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    <nameOfIssuer>CAPSTEAD MORTGAGE CORP PFD SER</nameOfIssuer>
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    <nameOfIssuer>Commercial Metals Co</nameOfIssuer>
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    <value>593</value>
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    <nameOfIssuer>Centene Corp</nameOfIssuer>
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    <nameOfIssuer>Copart Inc</nameOfIssuer>
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    <nameOfIssuer>Costco Whsl Corp</nameOfIssuer>
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    <nameOfIssuer>Dart Group Plc Shs</nameOfIssuer>
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    <nameOfIssuer>Delaware VIP Emerging Markets</nameOfIssuer>
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    <nameOfIssuer>Dominion Res Inc</nameOfIssuer>
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    <nameOfIssuer>Dowdupont Inc</nameOfIssuer>
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    <cusip>284902103</cusip>
    <value>18</value>
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    <value>147</value>
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    <cusip>29273V100</cusip>
    <value>2419</value>
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    <nameOfIssuer>Enterprise Products Partners L</nameOfIssuer>
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    <value>1656</value>
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    <nameOfIssuer>Equitable Resources Inc</nameOfIssuer>
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    <cusip>26884L109</cusip>
    <value>1625</value>
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    <nameOfIssuer>Equity Commonwealth</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294628102</cusip>
    <value>6410</value>
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    <cusip>37733W105</cusip>
    <value>245</value>
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    <nameOfIssuer>Global X SuperDividend(TM) ETF</nameOfIssuer>
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    <cusip>37950E549</cusip>
    <value>485</value>
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    <nameOfIssuer>Global X Uranium ETF</nameOfIssuer>
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    <cusip>37954Y871</cusip>
    <value>1894</value>
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    <cusip>38059T106</cusip>
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    <nameOfIssuer>Golub Capital BDC Inc</nameOfIssuer>
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    <value>19678</value>
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    <cusip>78355W841</cusip>
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    <cusip>40273W105</cusip>
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    <nameOfIssuer>HELIOS ENERGY LTD   ORDF</nameOfIssuer>
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    <cusip>Q4562W103</cusip>
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    <nameOfIssuer>Hudson Global Inc</nameOfIssuer>
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    <cusip>443787106</cusip>
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    <nameOfIssuer>IAC/InterActiveCorp</nameOfIssuer>
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    <cusip>44919P508</cusip>
    <value>847</value>
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    <nameOfIssuer>Illinois Tool Works Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452308109</cusip>
    <value>1101</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>Independent Bank Group Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45384B106</cusip>
    <value>16392</value>
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      <Sole>247235</Sole>
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    <nameOfIssuer>ING Clarion Gbl Real Est Inc F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44982G104</cusip>
    <value>120</value>
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    <nameOfIssuer>Intel Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
    <value>1637</value>
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      <sshPrnamt>34617</sshPrnamt>
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    <nameOfIssuer>Intl Business Machines</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459200101</cusip>
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    <nameOfIssuer>iShares Dow Jones US Tech</nameOfIssuer>
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    <cusip>464287721</cusip>
    <value>207</value>
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    <nameOfIssuer>iShares Gold Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464285105</cusip>
    <value>115</value>
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    <nameOfIssuer>Liberty Expedia Holdings Ser A</nameOfIssuer>
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    <nameOfIssuer>Nike Inc Class B</nameOfIssuer>
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  <infoTable>
    <nameOfIssuer>Sherwin Williams Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>824348106</cusip>
    <value>3587</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7879</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7879</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sirius Satellite Radio</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82967N108</cusip>
    <value>2005</value>
    <shrsOrPrnAmt>
      <sshPrnamt>317300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>317300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SK3 Group Inc (NV)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440L107</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Southern Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11959</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11959</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR Barclays Capital ST Muni</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464A425</cusip>
    <value>482</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10115</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10115</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR Dividend ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86330E760</cusip>
    <value>315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3213</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3213</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR Portfolio Short Term Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464A474</cusip>
    <value>1639</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54313</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>54313</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Spdr S&amp;P 600 Small Cap</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464A300</cusip>
    <value>666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9759</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9759</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR(R) Portfolio Interm Term Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464A375</cusip>
    <value>1156</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34714</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34714</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR(R) Portfolio Large Cap ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464A854</cusip>
    <value>5308</value>
    <shrsOrPrnAmt>
      <sshPrnamt>155798</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>155798</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR(R) Portfolio S&amp;P 500 High D</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78468R788</cusip>
    <value>1648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43940</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>43940</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR(R) S&amp;P Emerging Markets ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78463X509</cusip>
    <value>1367</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39258</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39258</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sprott Physical Gold Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85207H104</cusip>
    <value>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60535</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60535</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>State Street Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>857477103</cusip>
    <value>221</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2638</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sunoco Logistics Ptnr LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29278N103</cusip>
    <value>14158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>636013</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>636013</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Templeton Global Bond</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>880208103</cusip>
    <value>112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11399</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11399</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Templeton Global Incm Fd</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>880198106</cusip>
    <value>15487</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2530531</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2530531</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Tesla Motors, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88160R101</cusip>
    <value>827</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3125</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Texas Instruments Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>882508104</cusip>
    <value>2156</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20099</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20099</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Texas South Energy Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88269V102</cusip>
    <value>1</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Total SA Adr</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89151E109</cusip>
    <value>15732</value>
    <shrsOrPrnAmt>
