-10,603	–	-0.03%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-18,054	–	-0.03%	–
ESV	Exit	ENSCO PLC	$0	–	-18,946	–	-0.04%	–
IDT	Exit	IDT CORPcl b new	$0	–	-11,632	–	-0.05%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-35,575	–	-0.05%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-10,450	–	-0.06%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-20,295	–	-0.06%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,094	–	-0.06%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,519	–	-0.06%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-21,049	–	-0.06%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-4,095	–	-0.06%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-5,606	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-1,000	–	-0.07%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-3,286	–	-0.07%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-5,558	–	-0.07%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-2,368	–	-0.07%	–
RNR	Exit	RENAISSANCERE HOLDINGS LTD	$0	–	-1,700	–	-0.07%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-7,460	–	-0.08%	–
PCG	Exit	PG&E CORP	$0	–	-3,661	–	-0.08%	–
EQT	Exit	EQT CORP	$0	–	-3,900	–	-0.08%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-4,000	–	-0.08%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-21,450	–	-0.08%	–
OFG	Exit	OFG BANCORP	$0	–	-28,616	–	-0.08%	–
EIX	Exit	EDISON INTL	$0	–	-3,500	–	-0.08%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-4,524	–	-0.09%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,414	–	-0.09%	–
TSI	Exit	TCW STRATEGIC INCOME FUND IN	$0	–	-51,166	–	-0.09%	–
CC	Exit	CHEMOURS CO	$0	–	-5,909	–	-0.10%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-12,046	–	-0.10%	–
EBAY	Exit	EBAY INC	$0	–	-7,955	–	-0.10%	–
BAC	Exit	BANK AMER CORP	$0	–	-12,305	–	-0.10%	–
AXE	Exit	ANIXTER INTL INC	$0	–	-3,700	–	-0.10%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-14,070	–	-0.11%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,198	–	-0.11%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-10,362	–	-0.11%	–
PEP	Exit	PEPSICO INC	$0	–	-3,192	–	-0.11%	–
INTC	Exit	INTEL CORP	$0	–	-9,404	–	-0.11%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-3,961	–	-0.11%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC	$0	–	-24,456	–	-0.11%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-625	–	-0.12%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-22,600	–	-0.12%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-20,800	–	-0.12%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-12,218	–	-0.13%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,608	–	-0.13%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,475	–	-0.13%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-7,100	–	-0.13%	–
SO	Exit	SOUTHERN CO	$0	–	-8,466	–	-0.13%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-10,800	–	-0.14%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-8,161	–	-0.14%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-3,877	–	-0.14%	–
MEOH	Exit	METHANEX CORP	$0	–	-8,800	–	-0.14%	–
CABO	Exit	CABLE ONE INC	$0	–	-625	–	-0.14%	–
PFE	Exit	PFIZER INC	$0	–	-12,671	–	-0.14%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-9,526	–	-0.15%	–
VFC	Exit	V F CORP	$0	–	-7,600	–	-0.15%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-15,575	–	-0.15%	–
LNCE	Exit	SNYDERS-LANCE INC	$0	–	-12,886	–	-0.16%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-36,011	–	-0.16%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-8,353	–	-0.17%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-7,050	–	-0.17%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-8,514	–	-0.17%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-16,711	–	-0.18%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-19,629	–	-0.18%	–
MET	Exit	METLIFE INC	$0	–	-10,759	–	-0.18%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-11,069	–	-0.18%	–
GLW	Exit	CORNING INC	$0	–	-18,870	–	-0.18%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,787	–	-0.18%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-10,400	–	-0.18%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-42,934	–	-0.18%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.19%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-6,500	–	-0.20%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-74,750	–	-0.21%	–
GEFB	Exit	GREIF INCcl b	$0	–	-10,343	–	-0.21%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-37,595	–	-0.21%	–
CSCO	Exit	CISCO SYS INC	$0	–	-19,907	–	-0.21%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-7,806	–	-0.21%	–
GCI	Exit	GANNETT CO INC	$0	–	-75,565	–	-0.22%	–
SSP	Exit	SCRIPPS E W CO OHIOcl a new	$0	–	-36,333	–	-0.22%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-47,399	–	-0.22%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-33,900	–	-0.22%	–
SYY	Exit	SYSCO CORP	$0	–	-13,292	–	-0.23%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-15,280	–	-0.23%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-14,167	–	-0.23%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-71,097	–	-0.24%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,666	–	-0.24%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-5,715	–	-0.24%	–
LAQ	Exit	ABERDEEN LATIN AMER EQTY FD	$0	–	-29,142	–	-0.25%	–
IP	Exit	INTL PAPER CO	$0	–	-14,647	–	-0.26%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-9,246	–	-0.26%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-106,550	–	-0.27%	–
AR	Exit	ANTERO RES CORP	$0	–	-43,800	–	-0.28%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-26,184	–	-0.28%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-17,151	–	-0.30%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-21,400	–	-0.30%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-25,335	–	-0.33%	–
T	Exit	AT&T INC	$0	–	-26,933	–	-0.33%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-142,322	–	-0.35%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-72,389	–	-0.36%	–
USB	Exit	US BANCORP DEL	$0	–	-21,591	–	-0.37%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-73,528	–	-0.38%	–
AMGN	Exit	AMGEN INC	$0	–	-6,523	–	-0.38%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-85,145	–	-0.39%	–
UHAL	Exit	AMERCO	$0	–	-3,486	–	-0.41%	–
CARS	Exit	CARS COM INC	$0	–	-49,151	–	-0.41%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-140,605	–	-0.42%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-79,118	–	-0.42%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-27,408	–	-0.43%	–
AAPL	Exit	APPLE INC	$0	–	-9,227	–	-0.45%	–
SBR	Exit	SABINE ROYALTY TRunit ben int	$0	–	-36,066	–	-0.46%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-12,775	–	-0.48%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-25,885	–	-0.52%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-13,906	–	-0.52%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-20,770	–	-0.53%	–
ABT	Exit	ABBOTT LABS	$0	–	-31,559	–	-0.53%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-12,377	–	-0.57%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-36,200	–	-0.60%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-19,873	–	-0.60%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERSut ltd partner	$0	–	-134,992	–	-0.63%	–
TGNA	Exit	TEGNA INC	$0	–	-151,610	–	-0.64%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-34,575	–	-0.66%	–
KO	Exit	COCA COLA CO	$0	–	-46,360	–	-0.66%	–
PICO	Exit	PICO HLDGS INC	$0	–	-125,213	–	-0.66%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-8	–	-0.70%	–
CNA	Exit	CNA FINL CORP	$0	–	-44,526	–	-0.71%	–
SOR	Exit	SOURCE CAP INC	$0	–	-58,361	–	-0.74%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-38,945	–	-0.85%	–
FCEA	Exit	FOREST CITY RLTY TR INC	$0	–	-116,326	–	-0.94%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-222,883	–	-0.97%	–
DNOW	Exit	NOW INC	$0	–	-234,645	–	-1.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-28,159	–	-1.16%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-79,440	–	-1.33%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-125,685	–	-1.43%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-79,798	–	-1.50%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-43,642	–	-1.57%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-68,979	–	-1.62%	–
RES	Exit	RPC INC	$0	–	-366,398	–	-2.87%	–
FRFHF	Exit	FAIRFAX FINANCIAL HLDGS LTD	$0	–	-18,492	–	-3.04%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-456,489	–	-3.64%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-60,240	–	-4.24%	–
L	Exit	LOEWS CORP	$0	–	-296,562	–	-4.49%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-216,704	–	-4.57%	–
MKL	Exit	MARKEL CORP	$0	–	-16,824	–	-5.68%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-37,562	–	-6.58%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-28,945	–	-7.84%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-263,755	–	-15.29%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$48,352,000	+1.6%	263,755	-6.1%	15.29%	+3.3%
WTM	Sell	WHITE MTNS INS GROUP LTD	$24,806,000	-4.8%	28,945	-3.5%	7.84%	-3.3%
Y	Sell	ALLEGHANY CORP DEL	$20,810,000	-7.5%	37,562	-0.6%	6.58%	-5.9%
MKL	Sell	MARKEL CORP	$17,968,000	+2.9%	16,824	-6.0%	5.68%	+4.5%
WRB	Sell	BERKLEY W R CORP	$14,463,000	-6.9%	216,704	-3.5%	4.57%	-5.3%
L	Sell	LOEWS CORP	$14,193,000	-1.9%	296,562	-4.0%	4.49%	-0.3%
ESGR	Sell	ENSTAR GROUP LIMITED	$13,394,000	+8.4%	60,240	-3.1%	4.24%	+10.2%
LUK	Sell	LEUCADIA NATL CORP	$11,526,000	-7.8%	456,489	-4.5%	3.64%	-6.3%
FRFHF	Sell	FAIRFAX FINANCIAL HLDGS LTD	$9,597,000	+9.7%	18,492	-8.5%	3.04%	+11.5%
RES	Sell	RPC INC	$9,083,000	+14.8%	366,398	-6.5%	2.87%	+16.6%
MSFT	Sell	MICROSOFT CORP	$5,138,000	-2.0%	68,979	-9.3%	1.62%	-0.4%
XEC	Sell	CIMAREX ENERGY CO	$4,961,000	+11.0%	43,642	-8.2%	1.57%	+12.8%
WABC	Sell	WESTAMERICA BANCORPORATION	$4,751,000	+6.2%	79,798	-0.0%	1.50%	+7.9%
GAM	Sell	GENERAL AMERN INVS INC	$4,527,000	-8.1%	125,685	-12.4%	1.43%	-6.6%
BK	Sell	BANK NEW YORK MELLON CORP	$4,212,000	-4.2%	79,440	-7.8%	1.33%	-2.6%
JNJ	Sell	JOHNSON & JOHNSON	$3,661,000	-9.2%	28,159	-7.6%	1.16%	-7.7%
DNOW	Buy	NOW INC	$3,240,000	+27.5%	234,645	+48.5%	1.02%	+29.6%
TPH	Sell	TRI POINTE GROUP INC	$3,078,000	+0.5%	222,883	-4.0%	0.97%	+2.1%
FCEA	Sell	FOREST CITY RLTY TR INC	$2,967,000	-0.9%	116,326	-6.1%	0.94%	+0.8%
DWDP	New	DOWDUPONT INC	$2,696,000	–	38,945	–	0.85%	–
SOR	Sell	SOURCE CAP INC	$2,347,000	-2.3%	58,361	-6.1%	0.74%	-0.7%
CNA	Sell	CNA FINL CORP	$2,237,000	-4.4%	44,526	-7.2%	0.71%	-2.9%
PICO	Sell	PICO HLDGS INC	$2,091,000	-6.1%	125,213	-1.6%	0.66%	-4.6%
KO	Sell	COCA COLA CO	$2,087,000	-1.4%	46,360	-1.8%	0.66%	+0.2%
CTO	Sell	CONSOLIDATED TOMOKA LD CO	$2,077,000	+1.7%	34,575	-3.6%	0.66%	+3.3%
TGNA	Sell	TEGNA INC	$2,021,000	-11.7%	151,610	-4.5%	0.64%	-10.3%
BWP	Buy	BOARDWALK PIPELINE PARTNERSut ltd partner	$1,984,000	-15.1%	134,992	+4.0%	0.63%	-13.8%
HP	Sell	HELMERICH & PAYNE INC	$1,886,000	-4.7%	36,200	-0.5%	0.60%	-3.2%
VIG	Sell	VANGUARD SPECIALIZED PORTFOLdiv app etf	$1,884,000	-5.6%	19,873	-7.7%	0.60%	-4.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$1,796,000	-18.3%	12,377	-13.4%	0.57%	-17.0%
ABT	Sell	ABBOTT LABS	$1,684,000	+6.9%	31,559	-2.6%	0.53%	+8.8%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$1,679,000	-4.5%	20,770	-10.7%	0.53%	-2.9%
ANAT	Sell	AMERICAN NATL INS CO	$1,642,000	-0.5%	13,906	-1.9%	0.52%	+1.0%
EMR	Sell	EMERSON ELEC CO	$1,627,000	+3.8%	25,885	-1.5%	0.52%	+5.5%
CVX	Sell	CHEVRON CORP NEW	$1,501,000	-9.4%	12,775	-19.5%	0.48%	-7.8%
SBR	Sell	SABINE ROYALTY TRunit ben int	$1,471,000	+4.7%	36,066	-0.5%	0.46%	+6.4%
AAPL	Sell	APPLE INC	$1,422,000	-1.7%	9,227	-8.2%	0.45%	0.0%
COP	Buy	CONOCOPHILLIPS	$1,372,000	+13.9%	27,408	+0.0%	0.43%	+15.7%
CBI	Sell	CHICAGO BRIDGE & IRON CO N V	$1,329,000	-22.8%	79,118	-9.3%	0.42%	-21.6%
RMT	Sell	ROYCE MICRO-CAP TR INC	$1,319,000	+4.5%	140,605	-3.6%	0.42%	+6.1%
CARS	Sell	CARS COM INC	$1,308,000	-2.1%	49,151	-2.0%	0.41%	-0.5%
UHAL	Sell	AMERCO	$1,307,000	+2.0%	3,486	-0.4%	0.41%	+3.5%
CRT	Buy	CROSS TIMBERS RTY TRtr unit	$1,243,000	+7.0%	85,145	+12.2%	0.39%	+8.6%
AMGN	Sell	AMGEN INC	$1,216,000	+1.0%	6,523	-6.7%	0.38%	+2.7%
RVT	Sell	ROYCE VALUE TR INC	$1,143,000	-1.0%	72,389	-8.6%	0.36%	+0.6%
SJT	Buy	SAN JUAN BASIN RTY TRunit ben int	$1,116,000	+15.3%	142,322	+0.2%	0.35%	+17.3%
T	Sell	AT&T INC	$1,055,000	-17.4%	26,933	-20.5%	0.33%	-15.9%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,046,000	-5.2%	25,335	-9.9%	0.33%	-3.5%
LENB	Sell	LENNAR CORPcl b	$965,000	-10.2%	21,400	-10.5%	0.30%	-9.0%
WFC	Sell	WELLS FARGO CO NEW	$946,000	-30.5%	17,151	-30.2%	0.30%	-29.5%
WY	Sell	WEYERHAEUSER CO	$891,000	-7.1%	26,184	-8.5%	0.28%	-5.4%
AR	Sell	ANTERO RES CORP	$872,000	-10.4%	43,800	-2.7%	0.28%	-8.9%
FIG	Sell	FORTRESS INVESTMENT GROUP LLcl a	$849,000	-0.7%	106,550	-0.5%	0.27%	+0.8%
AXP	Sell	AMERICAN EXPRESS CO	$836,000	+6.8%	9,246	-0.5%	0.26%	+8.2%
IP	Sell	INTL PAPER CO	$832,000	-6.9%	14,647	-7.3%	0.26%	-5.4%
PNC	Sell	PNC FINL SVCS GROUP INC	$770,000	-0.1%	5,715	-7.4%	0.24%	+1.2%
GD	Sell	GENERAL DYNAMICS CORP	$754,000	-4.1%	3,666	-7.6%	0.24%	-2.9%
CRCQQ	New	CALIFORNIA RES CORP	$744,000	–	71,097	–	0.24%	–
AMAT	Sell	APPLIED MATLS INC	$738,000	+10.5%	14,167	-12.4%	0.23%	+12.0%
SYY	Sell	SYSCO CORP	$717,000	-7.7%	13,292	-13.9%	0.23%	-6.2%
PTEN	Sell	PATTERSON UTI ENERGY INC	$710,000	+1.6%	33,900	-2.0%	0.22%	+3.2%
DMLP	Buy	DORCHESTER MINERALS LP	$713,000	+32.8%	47,399	+27.5%	0.22%	+34.7%
SSP	Sell	SCRIPPS E W CO OHIOcl a new	$694,000	+0.9%	36,333	-6.0%	0.22%	+2.3%
GCI	Sell	GANNETT CO INC	$680,000	-1.4%	75,565	-4.5%	0.22%	0.0%
NVS	Sell	NOVARTIS A Gsponsored adr	$670,000	-8.0%	7,806	-10.5%	0.21%	-6.6%
CSCO	Sell	CISCO SYS INC	$669,000	-2.6%	19,907	-9.2%	0.21%	-0.9%
GEFB	Sell	GREIF INCcl b	$665,000	-60.0%	10,343	-62.5%	0.21%	-59.5%
PBT	Sell	PERMIAN BASIN RTY TRunit ben int	$651,000	-2.1%	74,750	-2.2%	0.21%	-0.5%
LBRDK	Sell	LIBERTY BROADBAND CORP	$619,000	+6.0%	6,500	-3.4%	0.20%	+7.7%
MRO	Sell	MARATHON OIL CORP	$582,000	+8.4%	42,934	-5.2%	0.18%	+10.2%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$576,000	+3.4%	10,400	-1.9%	0.18%	+5.2%
APD	Sell	AIR PRODS & CHEMS INC	$573,000	+5.1%	3,787	-0.7%	0.18%	+6.5%
GLW	Sell	CORNING INC	$565,000	-4.4%	18,870	-4.1%	0.18%	-2.7%
AER	Sell	AERCAP HOLDINGS NV	$566,000	+9.5%	11,069	-0.7%	0.18%	+11.2%
MET	Sell	METLIFE INC	$559,000	-14.5%	10,759	-9.7%	0.18%	-13.2%
VOD	Sell	VODAFONE GROUP PLC NEWsponsored adr	$559,000	-13.1%	19,629	-12.3%	0.18%	-11.5%
BX	Sell	BLACKSTONE GROUP L P	$558,000	-4.5%	16,711	-4.6%	0.18%	-3.3%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$547,000	+2.6%	8,514	-4.5%	0.17%	+4.2%
ETR	Sell	ENTERGY CORP NEW	$538,000	-9.6%	7,050	-9.0%	0.17%	-8.1%
PYPL	Sell	PAYPAL HLDGS INC	$535,000	+15.8%	8,353	-2.9%	0.17%	+17.4%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$522,000	+28.6%	36,011	-4.0%	0.16%	+31.0%
BXMT	Buy	BLACKSTONE MTG TR INC	$483,000	+4.8%	15,575	+6.9%	0.15%	+7.0%
VZ	Sell	VERIZON COMMUNICATIONS INC	$471,000	-8.5%	9,526	-17.3%	0.15%	-6.9%
CABO	Sell	CABLE ONE INC	$451,000	-12.4%	625	-13.8%	0.14%	-10.6%
PFE	Sell	PFIZER INC	$452,000	-27.8%	12,671	-32.0%	0.14%	-26.7%
SRE	Sell	SEMPRA ENERGY	$442,000	-3.9%	3,877	-4.9%	0.14%	-2.1%
MEOH	Sell	METHANEX CORP	$443,000	+8.0%	8,800	-5.4%	0.14%	+9.4%
TTE	Sell	TOTAL S Asponsored adr	$437,000	+2.8%	8,161	-4.7%	0.14%	+4.5%
COST	Buy	COSTCO WHSL CORP NEW	$407,000	+28.8%	2,475	+25.3%	0.13%	+31.6%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$404,000	-6.5%	1,608	-10.1%	0.13%	-4.5%
