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
AMERICAN INTL GROUP W EXP 2021 026874156 194 10,678 SH   SOLE   10,678 0 0
ANNALY CAP MGMT INC COM 035710409 25,350 2,014,285 SH   SOLE   2,014,285 0 0
APPLE INC COM 037833100 430 1,085 SH   SOLE   1,085 0 0
ARCH CAP GROUP LTD ORD G0450A105 657 12,810 SH   SOLE   12,810 0 0
ATMEL CORP COM 049513104 110,882 15,096,724 SH   SOLE   15,096,724 0 0
AVON PRODS INC COM 054303102 1,788 85,000 SH   SOLE   85,000 0 0
BAIDU INC SPON ADR REP A 056752108 4,256 45,000 SH   SOLE   45,000 0 0
BANCORP INC DEL COM 05969A105 2,154 144,403 SH   SOLE   144,403 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 689 33,225 SH   SOLE   33,225 0 0
BEACON ROOFING SUPPLY INC COM 073685109 2,272 60,000 SH   SOLE   60,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,528 21 SH   SOLE   21 0 0
BERKSHIRE HATHAWAY INC DEL CL B 084670207 1,639 14,650 SH   SOLE   14,650 0 0
BANK OF AMERICA CORP WEXP10/28/201 060505153 768 1,024,618 SH   SOLE   1,024,618 0 0
BANK OF NY MELLON COM 064058100 2,524 90,000 SH   SOLE   90,000 0 0
BLACKSTONE GROUP LP COM UNIT LTD 09253U108 2,318 110,000 SH   SOLE   110,000 0 0
CADIZ INC COM NEW 127537207 46 10,000 SH   SOLE   10,000 0 0
CALLAWAY GOLF CO COM 131193104 1,317 200,000 SH   SOLE   200,000 0 0
CAREFUSION CORP COM 14170T101 2,580 70,000 SH   SOLE   70,000 0 0
CHIMERA INVT CORP COM 16934Q109 35,913 11,992,927 SH   SOLE   11,992,927 0 0
CHINA LODGING GRP LTD SPON ADR 16949N109 4,543 284,500 SH   SOLE   284,500 0 0
CISCO SYS INC COM 17275R102 6,510 267,748 SH   SOLE   267,748 0 0
CLEAN DIESEL TECH COM PAR 18449C401 113 95,107 SH   SOLE   95,107 0 0
COCA COLA CO COM 191216100 202 5,040 SH   SOLE   5,040 0 0
COWEN GROUP INC NEW CL A 223622101 1,783 615,820 SH   SOLE   615,820 0 0
DARDEN RESTAURANTS COM 237194105 1,767 35,000 SH   SOLE   35,000 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 1,409 30,669 SH   SOLE   30,669 0 0
DRDGOLD LIMITED SPON ADR NEW 26152H301 184 34,015 SH   SOLE   34,015 0 0
DRIL-QUIP INC COM 262037104 1,078 12,000 SH   SOLE   12,000 0 0
ERA GROUP INC COM 26885G109 391 15,000 SH   SOLE   15,000 0 0
EXXON MOBIL CORP COM 30231G102 974 10,829 SH   SOLE   10,829 0 0
FACEBOOK INC CL A 30303M102 622 25,000 SH   SOLE   25,000 0 0
GENERAL DYNAMICS COM 369550108 156,296 1,995,483 SH   SOLE   1,995,483 0 0
GENERAL ELECTRIC CO COM 369604103 1,300 56,050 SH   SOLE   56,050 0 0
Gold Fields Ltd SPONS ADR 38059T106 25,788 4,926,049 SH   SOLE   4,926,049 0 0
GOOGLE INC CL A 38259P508 52,129 59,257 SH   SOLE   59,257 0 0
HARMONY GOLD MNG LTD SPONS ADR 413216300 284 75,000 SH   SOLE   75,000 0 0
IAMGOLD CORP COM 450913108 1,597 370,000 SH   SOLE   370,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 156,500 819,565 SH   SOLE   819,565 0 0
INVENSENSE INC COM 46123D205 2,840 184,733 SH   SOLE   184,733 0 0
JOHNSON & JOHNSON COM 478160104 95,310 1,110,003 SH   SOLE   1,110,003 0 0
JPMORGAN CHASE & CO COM 46625H100 179,363 3,398,647 SH   SOLE   3,398,647 0 0
KINROSS GOLD CORP COM NO PAR 496902404 24,376 4,779,684 SH   SOLE   4,779,684 0 0
