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
ABBOTT LABORATORIES COM 002824100 2,190 48,776 SH   SOLE   0 0 48,776
ABBVIE INC COM 00287y109 4,535 76,566 SH   SOLE   0 0 76,566
ACCURAY INC COM 004397105 148 22,000 SH   SOLE   0 0 22,000
ALLEGHANY CORP DEL COM 017175100 4,413 9,235 SH   SOLE   0 0 9,235
ALPHABET INC. CLASS A COM 02079k305 3,311 4,257 SH   SOLE   0 0 4,257
ALPHABET INC. CLASS C COM 02079k107 3,515 4,633 SH   SOLE   0 0 4,633
AMERICAN INTL GROUP COM 026874784 6,503 104,953 SH   SOLE   0 0 104,953
APPLE INC COM 037833100 2,716 25,806 SH   SOLE   0 0 25,806
BANK OF AMERICA CORP COM 060505104 5,625 334,235 SH   SOLE   0 0 334,235
BERKSHIRE HATHAWAY CLASS B COM 084670702 14,237 107,828 SH   SOLE   0 0 107,828
CISCO SYSTEMS INC COM 17275r102 4,662 171,687 SH   SOLE   0 0 171,687
CORNING INC COM 219350105 2,682 146,750 SH   SOLE   0 0 146,750
CRIMSON WINE GROUP COM 22662x100 116 13,186 SH   SOLE   0 0 13,186
DILLARDS INC CLASS A COM 254067101 2,741 41,715 SH   SOLE   0 0 41,715
DUFF & PHELPS UTILITY & COM 26432k108 254 27,705 SH   SOLE   0 0 27,705
HCP INC REIT REIT COM 40414l109 2,422 63,359 SH   SOLE   0 0 63,359
HOWARD HUGHES CORP COM 44267d107 5,398 47,703 SH   SOLE   0 0 47,703
LIBERTY MEDIA CORP COM 531229300 2,080 54,625 SH   SOLE   0 0 54,625
MARKEL CORP COM 570535104 7,466 8,453 SH   SOLE   0 0 8,453
MEDTRONIC PLC F COM g5960l103 5,159 67,071 SH   SOLE   0 0 67,071
MICROSOFT CORP COM 594918104 5,252 94,672 SH   SOLE   0 0 94,672
NEW YORK REIT INC REIT COM 64976l109 122 10,632 SH   SOLE   0 0 10,632
NORTHWEST NATURAL GA COM 667655104 202 4,000 SH   SOLE   0 0 4,000
PROSHARES SHORT S&P 500 ETF COM 74347r503 4,255 203,910 SH   SOLE   0 0 203,910
QUALCOMM INC COM 747525103 2,273 45,490 SH   SOLE   0 0 45,490
SOLAR SENIOR CAPITAL COM 83416m105 293 19,710 SH   SOLE   0 0 19,710
TESLA MOTORS INC COM 88160r101 645 2,690 SH   SOLE   0 0 2,690
VEREIT INC REIT COM 92339v100 101 12,787 SH   SOLE   0 0 12,787
VODAFONE GROUP F ADR 1 ADR REP COM 92857w308 3,740 115,937 SH   SOLE   0 0 115,937
YAHOO INC COM 984332106 4,506 135,492 SH   SOLE   0 0 135,492
CAMBRIA GLOBAL VALUE ETF UIUS 132061409 2,948 166,416 SH   SOLE   0 0 166,416
SPDR GOLD SHARES ETF UIUS 78463v107 2,999 29,564 SH   SOLE   0 0 29,564
SPDR S&P 500 ETF UIUS 78462f103 604 2,965 SH   SOLE   0 0 2,965
WISDOMTREE EMRG MRKT HG DIV ET UIUS 97717w315 374 11,830 SH   SOLE   0 0 11,830
BLACKROCK CALIFORNIA MUN UHUS 09249c105 406 27,070 SH   SOLE   0 0 27,070
ISHARES 1-3 YEAR CREDIT BOND E UHUS 464288646 1,958 18,720 SH   SOLE   0 0 18,720
ISHARES CORE 1 5 YEAR USD BOND UHUS 46432f859 248 2,500 SH   SOLE   0 0 2,500
ISHARES INTERM CREDIT BOND ETF UHUS 464288638 611 5,700 SH   SOLE   0 0 5,700
SPDR NUVEEN BARCLAYS SHORT TER UHUS 78464a425 1,976 81,125 SH   SOLE   0 0 81,125