-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sk5fb2zzPVrC9fAWTttQjLIN7KzOAH1luAN1NEW6g8vbsTQ8W6Q12e/WJLNh0iWe KyQ7Uf1Ypm1V8WrPMGAZCQ== 0001011814-08-000016.txt : 20081113 0001011814-08-000016.hdr.sgml : 20081113 20081113095400 ACCESSION NUMBER: 0001011814-08-000016 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081113 DATE AS OF CHANGE: 20081113 EFFECTIVENESS DATE: 20081113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KINETICS ASSET MANAGEMENT INC CENTRAL INDEX KEY: 0001011814 IRS NUMBER: 133878346 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-05163 FILM NUMBER: 081183056 BUSINESS ADDRESS: STREET 1: 470 PARK AVENUE STREET 2: 4TH FLOOR SOUTH CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 646-495-7347 MAIL ADDRESS: STREET 1: 470 PARK AVENUE SOUTH STREET 2: 4TH FLOOR SOUTH CITY: NEW YORK STATE: NY ZIP: 10016 13F-HR 1 kineticsthirteenfsepteight.txt KINETICSTHIRTEENFSEPTEIGHT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Quarter ended: September 30, 2008 Amendment. Institutional Investment Manager Filing this Report: Name: Kinetics Asset Management, Inc. Address: 470 Park Avenue South 4th Floor South New York, N.Y. 10016 13F File Number: 028-05163 The institutional investment manager filing this report; and person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person signing this Report on Behalf of Reporting Manager: Name: Andrew M. Fishman Title: Director of Compliance Phone: 646-495-7347 Signature, Place, and Date of Signing: Andrew M. Fishman New York, New York November 13, 2008 Report Type: 13F HOLDINGS REPORT List of Other Managers Reporting for this Manager: none I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. Report Summary: Number of Other Included Managers: none Form 13F Information Table Entry Total: 247 Form Information Table Value Total: $5,889,924,620.00 Name of Issuer Class Cusip Value('000) SHRS SHR/PRN put/callDiscretioOther Sole ShNo ABBOTT LABS Common 002824100 1,036.44 18,000SHR Sole No 18,000 AFFYMETRIX INC Common 00826T108 201.24 26,000SHR Sole No 26,000 ALBANY MOLECULAR Common 012423109 615.06 34,000SHR Sole No 34,000 ALEXANDER'S INC Common 014752109 10,580.00 26,450SHR Sole No 26,450 ALLEGHANY CORP Common 017175100 297.84 816SHR Sole No 816 ALLEGHENY ENERGY Common 017361106 57,902.53 1,574,722SHR Sole No 1,574,722 ALLIANCEBERNSTEI Common 01881G106 2,072.56 56,000SHR Sole No 56,000 AMBAC FINL GROUP Common 023139108 44,622.5319,151,300SHR Sole No 19,151,300 AMER REAL ESTATE N/A 029169AA7 32,418.7565,000,000PRN Sole No 65,000,000 AMER STATES WATE Common 029899101 623.70 16,200SHR Sole No 16,200 AMERICAN CAPITAL Common 02503Y103 6,811.17 267,000SHR Sole No 267,000 AMERICAN RAILCAR Common 02916P103 520.19 32,431SHR Sole No 32,431 AMERICAN WATER W Common 030420103 107.50 5,000SHR Sole No 5,000 AMERON INTL CORP Common 030710107 601.86 8,400SHR Sole No 8,400 ANGLO AMER-ADR Common 03485P201 111,608.64 6,671,168SHR Sole No 6,671,168 ANNALY CAPITAL M Common 035710409 1,909.90 142,000SHR Sole No 142,000 APOLLO GROUP-A Common 037604105 118.60 2,000SHR Sole No 2,000 APPLE Common 037833100 568.30 