LBTYK	Sell	LIBERTY GLOBAL PLC	$400,000	+0.3%	12,218	-4.5%	0.13%	+1.6%
GBDC	Buy	GOLUB CAP BDC INC	$391,000	+21.1%	20,800	+23.1%	0.12%	+22.8%
OVLY	Sell	OAK VALLEY BANCORP OAKDALE C	$379,000	+4.4%	22,600	-13.5%	0.12%	+6.2%
GHC	Sell	GRAHAM HLDGS CO	$366,000	-15.9%	625	-13.8%	0.12%	-14.1%
PG	Sell	PROCTER AND GAMBLE CO	$360,000	+3.4%	3,961	-0.8%	0.11%	+5.6%
NEWM	Sell	NEW MEDIA INVT GROUP INC	$362,000	+5.5%	24,456	-3.9%	0.11%	+6.5%
PEP	Sell	PEPSICO INC	$356,000	-4.8%	3,192	-1.5%	0.11%	-2.6%
INTC	Sell	INTEL CORP	$358,000	-12.7%	9,404	-22.7%	0.11%	-11.7%
CNQ	Sell	CANADIAN NAT RES LTD	$347,000	+10.5%	10,362	-5.0%	0.11%	+12.2%
XOM	Sell	EXXON MOBIL CORP	$344,000	-13.8%	4,198	-15.1%	0.11%	-12.1%
GE	Buy	GENERAL ELECTRIC CO	$340,000	-10.5%	14,070	+0.0%	0.11%	-8.5%
AXE	Sell	ANIXTER INTL INC	$315,000	+0.6%	3,700	-7.5%	0.10%	+3.1%
BAC	Sell	BANK AMER CORP	$312,000	-30.2%	12,305	-33.3%	0.10%	-28.8%
EBAY	Sell	EBAY INC	$306,000	+2.3%	7,955	-7.0%	0.10%	+4.3%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$304,000	+1.7%	12,046	-3.5%	0.10%	+3.2%
CC	Sell	CHEMOURS CO	$299,000	+31.7%	5,909	-1.3%	0.10%	+33.8%
TSI	Sell	TCW STRATEGIC INCOME FUND IN	$297,000	-10.5%	51,166	-13.2%	0.09%	-8.7%
MRK	Sell	MERCK & CO INC	$283,000	-9.3%	4,414	-9.3%	0.09%	-8.2%
ARGO	Sell	ARGO GROUP INTL HLDGS LTD	$278,000	-2.1%	4,524	-3.3%	0.09%	0.0%
OFG	Sell	OFG BANCORP	$262,000	-12.4%	28,616	-4.3%	0.08%	-10.8%
NLY	Sell	ANNALY CAP MGMT INC	$261,000	-38.0%	21,450	-38.5%	0.08%	-36.6%
PCG	Sell	PG&E CORP	$249,000	-4.6%	3,661	-7.0%	0.08%	-2.5%
LGFB	Sell	LIONS GATE ENTMNT CORPcl b non vtg	$237,000	+14.5%	7,460	-5.4%	0.08%	+17.2%
LBRDA	Sell	LIBERTY BROADBAND CORP	$223,000	+5.7%	2,368	-3.5%	0.07%	+7.6%
CMCSA	Sell	COMCAST CORP NEWcl a	$214,000	-9.7%	5,558	-8.8%	0.07%	-8.1%
DVN	Sell	DEVON ENERGY CORP NEW	$206,000	-86.1%	5,606	-87.9%	0.06%	-85.9%
SNY	New	SANOFIsponsored adr	$204,000	–	4,095	–	0.06%	–
JPM	Sell	JPMORGAN CHASE & CO	$200,000	-4.3%	2,094	-8.3%	0.06%	-3.1%
CLX	Sell	CLOROX CO DEL	$200,000	-3.8%	1,519	-2.5%	0.06%	-3.1%
ATW	Sell	ATWOOD OCEANICS INC	$191,000	+11.0%	20,295	-4.0%	0.06%	+11.1%
IDT	Sell	IDT CORPcl b new	$164,000	-12.8%	11,632	-11.2%	0.05%	-11.9%
NEBLQ	Sell	NOBLE CORP PLC	$164,000	+23.3%	35,575	-3.0%	0.05%	+26.8%
ESV	Sell	ENSCO PLC	$113,000	-4.2%	18,946	-17.1%	0.04%	-2.7%
CCJ	Sell	CAMECO CORP	$103,000	-6.4%	10,603	-12.4%	0.03%	-2.9%
HNRG	Buy	HALLADOR ENERGY COMPANY	$103,000	-26.4%	18,054	+0.0%	0.03%	-25.0%
MDR	Sell	MCDERMOTT INTL INC	$95,000	-42.4%	13,000	-43.5%	0.03%	-41.2%
CHK	Sell	CHESAPEAKE ENERGY CORP	$70,000	-45.7%	16,175	-37.5%	0.02%	-45.0%
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-12,000	–	-0.01%	–
WTI	Exit	W & T OFFSHORE INC	$0	–	-15,250	–	-0.01%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-10,300	–	-0.01%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-10,400	–	-0.03%	–
TPHS	Exit	TRINITY PL HLDGS INC	$0	–	-12,038	–	-0.03%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-10,300	–	-0.03%	–
REIS	Exit	REIS INC	$0	–	-9,400	–	-0.06%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,436	–	-0.07%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-8,266	–	-0.07%	–
DOW	Exit	DOW CHEM CO	$0	–	-6,474	–	-0.13%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-28,148	–	-0.71%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$47,589,000	–	280,978	–	14.81%	–
WTM	New	WHITE MTNS INS GROUP LTD	$26,058,000	–	29,999	–	8.11%	–
Y	New	ALLEGHANY CORP DEL	$22,487,000	–	37,806	–	7.00%	–
MKL	New	MARKEL CORP	$17,468,000	–	17,900	–	5.44%	–
WRB	New	BERKLEY W R CORP	$15,529,000	–	224,503	–	4.83%	–
L	New	LOEWS CORP	$14,465,000	–	309,019	–	4.50%	–
LUK	New	LEUCADIA NATL CORP	$12,507,000	–	478,096	–	3.89%	–
ESGR	New	ENSTAR GROUP LIMITED	$12,356,000	–	62,198	–	3.84%	–
FRFHF	New	FAIRFAX FINANCIAL HLDGS LTD	$8,749,000	–	20,213	–	2.72%	–
RES	New	RPC INC	$7,915,000	–	391,662	–	2.46%	–
MSFT	New	MICROSOFT CORP	$5,243,000	–	76,064	–	1.63%	–
GAM	New	GENERAL AMERN INVS INC	$4,928,000	–	143,468	–	1.53%	–
WABC	New	WESTAMERICA BANCORPORATION	$4,473,000	–	79,812	–	1.39%	–
XEC	New	CIMAREX ENERGY CO	$4,469,000	–	47,541	–	1.39%	–
BK	New	BANK NEW YORK MELLON CORP	$4,395,000	–	86,140	–	1.37%	–
JNJ	New	JOHNSON & JOHNSON	$4,030,000	–	30,465	–	1.25%	–
TPH	New	TRI POINTE GROUP INC	$3,064,000	–	232,260	–	0.95%	–
FCEA	New	FOREST CITY RLTY TR INC	$2,993,000	–	123,820	–	0.93%	–
DNOW	New	NOW INC	$2,542,000	–	158,062	–	0.79%	–
SOR	New	SOURCE CAP INC	$2,402,000	–	62,158	–	0.75%	–
CNA	New	CNA FINL CORP	$2,339,000	–	47,976	–	0.73%	–
BWP	New	BOARDWALK PIPELINE PARTNERSut ltd partner	$2,337,000	–	129,775	–	0.73%	–
TGNA	New	TEGNA INC	$2,288,000	–	158,810	–	0.71%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,272,000	–	28,148	–	0.71%	–
PICO	New	PICO HLDGS INC	$2,228,000	–	127,292	–	0.69%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,199,000	–	14,293	–	0.68%	–
KO	New	COCA COLA CO	$2,117,000	–	47,200	–	0.66%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$2,043,000	–	35,875	–	0.64%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,038,000	–	8	–	0.63%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$1,995,000	–	21,523	–	0.62%	–
HP	New	HELMERICH & PAYNE INC	$1,978,000	–	36,400	–	0.62%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$1,758,000	–	23,270	–	0.55%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,722,000	–	87,258	–	0.54%	–
GEFB	New	GREIF INCcl b	$1,664,000	–	27,557	–	0.52%	–
CVX	New	CHEVRON CORP NEW	$1,656,000	–	15,875	–	0.52%	–
ANAT	New	AMERICAN NATL INS CO	$1,651,000	–	14,171	–	0.51%	–
ABT	New	ABBOTT LABS	$1,575,000	–	32,402	–	0.49%	–
EMR	New	EMERSON ELEC CO	$1,567,000	–	26,284	–	0.49%	–
DVN	New	DEVON ENERGY CORP NEW	$1,486,000	–	46,470	–	0.46%	–
AAPL	New	APPLE INC	$1,447,000	–	10,049	–	0.45%	–
SBR	New	SABINE ROYALTY TRunit ben int	$1,405,000	–	36,264	–	0.44%	–
WFC	New	WELLS FARGO CO NEW	$1,361,000	–	24,561	–	0.42%	–
CARS	New	CARS COM INC	$1,336,000	–	50,151	–	0.42%	–
UHAL	New	AMERCO	$1,282,000	–	3,501	–	0.40%	–
T	New	AT&T INC	$1,277,000	–	33,857	–	0.40%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,262,000	–	145,920	–	0.39%	–
AMGN	New	AMGEN INC	$1,204,000	–	6,994	–	0.38%	–
COP	New	CONOCOPHILLIPS	$1,205,000	–	27,407	–	0.38%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$1,162,000	–	75,870	–	0.36%	–
RVT	New	ROYCE VALUE TR INC	$1,155,000	–	79,179	–	0.36%	–
USB	New	US BANCORP DEL	$1,121,000	–	21,591	–	0.35%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$1,107,000	–	73,528	–	0.34%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,103,000	–	28,130	–	0.34%	–
LENB	New	LENNAR CORPcl b	$1,075,000	–	23,900	–	0.34%	–
AR	New	ANTERO RES CORP	$973,000	–	45,010	–	0.30%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$968,000	–	142,097	–	0.30%	–
WY	New	WEYERHAEUSER CO	$959,000	–	28,613	–	0.30%	–
IP	New	INTL PAPER CO	$894,000	–	15,798	–	0.28%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$855,000	–	107,050	–	0.27%	–
GD	New	GENERAL DYNAMICS CORP	$786,000	–	3,966	–	0.24%	–
AXP	New	AMERICAN EXPRESS CO	$783,000	–	9,291	–	0.24%	–
SYY	New	SYSCO CORP	$777,000	–	15,442	–	0.24%	–
PNC	New	PNC FINL SVCS GROUP INC	$771,000	–	6,171	–	0.24%	–
NVS	New	NOVARTIS A Gsponsored adr	$728,000	–	8,724	–	0.23%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$712,000	–	15,280	–	0.22%	–
PTEN	New	PATTERSON UTI ENERGY INC	$699,000	–	34,600	–	0.22%	–
GCI	New	GANNETT CO INC	$690,000	–	79,165	–	0.22%	–
SSP	New	SCRIPPS E W CO OHIOcl a new	$688,000	–	38,633	–	0.21%	–
CSCO	New	CISCO SYS INC	$687,000	–	21,934	–	0.21%	–
LAQ	New	ABERDEEN LATIN AMER EQTY FD	$675,000	–	29,142	–	0.21%	–
AMAT	New	APPLIED MATLS INC	$668,000	–	16,167	–	0.21%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$665,000	–	76,450	–	0.21%	–
MET	New	METLIFE INC	$654,000	–	11,909	–	0.20%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$643,000	–	22,376	–	0.20%	–
PFE	New	PFIZER INC	$626,000	–	18,635	–	0.20%	–
ETR	New	ENTERGY CORP NEW	$595,000	–	7,750	–	0.18%	–
GLW	New	CORNING INC	$591,000	–	19,670	–	0.18%	–
LBRDK	New	LIBERTY BROADBAND CORP	$584,000	–	6,730	–	0.18%	–
BX	New	BLACKSTONE GROUP L P	$584,000	–	17,511	–	0.18%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$557,000	–	10,600	–	0.17%	–
APD	New	AIR PRODS & CHEMS INC	$545,000	–	3,812	–	0.17%	–
MRO	New	MARATHON OIL CORP	$537,000	–	45,281	–	0.17%	–
DMLP	New	DORCHESTER MINERALS LP	$537,000	–	37,170	–	0.17%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$533,000	–	8,911	–	0.17%	–
CVA	New	COVANTA HLDG CORP	$531,000	–	40,250	–	0.16%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$520,000	–	37,595	–	0.16%	–
AER	New	AERCAP HOLDINGS NV	$517,000	–	11,144	–	0.16%	–
CABO	New	CABLE ONE INC	$515,000	–	725	–	0.16%	–
VZ	New	VERIZON COMMUNICATIONS INC	$515,000	–	11,521	–	0.16%	–
PYPL	New	PAYPAL HLDGS INC	$462,000	–	8,603	–	0.14%	–
SRE	New	SEMPRA ENERGY	$460,000	–	4,077	–	0.14%	–
BXMT	New	BLACKSTONE MTG TR INC	$461,000	–	14,575	–	0.14%	–
LNCE	New	SNYDERS-LANCE INC	$446,000	–	12,886	–	0.14%	–
BAC	New	BANK AMER CORP	$447,000	–	18,440	–	0.14%	–
VFC	New	V F CORP	$438,000	–	7,600	–	0.14%	–
GHC	New	GRAHAM HLDGS CO	$435,000	–	725	–	0.14%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$432,000	–	1,788	–	0.13%	–
TTE	New	TOTAL S Asponsored adr	$425,000	–	8,561	–	0.13%	–
NLY	New	ANNALY CAP MGMT INC	$421,000	–	34,900	–	0.13%	–
CATY	New	CATHAY GEN BANCORP	$410,000	–	10,800	–	0.13%	–
INTC	New	INTEL CORP	$410,000	–	12,161	–	0.13%	–
MEOH	New	METHANEX CORP	$410,000	–	9,300	–	0.13%	–
DOW	New	DOW CHEM CO	$408,000	–	6,474	–	0.13%	–
SO	New	SOUTHERN CO	$405,000	–	8,466	–	0.13%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$406,000	–	37,512	–	0.13%	–
LBTYK	New	LIBERTY GLOBAL PLC	$399,000	–	12,800	–	0.12%	–
XOM	New	EXXON MOBIL CORP	$399,000	–	4,946	–	0.12%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$391,000	–	7,100	–	0.12%	–
GE	New	GENERAL ELECTRIC CO	$380,000	–	14,068	–	0.12%	–
PEP	New	PEPSICO INC	$374,000	–	3,242	–	0.12%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$363,000	–	26,125	–	0.11%	–
PG	New	PROCTER AND GAMBLE CO	$348,000	–	3,993	–	0.11%	–
NEWM	New	NEW MEDIA INVT GROUP INC	$343,000	–	25,456	–	0.11%	–
TSI	New	TCW STRATEGIC INCOME FUND IN	$332,000	–	58,918	–	0.10%	–
GBDC	New	GOLUB CAP BDC INC	$323,000	–	16,900	–	0.10%	–
CNQ	New	CANADIAN NAT RES LTD	$314,000	–	10,904	–	0.10%	–
COST	New	COSTCO WHSL CORP NEW	$316,000	–	1,975	–	0.10%	–
AXE	New	ANIXTER INTL INC	$313,000	–	4,000	–	0.10%	–
MRK	New	MERCK & CO INC	$312,000	–	4,869	–	0.10%	–
EBAY	New	EBAY INC	$299,000	–	8,555	–	0.09%	–
OFG	New	OFG BANCORP	$299,000	–	29,916	–	0.09%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$299,000	–	12,483	–	0.09%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$284,000	–	4,679	–	0.09%	–
EIX	New	EDISON INTL	$274,000	–	3,500	–	0.08%	–
CMP	New	COMPASS MINERALS INTL INC	$261,000	–	4,000	–	0.08%	–
PCG	New	PG&E CORP	$261,000	–	3,936	–	0.08%	–
CMCSA	New	COMCAST CORP NEWcl a	$237,000	–	6,092	–	0.07%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$236,000	–	1,700	–	0.07%	–
EQT	New	EQT CORP	$229,000	–	3,900	–	0.07%	–
CC	New	CHEMOURS CO	$227,000	–	5,989	–	0.07%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$224,000	–	8,266	–	0.07%	–
FB	New	FACEBOOK INCcl a	$217,000	–	1,436	–	0.07%	–
LBRDA	New	LIBERTY BROADBAND CORP	$211,000	–	2,454	–	0.07%	–
JPM	New	JPMORGAN CHASE & CO	$209,000	–	2,284	–	0.06%	–
CLX	New	CLOROX CO DEL	$208,000	–	1,558	–	0.06%	–
MMM	New	3M CO	$208,000	–	1,000	–	0.06%	–
ZTS	New	ZOETIS INCcl a	$205,000	–	3,286	–	0.06%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b non vtg	$207,000	–	7,882	–	0.06%	–
REIS	New	REIS INC	$200,000	–	9,400	–	0.06%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$195,000	–	21,049	–	0.06%	–
IDT	New	IDT CORPcl b new	$188,000	–	13,096	–	0.06%	–
ATW	New	ATWOOD OCEANICS INC	$172,000	–	21,145	–	0.05%	–
MDR	New	MCDERMOTT INTL INC	$165,000	–	23,000	–	0.05%	–
CNX	New	CONSOL ENERGY INC	$156,000	–	10,450	–	0.05%	–
HNRG	New	HALLADOR ENERGY COMPANY	$140,000	–	18,053	–	0.04%	–
NEBLQ	New	NOBLE CORP PLC	$133,000	–	36,675	–	0.04%	–
CHK	New	CHESAPEAKE ENERGY CORP	$129,000	–	25,875	–	0.04%	–
MCF	New	CONTANGO OIL & GAS COMPANY	$121,000	–	18,193	–	0.04%	–
ESV	New	ENSCO PLC	$118,000	–	22,846	–	0.04%	–
CCJ	New	CAMECO CORP	$110,000	–	12,103	–	0.03%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$99,000	–	10,300	–	0.03%	–
GNRT	New	GENER8 MARITIME INC	$100,000	–	17,500	–	0.03%	–
TPHS	New	TRINITY PL HLDGS INC	$86,000	–	12,038	–	0.03%	–
NBR	New	NABORS INDUSTRIES LTD	$85,000	–	10,400	–	0.03%	–
RFP	New	RESOLUTE FST PRODS INC	$45,000	–	10,300	–	0.01%	–
KLDX	New	KLONDEX MNS LTD	$37,000	–	11,000	–	0.01%	–
WTI	New	W & T OFFSHORE INC	$30,000	–	15,250	–	0.01%	–
GTE	New	GRAN TIERRA ENERGY INC	$27,000	–	12,000	–	0.01%	–
XPL	New	SOLITARIO EXPL & RTY CORP	$10,000	–	14,300	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
TGD	Exit	TIMMINS GOLD CORP	$0	–	-10,000	–	-0.00%	–
WTI	Exit	W & T OFFSHORE INC	$0	–	-10,000	–	-0.01%	–
TDW	Exit	TIDEWATER INC	$0	–	-10,600	–	-0.01%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-12,000	–	-0.01%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-12,800	–	-0.02%	–
KLDX	Exit	KLONDEX MNS LTD	$0	–	-11,000	–	-0.02%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-11,171	–	-0.03%	–
GNRT	Exit	GENER8 MARITIME INC	$0	–	-17,500	–	-0.03%	–
ACW	Exit	ACCURIDE CORP NEW	$0	–	-39,400	–	-0.03%	–
CCJ	Exit	CAMECO CORP	$0	–	-12,103	–	-0.04%	–
NRG	Exit	NRG ENERGY INC	$0	–	-10,280	–	-0.04%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-23,000	–	-0.04%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-10,400	–	-0.04%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-20,437	–	-0.04%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-17,345	–	-0.05%	–
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-19,171	–	-0.05%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-26,875	–	-0.06%	–
ESV	Exit	ENSCO PLC	$0	–	-20,206	–	-0.06%	–
MCF	Exit	CONTANGO OIL & GAS COMPANY	$0	–	-18,193	–	-0.06%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-10,450	–	-0.07%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,083	–	-0.07%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,400	–	-0.07%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,146	–	-0.07%	–
BATRK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-12,744	–	-0.08%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-8,265	–	-0.08%	–
PCG	Exit	PG&E CORP	$0	–	-3,703	–	-0.08%	–
IDT	Exit	IDT CORPcl b new	$0	–	-13,422	–	-0.08%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,095	–	-0.08%	–
RNR	Exit	RENAISSANCERE HOLDINGS LTD	$0	–	-2,000	–	-0.08%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-14,616	–	-0.08%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-38,573	–	-0.08%	–
EIX	Exit	EDISON INTL	$0	–	-3,500	–	-0.09%	–
AXE	Exit	ANIXTER INTL INC	$0	–	-4,000	–	-0.09%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-4,679	–	-0.09%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-26,125	–	-0.09%	–
ECA	Exit	ENCANA CORP	$0	–	-26,100	–	-0.09%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-15,100	–	-0.10%	–
EQT	Exit	EQT CORP	$0	–	-3,900	–	-0.10%	–
EBAY	Exit	EBAY INC	$0	–	-8,655	–	-0.10%	–
APA	Exit	APACHE CORP	$0	–	-4,594	–	-0.10%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-6,261	–	-0.10%	–
OFG	Exit	OFG BANCORP	$0	–	-29,916	–	-0.10%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,485	–	-0.11%	–
LAQ	Exit	ABERDEEN LATIN AMER EQTY FD	$0	–	-14,642	–	-0.11%	–
