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
BROOKFIELD ASSET MGMT INC CL A 112585104 2,746 87,340 SH   SOLE   0 0 87,340
CONTINENTAL RESOURCES INC COM 212015101 1,888 65,170 SH   SOLE   0 0 65,170
DISNEY WALT CO COM 254687106 245 2,400 SH   SOLE   0 0 2,400
DISH NETWORK CORP CL A 25470M109 2,609 44,725 SH   SOLE   0 0 44,725
DREAMWORKS ANIMATION SKG INC CL A 26153C103 3,246 186,000 SH   SOLE   0 0 186,000
EMERGENT CAP INC COM 29102N105 1,915 351,348 SH   SOLE   0 0 351,348
GREEN BRICK PARTNERS INC COM 392709101 2,387 220,400 SH   SOLE   0 0 220,400
HOWARD HUGHES CORP COM 44267D107 11,196 97,576 SH   SOLE   0 0 97,576
ICAHN ENTERPRISES LP DEP U 451100101 8,095 120,789 SH   SOLE   0 0 120,789
JOHNSON & JOHNSON COM 478160104 224 2,400 SH   SOLE   0 0 2,400
LIBERTY BROADBAND CORP COM A 530307107 1,002 19,478 SH   SOLE   0 0 19,478
LIBERTY BROADBAND CORP COM C 530307305 2,737 53,483 SH   SOLE   0 0 53,483
LIBERTY MEDIA CORP DELAWARE CL A 531229102 2,881 80,653 SH   SOLE   0 0 80,653
LIBERTY MEDIA CORP DELAWARE COM C 531229300 5,674 164,665 SH   SOLE   0 0 164,665
LIBERTY INTERACTIVE CORP COM A 53071M880 6,279 155,616 SH   SOLE   0 0 155,616
LIVE NATION ENTERTAINMENT IN COM 538034109 2,915 121,250 SH   SOLE   0 0 121,250
NUVEEN MUN MKT OPPORTUNITY F COM 67062W103 220 16,800 SH   SOLE   0 0 16,800
NUVEEN PERFORMANCE PLUS MUN COM 67062P108 211 14,900 SH   SOLE   0 0 14,900
PLATFORM SPECIALTY PRODS COR COM 72766Q105 1,362 107,700 SH   SOLE   0 0 107,700
PERSHING GOLD CORP COM 715302204 1,004 262,207 SH   SOLE   0 0 262,207
PINGTAN MARINE ENTERPRISE LT SHS G7114V102 81 49,769 SH   SOLE   0 0 49,769
RESTAURANT BRANDS INTL INC COM 76131D103 496 13,800 SH   SOLE   0 0 13,800
LIBERTY INTERACTIVE CORP COM A 53071M104 4,213 160,600 SH   SOLE   0 0 160,600
RLI CORP COM 749607107 418 7,810 SH   SOLE   0 0 7,810
ECHOSTAR CORP CL A 278768106 2,719 63,200 SH   SOLE   0 0 63,200
SEARS HLDGS CORP COM 812350106 3,320 146,908 SH   SOLE   0 0 146,908
SEARS HLDGS CORP WARR 812350155 478 27,319 SH   SOLE   0 0 27,319
SEARS CDA INC COM 81234D109 1,259 192,758 SH   SOLE   0 0 192,758
STARZ COM A 85571Q102 2,996 80,245 SH   SOLE   0 0 80,245
TRI POINTE GROUP INC COM 87265H109 4,312 329,425 SH   SOLE   0 0 329,425
TEXAS PAC LD TR SUB CTF 882610108 5,597 39,909 SH   SOLE   0 0 39,909
TEMPLETON RUS AND EAST EUR F COM 88022F105 141 14,500 SH   SOLE   0 0 14,500
CREDIT SUISSE NASSAU BRH INVRS VIX 22542D829 775 20,650 SH   SOLE   0 0 20,650