5,000SHR Sole No 5,000 AQUA AMERICA INC Common 03836W103 547.62 30,800SHR Sole No 30,800 AQUILA INC N/A 03840PAC6 10,540.44 9,615,000PRN Sole No 9,615,000 ARENA PHARMACEUT Common 040047102 200.00 40,000SHR Sole No 40,000 ARTESIAN RES-A Common 043113208 337.04 20,110SHR Sole No 20,110 ASSURED GUARANTY Common 019168328 134,997.17 8,302,409SHR Sole No 8,302,409 ATLAS AMERICA IN Common 049167109 7,362.51 215,846SHR Sole No 215,846 AVIGEN INC Common 053690103 204.00 51,000SHR Sole No 51,000 BAIDU.COM-SP ADR Common 056752108 248.23 1,000SHR Sole No 1,000 BANK NY MELLON Common 064058100 65,737.12 2,017,714SHR Sole No 2,017,714 BECTON DICKINSON Common 075887109 321.04 4,000SHR Sole No 4,000 BERKSHIRE HATH-A Common 084670108 136,999.40 1,049SHR Sole No 1,049 BERKSHIRE HATH-B Common 084670207 200,491.11 45,618SHR Sole No 45,618 BIOGEN IDEC INC Common 09062X103 1,320.11 26,250SHR Sole No 26,250 BLACKROCK INC Common 09247X101 31,232.23 160,577SHR Sole No 160,577 BLACKSTONE GROUP Common 09253U108 36,410.47 2,373,564SHR Sole No 2,373,564 BOMBARDIER INC B Common 097751200 5,850.71 1,099,757SHR Sole No 1,099,757 BRISTOL-MYER SQB Common 110122108 688.05 33,000SHR Sole No 33,000 BROADRIDGE FINL Common 11133T103 7,418.35 482,024SHR Sole No 482,024 BROOKFIELD ASS-A Common 112585104 141,874.13 5,170,340SHR Sole No 5,170,340 BUCKEYE GP HOLDI Common 118167105 4,533.31 293,608SHR Sole No 293,608 BUNGE LTD Common 013317810 505.44 8,000SHR Sole No 8,000 BURLINGTON NORTH Common 12189T104 76,343.30 825,958SHR Sole No 825,958 CACI INTL-A Common 127190304 46,773.46 933,602SHR Sole No 933,602 CADBURY PLC-ADR Common 12721E102 104.81 2,560SHR Sole No 2,560 CALIF WATER SRVC Common 130788102 1,085.70 28,200SHR Sole No 28,200 CALPINE CORP Common 131347304 85,255.08 6,558,083SHR Sole No 6,558,083 CAMECO CORP Common 13321L108 11,247.92 504,165SHR Sole No 504,165 CANADIAN NAT RES Common 136385101 147,242.67 2,150,784SHR Sole No 2,150,784 CANADIAN OIL SAN Common 13642L100 33,038.97 903,639SHR Sole No 903,639 CAP SOUTHWEST Common 140501107 2,954.64 20,800SHR Sole No 20,800 CATHAY GENERAL B Common 149150104 15,755.15 661,981SHR Sole No 661,981 CENTER FINANCIAL Common 15146E102 11,521.35 902,220SHR Sole No 902,220 CENTERPOINT ENER Common 15189T107 43,194.72 2,964,634SHR Sole No 2,964,634 CHARLES RIVER LA Common 159864107 14,083.30 253,616SHR Sole No 253,616 CHINA EASTRN-ADR Common 16937R104 3,936.93 231,176SHR Sole No 231,176 CHINA LIFE-ADR Common 16939P106 36,226.64 651,324SHR Sole No 651,324 CHINA MOBILE-ADR Common 16941M109 18,028.80 360,000SHR Sole No 360,000 CHINA NETCOM-ADR Common 16940Q101 17,373.36 382,000SHR Sole No 382,000 CME GROUP INC Common 12572Q105 93,684.42 252,172SHR Sole No 252,172 CMS ENERGY CORP Common 125896100 22,295.16 1,787,904SHR Sole No 1,787,904 CNOOC LTD-ADR Common 126132109 9,357.64 81,719SHR Sole No 81,719 COHEN & STEERS Common 19247A100 31,703.31 1,119,072SHR Sole No 1,119,072 COMDISCO HOLDING Common 200334100 1,934.33 203,400SHR Sole No 203,400 COMDISCO HOLD-RT Common 200334118 2,180.1225,648,432SHR Sole No 25,648,432 COMMERCIAL METAL Common 201723103 6,031.66 357,114SHR