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 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AMERICAN INTL GROUP INCCOM NEW0268747844,071,34979,752,186SH SOLE177,204,50702,547,679
AMERICAN INTL GROUP INC*W EXP 01/19/202026874156491,06324,250,009SH SOLE123,499,9310750,078
BANK OF AMERICA CORPORATIONCOM0605051041,552,98599,742,115SH SOLE189,755,91509,986,200
BANK OF AMERICA CORPORATION*W EXP 01/16/20106050514664,0829,904,428SH SOLE18,490,72801,413,700
BERKSHIRE HATHAWAY INC DELCL A0846701081,0676SH SOLE 006
BERKSHIRE HATHAWAY INC DELCL B NEW08467070284,204710,225SH SOLE 160,6000549,625
CHESAPEAKE ENERGY CORPCOM16516710725,186928,000SH SOLE1666,7000261,300
CITIGROUP INCCOM NEW1729674242,84354,560SH SOLE 0054,560
FEDERAL HOME LOAN MORTGAGE CORPCOM31340030156,22019,386,300SH SOLE119,386,30000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340078022,9741,699,250SH SOLE11,699,25000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340060818,6011,377,829SH SOLE11,377,82900
FEDERAL HOME LOAN MORTGAGE CORPPFD3134007987,313546,542SH SOLE1546,54200
FEDERAL HOME LOAN MORTGAGE CORPPFD31340071580460,900SH SOLE 60,90000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134008632,822203,000SH SOLE1203,00000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340085517,9501,339,572SH SOLE11,339,57200
FEDERAL HOME LOAN MORTGAGE CORPPFD31340067340,7685,799,175SH SOLE15,799,17500
FEDERAL HOME LOAN MORTGAGE CORPPFD3134006653,136447,940SH SOLE1447,94000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134007722,120157,500SH SOLE 157,50000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134006813,563517,900SH SOLE1517,90000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340074959445,000SH SOLE 45,00000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340065733345,500SH SOLE 45,50000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340064029,7924,196,108SH SOLE14,196,10800
FEDERAL HOME LOAN MORTGAGE CORPPFD313400624357,92039,901,900SH SOLE139,901,90000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134006991279,200SH SOLE 9,20000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134008301329,400SH SOLE 9,40000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134007311078,400SH SOLE 8,40000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONCOM31358610978,23325,990,900SH SOLE125,990,90000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD3135868023,738269,500SH SOLE1269,50000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD31358678624,9703,672,127SH SOLE13,672,12700
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD31358677811,0601,580,000SH SOLE11,580,00000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD31358679490,0266,339,843SH SOLE16,339,84300
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD31358676011,7901,500,000SH SOLE11,500,00000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD313586752516,68059,049,119SH SOLE156,584,41902,464,700
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD313586877624,400SH SOLE 4,40000
GENWORTH FINL INCCOM CL A37247d10616,6401,071,500SH SOLE11,063,70007,800
HARTFORD FINL SVCS GROUP INCCOM4165151041,88452,000SH SOLE 4,300047,700
HARTFORD FINL SVCS GROUP INC*W EXP 06/26/20141651512015,249553,900SH SOLE1553,90000
JPMORGAN CHASE & CO*W EXP 10/28/20146634E11414,606753,300SH SOLE1718,000035,300
LEUCADIA NATL CORPCOM527288104508,92817,957,927SH SOLE115,104,55302,853,374
LINCOLN NATL CORP INDCOM5341871092,29244,400SH SOLE 3,700040,700
LINCOLN NATL CORP IND*W EXP 07/10/2015341871178,698205,810SH SOLE1205,81000
SEARS HLDGS CORPCOM8123501061,046,10521,331,673SH SOLE118,499,57302,832,100
ST JOE COCOM790148100477,13124,863,504SH SOLE123,841,60201,021,902
WELLS FARGO & CO NEWCOM9497461016,792149,600SH SOLE 120,000029,600
WELLS FARGO & CO NEW*W EXP 10/28/20194974611921,3181,346,665SH SOLE11,318,265028,400