TSI	Exit	TCW STRATEGIC INCOME FUND IN	$0	–	-58,918	–	-0.11%	–
STRZA	Exit	STARZ	$0	–	-10,504	–	-0.11%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-10,800	–	-0.11%	–
MEOH	Exit	METHANEX CORP	$0	–	-9,300	–	-0.11%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,589	–	-0.12%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-725	–	-0.12%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-33,600	–	-0.12%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-8,703	–	-0.12%	–
DMLP	Exit	DORCHESTER MINERALS LP	$0	–	-23,516	–	-0.12%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-10,901	–	-0.13%	–
DOW	Exit	DOW CHEM CO	$0	–	-7,174	–	-0.13%	–
BAC	Exit	BANK AMER CORP	$0	–	-25,072	–	-0.13%	–
CABO	Exit	CABLE ONE INC	$0	–	-725	–	-0.14%	–
VFC	Exit	V F CORP	$0	–	-7,604	–	-0.14%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-14,575	–	-0.15%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-14,524	–	-0.15%	–
SO	Exit	SOUTHERN CO	$0	–	-8,466	–	-0.15%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-13,060	–	-0.15%	–
LNCE	Exit	SNYDERS-LANCE INC	$0	–	-12,886	–	-0.15%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC	$0	–	-28,106	–	-0.15%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-18,000	–	-0.16%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-5,332	–	-0.16%	–
INTC	Exit	INTEL CORP	$0	–	-12,245	–	-0.16%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,415	–	-0.16%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-6,680	–	-0.16%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-6,797	–	-0.17%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-99,460	–	-0.17%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-5,583	–	-0.17%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-11,700	–	-0.17%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,777	–	-0.18%	–
SBR	Exit	SABINE ROYALTY TRunit ben int	$0	–	-14,080	–	-0.18%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-17,334	–	-0.18%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-18,681	–	-0.18%	–
GLW	Exit	CORNING INC	$0	–	-22,690	–	-0.18%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-77,150	–	-0.18%	–
MET	Exit	METLIFE INC	$0	–	-12,205	–	-0.18%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-6,190	–	-0.19%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-13,200	–	-0.19%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,862	–	-0.20%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-9,314	–	-0.20%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-7,850	–	-0.21%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-8,549	–	-0.21%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-11,850	–	-0.21%	–
SSP	Exit	SCRIPPS E W CO OHIOcl a new	$0	–	-38,633	–	-0.21%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-18,444	–	-0.21%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-4,102	–	-0.22%	–
GEOS	Exit	GEOSPACE TECHNOLOGIES CORP	$0	–	-32,595	–	-0.22%	–
UHAL	Exit	AMERCO	$0	–	-2,025	–	-0.22%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-12,603	–	-0.22%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-37,750	–	-0.23%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-9,203	–	-0.23%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr	$0	–	-23,639	–	-0.24%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-8,926	–	-0.24%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-45,725	–	-0.25%	–
CSCO	Exit	CISCO SYS INC	$0	–	-22,934	–	-0.25%	–
IP	Exit	INTL PAPER CO	$0	–	-16,052	–	-0.26%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-35,200	–	-0.27%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-44,900	–	-0.28%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-24,800	–	-0.28%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-107,238	–	-0.29%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-141,825	–	-0.29%	–
SYY	Exit	SYSCO CORP	$0	–	-17,780	–	-0.30%	–
USB	Exit	US BANCORP DEL	$0	–	-21,591	–	-0.32%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-28,971	–	-0.32%	–
GCI	Exit	GANNETT CO INC	$0	–	-81,415	–	-0.32%	–
AMGN	Exit	AMGEN INC	$0	–	-5,709	–	-0.32%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-29,421	–	-0.35%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-82,294	–	-0.36%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-78,678	–	-0.38%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-26,031	–	-0.39%	–
DNOW	Exit	NOW INC	$0	–	-55,375	–	-0.40%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,828	–	-0.41%	–
AAPL	Exit	APPLE INC	$0	–	-11,176	–	-0.43%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-19,500	–	-0.45%	–
ABT	Exit	ABBOTT LABS	$0	–	-32,796	–	-0.47%	–
PICO	Exit	PICO HLDGS INC	$0	–	-123,830	–	-0.50%	–
T	Exit	AT&T INC	$0	–	-36,530	–	-0.51%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,623	–	-0.51%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-22,700	–	-0.53%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-15,895	–	-0.56%	–
CNA	Exit	CNA FINL CORP	$0	–	-48,753	–	-0.57%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-8	–	-0.59%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-34,062	–	-0.60%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-14,548	–	-0.61%	–
GEFB	Exit	GREIF INCcl b	$0	–	-30,247	–	-0.63%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-21,871	–	-0.63%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-28,414	–	-0.65%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERSut ltd partner	$0	–	-112,425	–	-0.66%	–
KO	Exit	COCA COLA CO	$0	–	-47,200	–	-0.68%	–
SOR	Exit	SOURCE CAP INC	$0	–	-58,869	–	-0.74%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-82,793	–	-0.79%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-15,388	–	-0.84%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-75,344	–	-0.86%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-207,239	–	-0.93%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-88,471	–	-1.20%	–
TGNA	Exit	TEGNA INC	$0	–	-162,450	–	-1.21%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-30,866	–	-1.24%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-83,453	–	-1.45%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-96,610	–	-1.46%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-79,053	–	-1.56%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-148,887	–	-1.66%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-48,362	–	-2.22%	–
RES	Exit	RPC INC	$0	–	-403,367	–	-2.31%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-54,292	–	-3.05%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-474,118	–	-3.08%	–
FRFHF	Exit	Fairfax Financial Hldgs Ltd	$0	–	-20,612	–	-4.13%	–
L	Exit	LOEWS CORP	$0	–	-304,024	–	-4.27%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-230,395	–	-4.54%	–
MKL	Exit	MARKEL CORP	$0	–	-17,066	–	-5.41%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-38,526	–	-6.91%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-30,880	–	-8.75%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-278,764	–	-13.75%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$40,273,000	-0.5%	278,764	-0.2%	13.75%	-2.9%
WTM	Sell	WHITE MTNS INS GROUP LTD	$25,631,000	-1.9%	30,880	-0.5%	8.75%	-4.3%
Y	Buy	ALLEGHANY CORP DEL	$20,227,000	-3.8%	38,526	+0.7%	6.91%	-6.2%
MKL	Sell	MARKEL CORP	$15,850,000	-2.9%	17,066	-0.4%	5.41%	-5.3%
WRB	Sell	BERKLEY W R CORP	$13,308,000	-4.2%	230,395	-0.6%	4.54%	-6.5%
L	Buy	LOEWS CORP	$12,511,000	+1.5%	304,024	+1.3%	4.27%	-1.0%
FRFHF	Sell	Fairfax Financial Hldgs Ltd	$12,082,000	+7.5%	20,612	-1.2%	4.13%	+4.9%
LUK	Buy	LEUCADIA NATL CORP	$9,027,000	+10.2%	474,118	+0.3%	3.08%	+7.5%
ESGR	Buy	ENSTAR GROUP LIMITED	$8,929,000	+5.0%	54,292	+3.4%	3.05%	+2.5%
XEC	Buy	CIMAREX ENERGY CO	$6,498,000	+12.6%	48,362	+0.0%	2.22%	+9.9%
GAM	Sell	GENERAL AMERN INVS INC	$4,861,000	+5.4%	148,887	-0.6%	1.66%	+2.8%
MSFT	Sell	MICROSOFT CORP	$4,553,000	+12.1%	79,053	-0.4%	1.56%	+9.4%
DVN	Sell	DEVON ENERGY CORP NEW	$4,261,000	+20.7%	96,610	-0.8%	1.46%	+17.7%
WABC	Sell	WESTAMERICA BANCORPORATION	$4,246,000	+3.2%	83,453	-0.1%	1.45%	+0.8%
BK	Sell	BANK NEW YORK MELLON CORP	$3,528,000	+1.8%	88,471	-0.8%	1.20%	-0.6%
TPH	Buy	TRI POINTE GROUP INC	$2,731,000	+11.6%	207,239	+0.0%	0.93%	+8.9%
LSXMK	Sell	LIBERTY MEDIA CORP DELAWARE	$2,517,000	+7.2%	75,344	-1.0%	0.86%	+4.5%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$2,444,000	+4.1%	15,388	-0.5%	0.84%	+1.6%
CBI	Sell	CHICAGO BRIDGE & IRON CO N V	$2,321,000	-19.4%	82,793	-0.5%	0.79%	-21.3%
SOR	Buy	SOURCE CAP INC	$2,162,000	+10.8%	58,869	+11.2%	0.74%	+8.1%
BWP	Buy	BOARDWALK PIPELINE PARTNERSut ltd partner	$1,929,000	+32.7%	112,425	+34.9%	0.66%	+29.5%
VIG	Sell	VANGUARD SPECIALIZED PORTFOLdiv app etf	$1,836,000	-1.4%	21,871	-2.2%	0.63%	-3.8%
GEFB	Sell	GREIF INCcl b	$1,833,000	+7.8%	30,247	-2.6%	0.63%	+5.2%
ANAT	Sell	AMERICAN NATL INS CO	$1,774,000	+4.0%	14,548	-3.5%	0.61%	+1.5%
CTO	Sell	CONSOLIDATED TOMOKA LD CO	$1,744,000	+7.5%	34,062	-0.4%	0.60%	+4.9%
CNA	Buy	CNA FINL CORP	$1,678,000	+10.8%	48,753	+1.1%	0.57%	+8.1%
CVX	Buy	CHEVRON CORP NEW	$1,636,000	-1.1%	15,895	+0.7%	0.56%	-3.5%
EMR	Buy	EMERSON ELEC CO	$1,506,000	+4.6%	27,623	+0.0%	0.51%	+2.0%
T	Sell	AT&T INC	$1,483,000	-9.0%	36,530	-3.2%	0.51%	-11.2%
PICO	Sell	PICO HLDGS INC	$1,460,000	+24.3%	123,830	-0.3%	0.50%	+21.4%
ABT	Sell	ABBOTT LABS	$1,387,000	+3.2%	32,796	-4.1%	0.47%	+0.9%
HP	Buy	HELMERICH & PAYNE INC	$1,312,000	+62.8%	19,500	+62.5%	0.45%	+58.9%
AAPL	Buy	APPLE INC	$1,263,000	+18.8%	11,176	+0.5%	0.43%	+15.9%
WFC	Sell	WELLS FARGO & CO NEW	$1,188,000	-7.1%	26,828	-0.7%	0.41%	-9.4%
DNOW	Sell	NOW INC	$1,187,000	+17.5%	55,375	-0.6%	0.40%	+14.7%
COP	Buy	CONOCOPHILLIPS	$1,132,000	+26.8%	26,031	+27.1%	0.39%	+23.6%
MNR	Sell	MONMOUTH REAL ESTATE INVT COcl a	$1,123,000	+1.4%	78,678	-5.9%	0.38%	-1.3%
RVT	Sell	ROYCE VALUE TR INC	$1,042,000	+6.7%	82,294	-0.9%	0.36%	+4.1%
AMGN	Buy	AMGEN INC	$952,000	+9.7%	5,709	+0.0%	0.32%	+6.9%
SYY	Sell	SYSCO CORP	$871,000	-5.0%	17,780	-1.7%	0.30%	-7.5%
SJT	Sell	SAN JUAN BASIN RTY TRunit ben int	$837,000	-19.8%	141,825	-1.2%	0.29%	-21.6%
LENB	Buy	LENNAR CORPcl b	$833,000	+7.1%	24,800	+18.8%	0.28%	+4.4%
CSCO	Sell	CISCO SYS INC	$727,000	+9.7%	22,934	-0.7%	0.25%	+6.9%
VOD	Sell	VODAFONE GROUP PLC NEWspnsr adr	$689,000	-6.8%	23,639	-1.1%	0.24%	-9.3%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$671,000	-3.5%	9,203	+0.1%	0.23%	-5.8%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$665,000	-28.4%	37,750	-1.2%	0.23%	-30.2%
VZ	Sell	VERIZON COMMUNICATIONS INC	$655,000	-11.1%	12,603	-4.5%	0.22%	-13.2%
UHAL	New	AMERCO	$657,000	–	2,025	–	0.22%	–
OAK	Buy	OAKTREE CAP GROUP LLCunit cl a	$560,000	-1.4%	13,200	+3.9%	0.19%	-4.0%
GLW	Sell	CORNING INC	$537,000	+7.8%	22,690	-6.7%	0.18%	+5.2%
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$526,000	–	18,681	–	0.18%	–
AMAT	Sell	APPLIED MATLS INC	$523,000	+25.1%	17,334	-0.6%	0.18%	+22.6%
SBR	Buy	SABINE ROYALTY TRunit ben int	$518,000	+75.0%	14,080	+59.1%	0.18%	+70.2%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$501,000	-6.7%	11,700	-3.3%	0.17%	-9.0%
PG	Buy	PROCTER AND GAMBLE CO	$501,000	+6.4%	5,583	+0.5%	0.17%	+3.6%
LBRDK	Sell	LIBERTY BROADBAND CORP	$486,000	+18.0%	6,797	-1.0%	0.17%	+15.3%
XOM	Buy	EXXON MOBIL CORP	$473,000	-6.9%	5,415	+0.0%	0.16%	-9.0%
MDT	New	MEDTRONIC PLC	$461,000	–	5,332	–	0.16%	–
BX	Sell	BLACKSTONE GROUP L P	$460,000	+1.3%	18,000	-2.7%	0.16%	-1.3%
LBTYK	Sell	LIBERTY GLOBAL PLC	$432,000	+14.9%	13,060	-0.4%	0.15%	+12.1%
GE	Buy	GENERAL ELECTRIC CO	$430,000	-5.9%	14,524	+0.0%	0.15%	-8.1%
BAC	Buy	BANK AMER CORP	$392,000	+17.7%	25,072	+0.0%	0.13%	+14.5%
LSXMA	Sell	LIBERTY MEDIA CORP DELAWARE	$370,000	+7.6%	10,901	-0.5%	0.13%	+5.0%
DMLP	Buy	DORCHESTER MINERALS LP	$362,000	+50.2%	23,516	+40.7%	0.12%	+47.6%
MRK	Buy	MERCK & CO INC	$349,000	+8.4%	5,589	+0.1%	0.12%	+5.3%
STRZA	Sell	STARZ	$328,000	+3.5%	10,504	-0.9%	0.11%	+0.9%
CLX	Sell	CLOROX CO DEL	$311,000	-16.4%	2,485	-7.4%	0.11%	-18.5%
TTE	Buy	TOTAL S Asponsored adr	$299,000	+18.2%	6,261	+19.0%	0.10%	+14.6%
EBAY	Sell	EBAY INC	$285,000	+31.3%	8,655	-6.5%	0.10%	+27.6%
GBDC	Sell	GOLUB CAP BDC INC	$280,000	-10.8%	15,100	-13.2%	0.10%	-12.7%
NEBLQ	Buy	NOBLE CORP PLC	$245,000	-22.0%	38,573	+1.3%	0.08%	-23.6%
BATRK	Sell	LIBERTY MEDIA CORP DELAWARE	$221,000	+17.6%	12,744	-0.8%	0.08%	+13.6%
PXD	New	PIONEER NAT RES CO	$213,000	–	1,146	–	0.07%	–
OMC	New	OMNICOM GROUP INC	$204,000	–	2,400	–	0.07%	–
MCF	New	CONTANGO OIL & GAS COMPANY	$186,000	–	18,193	–	0.06%	–
ESV	Buy	ENSCO PLC	$172,000	-12.2%	20,206	+0.0%	0.06%	-14.5%
HNRG	Buy	HALLADOR ENERGY COMPANY	$151,000	+69.7%	19,171	+0.0%	0.05%	+67.7%
UBFO	Buy	UNITED SECURITY BANCSHARES C	$129,000	-0.8%	20,437	+1.0%	0.04%	-2.2%
NRG	Buy	NRG ENERGY INC	$115,000	-25.3%	10,280	+0.0%	0.04%	-27.8%
MDR	Sell	MCDERMOTT INTL INC	$115,000	-5.7%	23,000	-6.5%	0.04%	-9.3%
GNRT	New	GENER8 MARITIME INC	$90,000	–	17,500	–	0.03%	–
MFCB	Exit	MFC BANCORP LTD	$0	–	-33,411	–	-0.03%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-889	–	-0.07%	–
REIS	Exit	REIS INC	$0	–	-9,400	–	-0.08%	–
MDT	Exit	Medtronic Inc	$0	–	-5,332	–	-0.16%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$40,458,000	–	279,428	–	14.16%	–
WTM	New	WHITE MTNS INS GROUP LTD	$26,129,000	–	31,032	–	9.14%	–
Y	New	ALLEGHANY CORP DEL	$21,031,000	–	38,267	–	7.36%	–
MKL	New	MARKEL CORP	$16,325,000	–	17,134	–	5.71%	–
WRB	New	BERKLEY W R CORP	$13,887,000	–	231,759	–	4.86%	–
L	New	LOEWS CORP	$12,332,000	–	300,121	–	4.32%	–
FRFHF	New	Fairfax Financial Hldgs Ltd	$11,240,000	–	20,853	–	3.93%	–
ESGR	New	ENSTAR GROUP LIMITED	$8,503,000	–	52,492	–	2.98%	–
LUK	New	LEUCADIA NATL CORP	$8,194,000	–	472,844	–	2.87%	–
RES	New	RPC INC	$6,264,000	–	403,367	–	2.19%	–
XEC	New	CIMAREX ENERGY CO	$5,770,000	–	48,361	–	2.02%	–
GAM	New	GENERAL AMERN INVS INC	$4,614,000	–	149,722	–	1.62%	–
WABC	New	WESTAMERICA BANCORPORATION	$4,113,000	–	83,498	–	1.44%	–
MSFT	New	MICROSOFT CORP	$4,063,000	–	79,403	–	1.42%	–
TGNA	New	TEGNA INC	$3,764,000	–	162,450	–	1.32%	–
JNJ	New	JOHNSON & JOHNSON	$3,744,000	–	30,866	–	1.31%	–
DVN	New	DEVON ENERGY CORP NEW	$3,531,000	–	97,409	–	1.24%	–
BK	New	BANK NEW YORK MELLON CORP	$3,464,000	–	89,171	–	1.21%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$2,881,000	–	83,193	–	1.01%	–
TPH	New	TRI POINTE GROUP INC	$2,448,000	–	207,139	–	0.86%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$2,348,000	–	76,069	–	0.82%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,348,000	–	15,472	–	0.82%	–
KO	New	COCA COLA CO	$2,140,000	–	47,200	–	0.75%	–
SOR	New	SOURCE CAP INC	$1,952,000	–	52,919	–	0.68%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$1,862,000	–	22,371	–	0.65%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,841,000	–	28,414	–	0.64%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,736,000	–	8	–	0.61%	–
ANAT	New	AMERICAN NATL INS CO	$1,706,000	–	15,078	–	0.60%	–
GEFB	New	GREIF INCcl b	$1,700,000	–	31,047	–	0.60%	–
CVX	New	CHEVRON CORP NEW	$1,655,000	–	15,790	–	0.58%	–
T	New	AT&T INC	$1,630,000	–	37,730	–	0.57%	–
CTO	New	CONSOLIDATED TOMOKA LD CO	$1,623,000	–	34,182	–	0.57%	–
CNA	New	CNA FINL CORP	$1,514,000	–	48,201	–	0.53%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$1,480,000	–	22,700	–	0.52%	–
BWP	New	BOARDWALK PIPELINE PARTNERSut ltd partner	$1,454,000	–	83,339	–	0.51%	–
EMR	New	EMERSON ELEC CO	$1,440,000	–	27,610	–	0.50%	–
ABT	New	ABBOTT LABS	$1,344,000	–	34,194	–	0.47%	–
WFC	New	WELLS FARGO & CO NEW	$1,279,000	–	27,017	–	0.45%	–
PICO	New	PICO HLDGS INC	$1,175,000	–	124,217	–	0.41%	–