Sole No 357,114 CONN WATER SVC Common 207797101 535.40 18,494SHR Sole No 18,494 COURIER CORP Common 222660102 1,018.00 50,000SHR Sole No 50,000 COVANTA HOLDING Common 22282E102 12,270.21 512,540SHR Sole No 512,540 COVIDIEN LTD Common 030852800 792.96 14,750SHR Sole No 14,750 CSX CORP Common 126408103 56,412.94 1,033,772SHR Sole No 1,033,772 CUBIST PHARM Common 229678107 422.37 19,000SHR Sole No 19,000 DANA HOLDING Common 235825205 232.32 48,000SHR Sole No 48,000 DANAHER CORP Common 235851102 555.20 8,000SHR Sole No 8,000 DEERFIELD CAPITA Common 244331302 1,055.50 162,384SHR Sole No 162,384 DENDREON CORP Common 24823Q107 165.59 29,000SHR Sole No 29,000 DIAGEO PLC-ADR Common 25243Q205 440.70 6,400SHR Sole No 6,400 DOW CHEMICAL Common 260543103 572.04 18,000SHR Sole No 18,000 DR PEPPER SNAPPL Common 26138E109 127.10 4,800SHR Sole No 4,800 DREAMWORKS ANI-A Common 26153C103 72,396.36 2,301,951SHR Sole No 2,301,951 DUN & BRADSTREET Common 26483E100 1,480.32 15,688SHR Sole No 15,688 DYNEGY INC-A Common 26817G102 37,164.5210,381,152SHR Sole No 10,381,152 EAST WEST BNCRP Common 27579R104 5,968.67 435,669SHR Sole No 435,669 EATON VANCE CORP Common 278265103 50,812.51 1,442,308SHR Sole No 1,442,308 EBAY INC Common 278642103 7,788.24 348,000SHR Sole No 348,000 EL PASO CORP Common 28336L109 60,384.49 4,732,327SHR Sole No 4,732,327 ELI LILLY & CO Common 532457108 1,144.78 26,000SHR Sole No 26,000 EMPIRE DISTRICT Common 291641108 320.25 15,000SHR Sole No 15,000 ENCANA CORP Common 292505104 66,571.02 1,012,795SHR Sole No 1,012,795 EW SCRIPPS-CL A Common 811054402 1,172.36 165,822SHR Sole No 165,822 FAIRFAX FINL HLD Common 303901102 394.20 1,200SHR Sole No 1,200 FANNIE MAE Common 313586109 33,895.5522,153,951SHR Sole No 22,153,951 FARMERS & MER/CA Common 308243104 137.95 31SHR Sole No 31 FEDERAL MOGUL Common 313549404 2,748.83 219,030SHR Sole No 219,030 FINOVA GROUP N/A 317928AA7 4,583.8141,670,922PRN Sole No 41,670,922 FIRST BANK OF DE Common 319307104 576.00 320,000SHR Sole No 320,000 FLOW INTL CORP Common 343468104 152.40 30,000SHR Sole No 30,000 FOREST CITY -A Common 345550107 99,520.16 3,244,870SHR Sole No 3,244,870 FOREST LABS INC Common 345838106 16,032.19 566,909SHR Sole No 566,909 FORTRESS INVES-A Common 34958B106 567.64 54,061SHR Sole No 54,061 FORTUNE BRANDS Common 349631101 699.79 12,200SHR Sole No 12,200 FRANKLIN ELEC CO Common 353514102 507.87 11,400SHR Sole No 11,400 FRANKLIN RES INC Common 354613101 3,858.42 43,781SHR Sole No 43,781 FREDDIE MAC Common 313400301 42,126.7424,635,521SHR Sole No 24,635,521 FREEPORT-MCMORAN Common 35671D857 380.90 6,700SHR Sole No 6,700 FTI CONSULTING Common 302941109 9,881.35 136,785SHR Sole No 136,785 GENZYME CORP Common 372917104 1,499.54 18,538SHR Sole No 18,538 GFI GROUP INC Common 361652209 1,651.34 350,602SHR Sole No 350,602 GLAXOSMITHKL-ADR Common 37733W105 4,201.41 96,673SHR Sole No 96,673 GOOGLE INC-CL A Common 38259P508 7,299.48 18,225SHR Sole No 18,225 GORMAN-RUPP CO Common 383082104 565.80 15,000SHR Sole No 15,000 GREENHILL & CO Common 395259104 7,773.25 105,400SHR Sole No 105,400 GREENLIGHT CAP-A Common 029141509 1,287.44 