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
3M Company COM 88579Y101 268 2,451 SH   SOLE   2,451 0 0
AT & T COM 00206R102 1,253 35,400 SH   SOLE   35,400 0 0
AZZ Incorporated COM 002474104 7,415 192,300 SH   SOLE   192,300 0 0
Berkshire Hathaway COM 084670108 4,889 29 SH   SOLE   29 0 0
Berkshire Hathaway Cl B COM 08467O702 1,947 17,395 SH   SOLE   17,395 0 0
Cabela's COM 126804301 16,799 259,400 SH   SOLE   259,400 0 0
Cimarex Energy Company COM 171798101 8,851 136,187 SH   SOLE   136,187 0 0
Columbia Sportswear COM 198516106 10,779 172,048 SH   SOLE   172,048 0 0
Continental Resources COM 212015101 409 4,750 SH   SOLE   4,750 0 0
Darling International COM 237266101 10,801 578,850 SH   SOLE   578,850 0 0
Dawson Geophysical Company COM 239359102 20,312 551,053 SH   SOLE   551,053 0 0
Exide Technologies COM 302051206 141 1,106,807 SH   SOLE   1,106,807 0 0
Gap Inc COM 364760108 321 7,700 SH   SOLE   7,700 0 0
General Electric COM 369604103 955 41,175 SH   SOLE   41,175 0 0
Helmerich & Payne Inc. COM 423452101 8,934 143,056 SH   SOLE   143,056 0 0
International Business Machine COM 459200101 12,928 67,648 SH   SOLE   67,648 0 0
J.P. Morgan Chase & Co COM 46625H100 776 14,700 SH   SOLE   14,700 0 0
Johnson & Johnson COM 478160104 12,442 144,909 SH   SOLE   144,909 0 0
Keweenaw Land Association COM 493026108 226 2,752 SH   SOLE   2,752 0 0
Liberty Global A COM 530555101 2,798 38,075 SH   SOLE   38,075 0 0
Merck & Co. COM 58933Y105 9,862 212,311 SH   SOLE   212,311 0 0
Mesabi Trust Ctfs COM 590672101 4,518 252,525 SH   SOLE   252,525 0 0
National Oilwell Varco COM 637071101 11,045 160,305 SH   SOLE   160,305 0 0
Natus Medical Inc COM 639050103 5,590 409,500 SH   SOLE   409,500 0 0
Nordstrom COM 655664100 252 4,200 SH   SOLE   4,200 0 0
Pfizer, Inc COM 717081103 11,376 406,124 SH   SOLE   406,124 0 0
Powell Industries COM 739128106 9,397 181,936 SH   SOLE   181,936 0 0
Resolute Energy Corporation COM 76116A108 9,392 1,176,900 SH   SOLE   1,176,900 0 0
Sparton Cp COM 847235108 15,290 886,870 SH   SOLE   886,870 0 0
Timken Company COM 887389104 8,968 159,350 SH   SOLE   159,350 0 0
Whiting Petroleum Corporation COM 966387102 7,539 163,577 SH   SOLE   163,577 0 0
ABB Ltd ADR 000375204 13,083 604,033 SH   SOLE   604,033 0 0
Anglo American Corp. plc ADR 03485P102 5,637 587,156 SH   SOLE   587,156 0 0
Autoliv, Inc. ADR 052800109 12,537 161,995 SH   SOLE   161,995 0 0
BP plc ADR 055622104 502 12,036 SH   SOLE   12,036 0 0
Banco Latinoamericano de Expor ADR P16994132 5,254 234,657 SH   SOLE   234,657 0 0
Banco Santander ADR 05964H105 5,121 791,504 SH   SOLE   791,504 0 0
Canon ADR 138006309 648 19,700 SH   SOLE   19,700 0 0
Deutsche Bank AG ADR D18190898 270 6,436 SH   SOLE   6,436 0 0
E.on SE ADR 268780103 6,486 395,700 SH   SOLE   395,700 0 0
Investor AB 'B' ORD W48102128 11,902 443,760 SH   SOLE   443,760 0 0
Koninklijke Philips Electronic ADR 500472303 11,130 409,325 SH   SOLE   409,325 0 0
Nestle S.A. ADR 641069406 7,028 107,339 SH   SOLE   107,339 0 0
Rio Tinto plc ADR 767204100 1,772 43,125 SH   SOLE   43,125 0 0
Rydex Swiss Franc Currency Tru ETF 23129V109 670 6,450 SH   SOLE   6,450 0 0
Telecom Argentina S.A. ADR 879273209 829 55,700 SH   SOLE   55,700 0 0
Telefonica Brasil, S.A. ADR 87936R106 1,079 47,275 SH   SOLE   47,275 0 0
Telefonica de Espana ADR 879382208 6,511 508,310 SH   SOLE   508,310 0 0
Toyota Industries Corporation ORD J92628106 1,210 29,500 SH   SOLE   29,500 0 0