GCI	New	GANNETT CO INC	$1,124,000	–	81,415	–	0.39%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$1,108,000	–	83,578	–	0.39%	–
AAPL	New	APPLE INC	$1,063,000	–	11,124	–	0.37%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$1,044,000	–	143,616	–	0.36%	–
DNOW	New	NOW INC	$1,010,000	–	55,685	–	0.35%	–
RVT	New	ROYCE VALUE TR INC	$977,000	–	83,015	–	0.34%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$973,000	–	29,421	–	0.34%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$929,000	–	38,196	–	0.32%	–
SYY	New	SYSCO CORP	$917,000	–	18,080	–	0.32%	–
COP	New	CONOCOPHILLIPS	$893,000	–	20,480	–	0.31%	–
USB	New	US BANCORP DEL	$871,000	–	21,591	–	0.30%	–
AMGN	New	AMGEN INC	$868,000	–	5,707	–	0.30%	–
WY	New	WEYERHAEUSER CO	$862,000	–	28,971	–	0.30%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$814,000	–	44,900	–	0.28%	–
HP	New	HELMERICH & PAYNE INC	$806,000	–	12,000	–	0.28%	–
RMT	New	ROYCE MICRO-CAP TR INC	$787,000	–	107,238	–	0.28%	–
LENB	New	LENNAR CORPcl b	$778,000	–	20,875	–	0.27%	–
PTEN	New	PATTERSON UTI ENERGY INC	$750,000	–	35,200	–	0.26%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr	$739,000	–	23,911	–	0.26%	–
VZ	New	VERIZON COMMUNICATIONS INC	$737,000	–	13,190	–	0.26%	–
NVS	New	NOVARTIS A Gsponsored adr	$736,000	–	8,926	–	0.26%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$695,000	–	9,195	–	0.24%	–
MRO	New	MARATHON OIL CORP	$686,000	–	45,725	–	0.24%	–
IP	New	INTL PAPER CO	$680,000	–	16,052	–	0.24%	–
CSCO	New	CISCO SYS INC	$663,000	–	23,106	–	0.23%	–
CVA	New	COVANTA HLDG CORP	$662,000	–	40,250	–	0.23%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$648,000	–	8,549	–	0.23%	–
PFE	New	PFIZER INC	$649,000	–	18,444	–	0.23%	–
ETR	New	ENTERGY CORP NEW	$639,000	–	7,850	–	0.22%	–
JWA	New	WILEY JOHN & SONS INCcl a	$618,000	–	11,850	–	0.22%	–
SSP	New	SCRIPPS E W CO OHIOcl a new	$612,000	–	38,633	–	0.21%	–
GD	New	GENERAL DYNAMICS CORP	$571,000	–	4,102	–	0.20%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$568,000	–	12,700	–	0.20%	–
AXP	New	AMERICAN EXPRESS CO	$566,000	–	9,314	–	0.20%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$566,000	–	77,150	–	0.20%	–
APD	New	AIR PRODS & CHEMS INC	$549,000	–	3,862	–	0.19%	–
SRE	New	SEMPRA ENERGY	$545,000	–	4,777	–	0.19%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$537,000	–	12,100	–	0.19%	–
GEOS	New	GEOSPACE TECHNOLOGIES CORP	$534,000	–	32,595	–	0.19%	–
NEWM	New	NEW MEDIA INVT GROUP INC	$508,000	–	28,106	–	0.18%	–
XOM	New	EXXON MOBIL CORP	$508,000	–	5,414	–	0.18%	–
PNC	New	PNC FINL SVCS GROUP INC	$504,000	–	6,190	–	0.18%	–
GLW	New	CORNING INC	$498,000	–	24,330	–	0.17%	–
WMT	New	WAL-MART STORES INC	$488,000	–	6,680	–	0.17%	–
MET	New	METLIFE INC	$486,000	–	12,205	–	0.17%	–
PG	New	PROCTER & GAMBLE CO	$471,000	–	5,557	–	0.16%	–
VFC	New	V F CORP	$468,000	–	7,604	–	0.16%	–
MDT	New	Medtronic Inc	$463,000	–	5,332	–	0.16%	–
GE	New	GENERAL ELECTRIC CO	$457,000	–	14,522	–	0.16%	–
BX	New	BLACKSTONE GROUP L P	$454,000	–	18,500	–	0.16%	–
SO	New	SOUTHERN CO	$454,000	–	8,466	–	0.16%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$440,000	–	99,460	–	0.15%	–
LNCE	New	SNYDERS-LANCE INC	$437,000	–	12,886	–	0.15%	–
AMAT	New	APPLIED MATLS INC	$418,000	–	17,434	–	0.15%	–
LBRDK	New	LIBERTY BROADBAND CORP	$412,000	–	6,869	–	0.14%	–
BXMT	New	BLACKSTONE MTG TR INC	$403,000	–	14,575	–	0.14%	–
INTC	New	INTEL CORP	$402,000	–	12,245	–	0.14%	–
LBTYK	New	LIBERTY GLOBAL PLC	$376,000	–	13,111	–	0.13%	–
CLX	New	CLOROX CO DEL	$372,000	–	2,685	–	0.13%	–
NLY	New	ANNALY CAP MGMT INC	$372,000	–	33,600	–	0.13%	–
CABO	New	CABLE ONE INC	$371,000	–	725	–	0.13%	–
DOW	New	DOW CHEM CO	$357,000	–	7,174	–	0.12%	–
GHC	New	GRAHAM HLDGS CO	$355,000	–	725	–	0.12%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$344,000	–	10,956	–	0.12%	–
BAC	New	BANK AMER CORP	$333,000	–	25,071	–	0.12%	–
MRK	New	MERCK & CO INC	$322,000	–	5,584	–	0.11%	–
TSI	New	TCW STRATEGIC INCOME FUND IN	$321,000	–	58,918	–	0.11%	–
STRZA	New	STARZ	$317,000	–	10,598	–	0.11%	–
PYPL	New	PAYPAL HLDGS INC	$318,000	–	8,703	–	0.11%	–
NEBLQ	New	NOBLE CORP PLC	$314,000	–	38,075	–	0.11%	–
GBDC	New	GOLUB CAP BDC INC	$314,000	–	17,400	–	0.11%	–
CATY	New	CATHAY GEN BANCORP	$305,000	–	10,800	–	0.11%	–
EQT	New	EQT CORP	$302,000	–	3,900	–	0.11%	–
SBR	New	SABINE ROYALTY TRunit ben int	$296,000	–	8,847	–	0.10%	–
LAQ	New	ABERDEEN LATIN AMER EQTY FD	$295,000	–	14,642	–	0.10%	–
MEOH	New	METHANEX CORP	$271,000	–	9,300	–	0.10%	–
EIX	New	EDISON INTL	$272,000	–	3,500	–	0.10%	–
APA	New	APACHE CORP	$256,000	–	4,594	–	0.09%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$255,000	–	26,125	–	0.09%	–
TTE	New	TOTAL S Asponsored adr	$253,000	–	5,261	–	0.09%	–
OFG	New	OFG BANCORP	$248,000	–	29,916	–	0.09%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$242,000	–	8,265	–	0.08%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$243,000	–	4,679	–	0.08%	–
DMLP	New	DORCHESTER MINERALS LP	$241,000	–	16,716	–	0.08%	–
PCG	New	PG&E CORP	$237,000	–	3,703	–	0.08%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$235,000	–	2,000	–	0.08%	–
REIS	New	REIS INC	$234,000	–	9,400	–	0.08%	–
ACAS	New	AMERICAN CAP LTD	$231,000	–	14,616	–	0.08%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$229,000	–	1,095	–	0.08%	–
EBAY	New	EBAY INC	$217,000	–	9,255	–	0.08%	–
ATW	New	ATWOOD OCEANICS INC	$217,000	–	17,345	–	0.08%	–
AXE	New	ANIXTER INTL INC	$213,000	–	4,000	–	0.08%	–
DJCO	New	DAILY JOURNAL CORP	$211,000	–	889	–	0.07%	–
ECA	New	ENCANA CORP	$203,000	–	26,100	–	0.07%	–
CMCSA	New	COMCAST CORP NEWcl a	$201,000	–	3,083	–	0.07%	–
ESV	New	ENSCO PLC	$196,000	–	20,205	–	0.07%	–
BATRK	New	LIBERTY MEDIA CORP DELAWARE	$188,000	–	12,852	–	0.07%	–
IDT	New	IDT CORPcl b new	$190,000	–	13,422	–	0.07%	–
CNX	New	CONSOL ENERGY INC	$168,000	–	10,450	–	0.06%	–
NRG	New	NRG ENERGY INC	$154,000	–	10,279	–	0.05%	–
CCJ	New	CAMECO CORP	$133,000	–	12,103	–	0.05%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$130,000	–	20,237	–	0.04%	–
MDR	New	MCDERMOTT INTL INC	$122,000	–	24,600	–	0.04%	–
CHK	New	CHESAPEAKE ENERGY CORP	$115,000	–	26,875	–	0.04%	–
NBR	New	NABORS INDUSTRIES LTD	$105,000	–	10,400	–	0.04%	–
HNRG	New	HALLADOR ENERGY COMPANY	$89,000	–	19,170	–	0.03%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$85,000	–	11,171	–	0.03%	–
MFCB	New	MFC BANCORP LTD	$73,000	–	33,411	–	0.03%	–
RFP	New	RESOLUTE FST PRODS INC	$68,000	–	12,800	–	0.02%	–
ACW	New	ACCURIDE CORP NEW	$49,000	–	39,400	–	0.02%	–
TDW	New	TIDEWATER INC	$47,000	–	10,600	–	0.02%	–
KLDX	New	KLONDEX MNS LTD	$40,000	–	11,000	–	0.01%	–
GTE	New	GRAN TIERRA ENERGY INC	$41,000	–	12,000	–	0.01%	–
WTI	New	W & T OFFSHORE INC	$23,000	–	10,000	–	0.01%	–
TGD	New	TIMMINS GOLD CORP	$4,000	–	10,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
TGD	Exit	TIMMINS GOLD CORP	$0	–	-10,000	–	-0.00%	–
IO	Exit	ION GEOPHYSICAL CORP	$0	–	-11,900	–	-0.00%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-12,500	–	-0.00%	–
IAG	Exit	IAMGOLD CORP	$0	–	-13,150	–	-0.01%	–
MNI	Exit	MCCLATCHY COcl a	$0	–	-25,000	–	-0.01%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-12,000	–	-0.01%	–
MFCB	Exit	MFC INDL LTD	$0	–	-23,886	–	-0.03%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-11,861	–	-0.03%	–
ACW	Exit	ACCURIDE CORP NEW	$0	–	-32,900	–	-0.04%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-17,026	–	-0.04%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-12,800	–	-0.04%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-10,675	–	-0.06%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-11,453	–	-0.06%	–
WSBF	Exit	WATERSTONE FINL INC MD	$0	–	-10,602	–	-0.06%	–
CCJ	Exit	CAMECO CORP	$0	–	-13,103	–	-0.06%	–
TDW	Exit	TIDEWATER INC	$0	–	-12,500	–	-0.06%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-41,500	–	-0.07%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-14,616	–	-0.07%	–
NRG	Exit	NRG ENERGY INC	$0	–	-12,337	–	-0.07%	–
IDT	Exit	IDT CORPcl b new	$0	–	-13,414	–	-0.08%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,095	–	-0.08%	–
REIS	Exit	REIS INC	$0	–	-9,400	–	-0.08%	–
RNR	Exit	RENAISSANCERE HOLDINGS LTD	$0	–	-2,000	–	-0.08%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-7,800	–	-0.09%	–
ECA	Exit	ENCANA CORP	$0	–	-33,700	–	-0.09%	–
EIX	Exit	EDISON INTL	$0	–	-3,500	–	-0.09%	–
EBAY	Exit	EBAY INC	$0	–	-9,255	–	-0.09%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-5,304	–	-0.09%	–
AXE	Exit	ANIXTER INTL INC	$0	–	-4,000	–	-0.09%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-78,300	–	-0.09%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-25,425	–	-0.10%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-4,987	–	-0.10%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-4,269	–	-0.10%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,313	–	-0.10%	–
EQT	Exit	EQT CORP	$0	–	-3,900	–	-0.10%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-8,703	–	-0.11%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-5,477	–	-0.11%	–
OFG	Exit	OFG BANCORP	$0	–	-30,916	–	-0.11%	–
STRP	Exit	STRAIGHT PATH COMMUNICATNS Icl b	$0	–	-6,837	–	-0.11%	–
GBDC	Exit	GOLUB CAP BDC INC	$0	–	-17,400	–	-0.11%	–
TSI	Exit	TCW STRATEGIC INCOME FUND IN	$0	–	-53,918	–	-0.11%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-19,434	–	-0.11%	–
AXLL	Exit	AXIALL CORP	$0	–	-18,955	–	-0.12%	–
DOW	Exit	DOW CHEM CO	$0	–	-7,174	–	-0.12%	–
CABO	Exit	CABLE ONE INC	$0	–	-725	–	-0.12%	–
ESV	Exit	ENSCO PLC	$0	–	-21,995	–	-0.12%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-10,800	–	-0.13%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,384	–	-0.13%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,828	–	-0.13%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-124,907	–	-0.13%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-33,600	–	-0.13%	–
OIH	Exit	MARKET VECTORS ETF TRoil svcs etf	$0	–	-12,000	–	-0.13%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-13,845	–	-0.14%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-6,915	–	-0.14%	–
SO	Exit	SOUTHERN CO	$0	–	-8,466	–	-0.15%	–
BAC	Exit	BANK AMER CORP	$0	–	-24,477	–	-0.15%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-11,013	–	-0.16%	–
STRZA	Exit	STARZ	$0	–	-10,667	–	-0.16%	–
INTC	Exit	INTEL CORP	$0	–	-13,433	–	-0.16%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-5,692	–	-0.16%	–
GLW	Exit	CORNING INC	$0	–	-24,430	–	-0.16%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-725	–	-0.16%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERSut ltd partner	$0	–	-36,001	–	-0.17%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC	$0	–	-28,100	–	-0.17%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,677	–	-0.18%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-7,095	–	-0.18%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-43,125	–	-0.19%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-77,650	–	-0.19%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-37,100	–	-0.19%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-7,850	–	-0.20%	–
VFC	Exit	V F CORP	$0	–	-7,600	–	-0.20%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-4,102	–	-0.21%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-13,111	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-17,444	–	-0.22%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-6,190	–	-0.22%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-37,370	–	-0.22%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-4,100	–	-0.22%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-12,000	–	-0.22%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-61,787	–	-0.23%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-18,600	–	-0.23%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-9,172	–	-0.24%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-12,250	–	-0.24%	–
DMND	Exit	DIAMOND FOODS INC	$0	–	-20,250	–	-0.25%	–
CSCO	Exit	CISCO SYS INC	$0	–	-24,019	–	-0.25%	–
MET	Exit	METLIFE INC	$0	–	-13,505	–	-0.25%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-14,100	–	-0.26%	–
DNOW	Exit	NOW INC	$0	–	-44,770	–	-0.26%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-43,800	–	-0.27%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-39,496	–	-0.27%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,746	–	-0.27%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.28%	–
SYY	Exit	SYSCO CORP	$0	–	-18,150	–	-0.28%	–
CTO	Exit	CONSOLIDATED TOMOKA LD CO	$0	–	-14,501	–	-0.29%	–
SSP	Exit	SCRIPPS E W CO OHIOcl a new	$0	–	-41,033	–	-0.29%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-9,049	–	-0.29%	–
AMGN	Exit	AMGEN INC	$0	–	-5,703	–	-0.31%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-20,575	–	-0.32%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-8,924	–	-0.32%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-30,501	–	-0.33%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-19,539	–	-0.34%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-112,838	–	-0.34%	–
USB	Exit	US BANCORP DEL	$0	–	-21,591	–	-0.35%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-29,395	–	-0.37%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-30,096	–	-0.37%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-84,129	–	-0.38%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-133,941	–	-0.39%	–
AAPL	Exit	APPLE INC	$0	–	-9,041	–	-0.39%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-15,333	–	-0.48%	–
GCI	Exit	GANNETT CO INC	$0	–	-82,165	–	-0.48%	–
CNA	Exit	CNA FINL CORP	$0	–	-35,078	–	-0.48%	–
GEFB	Exit	GREIF INCcl b	$0	–	-31,847	–	-0.49%	–
PICO	Exit	PICO HLDGS INC	$0	–	-127,890	–	-0.49%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-135,858	–	-0.51%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-23,700	–	-0.52%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-18,071	–	-0.53%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-28,414	–	-0.54%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,919	–	-0.55%	–
ABT	Exit	ABBOTT LABS	$0	–	-34,406	–	-0.55%	–
T	Exit	AT&T INC	$0	–	-43,645	–	-0.56%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-15,796	–	-0.61%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-8	–	-0.62%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-14,640	–	-0.84%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-171,995	–	-0.89%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-121,368	–	-0.97%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-74,622	–	-1.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,566	–	-1.17%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-75,895	–	-1.19%	–
KO	Exit	COCA COLA CO	$0	–	-75,380	–	-1.20%	–
SOR	Exit	SOURCE CAP INC	$0	–	-50,963	–	-1.37%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-90,039	–	-1.40%	–
RES	Exit	RPC INC	$0	–	-404,267	–	-1.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-82,132	–	-1.44%	–
TGNA	Exit	TEGNA INC	$0	–	-164,330	–	-1.46%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-83,034	–	-1.46%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-105,290	–	-1.54%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-150,179	–	-1.84%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-32,335	–	-1.92%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-48,953	–	-1.98%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-429,219	–	-3.44%	–
FRFHF	Exit	Fairfax Financial Hldgs Ltd	$0	–	-20,990	–	-3.78%	–
L	Exit	LOEWS CORP	$0	–	-289,647	–	-4.14%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-235,921	–	-5.08%	–
