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

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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
AIR PRODUCTS & CHEMICALS INC. COM 009158106 3,633 32,505 SH   SOLE   32,505 0 0
AMERICAN AIRLINES GROUP INC. COM NEW 02376R102 682 27,000 SH   SOLE   27,000 0 0
AMERICAN INTL GROUP, INC. CMN COM NEW 026874784 5,627 110,217 SH   SOLE   110,127 0 0
AVIS BUDGET CORP COM 053774105 3,271 80,924 SH   SOLE   80,924 0 0
BERKSHIRE HATHAWAY INC. CLASS B CL B NEW 084670702 5,788 48,822 SH   SOLE   48,822 0 0
BOEING COMPANY COM 097023105 2,730 20,000 SH   SOLE   20,000 0 0
BOEING COMPANY COM 097023105 2,389 17,500 SH Call SOLE   17,500 0 0
CITIGROUP INC COM NEW 172967424 2,900 55,650 SH   SOLE   55,650 0 0
DECKERS OUTDOOR CORP COM 243537107 3,473 41,119 SH   SOLE   41,119 0 0
DELTA AIR LINES INC. COM 247361702 2,060 75,000 SH   SOLE   75,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,974 16,780 SH   SOLE   16,780 0 0
HERTZ GLOBAL HOLDINGS INC. COM 42805T105 3,857 134,765 SH   SOLE   134,765 0 0
HOWARD HUGHES CORP COM 44267D107 7,283 60,638 SH   SOLE   60,638 0 0
IRIDIUM COMMUNICATIONS INC. COM 46269C102 2,164 346,224 SH   SOLE   346,224 0 0
MICRON TECHNOLOGY INC. COM 595112103 2,175 100,000 SH   SOLE   100,000 0 0
NETFLIX INC. COM 64110L106 2,406 6,535 SH   SOLE   6,535 0 0
PROMOTORA DE INFORMACIONES S ADR CL A SHS 74343G204 448 204,624 SH   SOLE   204,624 0 0
PROMOTORA DE INFORMACIONES S ADR CL B CONV 74343G303 3,216 1,112,714 SH   SOLE   1,112,714 0 0
SPARK NETWORKS INC. COM 84651P100 2,390 387,919 SH   SOLE   387,919 0 0
MAGICJACK VOCALTEC LTD. SHS M6787E101 1,965 165,000 SH   SOLE   165,000 0 0