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
ACE LIMITED COM H0023R105 652 6,967 SH   SOLE   6,967 0 0
ARCH COAL INC COM 039380100 8,142 1,981,118 SH   SOLE   1,979,118 0 2,000
BAKER HUGHES INC COM COM 057224107 6,411 130,563 SH   SOLE   130,563 0 0
BANCORPSOUTH COM 059692103 862 43,236 SH   SOLE   43,236 0 0
BARRICK GOLD CORP COM 067901108 26,599 1,428,523 SH   SOLE   1,427,423 0 1,100
BERKSHIRE HATHAWAY CL B COM 084670702 37,496 330,332 SH   SOLE   329,982 0 350
BERKSHIRE HATHAWAY HLD A COM 084670108 852 5 SH   SOLE   5 0 0
BP PRUDHOE BAY ROYALTY TRUST COM 055630107 260 3,000 SH   SOLE   3,000 0 0
CENOVUS ENERGY, INC. COM 15135U109 19,944 668,128 SH   SOLE   667,848 0 280
CHEVRON COM 166764100 22,837 187,960 SH   SOLE   187,760 0 200
CONOCOPHILLIPS COM 20825c104 49,573 713,181 SH   SOLE   712,376 0 805
CORNING COM 219350105 14,101 966,516 SH   SOLE   965,116 0 1,400
CST BRANDS COM 12646r105 2,727 91,505 SH   SOLE   91,361 0 144
DELL COMPUTER COM 24702r101 16,291 1,184,727 SH   SOLE   1,183,327 0 1,400
DEVON ENERGY COM 25179m103 5,011 86,757 SH   SOLE   86,757 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 1,381 22,155 SH   SOLE   22,155 0 0
DOW CHEMICAL COM 260543103 36,828 959,058 SH   SOLE   957,858 0 1,200
EASTMAN CHEMICAL COM 277432100 1,005 12,900 SH   SOLE   12,900 0 0
ELI LILLY COM 532457108 30,242 600,877 SH   SOLE   600,177 0 700
ENCANA COM 292505104 33,537 1,935,196 SH   SOLE   1,932,916 0 2,280
EXELIS INC COM 30162a108 12,590 801,384 SH   SOLE   800,584 0 800
EXXON MOBIL COM 30231G102 1,881 21,859 SH   SOLE   21,859 0 0
FORD MOTOR COM 345370860 1,084 64,279 SH   SOLE   64,279 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 11,683 542,634 SH   SOLE   542,634 0 0
FREEPORT-MCMORAN COPPER & GOLD COM 35671d857 23,215 701,773 SH   SOLE   701,053 0 720
HANESBRANDS INC COM 410345102 704 11,300 SH   SOLE   11,300 0 0
HEWLETT PACKARD COM 428236103 9,298 442,970 SH   SOLE   442,470 0 500
IMPERIAL OIL LTD COM 453038408 585 13,305 SH   SOLE   13,305 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 432 2,331 SH   SOLE   2,331 0 0
JOHNSON AND JOHNSON COM 478160104 410 4,735 SH   SOLE   4,735 0 0
LEUCADIA NATIONAL COM 527288104 27,473 1,008,551 SH   SOLE   1,007,651 0 900
LEXMARK INTL INC CL A COM 529771107 13,815 418,635 SH   SOLE   418,235 0 400
LOEWS COM 540424108 7,075 151,367 SH   SOLE   151,367 0 0
MARATHON OIL COM 565849106 783 22,445 SH   SOLE   22,445 0 0
MERCK AND CO. INC. COM 58933Y105 41,765 877,249 SH   SOLE   876,409 0 840
MFC INDUSTRIAL LTD COM 55278t105 10,353 1,232,455 SH   SOLE   1,231,255 0 1,200
MURPHY OIL CORP COM 626717102 362 6,000 SH   SOLE   6,000 0 0
NEWMONT MINING COM 651639106 25,142 894,740 SH   SOLE   893,720 0 1,020
NOBLE ENERGY COM 655044105 13,328 198,896 SH   SOLE   198,896 0 0
NOKIA COM 654902204 10,287 1,580,366 SH   SOLE   1,578,666 0 1,700
PEMBINA PIPELINE CORP COM 706327103 1,423 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 19,242 1,350,330 SH   SOLE   1,348,730 0 1,600
PFIZER COM 717081103 58,106 2,022,831 SH   SOLE   2,021,031 0 1,800
PHILLIPS 66 COM 718546104 18,734 323,997 SH   SOLE   323,595 0 402
PILGRIM'S PRIDE COM 72147k108 366 21,792 SH   SOLE   21,792 0 0
PRECISION DRILLING CORP COM 74022d308 7,027 708,357 SH   SOLE   705,657 0 2,700
RADIOSHACK CORP COM 750438103 3,492 1,023,973 SH   SOLE   1,022,773 0 1,200
RAYTHEON COM 755111507 12,960 168,162 SH   SOLE   168,162 0 0
REGENCY ENERGY PARTNERS LP COM 75885y107 286 10,000 SH   SOLE   10,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117w109 403 30,486 SH   SOLE   30,486 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 2,292 143,405 SH   SOLE   143,405 0 0
SANOFI COM 80105n105 20,611 407,096 SH   SOLE   406,496 0 600
SEACOR HOLDINGS INC COM 811904101 956 10,570 SH   SOLE   10,570 0 0
SIMMONS FIRST NATIONAL COM 828730200 1,234 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED COM 878742204 36,822 1,371,897 SH   SOLE   1,370,697 0 1,200
TECUMSEH PRODS CL A COM 878895200 5,434 607,150 SH   SOLE   607,150 0 0
TEMPLETON DRAGON FUND COM 88018T101 1,715 65,876 SH   SOLE   65,876 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,199 14,147 SH   SOLE   14,147 0 0
THOMPSON CREEK METALS COM 884768102 8,484 2,363,158 SH   SOLE   2,360,658 0 2,500
TRANSOCEAN, LTD COM H8817H100 16,125 362,360 SH   SOLE   361,960 0 400
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 3,932 754,612 SH   SOLE   753,852 0 760
TWIN DISC COM 901476101 467 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 392 13,873 SH   SOLE   13,873 0 0
VALERO ENERGY CORP NEW COM 91913y100 29,743 870,966 SH   SOLE   869,666 0 1,300
WAL-MART STORES COM 931142103 362 4,897 SH   SOLE   4,897 0 0