56,000SHR Sole No 56,000 GRUPO AEROPO-ADR Common 40051E202 968.37 19,500SHR Sole No 19,500 GRUPO AEROPO-ADR Common 400506101 472.86 18,500SHR Sole No 18,500 GRUPO AEROPO-ADR Common 400501102 468.39 39,000SHR Sole No 39,000 H&R BLOCK INC Common 093671105 655.31 28,805SHR Sole No 28,805 HANMI FINL CORP Common 410495105 5,676.13 1,123,986SHR Sole No 1,123,986 HDFC BANK-ADR Common 40415F101 620.14 7,300SHR Sole No 7,300 HQ SUSTAINABLE M Common 40426A208 207.97 41,100SHR Sole No 41,100 HUANENG POWR-ADR Common 443304100 19,472.45 731,497SHR Sole No 731,497 HUMAN GENOME SCI Common 444903108 133.35 21,000SHR Sole No 21,000 ICAHN ENTERPRISE Common 451100101 110,352.00 2,563,345SHR Sole No 2,563,345 ICICI BANK-ADR Common 45104G104 370.44 15,750SHR Sole No 15,750 IDEARC INC Common 451663108 7,207.26 5,765,809SHR Sole No 5,765,809 IDEX CORP Common 45167R104 450.88 14,535SHR Sole No 14,535 IMCLONE SYSTEMS Common 45245W109 499.20 8,000SHR Sole No 8,000 IMPERIAL OIL Common 453038408 39,124.14 918,407SHR Sole No 918,407 INTERCONTINENTAL Common 45865V100 41,113.08 509,582SHR Sole No 509,582 INTL ASSETS HLDG Common 459028106 5,735.77 237,900SHR Sole No 237,900 INTL GAME TECH Common 459902102 273.33 15,910SHR Sole No 15,910 INVITROGEN CORP Common 46185R100 1,020.60 27,000SHR Sole No 27,000 IRON MOUNTAIN Common 462846106 1,238.81 50,750SHR Sole No 50,750 ITT CORP Common 450911102 611.71 11,000SHR Sole No 11,000 JANUS CAPITAL GR Common 47102X105 1,024.62 42,200SHR Sole No 42,200 JARDEN CORP Common 471109108 59,227.59 2,525,697SHR Sole No 2,525,697 JEFFERIES GROUP Common 472319102 32,345.60 1,444,000SHR Sole No 1,444,000 JOHNSON&JOHNSON Common 478160104 1,316.32 19,000SHR Sole No 19,000 JPMORGAN CHASE Common 46625H100 181.57 3,888SHR Sole No 3,888 KOREA ELEC P-ADR Common 500631106 8,871.24 716,000SHR Sole No 716,000 KRAFT FOODS INC Common 50075N104 35,894.00 1,096,000SHR Sole No 1,096,000 LABRANCHE & CO Common 505447102 19,281.29 4,284,732SHR Sole No 4,284,732 LAS VEGAS SANDS Common 517834107 50,295.99 1,392,855SHR Sole No 1,392,855 LEGG MASON INC Common 524901105 34,611.46 909,392SHR Sole No 909,392 LEUCADIA NATL Common 527288104 382,646.01 8,420,907SHR Sole No 8,420,907 LIBERTY GLOBAL-C Common 530555309 2,828.86 100,707SHR Sole No 100,707 LOEWS CORP Common 540424108 32,721.53 828,603SHR Sole No 828,603 M&T BANK CORP Common 55261F104 7,037.72 78,854SHR Sole No 78,854 MACROVISION SOLU Common 55611C108 4,688.33 304,833SHR Sole No 304,833 MANTECH INTL-A Common 564563104 11,818.51 199,334SHR Sole No 199,334 MARATHON OIL Common 565849106 9,234.25 231,609SHR Sole No 231,609 MARKEL CORP Common 570535104 69,627.93 198,088SHR Sole No 198,088 MASTERCARD INC-A Common 57636Q104 42,428.51 239,263SHR Sole No 239,263 MBIA INC Common 55262C100 137,066.2711,518,174SHR Sole No 11,518,174 MCGRAW-HILL COS Common 580645109 2,859.12 90,450SHR Sole No 90,450 MEDAREX INC Common 583916101 200.57 31,000SHR Sole No 31,000 MET-PRO CORP Common 590876306 507.73 34,800SHR Sole No 34,800 MGM MIRAGE Common 552953101 42,232.38 1,481,838SHR Sole No 1,481,838 MICROSOFT CORP Common 594918104 133.45 5,000SHR Sole