MKL	Exit	MARKEL CORP	$0	–	-17,542	–	-5.56%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-38,317	–	-7.10%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-30,838	–	-9.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-265,466	–	-13.70%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$34,617,000	+3.3%	265,466	+7.8%	13.70%	+8.9%
WTM	Buy	WHITE MTNS INS GROUP LTD	$23,045,000	+15.7%	30,838	+1.4%	9.12%	+22.0%
Y	Buy	ALLEGHANY CORP DEL	$17,937,000	+9.1%	38,317	+9.3%	7.10%	+15.0%
MKL	Sell	MARKEL CORP	$14,066,000	-0.3%	17,542	-0.4%	5.56%	+5.1%
WRB	Sell	BERKLEY W R CORP	$12,827,000	+4.0%	235,921	-0.6%	5.08%	+9.7%
L	Buy	LOEWS CORP	$10,468,000	-4.0%	289,647	+3.1%	4.14%	+1.2%
FRFHF	Sell	Fairfax Financial Hldgs Ltd	$9,563,000	-8.2%	20,990	-0.4%	3.78%	-3.2%
LUK	Buy	LEUCADIA NATL CORP	$8,696,000	-13.0%	429,219	+4.2%	3.44%	-8.3%
XEC	Buy	CIMAREX ENERGY CO	$5,017,000	-7.1%	48,953	+0.0%	1.98%	-2.0%
ESGR	New	ENSTAR GROUP LIMITED	$4,850,000	–	32,335	–	1.92%	–
GAM	Sell	GENERAL AMERN INVS INC	$4,653,000	-11.5%	150,179	-0.5%	1.84%	-6.6%
DVN	Sell	DEVON ENERGY CORP NEW	$3,905,000	-38.4%	105,290	-1.2%	1.54%	-35.1%
MSFT	Sell	MICROSOFT CORP	$3,635,000	-0.8%	82,132	-1.0%	1.44%	+4.6%
BK	Sell	BANK NEW YORK MELLON CORP	$3,525,000	-7.5%	90,039	-0.8%	1.40%	-2.4%
SOR	Buy	SOURCE CAP INC	$3,452,000	-1.6%	50,963	+5.6%	1.37%	+3.7%
KO	Buy	COCA COLA CO	$3,024,000	+2.3%	75,380	+0.0%	1.20%	+7.8%
CBI	Buy	CHICAGO BRIDGE & IRON CO N V	$3,010,000	-8.8%	75,895	+15.0%	1.19%	-3.9%
JNJ	Sell	JOHNSON & JOHNSON	$2,947,000	-4.3%	31,566	-0.2%	1.17%	+0.9%
LMCK	Buy	LIBERTY MEDIA CORP DELAWARE	$2,571,000	+83.3%	74,622	+90.9%	1.02%	+93.0%
FCEA	Buy	FOREST CITY ENTERPRISES INCcl a	$2,443,000	+10.0%	121,368	+20.7%	0.97%	+16.1%
TPH	Buy	TRI POINTE GROUP INC	$2,251,000	-5.1%	171,995	+11.0%	0.89%	+0.1%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$2,122,000	+1.2%	14,640	+13.6%	0.84%	+6.7%
ANAT	Buy	AMERICAN NATL INS CO	$1,542,000	-4.3%	15,796	+0.3%	0.61%	+0.8%
T	Buy	AT&T INC	$1,422,000	+216.0%	43,645	+244.1%	0.56%	+233.1%
ABT	Buy	ABBOTT LABS	$1,384,000	-18.1%	34,406	+0.0%	0.55%	-13.6%
WFC	Sell	WELLS FARGO & CO NEW	$1,382,000	-9.4%	26,919	-0.7%	0.55%	-4.4%
VIG	Buy	VANGUARD SPECIALIZED PORTFOLdiv app etf	$1,333,000	-2.8%	18,071	+3.5%	0.53%	+2.3%
SJT	Sell	SAN JUAN BASIN RTY TRunit ben int	$1,285,000	-12.8%	135,858	-0.9%	0.51%	-8.1%
PICO	Buy	PICO HLDGS INC	$1,238,000	-31.3%	127,890	+4.5%	0.49%	-27.5%
GEFB	Sell	GREIF INCcl b	$1,232,000	-5.4%	31,847	-0.9%	0.49%	-0.4%
GCI	New	GANNETT CO INC	$1,210,000	–	82,165	–	0.48%	–
CVX	Buy	CHEVRON CORP NEW	$1,209,000	-14.6%	15,333	+4.5%	0.48%	-10.0%
AAPL	Buy	APPLE INC	$997,000	-12.1%	9,041	+0.0%	0.39%	-7.5%
CHK	Buy	CHESAPEAKE ENERGY CORP	$982,000	-32.6%	133,941	+2.7%	0.39%	-28.9%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$946,000	-12.2%	30,096	-2.4%	0.37%	-7.4%
VOD	Sell	VODAFONE GROUP PLC NEWspnsr adr no par	$933,000	-15.1%	29,395	-2.5%	0.37%	-10.4%
RMT	Buy	ROYCE MICRO-CAP TR INC	$873,000	-15.3%	112,838	+0.9%	0.34%	-10.9%
EMR	Buy	EMERSON ELEC CO	$863,000	+161.5%	19,539	+228.4%	0.34%	+175.0%
WY	Sell	WEYERHAEUSER CO	$834,000	-13.7%	30,501	-0.6%	0.33%	-9.1%
LENB	Buy	LENNAR CORPcl b	$815,000	-5.9%	20,575	+2.5%	0.32%	-0.9%
AMGN	Buy	AMGEN INC	$789,000	-9.6%	5,703	+0.3%	0.31%	-4.9%
CTO	New	CONSOLIDATED TOMOKA LD CO	$722,000	–	14,501	–	0.29%	–
VZ	Sell	VERIZON COMMUNICATIONS INC	$685,000	-9.0%	15,746	-2.5%	0.27%	-4.2%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$683,000	-33.4%	39,496	-0.6%	0.27%	-29.9%
CRT	Buy	CROSS TIMBERS RTY TRtr unit	$678,000	+2.0%	43,800	+8.7%	0.27%	+7.2%
DNOW	Buy	NOW INC	$663,000	+38.1%	44,770	+85.8%	0.26%	+45.6%
DMND	Buy	DIAMOND FOODS INC	$625,000	+53.9%	20,250	+56.4%	0.25%	+62.5%
JWA	Sell	WILEY JOHN & SONS INCcl a	$613,000	-9.5%	12,250	-1.6%	0.24%	-4.3%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$607,000	-14.9%	9,172	+0.1%	0.24%	-10.4%
BX	Sell	BLACKSTONE GROUP L P	$589,000	-28.3%	18,600	-7.5%	0.23%	-24.4%
NBR	Sell	NABORS INDUSTRIES LTD	$584,000	-41.3%	61,787	-10.4%	0.23%	-38.1%
HP	Buy	HELMERICH & PAYNE INC	$567,000	-23.3%	12,000	+14.3%	0.22%	-19.1%
PFE	Sell	PFIZER INC	$548,000	-20.2%	17,444	-14.8%	0.22%	-15.9%
ETR	Sell	ENTERGY CORP NEW	$511,000	-89.7%	7,850	-78.4%	0.20%	-89.2%
PTEN	Sell	PATTERSON UTI ENERGY INC	$487,000	-34.6%	37,100	-6.3%	0.19%	-31.1%
PBT	Buy	PERMIAN BASIN RTY TRunit ben int	$474,000	-22.3%	77,650	+2.6%	0.19%	-17.9%
NEBLQ	Buy	NOBLE CORP PLC	$470,000	-24.4%	43,125	+6.7%	0.19%	-20.2%
NEWM	New	NEW MEDIA INVT GROUP INC	$434,000	–	28,100	–	0.17%	–
BWP	Buy	BOARDWALK PIPELINE PARTNERSut ltd partner	$424,000	-10.2%	36,001	+10.8%	0.17%	-5.1%
GLW	Sell	CORNING INC	$418,000	-16.7%	24,430	-4.0%	0.16%	-12.2%
PG	Buy	PROCTER & GAMBLE CO	$409,000	-5.5%	5,692	+2.8%	0.16%	0.0%
INTC	Sell	INTEL CORP	$405,000	-16.1%	13,433	-15.4%	0.16%	-11.6%
STRZA	Sell	STARZ	$398,000	-17.1%	10,667	-0.6%	0.16%	-12.8%
LMCA	Sell	LIBERTY MEDIA CORP DELAWAREcl a	$393,000	-1.3%	11,013	-0.2%	0.16%	+4.0%
LBRDK	Sell	LIBERTY BROADBAND CORP	$354,000	-0.8%	6,915	-0.9%	0.14%	+4.5%
GE	Buy	GENERAL ELECTRIC CO	$349,000	-4.4%	13,845	+0.8%	0.14%	+0.7%
OIH	Sell	MARKET VECTORS ETF TRoil svcs etf	$330,000	-23.1%	12,000	-2.4%	0.13%	-18.6%
CRC	Buy	CALIFORNIA RES CORP	$325,000	-54.0%	124,907	+6.8%	0.13%	-51.3%
ESV	Sell	ENSCO PLC	$310,000	-51.7%	21,995	-23.7%	0.12%	-49.0%
DOW	Sell	DOW CHEM CO	$304,000	-19.4%	7,174	-2.7%	0.12%	-14.9%
CABO	New	CABLE ONE INC	$304,000	–	725	–	0.12%	–
AXLL	Sell	AXIALL CORP	$297,000	-57.6%	18,955	-2.6%	0.12%	-55.1%
STRP	Buy	STRAIGHT PATH COMMUNICATNS Icl b	$276,000	+23.8%	6,837	+0.4%	0.11%	+29.8%
OFG	Buy	OFG BANCORP	$270,000	-17.9%	30,916	+0.2%	0.11%	-13.0%
PYPL	New	PAYPAL HLDGS INC	$270,000	–	8,703	–	0.11%	–
MRK	Sell	MERCK & CO INC NEW	$271,000	-17.4%	5,477	-4.9%	0.11%	-13.0%
AXP	Buy	AMERICAN EXPRESS CO	$246,000	-3.5%	3,313	+1.1%	0.10%	+1.0%
ZINCQ	Buy	HORSEHEAD HLDG CORP	$238,000	-70.5%	78,300	+13.9%	0.09%	-68.9%
AXE	New	ANIXTER INTL INC	$231,000	–	4,000	–	0.09%	–
LBTYA	Sell	LIBERTY GLOBAL PLC	$228,000	-21.1%	5,304	-0.9%	0.09%	-16.7%
EBAY	Sell	EBAY INC	$226,000	-60.8%	9,255	-3.1%	0.09%	-58.8%
EIX	New	EDISON INTL	$221,000	–	3,500	–	0.09%	–
ECA	Sell	ENCANA CORP	$217,000	-42.6%	33,700	-1.7%	0.09%	-39.4%
NRG	Buy	NRG ENERGY INC	$183,000	-35.1%	12,337	+0.0%	0.07%	-32.1%
ACAS	New	AMERICAN CAP LTD	$178,000	–	14,616	–	0.07%	–
TDW	New	TIDEWATER INC	$164,000	–	12,500	–	0.06%	–
WSBF	Sell	WATERSTONE FINL INC MD	$143,000	-4.0%	10,602	-6.2%	0.06%	+1.8%
FOR	Sell	FORESTAR GROUP INC	$140,000	-9.1%	10,675	-8.6%	0.06%	-5.2%
UBFO	Buy	UNITED SECURITY BANCSHARES C	$90,000	+5.9%	17,026	+1.0%	0.04%	+12.5%
ACW	Sell	ACCURIDE CORP NEW	$91,000	-29.5%	32,900	-1.5%	0.04%	-25.0%
MFCB	Buy	MFC INDL LTD	$68,000	-27.7%	23,886	+2.7%	0.03%	-22.9%
IAG	Sell	IAMGOLD CORP	$21,000	-34.4%	13,150	-18.6%	0.01%	-33.3%
HEROQ	Exit	HERCULES OFFSHORE INC	$0	–	-10,400	–	-0.00%	–
PGNPQ	Exit	PARAGON OFFSHORE PLC	$0	–	-11,143	–	-0.01%	–
BP	Exit	BP PLCsponsored adr	$0	–	-5,102	–	-0.08%	–
IP	Exit	INTL PAPER CO	$0	–	-4,302	–	-0.08%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-30,800	–	-0.08%	–
BIIB	Exit	BIOGEN INC	$0	–	-573	–	-0.09%	–
HAR	Exit	HARMAN INTL INDS INC	$0	–	-2,000	–	-0.09%	–
APA	Exit	APACHE CORP	$0	–	-4,594	–	-0.10%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-8,700	–	-0.10%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-57,450	–	-0.21%	–
A309PS	Exit	DIRECTV	$0	–	-34,227	–	-1.19%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$33,525,000	–	246,310	–	12.58%	–
WTM	New	WHITE MTNS INS GROUP LTD	$19,919,000	–	30,413	–	7.48%	–
Y	New	ALLEGHANY CORP DEL	$16,438,000	–	35,068	–	6.17%	–
MKL	New	MARKEL CORP	$14,106,000	–	17,617	–	5.29%	–
WRB	New	BERKLEY W R CORP	$12,331,000	–	237,464	–	4.63%	–
L	New	LOEWS CORP	$10,902,000	–	280,962	–	4.09%	–
FRFHF	New	Fairfax Financial Hldgs Ltd	$10,415,000	–	21,082	–	3.91%	–
LUK	New	LEUCADIA NATL CORP	$10,000,000	–	411,855	–	3.75%	–
DVN	New	DEVON ENERGY CORP NEW	$6,343,000	–	106,617	–	2.38%	–
RES	New	RPC INC	$5,591,000	–	404,267	–	2.10%	–
XEC	New	CIMAREX ENERGY CO	$5,400,000	–	48,951	–	2.03%	–
TGNA	New	TEGNA INC	$5,270,000	–	164,330	–	1.98%	–
GAM	New	GENERAL AMERN INVS INC	$5,256,000	–	151,004	–	1.97%	–
ETR	New	ENTERGY CORP NEW	$4,961,000	–	36,298	–	1.86%	–
WABC	New	WESTAMERICA BANCORPORATION	$4,206,000	–	83,034	–	1.58%	–
BK	New	BANK NEW YORK MELLON CORP	$3,810,000	–	90,784	–	1.43%	–
MSFT	New	MICROSOFT CORP	$3,665,000	–	83,002	–	1.38%	–
SOR	New	SOURCE CAP INC	$3,509,000	–	48,246	–	1.32%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$3,302,000	–	65,980	–	1.24%	–
A309PS	New	DIRECTV	$3,176,000	–	34,227	–	1.19%	–
JNJ	New	JOHNSON & JOHNSON	$3,081,000	–	31,616	–	1.16%	–
KO	New	COCA COLA CO	$2,957,000	–	75,379	–	1.11%	–
TPH	New	TRI POINTE HOMES INC	$2,371,000	–	154,951	–	0.89%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$2,221,000	–	100,518	–	0.83%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,096,000	–	12,885	–	0.79%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,817,000	–	28,414	–	0.68%	–
PICO	New	PICO HLDGS INC	$1,801,000	–	122,361	–	0.68%	–
ABT	New	ABBOTT LABS	$1,689,000	–	34,405	–	0.63%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,639,000	–	8	–	0.62%	–
ANAT	New	AMERICAN NATL INS CO	$1,611,000	–	15,746	–	0.60%	–
WFC	New	WELLS FARGO & CO NEW	$1,525,000	–	27,119	–	0.57%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$1,473,000	–	137,124	–	0.55%	–
CHK	New	CHESAPEAKE ENERGY CORP	$1,457,000	–	130,406	–	0.55%	–
CVX	New	CHEVRON CORP NEW	$1,416,000	–	14,678	–	0.53%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$1,403,000	–	39,087	–	0.53%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$1,372,000	–	17,455	–	0.52%	–
CNA	New	CNA FINL CORP	$1,340,000	–	35,078	–	0.50%	–
GEFB	New	GREIF INCcl b	$1,302,000	–	32,147	–	0.49%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$1,185,000	–	23,700	–	0.44%	–
RVT	New	ROYCE VALUE TR INC	$1,160,000	–	84,129	–	0.44%	–
AAPL	New	APPLE INC	$1,134,000	–	9,039	–	0.43%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$1,099,000	–	30,159	–	0.41%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,077,000	–	30,847	–	0.40%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,031,000	–	111,838	–	0.39%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$1,026,000	–	39,742	–	0.38%	–
NBR	New	NABORS INDUSTRIES LTD	$995,000	–	68,987	–	0.37%	–
ATW	New	ATWOOD OCEANICS INC	$988,000	–	37,370	–	0.37%	–
WY	New	WEYERHAEUSER CO	$966,000	–	30,680	–	0.36%	–
USB	New	US BANCORP DEL	$937,000	–	21,591	–	0.35%	–
SSP	New	SCRIPPS E W CO OHIOcl a new	$938,000	–	41,033	–	0.35%	–
NVS	New	NOVARTIS A Gsponsored adr	$878,000	–	8,924	–	0.33%	–
AMGN	New	AMGEN INC	$873,000	–	5,686	–	0.33%	–
LENB	New	LENNAR CORPcl b	$866,000	–	20,075	–	0.32%	–
CVA	New	COVANTA HLDG CORP	$853,000	–	40,250	–	0.32%	–
BX	New	BLACKSTONE GROUP L P	$822,000	–	20,104	–	0.31%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$806,000	–	68,755	–	0.30%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$805,000	–	9,049	–	0.30%	–
GHC	New	GRAHAM HLDGS CO	$779,000	–	725	–	0.29%	–
MET	New	METLIFE INC	$756,000	–	13,505	–	0.28%	–
VZ	New	VERIZON COMMUNICATIONS INC	$753,000	–	16,155	–	0.28%	–
PTEN	New	PATTERSON UTI ENERGY INC	$745,000	–	39,600	–	0.28%	–
HP	New	HELMERICH & PAYNE INC	$739,000	–	10,500	–	0.28%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$713,000	–	9,165	–	0.27%	–
CRC	New	CALIFORNIA RES CORP	$707,000	–	117,007	–	0.26%	–
AXLL	New	AXIALL CORP	$701,000	–	19,455	–	0.26%	–
PFE	New	PFIZER INC	$687,000	–	20,484	–	0.26%	–
JWA	New	WILEY JOHN & SONS INCcl a	$677,000	–	12,450	–	0.25%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$665,000	–	40,300	–	0.25%	–
LBTYK	New	LIBERTY GLOBAL PLC	$664,000	–	13,111	–	0.25%	–
CSCO	New	CISCO SYS INC	$660,000	–	24,019	–	0.25%	–
SYY	New	SYSCO CORP	$655,000	–	18,150	–	0.25%	–
ESV	New	ENSCO PLC	$642,000	–	28,831	–	0.24%	–
NEBLQ	New	NOBLE CORP PLC	$622,000	–	40,425	–	0.23%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$610,000	–	75,650	–	0.23%	–
PNC	New	PNC FINL SVCS GROUP INC	$592,000	–	6,190	–	0.22%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$586,000	–	14,100	–	0.22%	–
GD	New	GENERAL DYNAMICS CORP	$581,000	–	4,100	–	0.22%	–
EBAY	New	EBAY INC	$576,000	–	9,555	–	0.22%	–
APD	New	AIR PRODS & CHEMS INC	$561,000	–	4,102	–	0.21%	–
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$558,000	–	57,450	–	0.21%	–
VFC	New	V F CORP	$530,000	–	7,600	–	0.20%	–
WMT	New	WAL-MART STORES INC	$503,000	–	7,095	–	0.19%	–
GLW	New	CORNING INC	$502,000	–	25,460	–	0.19%	–
INTC	New	INTEL CORP	$483,000	–	15,885	–	0.18%	–
STRZA	New	STARZ	$480,000	–	10,734	–	0.18%	–
DNOW	New	NOW INC	$480,000	–	24,100	–	0.18%	–
BWP	New	BOARDWALK PIPELINE PARTNERSut ltd partner	$472,000	–	32,501	–	0.18%	–
SRE	New	SEMPRA ENERGY	$463,000	–	4,677	–	0.17%	–
T	New	AT&T INC	$450,000	–	12,682	–	0.17%	–
PG	New	PROCTER & GAMBLE CO	$433,000	–	5,538	–	0.16%	–
OIH	New	MARKET VECTORS ETF TRoil svcs etf	$429,000	–	12,300	–	0.16%	–
BAC	New	BANK AMER CORP	$417,000	–	24,477	–	0.16%	–
DMND	New	DIAMOND FOODS INC	$406,000	–	12,945	–	0.15%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$398,000	–	11,037	–	0.15%	–
ECA	New	ENCANA CORP	$378,000	–	34,300	–	0.14%	–
DOW	New	DOW CHEM CO	$377,000	–	7,374	–	0.14%	–
AMAT	New	APPLIED MATLS INC	$374,000	–	19,434	–	0.14%	–
XOM	New	EXXON MOBIL CORP	$365,000	–	4,384	–	0.14%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$365,000	–	7,800	–	0.14%	–
GE	New	GENERAL ELECTRIC CO	$365,000	–	13,730	–	0.14%	–
LBRDK	New	LIBERTY BROADBAND CORP	$357,000	–	6,981	–	0.13%	–
SO	New	SOUTHERN CO	$355,000	–	8,466	–	0.13%	–
CATY	New	CATHAY GEN BANCORP	$350,000	–	10,800	–	0.13%	–
EMR	New	EMERSON ELEC CO	$330,000	–	5,950	–	0.12%	–
OFG	New	OFG BANCORP	$329,000	–	30,850	–	0.12%	–
MRK	New	MERCK & CO INC NEW	$328,000	–	5,761	–	0.12%	–
EQT	New	EQT CORP	$317,000	–	3,900	–	0.12%	–
NLY	New	ANNALY CAP MGMT INC	$309,000	–	33,600	–	0.12%	–
COP	New	CONOCOPHILLIPS	$306,000	–	4,987	–	0.12%	–
CLX	New	CLOROX CO DEL	$294,000	–	2,828	–	0.11%	–
GBDC	New	GOLUB CAP BDC INC	$288,000	–	17,400	–	0.11%	–
LBTYA	New	LIBERTY GLOBAL PLC	$289,000	–	5,354	–	0.11%	–
NRG	New	NRG ENERGY INC	$282,000	–	12,336	–	0.11%	–
TSI	New	TCW STRATEGIC INCOME FUND IN	$278,000	–	53,918	–	0.10%	–
POT	New	POTASH CORP SASK INC	$269,000	–	8,700	–	0.10%	–
APA	New	APACHE CORP	$265,000	–	4,594	–	0.10%	–
AXP	New	AMERICAN EXPRESS CO	$255,000	–	3,277	–	0.10%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$251,000	–	25,425	–	0.09%	–
IDT	New	IDT CORPcl b new	$243,000	–	13,414	–	0.09%	–
HAR	New	HARMAN INTL INDS INC	$238,000	–	2,000	–	0.09%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$238,000	–	4,269	–	0.09%	–
BIIB	New	BIOGEN INC	$231,000	–	573	–	0.09%	–
STRP	New	STRAIGHT PATH COMMUNICATNS Icl b	$223,000	–	6,807	–	0.08%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$225,000	–	1,095	–	0.08%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$225,000	–	30,800	–	0.08%	–
MDR	New	MCDERMOTT INTL INC	$222,000	–	41,500	–	0.08%	–
REIS	New	REIS INC	$208,000	–	9,400	–	0.08%	–
IP	New	INTL PAPER CO	$205,000	–	4,302	–	0.08%	–
BP	New	BP PLCsponsored adr	$204,000	–	5,102	–	0.08%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$203,000	–	2,000	–	0.08%	–
CCJ	New	CAMECO CORP	$187,000	–	13,103	–	0.07%	–
FOR	New	FORESTAR GROUP INC	$154,000	–	11,675	–	0.06%	–
WSBF	New	WATERSTONE FINL INC MD	$149,000	–	11,302	–	0.06%	–
RFP	New	RESOLUTE FST PRODS INC	$144,000	–	12,800	–	0.05%	–
ISBC	New	INVESTORS BANCORP INC NEW	$141,000	–	11,453	–	0.05%	–