      <sshPrnamt>244317</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>244317</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TransCanada Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89353D107</cusip>
    <value>31445</value>
    <shrsOrPrnAmt>
      <sshPrnamt>777189</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>777189</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Twilio Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90138F102</cusip>
    <value>2831</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32809</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32809</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Tyler Technologies Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902252105</cusip>
    <value>273</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1114</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1114</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UBS ETRACS Mthly Py 2xLvg Clos</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90270L842</cusip>
    <value>360</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22945</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22945</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ultra S&amp;P 500 Proshares</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74347R107</cusip>
    <value>638</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Union Pacific Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
    <value>210</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1292</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1292</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>United-Guardian Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>910571108</cusip>
    <value>178</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UnitedHealth Group Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324P102</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>851</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>851</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Universal Insurance Holdings I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91359V107</cusip>
    <value>7661</value>
    <shrsOrPrnAmt>
      <sshPrnamt>157800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>157800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Valero Energy Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91913Y100</cusip>
    <value>238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2094</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2094</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Dividend Appreciation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>921908844</cusip>
    <value>870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7855</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7855</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Emerging Market ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922042858</cusip>
    <value>666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16248</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16248</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Growth ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922908736</cusip>
    <value>1870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11611</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11611</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Intermediate-Term Cor</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92206C870</cusip>
    <value>241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2888</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2888</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard MSCI EAFE ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>921943858</cusip>
    <value>353</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8165</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8165</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Small Cap ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922908751</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1391</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1391</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Value VIPERs</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922908744</cusip>
    <value>865</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7815</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7815</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Verizon Communications</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>29995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>561801</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>561801</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Visa Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826C839</cusip>
    <value>44716</value>
    <shrsOrPrnAmt>
      <sshPrnamt>297926</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>297926</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Visual Management Systems Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92845K101</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>250000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vodafone Group ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92857W209</cusip>
    <value>8256</value>
    <shrsOrPrnAmt>
      <sshPrnamt>380444</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>380444</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wal-Mart Stores Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>23419</value>
    <shrsOrPrnAmt>
      <sshPrnamt>249380</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>249380</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Walt Disney Co.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>587</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5018</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5018</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Waste Connections Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>941053100</cusip>
    <value>798</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wells Fargo &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>949746101</cusip>
    <value>28169</value>
    <shrsOrPrnAmt>
      <sshPrnamt>535933</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>535933</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wells Fargo PFD - Q</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>949746556</cusip>
    <value>14216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>551655</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>551655</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Western Gas Partners LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>958254104</cusip>
    <value>260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5950</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wheaton Precious Metal Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>962879102</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13699</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13699</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>White Mountains Insurance Grou</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>9618E1075</cusip>
    <value>3505</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3745</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3745</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Williams Companies</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>969457100</cusip>
    <value>4047</value>
    <shrsOrPrnAmt>
      <sshPrnamt>148831</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>148831</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wireless Telecom Group Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>976524108</cusip>
    <value>121</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66677</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66677</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Xperi  Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98421B100</cusip>
    <value>3105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>209115</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>209115</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Adobe Systems Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00724F101</cusip>
    <value>5777</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Amgen Incorporated</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031162100</cusip>
    <value>622</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Facebook Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30303M102</cusip>
    <value>1118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Freeport Mcmoran</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35671D857</cusip>
    <value>348</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>General Electric Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>339</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>General Motors</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>370442105</cusip>
    <value>909</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IAC/InterActiveCorp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44919P508</cusip>
    <value>759</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>McDonalds Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>13082</value>
    <shrsOrPrnAmt>
      <sshPrnamt>78200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>78200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Medtronic PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G5960L103</cusip>
    <value>14195</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>144300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Microsoft Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>16378</value>
    <shrsOrPrnAmt>
      <sshPrnamt>143200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>143200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Raytheon Company New</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>755111507</cusip>
    <value>413</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Southern Copper Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
    <value>647</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Seagate Technology</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7945J104</cusip>
    <value>843</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Wheaton Precious Metal Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>962879102</cusip>
    <value>1050</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