No 5,000 MIDDLESEX WATER Common 596680108 349.40 20,000SHR Sole No 20,000 MIRANT CORP Common 60467R100 305.63 16,710SHR Sole No 16,710 MOODY'S CORP Common 615369105 4,568.89 134,379SHR Sole No 134,379 MUELLER INDS Common 624756102 690.30 30,000SHR Sole No 30,000 MYLAN INC Common 628530107 582.42 51,000SHR Sole No 51,000 NARA BANCORP INC Common 63080P105 13,470.91 1,202,760SHR Sole No 1,202,760 NASDAQ OMX GROUP Common 631103108 166,325.96 5,440,823SHR Sole No 5,440,823 NATL ENERGY GRP Common 635812209 1,995.97 570,278SHR Sole No 570,278 NATL WEST LIFE-A Common 638522102 387.31 1,600SHR Sole No 1,600 NEXEN INC Common 65334H102 38,205.87 1,644,678SHR Sole No 1,644,678 NORFOLK SOUTHERN Common 655844108 52,779.96 797,160SHR Sole No 797,160 NORSK HYDRO-ADR Common 656531605 243.07 36,442SHR Sole No 36,442 NORTHERN TRUST Common 665859104 13,514.76 187,185SHR Sole No 187,185 NORTHWEST PIPE Common 667746101 218.10 5,000SHR Sole No 5,000 NOVARTIS AG-ADR Common 66987V109 3,963.00 75,000SHR Sole No 75,000 NOVO-NORDISK-ADR Common 670100205 10,444.80 204,000SHR Sole No 204,000 NRG ENERGY Common 629377508 14,201.18 573,785SHR Sole No 573,785 NYSE EURONEXT Common 629491101 141,240.80 3,604,921SHR Sole No 3,604,921 PAIN THERAPEUTIC Common 69562K100 293.10 30,000SHR Sole No 30,000 PENN VIRGINIA GP Common 70788P105 6,790.02 325,037SHR Sole No 325,037 PENN WEST ENERGY Common 707885109 21,853.30 906,776SHR Sole No 906,776 PETROBRAS SA-ADR Common 71654V408 5,617.43 127,814SHR Sole No 127,814 PETRO-CANADA Common 71644E102 11,814.10 354,246SHR Sole No 354,246 PETROCHINA -ADR Common 71646E100 1,176.26 11,450SHR Sole No 11,450 PFIZER INC Common 717081103 79,627.31 4,318,184SHR Sole No 4,318,184 PHILIP MORRIS Common 718172109 40,014.39 831,900SHR Sole No 831,900 PICO HOLDINGS Common 693366205 3,339.63 93,000SHR Sole No 93,000 POTASH CORP SAS Common 73755L107 396.03 3,000SHR Sole No 3,000 POWER CORP CDA Common 739239101 12,633.82 424,626SHR Sole No 424,626 PREFERRED BANK Common 740367107 2,322.45 207,362SHR Sole No 207,362 PROGENICS PHARM Common 743187106 308.79 23,200SHR Sole No 23,200 PROGRESSIVE CORP Common 743315103 3,869.76 222,400SHR Sole No 222,400 PROSHARES QQQ Common 74347R875 53,724.10 981,800SHR Sole No 981,800 PROSHARES ULTRAS Common 74347R883 73,558.62 1,046,353SHR Sole No 1,046,353 PZENA INVES-CL A Common 74731Q103 20,523.10 2,164,884SHR Sole No 2,164,884 QUANTA SERVICES Common 74762E102 10,313.69 381,847SHR Sole No 381,847 RELIANT ENERGY Common 75952B105 106,587.3614,501,681SHR Sole No 14,501,681 RH DONNELLEY Common 74955W307 17,084.03 8,584,940SHR Sole No 8,584,940 RIO TINTO-ADR Common 767204100 43,537.00 174,497SHR Sole No 174,497 RITCHIE BROS Common 767744105 5,598.81 239,675SHR Sole No 239,675 ROPER INDS Common 776696106 284.80 5,000SHR Sole No 5,000 SANDRIDGE ENERGY Common 80007P307 7,840.00 400,000SHR Sole No 400,000 SANOFI-AVENT-ADR Common 80105N105 9,433.69 287,000SHR Sole No 287,000 SAVIENT PHARMACE Common 80517Q100 372.75 25,000SHR Sole No 25,000 SCHERING-PLOUGH Common 806605101 424.81 23,000SHR Sole No 23,000 SCRIPPS NET-CL A Common 811065101 18,598.35 512,210SHR