ACW	New	ACCURIDE CORP NEW	$129,000	–	33,400	–	0.05%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$99,000	–	11,861	–	0.04%	–
MFCB	New	MFC INDL LTD	$94,000	–	23,261	–	0.04%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$85,000	–	16,858	–	0.03%	–
GTE	New	GRAN TIERRA ENERGY INC	$36,000	–	12,000	–	0.01%	–
IAG	New	IAMGOLD CORP	$32,000	–	16,150	–	0.01%	–
MNI	New	MCCLATCHY COcl a	$27,000	–	25,000	–	0.01%	–
XCO	New	EXCO RESOURCES INC	$15,000	–	12,500	–	0.01%	–
PGNPQ	New	PARAGON OFFSHORE PLC	$12,000	–	11,143	–	0.01%	–
IO	New	ION GEOPHYSICAL CORP	$13,000	–	11,900	–	0.01%	–
TGD	New	TIMMINS GOLD CORP	$6,000	–	10,000	–	0.00%	–
HEROQ	New	HERCULES OFFSHORE INC	$2,000	–	10,400	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
TGD	Exit	TIMMINS GOLD CORP	$0	–	-10,000	–	-0.01%	–
HEROQ	Exit	HERCULES OFFSHORE INC	$0	–	-11,400	–	-0.01%	–
IO	Exit	ION GEOPHYSICAL CORP	$0	–	-11,900	–	-0.01%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-14,875	–	-0.02%	–
CECO	Exit	CAREER EDUCATION CORP	$0	–	-12,000	–	-0.02%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-12,000	–	-0.02%	–
MTSN	Exit	MATTSON TECHNOLOGY INC	$0	–	-30,000	–	-0.03%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-16,367	–	-0.04%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-11,653	–	-0.04%	–
PGNPQ	Exit	PARAGON OFFSHORE PLC	$0	–	-18,086	–	-0.04%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-22,700	–	-0.05%	–
ACW	Exit	ACCURIDE CORP NEW	$0	–	-35,400	–	-0.05%	–
NDRO	Exit	ENDURO RTY TRtr unit	$0	–	-12,130	–	-0.05%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-16,107	–	-0.06%	–
FUND	Exit	ROYCE FOCUS TR	$0	–	-20,807	–	-0.06%	–
WSBF	Exit	WATERSTONE FINL INC MD	$0	–	-14,393	–	-0.06%	–
MFCB	Exit	MFC INDL LTD	$0	–	-23,636	–	-0.06%	–
HGTXU	Exit	HUGOTON RTY TR TEXunit ben int	$0	–	-19,379	–	-0.07%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-11,550	–	-0.08%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-13,038	–	-0.08%	–
IP	Exit	INTL PAPER CO	$0	–	-4,302	–	-0.08%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-4,211	–	-0.08%	–
PCG	Exit	PG&E CORP	$0	–	-4,703	–	-0.08%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,100	–	-0.08%	–
IDT	Exit	IDT CORPcl b new	$0	–	-13,568	–	-0.08%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-3,983	–	-0.08%	–
REIS	Exit	REIS INC	$0	–	-9,400	–	-0.08%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-5,226	–	-0.08%	–
BP	Exit	BP PLCsponsored adr	$0	–	-5,082	–	-0.09%	–
CCJ	Exit	CAMECO CORP	$0	–	-13,103	–	-0.09%	–
MTR	Exit	MESA RTY TRunit ben int	$0	–	-6,971	–	-0.09%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-7,552	–	-0.10%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERSut ltd partner	$0	–	-13,501	–	-0.10%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-25,425	–	-0.10%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-1,458	–	-0.10%	–
CATY	Exit	CATHAY GEN BANCORP	$0	–	-10,800	–	-0.10%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,828	–	-0.10%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,277	–	-0.11%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-5,074	–	-0.12%	–
TSI	Exit	TCW STRATEGIC INCOME FUND IN	$0	–	-53,918	–	-0.12%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-9,100	–	-0.12%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-5,250	–	-0.13%	–
T	Exit	AT&T INC	$0	–	-9,646	–	-0.13%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-13,383	–	-0.13%	–
EQT	Exit	EQT CORP	$0	–	-3,900	–	-0.14%	–
SO	Exit	SOUTHERN CO	$0	–	-8,466	–	-0.14%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-4,836	–	-0.14%	–
DMND	Exit	DIAMOND FOODS INC	$0	–	-12,942	–	-0.14%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-34,800	–	-0.14%	–
STRZA	Exit	STARZ	$0	–	-11,201	–	-0.14%	–
DOW	Exit	DOW CHEM CO	$0	–	-7,374	–	-0.15%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-8,925	–	-0.15%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,207	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-4,912	–	-0.16%	–
NRG	Exit	NRG ENERGY INC	$0	–	-13,569	–	-0.16%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-19,200	–	-0.16%	–
BAC	Exit	BANK AMER CORP	$0	–	-24,489	–	-0.16%	–
APA	Exit	APACHE CORP	$0	–	-4,594	–	-0.17%	–
MDT	Exit	MEDTRONIC INC	$0	–	-6,984	–	-0.17%	–
OFG	Exit	OFG BANCORP	$0	–	-30,850	–	-0.18%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,577	–	-0.19%	–
GLW	Exit	CORNING INC	$0	–	-25,790	–	-0.19%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-7,800	–	-0.20%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-6,795	–	-0.20%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-4,100	–	-0.20%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-750	–	-0.20%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-11,099	–	-0.20%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-12,834	–	-0.20%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-4,043	–	-0.20%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-6,190	–	-0.20%	–
VFC	Exit	V F CORP	$0	–	-8,200	–	-0.21%	–
INTC	Exit	INTEL CORP	$0	–	-15,833	–	-0.21%	–
MNR	Exit	MONMOUTH REAL ESTATE INVT COcl a	$0	–	-54,625	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-19,555	–	-0.22%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-15,600	–	-0.22%	–
EBAY	Exit	EBAY INC	$0	–	-10,455	–	-0.23%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-19,100	–	-0.23%	–
OIH	Exit	MARKET VECTORS ETF TRoil svcs etf	$0	–	-12,300	–	-0.24%	–
CSCO	Exit	CISCO SYS INC	$0	–	-24,619	–	-0.24%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-37,705	–	-0.24%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-9,294	–	-0.25%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-12,450	–	-0.27%	–
SSP	Exit	SCRIPPS E W CO OHIOcl a new	$0	–	-43,033	–	-0.27%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-9,150	–	-0.27%	–
MET	Exit	METLIFE INC	$0	–	-13,505	–	-0.28%	–
SYY	Exit	SYSCO CORP	$0	–	-19,124	–	-0.28%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,351	–	-0.30%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-24,494	–	-0.30%	–
AAPL	Exit	APPLE INC	$0	–	-8,007	–	-0.31%	–
AXLL	Exit	AXIALL CORP	$0	–	-22,735	–	-0.31%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-8,863	–	-0.32%	–
AMGN	Exit	AMGEN INC	$0	–	-5,983	–	-0.32%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.33%	–
GEFB	Exit	GREIF INCcl b	$0	–	-17,847	–	-0.34%	–
ECA	Exit	ENCANA CORP	$0	–	-41,865	–	-0.34%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-65,750	–	-0.34%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-9,355	–	-0.35%	–
USB	Exit	US BANCORP DEL	$0	–	-21,591	–	-0.35%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-20,820	–	-0.36%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-5,163	–	-0.38%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-23,700	–	-0.38%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-31,038	–	-0.38%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-30,666	–	-0.39%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-21,644	–	-0.39%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-10,500	–	-0.40%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-19,970	–	-0.44%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-83,267	–	-0.46%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-55,325	–	-0.47%	–
ESV	Exit	ENSCO PLC	$0	–	-29,804	–	-0.47%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-11,218	–	-0.49%	–
CNA	Exit	CNA FINL CORP	$0	–	-33,728	–	-0.49%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-39,600	–	-0.50%	–
TPH	Exit	TRI POINTE HOMES INC	$0	–	-100,222	–	-0.50%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-38,357	–	-0.51%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-25,914	–	-0.52%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-117,703	–	-0.53%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-34,445	–	-0.58%	–
ABT	Exit	ABBOTT LABS	$0	–	-37,439	–	-0.60%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-8	–	-0.64%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-14,038	–	-0.64%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-75,157	–	-0.66%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-93,572	–	-0.70%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-28,414	–	-0.78%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-89,353	–	-0.79%	–
PICO	Exit	PICO HLDGS INC	$0	–	-111,680	–	-0.86%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-127,951	–	-0.94%	–
A309PS	Exit	DIRECTV	$0	–	-34,189	–	-1.14%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-25,264	–	-1.15%	–
SOR	Exit	SOURCE CAP INC	$0	–	-47,160	–	-1.18%	–
KO	Exit	COCA COLA CO	$0	–	-76,455	–	-1.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,409	–	-1.29%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-92,334	–	-1.38%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-83,054	–	-1.49%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-84,765	–	-1.51%	–
GCI	Exit	GANNETT INC	$0	–	-164,780	–	-1.88%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-153,706	–	-2.19%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-49,268	–	-2.40%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-107,965	–	-2.83%	–
RES	Exit	RPC INC	$0	–	-405,520	–	-3.43%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-385,337	–	-3.54%	–
FRFHF	Exit	Fairfax Financial Hldgs Ltd	$0	–	-23,526	–	-4.04%	–
L	Exit	LOEWS CORP	$0	–	-261,115	–	-4.22%	–
MKL	Exit	MARKEL CORP	$0	–	-17,773	–	-4.35%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-242,046	–	-4.46%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-33,917	–	-5.46%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-28,752	–	-6.98%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-245,812	–	-13.08%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$33,956,000	+10.0%	245,812	+0.8%	13.08%	+9.3%
WTM	Buy	WHITE MTNS INS GROUP LTD	$18,116,000	+6.4%	28,752	+2.8%	6.98%	+5.8%
Y	Buy	ALLEGHANY CORP DEL	$14,182,000	-1.7%	33,917	+3.0%	5.46%	-2.3%
WRB	Sell	BERKLEY W R CORP	$11,570,000	+2.8%	242,046	-0.4%	4.46%	+2.2%
MKL	Buy	MARKEL CORP	$11,306,000	+1.9%	17,773	+5.1%	4.35%	+1.3%
L	Buy	LOEWS CORP	$10,956,000	-3.3%	261,115	+2.0%	4.22%	-3.9%
FRFHF	Sell	Fairfax Financial Hldgs Ltd	$10,498,000	-5.9%	23,526	-0.3%	4.04%	-6.5%
LUK	Buy	LEUCADIA NATL CORP	$9,186,000	-2.2%	385,337	+7.6%	3.54%	-2.8%
RES	Sell	RPC INC	$8,905,000	-6.8%	405,520	-0.3%	3.43%	-7.3%
DVN	Buy	DEVON ENERGY CORP NEW	$7,361,000	-11.4%	107,965	+3.1%	2.83%	-12.0%
XEC	Sell	CIMAREX ENERGY CO	$6,234,000	-28.4%	49,268	-18.8%	2.40%	-28.8%
GAM	Sell	GENERAL AMERN INVS INC	$5,696,000	-0.0%	153,706	-0.7%	2.19%	-0.6%
GCI	Sell	GANNETT INC	$4,889,000	-5.6%	164,780	-0.4%	1.88%	-6.2%
MSFT	Sell	MICROSOFT CORP	$3,930,000	+10.7%	84,765	-0.4%	1.51%	+10.0%
BK	Sell	BANK NEW YORK MELLON CORP	$3,576,000	+3.1%	92,334	-0.2%	1.38%	+2.5%
JNJ	Buy	JOHNSON & JOHNSON	$3,348,000	+3.0%	31,409	+1.0%	1.29%	+2.3%
KO	Buy	COCA COLA CO	$3,262,000	+2.3%	76,455	+1.6%	1.26%	+1.7%
SOR	Buy	SOURCE CAP INC	$3,065,000	+12.3%	47,160	+20.9%	1.18%	+11.5%
ETR	Buy	ENTERGY CORP NEW	$2,976,000	+293.7%	25,264	+193.1%	1.15%	+291.1%
A309PS	Sell	DIRECTV	$2,958,000	+1.8%	34,189	-0.0%	1.14%	+1.2%
SJT	Sell	SAN JUAN BASIN RTY TRunit ben int	$2,431,000	-3.0%	127,951	-1.5%	0.94%	-3.6%
PICO	Buy	PICO HLDGS INC	$2,228,000	-9.6%	111,680	+7.7%	0.86%	-10.2%
CHK	Buy	CHESAPEAKE ENERGY CORP	$2,054,000	+168.1%	89,353	+262.7%	0.79%	+166.3%
FCEA	Buy	FOREST CITY ENTERPRISES INCcl a	$1,830,000	+0.5%	93,572	+2.2%	0.70%	0.0%
CVX	Buy	CHEVRON CORP NEW	$1,675,000	-7.2%	14,038	+1.5%	0.64%	-7.7%
ABT	Sell	ABBOTT LABS	$1,557,000	+1.6%	37,439	-0.1%	0.60%	+1.2%
ATW	Sell	ATWOOD OCEANICS INC	$1,505,000	-17.0%	34,445	-0.3%	0.58%	-17.5%
WFC	Buy	WELLS FARGO & CO NEW	$1,344,000	+1.9%	25,914	+3.3%	0.52%	+1.4%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$1,314,000	-33.6%	38,357	-3.8%	0.51%	-33.9%
TPH	Buy	TRI POINTE HOMES INC	$1,297,000	+247.7%	100,222	+322.7%	0.50%	+246.5%
PTEN	Sell	PATTERSON UTI ENERGY INC	$1,288,000	-9.0%	39,600	-2.2%	0.50%	-9.5%
CNA	Buy	CNA FINL CORP	$1,283,000	+30.3%	33,728	+38.4%	0.49%	+29.3%
ANAT	Buy	AMERICAN NATL INS CO	$1,261,000	+4.5%	11,218	+6.1%	0.49%	+3.8%
ESV	Buy	ENSCO PLC	$1,231,000	-24.9%	29,804	+1.1%	0.47%	-25.4%
NEBLQ	Sell	NOBLE CORP PLC	$1,229,000	-36.4%	55,325	-3.8%	0.47%	-36.8%
RVT	Buy	ROYCE VALUE TR INC	$1,207,000	-8.8%	83,267	+0.6%	0.46%	-9.4%
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,155,000	–	19,970	–	0.44%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$1,017,000	–	21,644	–	0.39%	–
WY	Sell	WEYERHAEUSER CO	$989,000	-26.6%	31,038	-23.8%	0.38%	-27.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$980,000	+3.3%	5,163	-1.4%	0.38%	+2.4%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$936,000	-1.2%	20,820	-3.3%	0.36%	-1.9%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$899,000	-7.3%	9,355	-1.0%	0.35%	-8.0%
PBT	Buy	PERMIAN BASIN RTY TRunit ben int	$893,000	+7.7%	65,750	+13.1%	0.34%	+7.2%
ECA	Buy	ENCANA CORP	$888,000	+14.0%	41,865	+27.4%	0.34%	+13.2%
GEFB	Buy	GREIF INCcl b	$883,000	-1.3%	17,847	+19.4%	0.34%	-2.0%
AMGN	Buy	AMGEN INC	$840,000	+18.6%	5,983	+0.0%	0.32%	+17.9%
NVS	Buy	NOVARTIS A Gsponsored adr	$834,000	+6.4%	8,863	+2.4%	0.32%	+5.6%
AAPL	Sell	APPLE INC	$807,000	+7.7%	8,007	-0.7%	0.31%	+7.2%
CRT	Buy	CROSS TIMBERS RTY TRtr unit	$779,000	+25.6%	24,494	+30.8%	0.30%	+25.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$767,000	+2.1%	15,351	+0.0%	0.30%	+1.4%
SYY	Buy	SYSCO CORP	$740,000	+6.5%	19,124	+3.1%	0.28%	+5.9%
MET	Buy	METLIFE INC	$725,000	-1.9%	13,505	+1.5%	0.28%	-2.4%
JWA	Sell	WILEY JOHN & SONS INCcl a	$699,000	-10.3%	12,450	-3.1%	0.27%	-10.9%
ESRX	New	EXPRESS SCRIPTS HLDG CO	$656,000	–	9,294	–	0.25%	–
ZINCQ	Buy	HORSEHEAD HLDG CORP	$623,000	-5.0%	37,705	+5.0%	0.24%	-5.5%
CSCO	Buy	CISCO SYS INC	$620,000	+9.9%	24,619	+8.5%	0.24%	+9.6%
OIH	Sell	MARKET VECTORS ETF TRoil svcs etf	$610,000	-16.2%	12,300	-2.4%	0.24%	-16.7%
BX	Buy	BLACKSTONE GROUP L P	$601,000	-1.8%	19,100	+4.4%	0.23%	-2.5%
EBAY	Sell	EBAY INC	$592,000	+9.4%	10,455	-3.2%	0.23%	+8.6%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$581,000	-1.7%	15,600	-5.5%	0.22%	-2.2%
PFE	Buy	PFIZER INC	$578,000	+55.0%	19,555	+55.8%	0.22%	+54.9%
MNR	New	MONMOUTH REAL ESTATE INVT COcl a	$553,000	–	54,625	–	0.21%	–
INTC	Buy	INTEL CORP	$551,000	+24.9%	15,833	+10.9%	0.21%	+24.0%
LBTYK	Sell	LIBERTY GLOBAL PLC	$526,000	-4.2%	12,834	-1.2%	0.20%	-4.7%
WMT	Sell	WAL-MART STORES INC	$520,000	-3.7%	6,795	-5.6%	0.20%	-4.3%
GLW	Sell	CORNING INC	$499,000	-13.5%	25,790	-1.9%	0.19%	-14.3%
OFG	New	OFG BANCORP	$462,000	–	30,850	–	0.18%	–
MDT	Buy	MEDTRONIC INC	$433,000	-1.4%	6,984	+1.5%	0.17%	-1.8%
BAC	Buy	BANK AMER CORP	$418,000	+30.6%	24,489	+17.8%	0.16%	+29.8%
NRG	Buy	NRG ENERGY INC	$414,000	-18.0%	13,569	+0.0%	0.16%	-18.9%
PG	Buy	PROCTER & GAMBLE CO	$411,000	+7.0%	4,912	+0.5%	0.16%	+6.0%
XOM	Buy	EXXON MOBIL CORP	$396,000	-3.2%	4,207	+3.4%	0.15%	-3.8%
ATLS	Buy	ATLAS ENERGY LP	$393,000	-0.5%	8,925	+1.4%	0.15%	-1.3%
STRZA	Buy	STARZ	$374,000	+12.7%	11,201	+0.5%	0.14%	+11.6%
GE	Buy	GENERAL ELECTRIC CO	$343,000	+4.9%	13,383	+7.7%	0.13%	+3.9%
T	New	AT&T INC	$340,000	–	9,646	–	0.13%	–
MRK	Buy	MERCK & CO INC NEW	$301,000	+6.4%	5,074	+3.8%	0.12%	+5.5%
AXP	Buy	AMERICAN EXPRESS CO	$287,000	+4.0%	3,277	+12.7%	0.11%	+3.7%
DJCO	Sell	DAILY JOURNAL CORP	$263,000	-17.3%	1,458	-5.2%	0.10%	-17.9%
OVLY	Buy	OAK VALLEY BANCORP OAKDALE C	$255,000	+17.5%	25,425	+16.1%	0.10%	+16.7%
