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 722 6,967 SH   SOLE   6,967 0 0
ARCH COAL INC COM 039380100 7,395 2,025,927 SH   SOLE   2,022,627 0 3,300
BAKER HUGHES INC COM COM 057224107 8,822 118,496 SH   SOLE   118,496 0 0
BANCORPSOUTH COM 059692103 1,052 42,836 SH   SOLE   42,836 0 0
BARRICK GOLD CORP COM 067901108 22,345 1,221,050 SH   SOLE   1,219,250 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 40,254 318,066 SH   SOLE   317,516 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 950 5 SH   SOLE   5 0 0
BP PLC COM 055622104 323 6,125 SH   SOLE   6,125 0 0
BP PRUDHOE BAY ROYALTY TRUST COM 055630107 297 3,000 SH   SOLE   3,000 0 0
CENOVUS ENERGY, INC. COM 15135U109 22,863 706,290 SH   SOLE   705,710 0 580
CHEVRON COM 166764100 24,457 187,340 SH   SOLE   186,840 0 500
CISCO SYSTEMS COM 17275R102 10,825 435,628 SH   SOLE   434,828 0 800
CONOCOPHILLIPS COM 20825c104 59,545 694,560 SH   SOLE   693,305 0 1,255
CORNING COM 219350105 27,567 1,255,892 SH   SOLE   1,253,492 0 2,400
CST BRANDS COM 12646r105 2,976 86,270 SH   SOLE   86,066 0 204
DEVON ENERGY COM 25179m103 6,745 84,951 SH   SOLE   84,751 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 4,363 87,919 SH   SOLE   87,919 0 0
EASTMAN CHEMICAL COM 277432100 1,101 12,600 SH   SOLE   12,600 0 0
ELI LILLY COM 532457108 36,191 582,125 SH   SOLE   581,095 0 1,030
ENCANA COM 292505104 44,446 1,874,559 SH   SOLE   1,870,829 0 3,730
EXELIS INC COM 30162a108 12,566 740,034 SH   SOLE   738,734 0 1,300
EXXON MOBIL COM 30231G102 2,264 22,483 SH   SOLE   22,483 0 0
FORD MOTOR COM 345370860 1,029 59,713 SH   SOLE   59,713 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 8,910 466,750 SH   SOLE   466,750 0 0
FREEPORT-MCMORAN INC. COM 35671d857 25,073 686,940 SH   SOLE   685,820 0 1,120
HANESBRANDS INC COM 410345102 1,112 11,300 SH   SOLE   11,300 0 0
HEWLETT PACKARD COM 428236103 14,288 424,240 SH   SOLE   423,440 0 800
HILLSHIRE BRANDS CO COM 432589109 252 4,042 SH   SOLE   4,042 0 0
IMPERIAL OIL LTD COM 453038408 700 13,305 SH   SOLE   13,305 0 0
INTEL CORP. COM 458140100 12,591 407,481 SH   SOLE   406,681 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 421 2,320 SH   SOLE   2,320 0 0
JOHNSON AND JOHNSON COM 478160104 495 4,735 SH   SOLE   4,735 0 0
LEUCADIA NATIONAL COM 527288104 24,918 950,326 SH   SOLE   948,826 0 1,500
LEXMARK INTL INC CL A COM 529771107 19,152 397,667 SH   SOLE   396,967 0 700
LOEWS COM 540424108 6,770 153,834 SH   SOLE   153,834 0 0
MARATHON OIL COM 565849106 896 22,445 SH   SOLE   22,445 0 0
MARATHON PETROLEUM CORP COM 56585a102 232 2,972 SH   SOLE   2,972 0 0
MERCK AND CO. INC. COM 58933Y105 48,498 838,343 SH   SOLE   837,033 0 1,310
MFC INDUSTRIAL LTD COM 55278t105 10,162 1,328,374 SH   SOLE   1,326,374 0 2,000
MURPHY OIL CORP COM 626717102 407 6,124 SH   SOLE   6,124 0 0
NEWMONT MINING COM 651639106 32,257 1,267,977 SH   SOLE   1,266,207 0 1,770
NOBLE ENERGY COM 655044105 14,687 189,604 SH   SOLE   189,604 0 0
NOKIA COM 654902204 11,021 1,457,853 SH   SOLE   1,455,153 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,847 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 19,503 1,368,660 SH   SOLE   1,365,960 0 2,700
PFIZER COM 717081103 56,762 1,912,457 SH   SOLE   1,909,457 0 3,000
PHILLIPS 66 COM 718546104 24,723 307,380 SH   SOLE   306,753 0 627
PILGRIM'S PRIDE COM 72147k108 594 21,711 SH   SOLE   21,711 0 0
PRECISION DRILLING CORP COM 74022d308 8,758 618,507 SH   SOLE   614,507 0 4,000
REGENCY ENERGY PARTNERS LP COM 75885y107 322 10,000 SH   SOLE   10,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117w109 431 25,703 SH   SOLE   25,703 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 2,766 143,405 SH   SOLE   143,405 0 0
SANOFI COM 80105n105 20,869 392,500 SH   SOLE   391,640 0 860
SEACOR HOLDINGS INC COM 811904101 1,249 15,180 SH   SOLE   15,180 0 0
SIMMONS FIRST NATIONAL COM 828730200 1,564 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED COM 878742204 31,773 1,391,738 SH   SOLE   1,390,338 0 1,400
TECUMSEH PRODUCTS CO COM 878895309 2,813 552,617 SH   SOLE   552,617 0 0
TEMPLETON DRAGON FUND COM 88018T101 1,703 65,876 SH   SOLE   65,876 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,331 14,147 SH   SOLE   14,147 0 0
THOMPSON CREEK METALS COM 884768102 7,193 2,430,052 SH   SOLE   2,425,952 0 4,100
TRANSOCEAN, LTD COM H8817H100 16,270 361,313 SH   SOLE   360,613 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 4,789 715,842 SH   SOLE   714,712 0 1,130
TWIN DISC COM 901476101 591 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 518 13,810 SH   SOLE   13,810 0 0
UNITED TECHNOLOGIES COM 913017109 202 1,749 SH   SOLE   1,749 0 0
VALERO ENERGY CORP NEW COM 91913y100 40,594 810,262 SH   SOLE   808,422 0 1,840
WAL-MART STORES COM 931142103 368 4,897 SH   SOLE   4,897 0 0