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
ALLEGIANT TRAVEL CO COM 01748X102 15,339 79,771 SH   SOLE   0 79,771 0
ALLIANCE DATA SYS CORP COM COM 018581108 35,906 121,200 SH   SOLE   0 121,200 0
ALLIANCEBERNSTEIN HLDG UNIT LT COM 01881G106 357 11,550 SH   SOLE   0 11,550 0
AMERICAN AIRLINES GROUP INC COM 02376R102 6,497 123,090 SH   SOLE   0 123,090 0
AMERICAN AXLE & MFG COM COM 024061103 21,090 816,490 SH   SOLE   0 816,490 0
AMERICAN CAPITAL LTD COM 02503Y103 315 21,300 SH   SOLE   0 21,300 0
ARRIS GROUP INC NEW COM COM 04270V106 17,141 593,215 SH   SOLE   0 593,215 0
ASBURY AUTOMOTIVE GP COM COM 043436104 7,102 85,460 SH   SOLE   0 85,460 0
ATHERSYS INC COM COM 04744L106 29 10,150 SH   SOLE   0 10,150 0
Annaly Mortgage Management COM 035710409 2,641 253,940 SH   SOLE   0 253,940 0
Apple Computer Inc. COM 037833100 18,790 151,008 SH   SOLE   0 151,008 0
BELLATRIX EXPLORATION COM COM 078314101 1,959 805,970 SH   SOLE   0 805,970 0
BOARDWALK PIPELIN PTNR UT LTD COM 096627104 575 35,700 SH   SOLE   0 35,700 0
Baker Hughes Inc. COM 057224107 7,068 111,165 SH   SOLE   0 111,165 0
Berkshire Hathaway CL B COM 084670702 16,240 112,530 SH   SOLE   0 112,530 0
Bristol Myers Squibb COM 110122108 13,685 212,170 SH   SOLE   0 212,170 0
CELANESE CORP-SERIES A COM 150870103 14,986 268,285 SH   SOLE   0 268,285 0
CELGENE CORP COM COM 151020104 9,861 85,540 SH   SOLE   0 85,540 0
Cigna Corp COM 125509109 272 2,100 SH   SOLE   0 2,100 0
DISCOVER FINL SVCS COM COM 254709108 11,954 212,145 SH   SOLE   0 212,145 0
DSP GROUP INC COM COM 23332B106 326 27,205 SH   SOLE   0 27,205 0
Delta Air Lines COM 247361702 11,935 265,455 SH   SOLE   0 265,455 0
ELDORADO GOLD CORP NEW COM COM 284902103 580 126,450 SH   SOLE   0 126,450 0
EPIZYME INC COM COM 29428V104 974 51,860 SH   SOLE   0 51,860 0
EZCHIP SEMICONDUCTOR COM M4146Y108 6,406 335,040 SH   SOLE   0 335,040 0
FLYHT AEROSPACE SOLUTI COM COM 30252U105 4 22,000 SH   SOLE   0 22,000 0
GENWORTH FINL INC COM CL A COM 37247D106 178 24,400 SH   SOLE   0 24,400 0
GILEAD SCIENCES INC COM COM 375558103 21,465 218,740 SH   SOLE   0 218,740 0
General Electric COM 369604103 1,793 72,276 SH   SOLE   0 72,276 0
General Motors Co. COM 37045V100 2,608 69,535 SH   SOLE   0 69,535 0
HANESBRANDS INC COM COM 410345102 17,102 510,345 SH   SOLE   0 510,345 0
Halliburton Co. COM 406216101 4,929 112,330 SH   SOLE   0 112,330 0
INNOVATIVE SOLTNS&SUPP COM COM 45769N105 1,374 361,529 SH   SOLE   0 361,529 0
J.P. Morgan Chase & Co. COM 46625H100 21,600 356,560 SH   SOLE   0 356,560 0
LINCOLN NATL CORP IND COM COM 534187109 17,715 308,310 SH   SOLE   0 308,310 0
MACROGENICS INC COM COM 556099109 2,083 66,405 SH   SOLE   0 66,405 0
MAGNUM HUNTER RES CORP COM COM 55973B102 948 355,235 SH   SOLE   0 355,235 0
MEDTRONIC PLC COM G5960L103 13,543 173,653 SH   SOLE   0 173,653 0
Microsoft Corp COM 594918104 11,806 290,385 SH   SOLE   0 290,385 0
Morgan Stanley COM 617446448 11,424 320,090 SH   SOLE   0 320,090 0
NEUSTAR INC CL A COM 64126X201 7,916 321,510 SH   SOLE   0 321,510 0
NOBLE CORP PLC COM G65431101 195 13,650 SH   SOLE   0 13,650 0
ON SEMICONDUCTOR CORP COM COM 682189105 15,348 1,267,355 SH   SOLE   0 1,267,355 0
PAN AMERICAN SILVER CP COM COM 697900108 182 20,710 SH   SOLE   0 20,710 0
Pfizer Inc COM 717081103 1,336 38,409 SH   SOLE   0 38,409 0
Pulte Homes, Inc. COM 745867101 605 27,200 SH   SOLE   0 27,200 0
QUANTUM FUEL SYS TECH COM NEW COM 74765E307 53 20,000 SH   SOLE   0 20,000 0
QUICKLOGIC CORP COM COM 74837P108 175 90,435 SH   SOLE   0 90,435 0
REX ENERGY CORP COM 761565100 3,638 977,865 SH   SOLE   0 977,865 0
Rush Enterprises CLA COM 781846209 10,534 385,002 SH   SOLE   0 385,002 0
Rush Enterprises CLB COM 781846308 2,314 93,617 SH   SOLE   0 93,617 0
SONIC AUTOMOTIVE INC CL A COM 83545G102 12,831 515,300 SH   SOLE   0 515,300 0
SPIRIT AIRLS INC COM COM 848577102 13,009 168,159 SH   SOLE   0 168,159 0
State Street Corp COM 857477103 17,350 235,952 SH   SOLE   0 235,952 0
TEEKAY TANKERS LTD CL A COM Y8565N102 272 47,400 SH   SOLE   0 47,400 0
TEVA PHARMACEUTCL INDS ADR COM 881624209 11,009 176,710 SH   SOLE   0 176,710 0
UNIVERSAL DISPLAY CORP COM COM 91347P105 9,917 212,135 SH   SOLE   0 212,135 0
WCI CMNTYS INC COM PAR $0.01 COM 92923C807 7,745 323,379 SH   SOLE   0 323,379 0
WESTPORT INNOVATIONS COM NEW COM 960908309 591 150,000 SH   SOLE   0 150,000 0
ZIX CORP COM COM 98974P100 45 11,495 SH   SOLE   0 11,495 0
DIANA SHIPPING INC PERP PFD SE PFD Y2066G112 321 12,530 SH   SOLE   0 12,530 0
MAGNUM HUNTER RES CORP CUM PFD PFD 55973B300 460 13,185 SH   SOLE   0 13,185 0
Muhlenkamp Fund MUT 56166Y438 233 3,870 SH   SOLE   0 3,870 0
POWERSHARES ETF TRUST DYNA BUY ETF 73935X286 5,933 120,330 SH   SOLE   0 120,330 0
DOUBLELINE INCOME SOLU COM CF 258622109 325 16,350 SH   SOLE   0 16,350 0
CALL CISCO SYSTEMS $22 EXP 01/ CALL 4675088 319 552 SH   SOLE   0 552 0
CALL GENERAL MOTORS CO $35 EXP CALL bbg005khn 1,507 3,546 SH   SOLE   0 3,546 0