BWP	Sell	BOARDWALK PIPELINE PARTNERSut ltd partner	$252,000	-12.2%	13,501	-12.9%	0.10%	-12.6%
MTR	Sell	MESA RTY TRunit ben int	$243,000	-60.9%	6,971	-61.8%	0.09%	-61.0%
CCJ	Buy	CAMECO CORP	$231,000	-2.5%	13,103	+8.3%	0.09%	-3.3%
REIS	New	REIS INC	$222,000	–	9,400	–	0.08%	–
PXD	Sell	PIONEER NAT RES CO	$217,000	-41.0%	1,100	-31.2%	0.08%	-41.3%
PCG	New	PG&E CORP	$212,000	–	4,703	–	0.08%	–
WSBF	Sell	WATERSTONE FINL INC MD	$166,000	-19.4%	14,393	-20.3%	0.06%	-20.0%
ISBC	New	INVESTORS BANCORP INC NEW	$163,000	–	16,107	–	0.06%	–
NDRO	Sell	ENDURO RTY TRtr unit	$137,000	-18.9%	12,130	-0.6%	0.05%	-18.5%
ACW	Buy	ACCURIDE CORP NEW	$134,000	-6.9%	35,400	+20.4%	0.05%	-7.1%
PGNPQ	New	PARAGON OFFSHORE PLC	$111,000	–	18,086	–	0.04%	–
UBFO	Buy	UNITED SECURITY BANCSHARES C	$91,000	+1.1%	16,367	+1.0%	0.04%	0.0%
GTE	New	GRAN TIERRA ENERGY INC	$66,000	–	12,000	–	0.02%	–
XCO	Sell	EXCO RESOURCES INC	$50,000	-51.0%	14,875	-14.4%	0.02%	-52.5%
HEROQ	Buy	HERCULES OFFSHORE INC	$25,000	-40.5%	11,400	+9.6%	0.01%	-37.5%
IRDM	Exit	IRIDIUM COMMUNICATIONS INC	$0	–	-13,000	–	-0.04%	–
SB	Exit	SAFE BULKERS INC	$0	–	-11,600	–	-0.04%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-4,000	–	-0.08%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-2,575	–	-0.08%	–
HAR	Exit	HARMAN INTL INDS INC	$0	–	-2,000	–	-0.08%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-4,653	–	-0.08%	–
EIX	Exit	EDISON INTL	$0	–	-3,900	–	-0.09%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-2,500	–	-0.10%	–
OFG	Exit	Oriental Financial Grp	$0	–	-30,850	–	-0.22%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$30,874,000	–	243,944	–	11.96%	–
WTM	New	WHITE MTNS INS GROUP LTD	$17,024,000	–	27,979	–	6.60%	–
Y	New	ALLEGHANY CORP DEL	$14,422,000	–	32,919	–	5.59%	–
L	New	LOEWS CORP	$11,332,000	–	256,028	–	4.39%	–
WRB	New	BERKLEY W R CORP	$11,253,000	–	242,993	–	4.36%	–
FRFHF	New	Fairfax Financial Hldgs Ltd	$11,153,000	–	23,605	–	4.32%	–
MKL	New	MARKEL CORP	$11,090,000	–	16,915	–	4.30%	–
RES	New	RPC INC	$9,553,000	–	406,680	–	3.70%	–
LUK	New	LEUCADIA NATL CORP	$9,390,000	–	358,138	–	3.64%	–
XEC	New	CIMAREX ENERGY CO	$8,703,000	–	60,662	–	3.37%	–
DVN	New	DEVON ENERGY CORP NEW	$8,311,000	–	104,675	–	3.22%	–
GAM	New	GENERAL AMERN INVS INC	$5,698,000	–	154,741	–	2.21%	–
GCI	New	GANNETT INC	$5,181,000	–	165,480	–	2.01%	–
WABC	New	WESTAMERICA BANCORPORATION	$4,342,000	–	83,054	–	1.68%	–
MSFT	New	MICROSOFT CORP	$3,549,000	–	85,113	–	1.38%	–
BK	New	BANK NEW YORK MELLON CORP	$3,468,000	–	92,534	–	1.34%	–
JNJ	New	JOHNSON & JOHNSON	$3,252,000	–	31,084	–	1.26%	–
KO	New	COCA COLA CO	$3,189,000	–	75,285	–	1.24%	–
A309PS	New	DIRECTV	$2,907,000	–	34,199	–	1.13%	–
SOR	New	SOURCE CAP INC	$2,730,000	–	39,016	–	1.06%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$2,507,000	–	129,939	–	0.97%	–
PICO	New	PICO HLDGS INC	$2,464,000	–	103,722	–	0.96%	–
NBR	New	NABORS INDUSTRIES LTD	$2,207,000	–	75,157	–	0.86%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$1,978,000	–	39,857	–	0.77%	–
NEBLQ	New	NOBLE CORP PLC	$1,931,000	–	57,525	–	0.75%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,859,000	–	28,414	–	0.72%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$1,820,000	–	91,572	–	0.70%	–
ATW	New	ATWOOD OCEANICS INC	$1,813,000	–	34,545	–	0.70%	–
CVX	New	CHEVRON CORP NEW	$1,805,000	–	13,828	–	0.70%	–
ESV	New	ENSCO PLC	$1,639,000	–	29,492	–	0.64%	–
ABT	New	ABBOTT LABS	$1,532,000	–	37,464	–	0.59%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,519,000	–	8	–	0.59%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$1,517,000	–	11,099	–	0.59%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,485,000	–	117,703	–	0.58%	–
PTEN	New	PATTERSON UTI ENERGY INC	$1,415,000	–	40,500	–	0.55%	–
WY	New	WEYERHAEUSER CO	$1,348,000	–	40,750	–	0.52%	–
RVT	New	ROYCE VALUE TR INC	$1,324,000	–	82,739	–	0.51%	–
WFC	New	WELLS FARGO & CO NEW	$1,319,000	–	25,098	–	0.51%	–
HP	New	HELMERICH & PAYNE INC	$1,219,000	–	10,500	–	0.47%	–
ANAT	New	AMERICAN NATL INS CO	$1,207,000	–	10,573	–	0.47%	–
AXLL	New	AXIALL CORP	$1,075,000	–	22,735	–	0.42%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$1,024,000	–	30,666	–	0.40%	–
CNA	New	CNA FINL CORP	$985,000	–	24,362	–	0.38%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$987,000	–	23,700	–	0.38%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$970,000	–	9,453	–	0.38%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$949,000	–	5,234	–	0.37%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$947,000	–	21,520	–	0.37%	–
USB	New	US BANCORP DEL	$935,000	–	21,591	–	0.36%	–
SSP	New	SCRIPPS E W CO OHIOcl a new	$911,000	–	43,033	–	0.35%	–
GEFB	New	GREIF INCcl b	$895,000	–	14,947	–	0.35%	–
CVA	New	COVANTA HLDG CORP	$830,000	–	40,250	–	0.32%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$829,000	–	58,150	–	0.32%	–
NVS	New	NOVARTIS A Gsponsored adr	$784,000	–	8,658	–	0.30%	–
JWA	New	WILEY JOHN & SONS INCcl a	$779,000	–	12,850	–	0.30%	–
ECA	New	ENCANA CORP	$779,000	–	32,865	–	0.30%	–
CHK	New	CHESAPEAKE ENERGY CORP	$766,000	–	24,634	–	0.30%	–
ETR	New	ENTERGY CORP NEW	$756,000	–	8,620	–	0.29%	–
VZ	New	VERIZON COMMUNICATIONS INC	$751,000	–	15,350	–	0.29%	–
AAPL	New	APPLE INC	$749,000	–	8,064	–	0.29%	–
MET	New	METLIFE INC	$739,000	–	13,305	–	0.29%	–
OIH	New	MARKET VECTORS ETF TRoil svcs etf	$728,000	–	12,600	–	0.28%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$713,000	–	9,150	–	0.28%	–
AMGN	New	AMGEN INC	$708,000	–	5,982	–	0.27%	–
SYY	New	SYSCO CORP	$695,000	–	18,550	–	0.27%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$656,000	–	35,905	–	0.25%	–
MTR	New	MESA RTY TRunit ben int	$621,000	–	18,229	–	0.24%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$620,000	–	18,724	–	0.24%	–
BX	New	BLACKSTONE GROUP L P	$612,000	–	18,300	–	0.24%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$591,000	–	16,500	–	0.23%	–
GLW	New	CORNING INC	$577,000	–	26,290	–	0.22%	–
OFG	New	Oriental Financial Grp	$568,000	–	30,850	–	0.22%	–
CSCO	New	CISCO SYS INC	$564,000	–	22,696	–	0.22%	–
PNC	New	PNC FINL SVCS GROUP INC	$551,000	–	6,190	–	0.21%	–
LBTYK	New	LIBERTY GLOBAL PLC	$549,000	–	12,984	–	0.21%	–
EBAY	New	EBAY INC	$541,000	–	10,805	–	0.21%	–
GHC	New	GRAHAM HLDGS CO	$539,000	–	750	–	0.21%	–
WMT	New	WAL-MART STORES INC	$540,000	–	7,195	–	0.21%	–
APD	New	AIR PRODS & CHEMS INC	$520,000	–	4,043	–	0.20%	–
VFC	New	V F CORP	$517,000	–	8,200	–	0.20%	–
NRG	New	NRG ENERGY INC	$505,000	–	13,568	–	0.20%	–
SRE	New	SEMPRA ENERGY	$479,000	–	4,577	–	0.19%	–
GD	New	GENERAL DYNAMICS CORP	$478,000	–	4,100	–	0.18%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$469,000	–	7,800	–	0.18%	–
APA	New	APACHE CORP	$462,000	–	4,594	–	0.18%	–
INTC	New	INTEL CORP	$441,000	–	14,283	–	0.17%	–
MDT	New	MEDTRONIC INC	$439,000	–	6,878	–	0.17%	–
AMAT	New	APPLIED MATLS INC	$433,000	–	19,200	–	0.17%	–
EQT	New	EQT CORP	$417,000	–	3,900	–	0.16%	–
COP	New	CONOCOPHILLIPS	$415,000	–	4,836	–	0.16%	–
XOM	New	EXXON MOBIL CORP	$409,000	–	4,067	–	0.16%	–
NLY	New	ANNALY CAP MGMT INC	$398,000	–	34,800	–	0.15%	–
ATLS	New	ATLAS ENERGY LP	$395,000	–	8,800	–	0.15%	–
PG	New	PROCTER & GAMBLE CO	$384,000	–	4,888	–	0.15%	–
SO	New	SOUTHERN CO	$384,000	–	8,466	–	0.15%	–
DOW	New	DOW CHEM CO	$379,000	–	7,374	–	0.15%	–
TPH	New	TRI POINTE HOMES INC	$373,000	–	23,710	–	0.14%	–
PFE	New	PFIZER INC	$373,000	–	12,555	–	0.14%	–
PXD	New	PIONEER NAT RES CO	$368,000	–	1,600	–	0.14%	–
DMND	New	DIAMOND FOODS INC	$365,000	–	12,942	–	0.14%	–
EMR	New	EMERSON ELEC CO	$348,000	–	5,250	–	0.14%	–
POT	New	POTASH CORP SASK INC	$345,000	–	9,100	–	0.13%	–
STRZA	New	STARZ	$332,000	–	11,141	–	0.13%	–
GE	New	GENERAL ELECTRIC CO	$327,000	–	12,428	–	0.13%	–
BAC	New	BANK OF AMERICA CORPORATION	$320,000	–	20,791	–	0.12%	–
DJCO	New	DAILY JOURNAL CORP	$318,000	–	1,538	–	0.12%	–
TSI	New	TCW STRATEGIC INCOME FUND IN	$298,000	–	53,918	–	0.12%	–
BWP	New	BOARDWALK PIPELINE PARTNERSut ltd partner	$287,000	–	15,501	–	0.11%	–
MRK	New	MERCK & CO INC NEW	$283,000	–	4,890	–	0.11%	–
AXP	New	AMERICAN EXPRESS CO	$276,000	–	2,907	–	0.11%	–
CATY	New	CATHAY GEN BANCORP	$276,000	–	10,800	–	0.11%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$276,000	–	7,552	–	0.11%	–
BP	New	BP PLCsponsored adr	$268,000	–	5,082	–	0.10%	–
CLX	New	CLOROX CO DEL	$258,000	–	2,828	–	0.10%	–
NEE	New	NEXTERA ENERGY INC	$256,000	–	2,500	–	0.10%	–
JOY	New	JOY GLOBAL INC	$245,000	–	3,983	–	0.10%	–
CCJ	New	CAMECO CORP	$237,000	–	12,100	–	0.09%	–
IDT	New	IDT CORPcl b new	$236,000	–	13,568	–	0.09%	–
LBTYA	New	LIBERTY GLOBAL PLC	$231,000	–	5,226	–	0.09%	–
EIX	New	EDISON INTL	$227,000	–	3,900	–	0.09%	–
FOR	New	FORESTAR GROUP INC	$220,000	–	11,550	–	0.08%	–
RFP	New	RESOLUTE FST PRODS INC	$219,000	–	13,038	–	0.08%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$217,000	–	21,900	–	0.08%	–
IP	New	INTL PAPER CO	$217,000	–	4,302	–	0.08%	–
HAR	New	HARMAN INTL INDS INC	$215,000	–	2,000	–	0.08%	–
HGTXU	New	HUGOTON RTY TR TEXunit ben int	$213,000	–	19,379	–	0.08%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$215,000	–	4,211	–	0.08%	–
CNQ	New	CANADIAN NAT RES LTD	$214,000	–	4,653	–	0.08%	–
WSBF	New	WATERSTONE FINL INC MD	$206,000	–	18,064	–	0.08%	–
COL	New	ROCKWELL COLLINS INC	$201,000	–	2,575	–	0.08%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$200,000	–	4,000	–	0.08%	–
MDR	New	MCDERMOTT INTL INC	$184,000	–	22,700	–	0.07%	–
MFCB	New	MFC INDL LTD	$181,000	–	23,636	–	0.07%	–
FUND	New	ROYCE FOCUS TR	$178,000	–	20,807	–	0.07%	–
NDRO	New	ENDURO RTY TRtr unit	$169,000	–	12,200	–	0.06%	–
ACW	New	ACCURIDE CORP NEW	$144,000	–	29,400	–	0.06%	–
SB	New	SAFE BULKERS INC	$113,000	–	11,600	–	0.04%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$110,000	–	11,653	–	0.04%	–
IRDM	New	IRIDIUM COMMUNICATIONS INC	$110,000	–	13,000	–	0.04%	–
XCO	New	EXCO RESOURCES INC	$102,000	–	17,375	–	0.04%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$90,000	–	16,206	–	0.04%	–
MTSN	New	MATTSON TECHNOLOGY INC	$66,000	–	30,000	–	0.03%	–
CECO	New	CAREER EDUCATION CORP	$56,000	–	12,000	–	0.02%	–
IO	New	ION GEOPHYSICAL CORP	$50,000	–	11,900	–	0.02%	–
HEROQ	New	HERCULES OFFSHORE INC	$42,000	–	10,400	–	0.02%	–
TGD	New	TIMMINS GOLD CORP	$18,000	–	10,000	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
LGLPW	Exit	LGL GROUP INC*w exp 08/06/201	$0	–	-15,000	–	0.00%	–
TGD	Exit	TIMMINS GOLD CORP	$0	–	-10,000	–	-0.01%	–
TLAB	Exit	TELLABS INC	$0	–	-12,500	–	-0.01%	–
CXPO	Exit	CRIMSON EXPLORATION INC	$0	–	-12,000	–	-0.02%	–
UBFO	Exit	UNITED SECURITY BANCSHARES C	$0	–	-15,733	–	-0.03%	–
IO	Exit	ION GEOPHYSICAL CORP	$0	–	-12,700	–	-0.03%	–
SB	Exit	SAFE BULKERS INC	$0	–	-11,600	–	-0.04%	–
OVLY	Exit	OAK VALLEY BANCORP OAKDALE C	$0	–	-13,348	–	-0.05%	–
ACW	Exit	ACCURIDE CORP NEW	$0	–	-21,800	–	-0.05%	–
GNE	Exit	GENIE ENERGY LTDcl b	$0	–	-13,687	–	-0.06%	–
JOF	Exit	JAPAN SMALLER CAPTLZTN FD IN	$0	–	-16,000	–	-0.07%	–
FUND	Exit	ROYCE FOCUS TR	$0	–	-20,807	–	-0.07%	–
RFP	Exit	RESOLUTE FST PRODS INC	$0	–	-13,300	–	-0.08%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS LP	$0	–	-10,100	–	-0.09%	–
WSBF	Exit	WATERSTONE FINANCIAL INC	$0	–	-18,460	–	-0.09%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-26,700	–	-0.10%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-3,983	–	-0.10%	–
CCJ	Exit	CAMECO CORP	$0	–	-11,500	–	-0.10%	–
BP	Exit	BP PLCsponsored adr	$0	–	-5,082	–	-0.10%	–
CRT	Exit	CROSS TIMBERS RTY TRtr unit	$0	–	-7,324	–	-0.10%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-2,700	–	-0.10%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,885	–	-0.10%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-4,897	–	-0.11%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-7,052	–	-0.11%	–
DJCO	Exit	DAILY JOURNAL CORP	$0	–	-1,598	–	-0.11%	–
IDT	Exit	IDT CORPcl b new	$0	–	-13,566	–	-0.12%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,978	–	-0.12%	–
IEP	Exit	ICAHN ENTERPRISES LPdepositary unit	$0	–	-3,009	–	-0.12%	–
CATY	Exit	CATHAY GENERAL BANCORP	$0	–	-10,800	–	-0.12%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-4,274	–	-0.12%	–
PSX	Exit	PHILLIPS 66	$0	–	-4,464	–	-0.12%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-20,531	–	-0.14%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,762	–	-0.14%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-11,978	–	-0.14%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-7,800	–	-0.14%	–
DOW	Exit	DOW CHEM CO	$0	–	-7,774	–	-0.14%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,510	–	-0.14%	–
HGTXU	Exit	HUGOTON RTY TR TEXunit ben int	$0	–	-40,740	–	-0.15%	–
TSI	Exit	TCW STRATEGIC INCOME FUND IN	$0	–	-57,418	–	-0.15%	–
STRZA	Exit	STARZ	$0	–	-11,085	–	-0.15%	–
DMND	Exit	DIAMOND FOODS INC	$0	–	-13,747	–	-0.16%	–
PFE	Exit	PFIZER INC	$0	–	-11,405	–	-0.16%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-4,832	–	-0.16%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-5,250	–	-0.16%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-19,800	–	-0.17%	–
SO	Exit	SOUTHERN CO	$0	–	-8,466	–	-0.17%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERSut ltd partner	$0	–	-11,501	–	-0.17%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-4,100	–	-0.17%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,980	–	-0.18%	–
MDT	Exit	MEDTRONIC INC	$0	–	-6,878	–	-0.18%	–
NRG	Exit	NRG ENERGY INC	$0	–	-13,491	–	-0.18%	–
INTC	Exit	INTEL CORP	$0	–	-16,121	–	-0.18%	–
VIG	Exit	VANGUARD SPECIALIZED PORTFOLdiv app etf	$0	–	-5,450	–	-0.18%	–
EQT	Exit	EQT CORP	$0	–	-4,264	–	-0.18%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-2,000	–	-0.18%	–
APA	Exit	APACHE CORP	$0	–	-4,594	–	-0.19%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-5,186	–	-0.19%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,577	–	-0.19%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-4,932	–	-0.19%	–
VFC	Exit	V F CORP	$0	–	-2,050	–	-0.20%	–
GLW	Exit	CORNING INC	$0	–	-28,590	–	-0.20%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-4,143	–	-0.21%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-6,150	–	-0.21%	–
ZINCQ	Exit	HORSEHEAD HLDG CORP	$0	–	-35,905	–	-0.22%	–
WPO	Exit	WASHINGTON POST COcl b	$0	–	-760	–	-0.22%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-18,800	–	-0.22%	–
AXLL	Exit	AXIALL CORP	$0	–	-12,400	–	-0.23%	–
PBT	Exit	PERMIAN BASIN RTY TRunit ben int	$0	–	-34,350	–	-0.24%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-8,092	–	-0.25%	–
LPS	Exit	LENDER PROCESSING SVCS INC	$0	–	-15,729	–	-0.25%	–
CSCO	Exit	CISCO SYS INC	$0	–	-22,696	–	-0.26%	–
ECA	Exit	ENCANA CORP	$0	–	-30,715	–	-0.26%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-7,265	–	-0.26%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-17,900	–	-0.27%	–
OIH	Exit	MARKET VECTORS ETF TRoil svcs etf	$0	–	-12,300	–	-0.28%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-22,464	–	-0.28%	–
SYY	Exit	SYSCO CORP	$0	–	-18,550	–	-0.28%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-12,850	–	-0.30%	–
EBAY	Exit	EBAY INC	$0	–	-11,055	–	-0.30%	–
MET	Exit	METLIFE INC	$0	–	-13,305	–	-0.30%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-8,434	–	-0.31%	–
AMGN	Exit	AMGEN INC	$0	–	-5,979	–	-0.32%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-10,500	–	-0.35%	–
ABBV	Exit	ABBVIE INC	$0	–	-16,351	–	-0.35%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-24,600	–	-0.38%	–
USB	Exit	US BANCORP DEL	$0	–	-21,479	–	-0.38%	–
SSP	Exit	SCRIPPS E W CO OHIOcl a new	$0	–	-43,033	–	-0.38%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-41,872	–	-0.38%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-40,250	–	-0.41%	–