KKR FINL HLDGS LLC COM 48248M102 625 31,800 SH   SOLE   31,800 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 462 40,820 SH   SOLE   40,820 0 0
KROGER CO COM 501044101 518 14,985 SH   SOLE   14,985 0 0
LOCKHEED MARTIN CORP COM 539830109 198,368 1,829,974 SH   SOLE   1,829,974 0 0
LOEWS CORP COM 540424108 1,998 45,000 SH   SOLE   45,000 0 0
M & T BK CORP COM 55261F104 14,670 131,379 SH   SOLE   131,379 0 0
MARKET VECTORS ETF JR GOLD MIN 57060U589 4,100 444,899 SH   SOLE   444,899 0 0
MARSH & MCLENNAN COS INC COM 571748102 397 9,950 SH   SOLE   9,950 0 0
MARTIN MARIETTA MATLS INC COM 573284106 492 5,000 SH   SOLE   5,000 0 0
MCDONALDS CORP COM 580135101 536 5,420 SH   SOLE   5,420 0 0
MEDVATION COM 58501V101 1,773 36,000 SH   SOLE   36,000 0 0
MEDTRONIC INC COM 585055106 1,967 38,200 SH   SOLE   38,200 0 0
MERCK & CO INC NEW COM 58933Y105 47,380 1,019,915 SH   SOLE   1,019,915 0 0
MICROSOFT CORP COM 594918104 193,109 5,591,719 SH   SOLE   5,591,719 0 0
MONDELEZ INTL INC CL A 609207105 5,039 176,599 SH   SOLE   176,599 0 0
MRC GLOBAL INC COM 55345K103 10,135 366,595 SH   SOLE   366,595 0 0
MSC INDL DIRECT INC CL A 553530106 1,394 18,000 SH   SOLE   18,000 0 0
NAVISTAR INTL CORP PFD SR D CONV 638901306 1,396 50,310 SH   SOLE   50,310 0 0
NEWMONT MINING CORP COM 651639106 65,969 2,202,306 SH   SOLE   2,202,306 0 0
NORTHERN TR CORP COM 665859104 1,448 25,000 SH   SOLE   25,000 0 0
OASIS PETE INC NEW COM 674215108 3,109 80,000 SH   SOLE   80,000 0 0
PEPSICO INC COM 713448108 2,495 30,500 SH   SOLE   30,500 0 0
PHILIP MORRIS INTL INC COM 718172109 238 2,750 SH   SOLE   2,750 0 0
PROCERA NETWORKS INC COM NEW 74269U203 2,679 195,220 SH   SOLE   195,220 0 0
PROTO LABS INC COM 743713109 1,624 25,000 SH   SOLE   25,000 0 0
RACKSPACE HOSTING COM 750086100 682 18,000 SH   SOLE   18,000 0 0
REPUBLIC SVCS INC COM 760759100 1,356 40,000 SH   SOLE   40,000 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 398 6,000 SH   SOLE   6,000 0 0
SAIC INC COM 78390X101 1,392 100,000 SH   SOLE   100,000 0 0
SEACOR HOLDINGS INC COM 811904101 1,243 15,000 SH   SOLE   15,000 0 0
SEARS HLDGS CORP COM 812350106 631 15,000 SH   SOLE   15,000 0 0
SOURCEFIRE INC COM 83616T108 1,297 23,350 SH   SOLE   23,350 0 0
STILLWATER MNG CO COM 86074Q102 4,377 408,142 SH   SOLE   408,142 0 0
STYKER CORP COM 863667101 1,165 18,000 SH   SOLE   18,000 0 0
TEXAS INSTRS INC COM 882508104 108,844 3,124,602 SH   SOLE   3,124,602 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 202 1,675 SH   SOLE   1,675 0 0
TREX CO INC Com 89531P105 2,035 42,800 SH   SOLE   42,800 0 0
UNITED CONTL HLDGS INC COM 910047109 939 30,000 SH   SOLE   30,000 0 0
BANCORP DEL COM NEW 902973304 904 25,000 SH   SOLE   25,000 0 0
VIACOM INC NEW CL B 92553P201 104,641 1,538,284 SH   SOLE   1,538,284 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 526 18,000 SH   SOLE   18,000 0 0
VOCERA COMMUNICATIONS COM 92857F107 737 50,000 SH   SOLE   50,000 0 0
VODAFONE GROUP SPONS ADR NEW 92857W209 313 10,887 SH   SOLE   10,887 0 0
WAL MART STORES INC COM 931142103 146,438 1,965,617 SH   SOLE   1,965,617 0 0
YAHOO INC COM 984332106 1,757 70,000 SH   SOLE   70,000 0 0