The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALTRIA GROUP INC COM 02209S103 2,600 62,000 SH   SOLE 1 62,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 3,810,247 69,810,314 SH   SOLE 1 67,387,881 0 2,422,433
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 651,406 24,488,935 SH   SOLE 1 23,753,831 0 735,104
AT&T INC COM 00206R102 2,422 68,500 SH   SOLE 1 68,500 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,512,903 98,432,215 SH   SOLE 1 88,894,915 0 9,537,300
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 83,890 12,158,028 SH   SOLE 1 10,744,328 0 1,413,700
BANK OF AMERICA CORPORATION *W EXP 10/28/201 060505153 1,092 1,455,701 SH   SOLE   1,455,701 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 570 3 SH   SOLE   0 0 3
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 36,528 288,625 SH   SOLE   144,000 0 144,625
CITIGROUP INC COM NEW 172967424 2,570 54,560 SH   SOLE   0 0 54,560
DIAMOND OFFSHORE DRILLING IN COM 25271C102 2,432 49,000 SH   SOLE 1 49,000 0 0
FEDERAL HOME LOAN MORTGAGE CORP COM 313400301 73,768 19,110,900 SH   SOLE 1 18,035,700 0 1,075,200
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400780 28,462 1,699,250 SH   SOLE 1 1,699,250 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400608 23,148 1,377,829 SH   SOLE 1 1,377,829 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400798 9,209 546,542 SH   SOLE 1 546,542 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400715 1,072 60,900 SH   SOLE   60,900 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400863 3,553 203,000 SH   SOLE 1 203,000 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400855 23,844 1,339,572 SH   SOLE 1 1,339,572 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400673 54,338 5,799,175 SH   SOLE 1 5,799,175 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400665 4,166 447,940 SH   SOLE 1 447,940 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400772 2,761 157,500 SH   SOLE   157,500 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400681 4,920 517,900 SH   SOLE 1 517,900 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400749 831 45,000 SH   SOLE   45,000 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400657 425 45,500 SH   SOLE   45,500 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400640 39,024 4,196,108 SH   SOLE 1 4,196,108 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400624 435,330 39,901,900 SH   SOLE 1 39,901,900 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400699 166 9,200 SH   SOLE   9,200 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400830 166 9,400 SH   SOLE   9,400 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400731 151 8,400 SH   SOLE   8,400 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION COM 313586109 80,723 20,645,300 SH   SOLE 1 19,158,800 0 1,486,500
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586802 4,681 269,500 SH   SOLE 1 269,500 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586786 31,948 3,672,127 SH   SOLE 1 3,672,127 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586778 14,410 1,580,000 SH   SOLE 1 1,580,000 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586794 117,287 6,339,843 SH   SOLE 1 6,339,843 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586760 14,025 1,500,000 SH   SOLE 1 1,500,000 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586752 610,891 59,023,319 SH   SOLE 1 56,584,419 0 2,438,900
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586877 78 4,400 SH   SOLE   4,400 0 0
GENWORTH FINL INC COM CL A 37247d106 18,644 1,071,500 SH   SOLE 1 1,063,700 0 7,800
HARTFORD FINL SVCS GROUP INC COM 416515104 1,862 52,000 SH   SOLE   4,300 0 47,700
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 15,133 553,900 SH   SOLE 1 553,900 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 14,561 753,300 SH   SOLE 1 718,000 0 35,300
KKR & CO L P DEL COM UNITS 48248M102 2,469 101,500 SH   SOLE 1 101,500 0 0
LANDS END INC NEW COM 51509F105 112,921 3,362,757 SH   SOLE 1 2,752,549 0 610,208
LEUCADIA NATL CORP COM 527288104 412,057 15,715,357 SH   SOLE 1 13,445,953 0 2,269,404
LINCOLN NATL CORP IND COM 534187109 2,284 44,400 SH   SOLE   3,700 0 40,700
LINCOLN NATL CORP IND *W EXP 07/10/201 534187117 8,747 205,810 SH   SOLE 1 205,810 0 0
MERCURY GENL CORP NEW COM 589400100 2,521 53,600 SH   SOLE 1 53,600 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 2,400 48,000 SH   SOLE 1 48,000 0 0
REYNOLDS AMERICAN INC COM 761713106 2,674 44,300 SH   SOLE 1 44,300 0 0
SEARS HLDGS CORP COM 812350106 985,926 24,672,823 SH   SOLE 1 20,266,773 0 4,406,050
ST JOE CO COM 790148100 631,602 24,836,898 SH   SOLE 1 23,841,602 0 995,296
TRANSOCEAN LTD REG SHS H8817H100 2,544 56,500 SH   SOLE 1 56,500 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 2,371 71,000 SH   SOLE 1 71,000 0 0
WELLS FARGO & CO NEW COM 949746101 7,863 149,600 SH   SOLE   120,000 0 29,600
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 28,872 1,346,665 SH   SOLE 1 1,318,265 0 28,400