CNA	Exit	CNA FINL CORP	$0	–	-22,909	–	-0.42%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-9,580	–	-0.43%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-24,625	–	-0.44%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-43,800	–	-0.45%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-10,623	–	-0.50%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-25,188	–	-0.50%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-91,686	–	-0.52%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-77,635	–	-0.60%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-44,600	–	-0.61%	–
ABT	Exit	ABBOTT LABS	$0	–	-39,489	–	-0.63%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-35,350	–	-0.64%	–
ESV	Exit	ENSCO PLC	$0	–	-25,292	–	-0.65%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-8	–	-0.66%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-85,373	–	-0.66%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-11,085	–	-0.78%	–
SJT	Exit	SAN JUAN BASIN RTY TRunit ben int	$0	–	-103,193	–	-0.79%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-13,628	–	-0.80%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-28,414	–	-0.80%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-28,217	–	-0.84%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-33,645	–	-0.89%	–
PICO	Exit	PICO HLDGS INC	$0	–	-90,042	–	-0.94%	–
A309PS	Exit	DIRECTV	$0	–	-36,042	–	-1.04%	–
SOR	Exit	SOURCE CAP INC	$0	–	-36,586	–	-1.09%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-66,786	–	-1.13%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,099	–	-1.30%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-90,337	–	-1.31%	–
KO	Exit	COCA COLA CO	$0	–	-77,333	–	-1.41%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-88,759	–	-1.42%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-86,091	–	-2.06%	–
GCI	Exit	GANNETT INC	$0	–	-171,080	–	-2.20%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-90,328	–	-2.51%	–
GAM	Exit	GENERAL AMERN INVS INC	$0	–	-157,831	–	-2.59%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-61,549	–	-2.85%	–
RES	Exit	RPC INC	$0	–	-414,205	–	-3.08%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-286,180	–	-3.75%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-195,923	–	-4.04%	–
MKL	Exit	MARKEL CORP	$0	–	-16,417	–	-4.09%	–
FRFHF	Exit	Fairfax Financial Hldgs Ltd	$0	–	-23,759	–	-4.66%	–
L	Exit	LOEWS CORP	$0	–	-223,044	–	-5.01%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-29,858	–	-5.88%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-24,298	–	-6.63%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-234,971	–	-12.82%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$26,672,000	+1.4%	234,971	-0.1%	12.82%	-4.1%
WTM	Buy	WHITE MTNS INS GROUP LTD	$13,792,000	+3.3%	24,298	+4.6%	6.63%	-2.3%
Y	Buy	ALLEGHANY CORP DEL	$12,231,000	+8.1%	29,858	+1.2%	5.88%	+2.2%
L	Buy	LOEWS CORP	$10,425,000	+6.6%	223,044	+1.3%	5.01%	+0.9%
FRFHF	Sell	Fairfax Financial Hldgs Ltd	$9,683,000	+3.9%	23,759	-0.5%	4.66%	-1.7%
MKL	Buy	MARKEL CORP	$8,500,000	+8.8%	16,417	+10.7%	4.09%	+2.9%
WRB	Buy	BERKLEY W R CORP	$8,397,000	+16.5%	195,923	+11.0%	4.04%	+10.2%
LUK	Buy	LEUCADIA NATL CORP	$7,796,000	+8.9%	286,180	+4.8%	3.75%	+3.0%
RES	Sell	RPC INC	$6,408,000	+11.5%	414,205	-0.5%	3.08%	+5.4%
XEC	Buy	CIMAREX ENERGY CO	$5,933,000	+48.3%	61,549	+0.0%	2.85%	+40.3%
GAM	Sell	GENERAL AMERN INVS INC	$5,388,000	+4.5%	157,831	-2.2%	2.59%	-1.2%
DVN	Buy	DEVON ENERGY CORP NEW	$5,217,000	+12.4%	90,328	+1.0%	2.51%	+6.3%
GCI	Sell	GANNETT INC	$4,583,000	+9.4%	171,080	-0.1%	2.20%	+3.5%
WABC	Sell	WESTAMERICA BANCORPORATION	$4,282,000	+8.5%	86,091	-0.3%	2.06%	+2.6%
MSFT	Sell	MICROSOFT CORP	$2,954,000	-4.9%	88,759	-1.3%	1.42%	-10.1%
JNJ	Sell	JOHNSON & JOHNSON	$2,696,000	-0.8%	31,099	-1.8%	1.30%	-6.2%
VOD	Sell	VODAFONE GROUP PLC NEWspons adr new	$2,350,000	+21.4%	66,786	-0.8%	1.13%	+14.8%
SOR	Buy	SOURCE CAP INC	$2,273,000	+4.7%	36,586	+4.0%	1.09%	-1.0%
A309PS	Sell	DIRECTV	$2,155,000	-3.2%	36,042	-0.2%	1.04%	-8.5%
PICO	Buy	PICO HLDGS INC	$1,950,000	+11.7%	90,042	+8.1%	0.94%	+5.6%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING IN	$1,758,000	-8.4%	28,217	+1.1%	0.84%	-13.4%
CVX	Buy	CHEVRON CORP NEW	$1,656,000	+7.4%	13,628	+4.6%	0.80%	+1.5%
SJT	Buy	SAN JUAN BASIN RTY TRunit ben int	$1,649,000	+30.3%	103,193	+30.8%	0.79%	+23.1%
RVT	Sell	ROYCE VALUE TR INC	$1,375,000	+5.9%	85,373	-0.4%	0.66%	+0.2%
ESV	Buy	ENSCO PLC	$1,359,000	-0.1%	25,292	+8.1%	0.65%	-5.5%
ABT	Sell	ABBOTT LABS	$1,311,000	-5.3%	39,489	-0.5%	0.63%	-10.5%
NBR	Sell	NABORS INDUSTRIES LTD	$1,247,000	+3.5%	77,635	-1.4%	0.60%	-2.1%
RMT	Buy	ROYCE MICRO-CAP TR INC	$1,074,000	+22.0%	91,686	+12.7%	0.52%	+15.4%
ANAT	Sell	AMERICAN NATL INS CO	$1,041,000	-2.5%	10,623	-1.0%	0.50%	-7.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$921,000	-1.4%	24,625	-5.0%	0.44%	-6.7%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$896,000	+4.9%	9,580	+0.1%	0.43%	-0.7%
ABBV	Sell	ABBVIE INC	$731,000	-54.3%	16,351	-57.7%	0.35%	-56.8%
AMGN	Buy	AMGEN INC	$669,000	+13.4%	5,979	+0.0%	0.32%	+7.3%
NVS	Sell	NOVARTIS A Gsponsored adr	$647,000	+5.4%	8,434	-2.9%	0.31%	-0.3%
CHK	Buy	CHESAPEAKE ENERGY CORP	$581,000	+43.1%	22,464	+12.9%	0.28%	+35.4%
OIH	Sell	MARKET VECTORS ETF TRoil svcs etf	$579,000	+7.4%	12,300	-2.4%	0.28%	+1.5%
ECA	Sell	ENCANA CORP	$532,000	-14.9%	30,715	-16.8%	0.26%	-19.5%
CSCO	Buy	CISCO SYS INC	$532,000	-3.4%	22,696	+0.2%	0.26%	-8.6%
LPS	Sell	LENDER PROCESSING SVCS INC	$523,000	-4.6%	15,729	-7.1%	0.25%	-10.0%
PBT	Buy	PERMIAN BASIN RTY TRunit ben int	$489,000	+11.9%	34,350	+4.6%	0.24%	+5.9%
AXLL	New	AXIALL CORP	$469,000	–	12,400	–	0.23%	–
ZINCQ	Buy	HORSEHEAD HLDG CORP	$447,000	+22.8%	35,905	+26.4%	0.22%	+16.2%
SRE	Sell	SEMPRA ENERGY	$392,000	-14.0%	4,577	-17.9%	0.19%	-19.0%
PG	Buy	PROCTER & GAMBLE CO	$392,000	-1.5%	5,186	+0.4%	0.19%	-6.9%
LBTYA	Sell	LIBERTY GLOBAL PLC	$391,000	+7.7%	4,932	-0.1%	0.19%	+1.6%
PXD	New	PIONEER NAT RES CO	$378,000	–	2,000	–	0.18%	–
EQT	Sell	EQT CORP	$378,000	+4.4%	4,264	-6.6%	0.18%	-1.1%
INTC	Buy	INTEL CORP	$370,000	+0.5%	16,121	+6.2%	0.18%	-4.8%
NRG	Buy	NRG ENERGY INC	$369,000	+2.5%	13,491	+0.0%	0.18%	-3.3%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$367,000	+7.9%	1,980	+11.2%	0.18%	+1.7%
XOM	Buy	EXXON MOBIL CORP	$302,000	-4.7%	3,510	+0.0%	0.14%	-9.9%
GLNG	Buy	GOLAR LNG LTD BERMUDA	$294,000	+33.6%	7,800	+13.0%	0.14%	+25.9%
LBTYK	Sell	LIBERTY GLOBAL PLC	$284,000	+10.9%	3,762	-0.2%	0.14%	+5.4%
BAC	Buy	BANK OF AMERICA CORPORATION	$283,000	+8.8%	20,531	+1.5%	0.14%	+3.0%
SHLDQ	New	SEARS HLDGS CORP	$254,000	–	4,274	–	0.12%	–
IDT	Sell	IDT CORPcl b new	$241,000	-6.2%	13,566	-1.2%	0.12%	-11.5%
DJCO	New	DAILY JOURNAL CORP	$235,000	–	1,598	–	0.11%	–
MRK	Sell	MERCK & CO INC NEW	$233,000	-12.1%	4,897	-14.1%	0.11%	-17.0%
FCX	New	FREEPORT-MCMORAN COPPER & GO	$233,000	–	7,052	–	0.11%	–
CRT	New	CROSS TIMBERS RTY TRtr unit	$215,000	–	7,324	–	0.10%	–
JOY	New	JOY GLOBAL INC	$203,000	–	3,983	–	0.10%	–
MDR	Buy	MCDERMOTT INTL INC	$198,000	+11.2%	26,700	+23.0%	0.10%	+4.4%
WSBF	Buy	WATERSTONE FINANCIAL INC	$187,000	+34.5%	18,460	+35.1%	0.09%	+26.8%
BBEPQ	New	BREITBURN ENERGY PARTNERS LP	$185,000	–	10,100	–	0.09%	–
GNE	Sell	GENIE ENERGY LTDcl b	$134,000	+5.5%	13,687	-1.2%	0.06%	-1.5%
ACW	Buy	ACCURIDE CORP NEW	$112,000	+12.0%	21,800	+10.1%	0.05%	+5.9%
OVLY	Buy	OAK VALLEY BANCORP OAKDALE C	$106,000	+10.4%	13,348	+7.1%	0.05%	+4.1%
UBFO	Buy	UNITED SECURITY BANCSHARES C	$67,000	+1.5%	15,733	+1.0%	0.03%	-5.9%
TGD	New	TIMMINS GOLD CORP	$17,000	–	10,000	–	0.01%	–
LGLPW	New	LGL GROUP INC*w exp 08/06/201	$1,000	–	15,000	–	0.00%	–
MTSN	Exit	MATTSON TECHNOLOGY INC	$0	–	-12,500	–	-0.01%	–
T	Exit	AT&T INC	$0	–	-5,659	–	-0.10%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-1,080	–	-0.12%	–
OFG	Exit	OFG BANCORP	$0	–	-31,330	–	-0.29%	–
AON	Exit	AON PLC	$0	–	-10,199	–	-0.33%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-22,744	–	-0.58%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$26,312,000	–	235,096	–	13.38%	–
WTM	New	WHITE MTNS INS GROUP LTD	$13,356,000	–	23,230	–	6.79%	–
Y	New	ALLEGHANY CORP DEL	$11,313,000	–	29,513	–	5.75%	–
L	New	LOEWS CORP	$9,776,000	–	220,169	–	4.97%	–
FRFHF	New	Fairfax Financial Hldgs Ltd	$9,318,000	–	23,886	–	4.74%	–
MKL	New	MARKEL CORP	$7,814,000	–	14,828	–	3.97%	–
WRB	New	BERKLEY W R CORP	$7,209,000	–	176,435	–	3.66%	–
LUK	New	LEUCADIA NATL CORP	$7,159,000	–	273,030	–	3.64%	–
RES	New	RPC INC	$5,747,000	–	416,139	–	2.92%	–
GAM	New	GENERAL AMERN INVS INC	$5,157,000	–	161,458	–	2.62%	–
DVN	New	DEVON ENERGY CORP NEW	$4,642,000	–	89,475	–	2.36%	–
GCI	New	GANNETT INC	$4,190,000	–	171,280	–	2.13%	–
XEC	New	CIMAREX ENERGY CO	$4,000,000	–	61,548	–	2.03%	–
WABC	New	WESTAMERICA BANCORPORATION	$3,945,000	–	86,341	–	2.01%	–
MSFT	New	MICROSOFT CORP	$3,106,000	–	89,919	–	1.58%	–
KO	New	COCA COLA CO	$3,102,000	–	77,333	–	1.58%	–
JNJ	New	JOHNSON & JOHNSON	$2,718,000	–	31,660	–	1.38%	–
BK	New	BANK NEW YORK MELLON CORP	$2,534,000	–	90,337	–	1.29%	–
A309PS	New	DIRECTV	$2,226,000	–	36,117	–	1.13%	–
SOR	New	SOURCE CAP INC	$2,171,000	–	35,186	–	1.10%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$1,936,000	–	67,339	–	0.98%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$1,920,000	–	27,917	–	0.98%	–
ATW	New	ATWOOD OCEANICS INC	$1,751,000	–	33,645	–	0.89%	–
PICO	New	PICO HLDGS INC	$1,746,000	–	83,317	–	0.89%	–
ABBV	New	ABBVIE INC	$1,598,000	–	38,645	–	0.81%	–
CVX	New	CHEVRON CORP NEW	$1,542,000	–	13,028	–	0.78%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,492,000	–	28,414	–	0.76%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$1,405,000	–	11,085	–	0.71%	–
ABT	New	ABBOTT LABS	$1,384,000	–	39,689	–	0.70%	–
ESV	New	ENSCO PLC	$1,360,000	–	23,392	–	0.69%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,349,000	–	8	–	0.69%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$1,328,000	–	35,350	–	0.68%	–
RVT	New	ROYCE VALUE TR INC	$1,299,000	–	85,674	–	0.66%	–
WY	New	WEYERHAEUSER CO	$1,271,000	–	44,600	–	0.65%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$1,266,000	–	78,881	–	0.64%	–
NBR	New	NABORS INDUSTRIES LTD	$1,205,000	–	78,735	–	0.61%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,137,000	–	22,744	–	0.58%	–
ANAT	New	AMERICAN NATL INS CO	$1,068,000	–	10,735	–	0.54%	–
WFC	New	WELLS FARGO & CO NEW	$1,040,000	–	25,188	–	0.53%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$934,000	–	25,925	–	0.48%	–
RMT	New	ROYCE MICRO-CAP TR INC	$880,000	–	81,386	–	0.45%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$854,000	–	9,575	–	0.43%	–
PTEN	New	PATTERSON UTI ENERGY INC	$848,000	–	43,800	–	0.43%	–
CVA	New	COVANTA HLDG CORP	$806,000	–	40,250	–	0.41%	–
USB	New	US BANCORP DEL	$776,000	–	21,479	–	0.40%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$750,000	–	41,872	–	0.38%	–
CNA	New	CNA FINL CORP	$747,000	–	22,909	–	0.38%	–
SSP	New	SCRIPPS E W CO OHIOcl a new	$670,000	–	43,033	–	0.34%	–
HP	New	HELMERICH & PAYNE INC	$656,000	–	10,500	–	0.33%	–
AON	New	AON PLC	$656,000	–	10,199	–	0.33%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$654,000	–	24,600	–	0.33%	–
SYY	New	SYSCO CORP	$634,000	–	18,550	–	0.32%	–
ECA	New	ENCANA CORP	$625,000	–	36,915	–	0.32%	–
NVS	New	NOVARTIS A Gsponsored adr	$614,000	–	8,684	–	0.31%	–
MET	New	METLIFE INC	$609,000	–	13,305	–	0.31%	–
AMGN	New	AMGEN INC	$590,000	–	5,978	–	0.30%	–
EBAY	New	EBAY INC	$572,000	–	11,055	–	0.29%	–
OFG	New	OFG BANCORP	$567,000	–	31,330	–	0.29%	–
ETR	New	ENTERGY CORP NEW	$564,000	–	8,092	–	0.29%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$553,000	–	17,900	–	0.28%	–
CSCO	New	CISCO SYS INC	$551,000	–	22,641	–	0.28%	–
LPS	New	LENDER PROCESSING SVCS INC	$548,000	–	16,929	–	0.28%	–
WMT	New	WAL-MART STORES INC	$541,000	–	7,265	–	0.28%	–
OIH	New	MARKET VECTORS ETF TRoil svcs etf	$539,000	–	12,600	–	0.27%	–
JWA	New	WILEY JOHN & SONS INCcl a	$515,000	–	12,850	–	0.26%	–
SRE	New	SEMPRA ENERGY	$456,000	–	5,577	–	0.23%	–
PNC	New	PNC FINL SVCS GROUP INC	$448,000	–	6,150	–	0.23%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$437,000	–	32,850	–	0.22%	–
GLW	New	CORNING INC	$407,000	–	28,590	–	0.21%	–
CHK	New	CHESAPEAKE ENERGY CORP	$406,000	–	19,904	–	0.21%	–
PG	New	PROCTER & GAMBLE CO	$398,000	–	5,166	–	0.20%	–
BX	New	BLACKSTONE GROUP L P	$396,000	–	18,800	–	0.20%	–
VFC	New	V F CORP	$396,000	–	2,050	–	0.20%	–
APA	New	APACHE CORP	$385,000	–	4,594	–	0.20%	–
APD	New	AIR PRODS & CHEMS INC	$379,000	–	4,143	–	0.19%	–
SO	New	SOUTHERN CO	$374,000	–	8,466	–	0.19%	–
WPO	New	WASHINGTON POST COcl b	$368,000	–	760	–	0.19%	–
INTC	New	INTEL CORP	$368,000	–	15,177	–	0.19%	–
ZINCQ	New	HORSEHEAD HLDG CORP	$364,000	–	28,405	–	0.18%	–
LBTYA	New	LIBERTY GLOBAL PLC	$363,000	–	4,939	–	0.18%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$361,000	–	5,450	–	0.18%	–
EQT	New	EQT CORP	$362,000	–	4,564	–	0.18%	–
NRG	New	NRG ENERGY INC	$360,000	–	13,490	–	0.18%	–
MDT	New	MEDTRONIC INC	$354,000	–	6,878	–	0.18%	–
HGTXU	New	HUGOTON RTY TR TEXunit ben int	$351,000	–	40,740	–	0.18%	–
BWP	New	BOARDWALK PIPELINE PARTNERSut ltd partner	$347,000	–	11,501	–	0.18%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$340,000	–	1,780	–	0.17%	–
GD	New	GENERAL DYNAMICS CORP	$321,000	–	4,100	–	0.16%	–
TSI	New	TCW STRATEGIC INCOME FUND IN	$318,000	–	57,418	–	0.16%	–
PFE	New	PFIZER INC	$319,000	–	11,405	–	0.16%	–
XOM	New	EXXON MOBIL CORP	$317,000	–	3,509	–	0.16%	–
AMAT	New	APPLIED MATLS INC	$295,000	–	19,800	–	0.15%	–
COP	New	CONOCOPHILLIPS	$292,000	–	4,832	–	0.15%	–
EMR	New	EMERSON ELEC CO	$286,000	–	5,250	–	0.14%	–
DMND	New	DIAMOND FOODS INC	$285,000	–	13,747	–	0.14%	–
GE	New	GENERAL ELECTRIC CO	$278,000	–	11,978	–	0.14%	–
MRK	New	MERCK & CO INC NEW	$265,000	–	5,701	–	0.14%	–
PSX	New	PHILLIPS 66	$263,000	–	4,464	–	0.13%	–
BAC	New	BANK OF AMERICA CORPORATION	$260,000	–	20,231	–	0.13%	–
IDT	New	IDT CORPcl b new	$257,000	–	13,732	–	0.13%	–
LBTYK	New	LIBERTY GLOBAL PLC	$256,000	–	3,769	–	0.13%	–
DOW	New	DOW CHEM CO	$250,000	–	7,774	–	0.13%	–
CLX	New	CLOROX CO DEL	$248,000	–	2,978	–	0.13%	–
STRZA	New	STARZ	$245,000	–	11,085	–	0.12%	–
CCJ	New	CAMECO CORP	$238,000	–	11,500	–	0.12%	–
BIIB	New	BIOGEN IDEC INC	$232,000	–	1,080	–	0.12%	–
NEE	New	NEXTERA ENERGY INC	$220,000	–	2,700	–	0.11%	–
CATY	New	CATHAY GENERAL BANCORP	$220,000	–	10,800	–	0.11%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$220,000	–	6,900	–	0.11%	–
IEP	New	ICAHN ENTERPRISES LPdepositary unit	$219,000	–	3,009	–	0.11%	–
AXP	New	AMERICAN EXPRESS CO	$216,000	–	2,885	–	0.11%	–
BP	New	BP PLCsponsored adr	$212,000	–	5,082	–	0.11%	–
T	New	AT&T INC	$200,000	–	5,659	–	0.10%	–
MDR	New	MCDERMOTT INTL INC	$178,000	–	21,700	–	0.09%	–
RFP	New	RESOLUTE FST PRODS INC	$175,000	–	13,300	–	0.09%	–
FUND	New	ROYCE FOCUS TR	$145,000	–	20,807	–	0.07%	–
WSBF	New	WATERSTONE FINANCIAL INC	$139,000	–	13,660	–	0.07%	–
JOF	New	JAPAN SMALLER CAPTLZTN FD IN	$137,000	–	16,000	–	0.07%	–
GNE	New	GENIE ENERGY LTDcl b	$127,000	–	13,853	–	0.06%	–
ACW	New	ACCURIDE CORP NEW	$100,000	–	19,800	–	0.05%	–
OVLY	New	OAK VALLEY BANCORP OAKDALE C	$96,000	–	12,465	–	0.05%	–
IO	New	ION GEOPHYSICAL CORP	$76,000	–	12,700	–	0.04%	–
UBFO	New	UNITED SECURITY BANCSHARES C	$66,000	–	15,578	–	0.03%	–
SB	New	SAFE BULKERS INC	$62,000	–	11,600	–	0.03%	–
CXPO	New	CRIMSON EXPLORATION INC	$34,000	–	12,000	–	0.02%	–
MTSN	New	MATTSON TECHNOLOGY INC	$27,000	–	12,500	–	0.01%	–
TLAB	New	TELLABS INC	$25,000	–	12,500	–	0.01%	–

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