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

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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
ALLEGHANY CORP DEL COM 017175100 13,215 34,477 SH   SOLE   28,092 0 6,385
BARRICK GOLD CORP COM 067901108 24,051 1,528,020 SH   SOLE   1,276,650 0 251,370
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 19,462 173,888 SH   SOLE   119,080 0 54,808
DELL INC COM 24702r101 2,132 160,000 SH   SOLE   160,000 0 0
ERA GROUP INC COM 26885g109 803 30,700 SH   SOLE   30,700 0 0
EXCO RESEOURCES GROUP COM 269279402 9,562 1,251,542 SH   SOLE   1,251,542 0 0
FEDERATED INVS INC PA CL B 314211103 14,032 511,920 SH   SOLE   339,550 0 172,370
GOOGLE INC CL A 38259p508 20,050 22,775 SH   SOLE   15,668 0 7,107
HEWLETT PACKARD CO COM 428236103 60,175 2,426,416 SH   SOLE   1,946,235 0 480,181
LEUCADIA NATL CORP COM 527288104 30,547 1,165,026 SH   SOLE   925,347 0 239,679
MICROSOFT CORP COM 594918104 29,977 867,760 SH   SOLE   691,950 0 175,810
REPUBLIC SVCS INC COM 760759100 7,083 208,690 SH   SOLE   181,660 0 27,030
SEACOR HLDGS CORP COM 811904101 6,008 72,338 SH   SOLE   62,323 0 10,015
SEARS HLDGS CORP COM 812350106 11,001 261,442 SH   SOLE   231,349 0 30,093
SPECTRUM BRANDS HLDGS INC COM 84763r101 39,829 700,351 SH   SOLE   581,406 0 118,945
SPRINT NEXTEL CORP COM SER 1 852061100 24,385 3,473,650 SH   SOLE   2,816,030 0 657,620
STAPLES INC COM 855030102 18,922 1,192,330 SH   SOLE   1,157,880 0 34,450
SYSTEMAX IN COM 871851101 5,597 594,799 SH   SOLE   412,903 0 181,896
WALTER INVT MGMT CORP COM 93317w102 28,795 851,669 SH   SOLE   670,017 0 181,652
WHITE MTNS INS GROUP LTD COM g9618e107 15,821 27,518 SH   SOLE   22,343 0 5,175
WPX ENERGY INC COM 98212b103 10,396 548,874 SH   SOLE   548,874 0 0
Deutsche Bank AG 3X Inv Japan INV JAP GOV BD 25154p188 1,584 84,727 SH   SOLE   84,727 0 0
Deutsche Bank AG Inv Jap Govt 3X INV JAP GOV 25154p170 1,428 73,074 SH   SOLE   73,074 0 0
ProShares UltraShort MSCI Euro ULTRASHORT EUROP 74348a301 2,271 95,000 SH   SOLE   95,000 0 0