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 777 6,967 SH   SOLE   6,967 0 0
ARCH COAL INC COM 039380100 1,451 1,451,426 SH   SOLE   1,448,126 0 3,300
BAKER HUGHES INC COM COM 057224107 6,742 106,036 SH   SOLE   106,036 0 0
BANCORPSOUTH COM 059692103 995 42,836 SH   SOLE   42,836 0 0
BARRICK GOLD CORP COM 067901108 10,180 928,800 SH   SOLE   927,000 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 40,567 281,093 SH   SOLE   280,543 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,087 5 SH   SOLE   5 0 0
BP PLC COM 055622104 200 5,125 SH   SOLE   5,125 0 0
CENOVUS ENERGY, INC. COM 15135U109 10,920 646,896 SH   SOLE   646,316 0 580
CHEVRON COM 166764100 19,508 185,830 SH   SOLE   185,330 0 500
CISCO SYSTEMS COM 17275R102 10,613 385,590 SH   SOLE   384,790 0 800
CONOCOPHILLIPS COM 20825c104 38,779 622,851 SH   SOLE   621,596 0 1,255
CORNING COM 219350105 25,002 1,102,397 SH   SOLE   1,099,997 0 2,400
DEVON ENERGY COM 25179m103 4,594 76,175 SH   SOLE   75,975 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 4,772 178,134 SH   SOLE   178,134 0 0
EASTMAN CHEMICAL COM 277432100 249 3,600 SH   SOLE   3,600 0 0
ELI LILLY COM 532457108 18,886 259,958 SH   SOLE   259,328 0 630
ENCANA COM 292505104 18,414 1,651,506 SH   SOLE   1,647,776 0 3,730
EXXON MOBIL COM 30231G102 1,580 18,594 SH   SOLE   18,594 0 0
FORD MOTOR COM 345370860 949 58,813 SH   SOLE   58,813 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 7,187 455,750 SH   SOLE   455,750 0 0
FREEPORT-MCMORAN INC. COM 35671d857 11,868 626,262 SH   SOLE   625,142 0 1,120
GOLDCORP INC COM 380956409 2,396 132,207 SH   SOLE   132,207 0 0
HANESBRANDS INC COM 410345102 1,434 42,800 SH   SOLE   42,800 0 0
HEWLETT PACKARD COM 428236103 11,697 375,382 SH   SOLE   374,582 0 800
IMPERIAL OIL LTD COM 453038408 531 13,305 SH   SOLE   13,305 0 0
INTEL CORP. COM 458140100 11,376 363,785 SH   SOLE   362,985 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 356 2,220 SH   SOLE   2,220 0 0
LEUCADIA NATIONAL COM 527288104 18,533 831,445 SH   SOLE   829,945 0 1,500
LEXMARK INTL INC CL A COM 529771107 14,967 353,485 SH   SOLE   352,785 0 700
LOEWS COM 540424108 5,356 131,168 SH   SOLE   131,168 0 0
MARATHON PETROLEUM CORP COM 56585a102 304 2,972 SH   SOLE   2,972 0 0
MERCK AND CO. INC. COM 58933Y105 40,663 707,427 SH   SOLE   706,117 0 1,310
MFC INDUSTRIAL LTD COM 55278t105 4,718 1,162,122 SH   SOLE   1,160,122 0 2,000
MURPHY OIL CORP COM 626717102 280 6,000 SH   SOLE   6,000 0 0
NEWMONT MINING COM 651639106 25,944 1,195,023 SH   SOLE   1,193,253 0 1,770
NOBLE ENERGY COM 655044105 8,373 171,222 SH   SOLE   171,222 0 0
NOKIA COM 654902204 9,679 1,276,857 SH   SOLE   1,274,157 0 2,700
PEABODY ENERGY CORP COM COM 704549104 365 74,185 SH   SOLE   74,185 0 0
PEMBINA PIPELINE CORP COM 706327103 1,360 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 10,481 1,295,536 SH   SOLE   1,292,836 0 2,700
PFIZER COM 717081103 58,775 1,689,430 SH   SOLE   1,686,430 0 3,000
PHILLIPS 66 COM 718546104 21,681 275,834 SH   SOLE   275,207 0 627
PILGRIM'S PRIDE COM 72147k108 468 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 3,709 584,990 SH   SOLE   580,990 0 4,000
REGENCY ENERGY PARTNERS LP COM 75885y107 229 10,000 SH   SOLE   10,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117w109 441 25,580 SH   SOLE   25,580 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 1,717 143,405 SH   SOLE   143,405 0 0
SANOFI COM 80105n105 17,983 363,743 SH   SOLE   362,883 0 860
SEACOR HOLDINGS INC COM 811904101 8,052 115,580 SH   SOLE   115,320 0 260
SIMMONS FIRST NATIONAL COM 828730200 2,187 48,088 SH   SOLE   48,088 0 0
TECK RESOURCES LIMITED COM 878742204 19,740 1,437,696 SH   SOLE   1,434,659 0 3,037
TECUMSEH PRODUCTS CO COM 878895309 1,468 526,138 SH   SOLE   526,138 0 0
TEJON RANCH CO COM 879080109 4,202 158,878 SH   SOLE   158,530 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,636 65,876 SH   SOLE   65,876 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,530 14,147 SH   SOLE   14,147 0 0
THOMPSON CREEK METALS COM 884768102 2,891 2,189,818 SH   SOLE   2,185,718 0 4,100
TRANSOCEAN, LTD COM H8817H100 3,968 270,496 SH   SOLE   269,796 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 5,050 617,368 SH   SOLE   616,238 0 1,130
TWIN DISC COM 901476101 316 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 503 13,144 SH   SOLE   13,144 0 0
UNITED TECHNOLOGIES COM 913017109 205 1,749 SH   SOLE   1,749 0 0
VALERO ENERGY CORP NEW COM 91913y100 46,287 727,549 SH   SOLE   725,709 0 1,840
VECTRUS INC COM 92242t101 930 36,499 SH   SOLE   36,428 0 71
WAL-MART STORES COM 931142103 389 4,729 SH   SOLE   4,729 0 0