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
ALTRIA GROUP INCCOM02209S1032,60062,000SH SOLE162,00000
AMERICAN INTL GROUP INCCOM NEW0268747843,810,24769,810,314SH SOLE167,387,88102,422,433
AMERICAN INTL GROUP INC*W EXP 01/19/202026874156651,40624,488,935SH SOLE123,753,8310735,104
AT&T INCCOM00206R1022,42268,500SH SOLE168,50000
BANK OF AMERICA CORPORATIONCOM0605051041,512,90398,432,215SH SOLE188,894,91509,537,300
BANK OF AMERICA CORPORATION*W EXP 01/16/20106050514683,89012,158,028SH SOLE110,744,32801,413,700
BANK OF AMERICA CORPORATION*W EXP 10/28/2010605051531,0921,455,701SH SOLE 1,455,70100
BERKSHIRE HATHAWAY INC DELCL A0846701085703SH SOLE 003
BERKSHIRE HATHAWAY INC DELCL B NEW08467070236,528288,625SH SOLE 144,0000144,625
CITIGROUP INCCOM NEW1729674242,57054,560SH SOLE 0054,560
DIAMOND OFFSHORE DRILLING INCOM25271C1022,43249,000SH SOLE149,00000
FEDERAL HOME LOAN MORTGAGE CORPCOM31340030173,76819,110,900SH SOLE118,035,70001,075,200
FEDERAL HOME LOAN MORTGAGE CORPPFD31340078028,4621,699,250SH SOLE11,699,25000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340060823,1481,377,829SH SOLE11,377,82900
FEDERAL HOME LOAN MORTGAGE CORPPFD3134007989,209546,542SH SOLE1546,54200
FEDERAL HOME LOAN MORTGAGE CORPPFD3134007151,07260,900SH SOLE 60,90000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134008633,553203,000SH SOLE1203,00000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340085523,8441,339,572SH SOLE11,339,57200
FEDERAL HOME LOAN MORTGAGE CORPPFD31340067354,3385,799,175SH SOLE15,799,17500
FEDERAL HOME LOAN MORTGAGE CORPPFD3134006654,166447,940SH SOLE1447,94000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134007722,761157,500SH SOLE 157,50000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134006814,920517,900SH SOLE1517,90000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340074983145,000SH SOLE 45,00000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340065742545,500SH SOLE 45,50000
FEDERAL HOME LOAN MORTGAGE CORPPFD31340064039,0244,196,108SH SOLE14,196,10800
FEDERAL HOME LOAN MORTGAGE CORPPFD313400624435,33039,901,900SH SOLE139,901,90000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134006991669,200SH SOLE 9,20000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134008301669,400SH SOLE 9,40000
FEDERAL HOME LOAN MORTGAGE CORPPFD3134007311518,400SH SOLE 8,40000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONCOM31358610980,72320,645,300SH SOLE119,158,80001,486,500
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD3135868024,681269,500SH SOLE1269,50000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD31358678631,9483,672,127SH SOLE13,672,12700
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD31358677814,4101,580,000SH SOLE11,580,00000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD313586794117,2876,339,843SH SOLE16,339,84300
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD31358676014,0251,500,000SH SOLE11,500,00000
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD313586752610,89159,023,319SH SOLE156,584,41902,438,900
FEDERAL NATIONAL MORTGAGE ASSOCIATIONPFD313586877784,400SH SOLE 4,40000
GENWORTH FINL INCCOM CL A37247d10618,6441,071,500SH SOLE11,063,70007,800
HARTFORD FINL SVCS GROUP INCCOM4165151041,86252,000SH SOLE 4,300047,700
HARTFORD FINL SVCS GROUP INC*W EXP 06/26/20141651512015,133553,900SH SOLE1553,90000
JPMORGAN CHASE & CO*W EXP 10/28/20146634E11414,561753,300SH SOLE1718,000035,300
KKR & CO L P DELCOM UNITS48248M1022,469101,500SH SOLE1101,50000
LANDS END INC NEWCOM51509F105112,9213,362,757SH SOLE12,752,5490610,208
LEUCADIA NATL CORPCOM527288104412,05715,715,357SH SOLE113,445,95302,269,404
LINCOLN NATL CORP INDCOM5341871092,28444,400SH SOLE 3,700040,700
LINCOLN NATL CORP IND*W EXP 07/10/2015341871178,747205,810SH SOLE1205,81000
MERCURY GENL CORP NEWCOM5894001002,52153,600SH SOLE153,60000
OAKTREE CAP GROUP LLCUNIT CL A6740012012,40048,000SH SOLE148,00000
REYNOLDS AMERICAN INCCOM7617131062,67444,300SH SOLE144,30000
SEARS HLDGS CORPCOM812350106985,92624,672,823SH SOLE120,266,77304,406,050
ST JOE COCOM790148100631,60224,836,898SH SOLE123,841,6020995,296
TRANSOCEAN LTDREG SHSH8817H1002,54456,500SH SOLE156,50000
VODAFONE GROUP PLC NEWSPNSR ADR NO PAR92857W3082,37171,000SH SOLE171,00000
WELLS FARGO & CO NEWCOM9497461017,863149,600SH SOLE 120,000029,600
WELLS FARGO & CO NEW*W EXP 10/28/20194974611928,8721,346,665SH SOLE11,318,265028,400