Sole No 512,210 SEARS HOLDINGS Common 812350106 117,828.23 1,260,195SHR Sole No 1,260,195 SIERRA PAC RES Common 826428104 52,044.92 5,432,664SHR Sole No 5,432,664 SIGMA-ALDRICH Common 826552101 99,667.88 1,901,333SHR Sole No 1,901,333 SIMCERE PHAR-ADR Common 82859P104 303.80 35,000SHR Sole No 35,000 SJW CORP Common 784305104 749.25 25,000SHR Sole No 25,000 SL GREEN REALTY Common 78440X101 129.60 2,000SHR Sole No 2,000 SOTHEBY'S Common 835898107 33,553.86 1,672,675SHR Sole No 1,672,675 SOUTHERN UNION Common 844030106 1,657.41 80,262SHR Sole No 80,262 SOUTHWEST WATER Common 845331107 382.50 30,000SHR Sole No 30,000 ST JOE CO Common 790148100 14,076.31 360,100SHR Sole No 360,100 STATE ST CORP Common 857477103 27,964.09 491,633SHR Sole No 491,633 STATOIL ASA-ADR Common 85771P102 9,445.24 396,859SHR Sole No 396,859 STRYKER CORP Common 863667101 373.80 6,000SHR Sole No 6,000 STUDENT LOAN CRP Common 863902102 10,953.82 117,783SHR Sole No 117,783 SUNCOR ENERGY Common 867229106 192,309.94 4,563,596SHR Sole No 4,563,596 T ROWE PRICE GRP Common 74144T108 15,908.90 296,200SHR Sole No 296,200 TEVA PHARM-ADR Common 881624209 183.16 4,000SHR Sole No 4,000 TEXAS PAC LAND Common 882610108 47,688.79 1,278,143SHR Sole No 1,278,143 TIME WARNER INC Common 887317105 52,865.20 4,032,433SHR Sole No 4,032,433 UCBH HOLDINGS Common 90262T308 5,352.27 834,988SHR Sole No 834,988 UNIFIED ENER-ADR Common 904688108 14,010.62 137,359SHR Sole No 137,359 UNION PAC CORP Common 907818108 49,034.58 689,075SHR Sole No 689,075 URS CORP Common 903236107 733.40 20,000SHR Sole No 20,000 US GLOBAL INV-A Common 902952100 20,322.90 2,022,179SHR Sole No 2,022,179 VALUE LINE INC Common 920437100 468.86 14,000SHR Sole No 14,000 VEOLIA ENVI-ADR Common 92334N103 1,069.15 25,900SHR Sole No 25,900 VICAL INC Common 925602104 128.52 59,500SHR Sole No 59,500 VISA INC-CLASS A Common 92826C839 2,541.55 41,400SHR Sole No 41,400 VORNADO RLTY TST Common 929042109 39,257.39 431,637SHR Sole No 431,637 WALT DISNEY CO Common 254687106 2,699.12 87,948SHR Sole No 87,948 WARNER MUSIC GRO Common 934550104 111,665.7614,692,863SHR Sole No 14,692,863 WASH POST-B Common 939640108 49,927.45 89,675SHR Sole No 89,675 WELLS FARGO & CO Common 949746101 3,379.58 90,050SHR Sole No 90,050 WENDY'S/ARBY'S-A Common 950587105 5,321.80 1,298,000SHR Sole No 1,298,000 WENDY'S/ARBY'S-A Common 950587105 1,189.88 226,212SHR Sole No 226,212 WESCO FINANCIAL Common 950817106 1,392.30 3,900SHR Sole No 3,900 WESTERN UNION Common 959802109 10,465.36 424,214SHR Sole No 424,214 WHITE MOUNTAINS Common 011768822 73,886.51 157,289SHR Sole No 157,289 WILEY JOHN&SON-A Common 968223206 442.73 10,945SHR Sole No 10,945 WILSHIRE BANCORP Common 97186T108 11,278.17 926,719SHR Sole No 926,719 WYETH Common 983024100 772.05 20,900SHR Sole No 20,900 WYNN RESORTS LTD Common 983134107 146,807.91 1,798,235SHR Sole No 1,798,235 XO HOLDINGS INC Common 98417K106 212.22 517,599SHR Sole No 517,599 YANZHOU COAL-ADR Common 984846105 105.00 10,000SHR Sole No 10,000 YORK WATER CO Common 987184108 259.40 20,953SHR Sole No 20,953
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