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 690 6,967 SH   SOLE   6,967 0 0
ARCH COAL INC COM 039380100 9,443 1,959,052 SH   SOLE   1,955,752 0 3,300
BAKER HUGHES INC COM COM 057224107 7,717 118,687 SH   SOLE   118,687 0 0
BANCORPSOUTH COM 059692103 1,069 42,836 SH   SOLE   42,836 0 0
BARRICK GOLD CORP COM 067901108 20,883 1,171,220 SH   SOLE   1,169,420 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 40,011 320,164 SH   SOLE   319,614 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 937 5 SH   SOLE   5 0 0
BP PLC COM 055622104 295 6,125 SH   SOLE   6,125 0 0
BP PRUDHOE BAY ROYALTY TRUST COM 055630107 253 3,000 SH   SOLE   3,000 0 0
CENOVUS ENERGY, INC. COM 15135U109 20,192 697,246 SH   SOLE   696,666 0 580
CHEVRON COM 166764100 22,162 186,377 SH   SOLE   185,877 0 500
CISCO SYSTEMS COM 17275R102 9,804 437,398 SH   SOLE   436,598 0 800
CONOCOPHILLIPS COM 20825c104 48,880 694,812 SH   SOLE   693,557 0 1,255
CORNING COM 219350105 26,333 1,264,812 SH   SOLE   1,262,412 0 2,400
CST BRANDS COM 12646r105 2,723 87,158 SH   SOLE   86,954 0 204
DEVON ENERGY COM 25179m103 5,703 85,203 SH   SOLE   85,003 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 2,622 53,783 SH   SOLE   53,783 0 0
EASTMAN CHEMICAL COM 277432100 1,112 12,900 SH   SOLE   12,900 0 0
ELI LILLY COM 532457108 34,562 587,184 SH   SOLE   586,154 0 1,030
ENCANA COM 292505104 40,003 1,871,060 SH   SOLE   1,867,330 0 3,730
EXELIS INC COM 30162a108 14,172 745,484 SH   SOLE   744,184 0 1,300
EXXON MOBIL COM 30231G102 2,276 23,297 SH   SOLE   23,297 0 0
FORD MOTOR COM 345370860 934 59,879 SH   SOLE   59,879 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 8,308 466,750 SH   SOLE   466,750 0 0
FREEPORT-MCMORAN COPPER & GOLD COM 35671d857 22,717 686,947 SH   SOLE   685,827 0 1,120
HANESBRANDS INC COM 410345102 864 11,300 SH   SOLE   11,300 0 0
HEWLETT PACKARD COM 428236103 13,819 427,040 SH   SOLE   426,240 0 800
HILLSHIRE BRANDS CO COM 432589109 211 5,660 SH   SOLE   5,660 0 0
IMPERIAL OIL LTD COM 453038408 619 13,305 SH   SOLE   13,305 0 0
INTEL CORP. COM 458140100 10,566 409,296 SH   SOLE   408,496 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 447 2,320 SH   SOLE   2,320 0 0
JOHNSON AND JOHNSON COM 478160104 465 4,735 SH   SOLE   4,735 0 0
LEUCADIA NATIONAL COM 527288104 26,611 950,405 SH   SOLE   948,905 0 1,500
LEXMARK INTL INC CL A COM 529771107 18,565 401,055 SH   SOLE   400,355 0 700
LOEWS COM 540424108 6,562 148,970 SH   SOLE   148,970 0 0
MARATHON OIL COM 565849106 797 22,445 SH   SOLE   22,445 0 0
MARATHON PETROLEUM CORP COM 56585a102 259 2,972 SH   SOLE   2,972 0 0
MERCK AND CO. INC. COM 58933Y105 47,879 843,383 SH   SOLE   842,073 0 1,310
MFC INDUSTRIAL LTD COM 55278t105 10,188 1,283,183 SH   SOLE   1,281,183 0 2,000
MURPHY OIL CORP COM 626717102 385 6,124 SH   SOLE   6,124 0 0
NEWMONT MINING COM 651639106 28,258 1,205,547 SH   SOLE   1,203,777 0 1,770
NOBLE ENERGY COM 655044105 13,596 191,380 SH   SOLE   191,380 0 0
NOKIA COM 654902204 10,782 1,468,978 SH   SOLE   1,466,278 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,636 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 18,025 1,365,568 SH   SOLE   1,362,868 0 2,700
PFIZER COM 717081103 61,930 1,928,077 SH   SOLE   1,925,077 0 3,000
PHILLIPS 66 COM 718546104 23,818 309,078 SH   SOLE   308,451 0 627
PILGRIM'S PRIDE COM 72147k108 456 21,792 SH   SOLE   21,792 0 0
PRECISION DRILLING CORP COM 74022d308 7,527 628,807 SH   SOLE   624,807 0 4,000
RADIOSHACK CORP COM 750438103 1,697 800,583 SH   SOLE   798,583 0 2,000
REGENCY ENERGY PARTNERS LP COM 75885y107 272 10,000 SH   SOLE   10,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117w109 517 25,724 SH   SOLE   25,724 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 2,531 143,405 SH   SOLE   143,405 0 0
SANOFI COM 80105n105 20,629 394,596 SH   SOLE   393,736 0 860
SEACOR HOLDINGS INC COM 811904101 893 10,330 SH   SOLE   10,330 0 0
SIMMONS FIRST NATIONAL COM 828730200 1,480 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED COM 878742204 29,602 1,365,384 SH   SOLE   1,363,984 0 1,400
TECUMSEH PRODS CL A COM 878895200 3,814 552,775 SH   SOLE   552,775 0 0
TEMPLETON DRAGON FUND COM 88018T101 1,613 65,876 SH   SOLE   65,876 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,204 14,147 SH   SOLE   14,147 0 0
THOMPSON CREEK METALS COM 884768102 5,254 2,410,147 SH   SOLE   2,406,047 0 4,100
TRANSOCEAN, LTD COM H8817H100 14,673 354,943 SH   SOLE   354,243 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 5,425 699,151 SH   SOLE   698,021 0 1,130
TWIN DISC COM 901476101 471 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 611 13,873 SH   SOLE   13,873 0 0
UNITED TECHNOLOGIES COM 913017109 204 1,749 SH   SOLE   1,749 0 0
VALERO ENERGY CORP NEW COM 91913y100 43,768 824,261 SH   SOLE   822,421 0 1,840
WAL-MART STORES COM 931142103 374 4,897 SH   SOLE   4,897 0 0