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 215 10,678 SH   SOLE   10,678 0 0
ANNALY CAP MGMT INC COM 035710409 176,027 17,663,051 SH   SOLE   17,663,051 0 0
APPLE INC COM 037833100 608 1,085 SH   SOLE   1,085 0 0
ARCH CAP GROUP LTD ORD G0450A105 763 12,810 SH   SOLE   12,810 0 0
ATMEL CORP COM 049513104 152,663 19,502,824 SH   SOLE   19,502,824 0 0
AVON PRODS INC COM 054303102 947 55,000 SH   SOLE   55,000 0 0
BAIDU INC SPON ADR REP A 056752108 4,442 25,000 SH   SOLE   25,000 0 0
BANCORP INC DEL COM 05969A105 2,582 144,403 SH   SOLE   144,403 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 352 8,262 SH   SOLE   8,262 0 0
BARRICK GOLD CORP COM 067901108 46,592 2,645,933 SH   SOLE   2,645,933 0 0
BEACON ROOFING SUPPLY INC COM 073685109 3,019 75,000 SH   SOLE   75,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B 084670207 1,735 14,650 SH   SOLE   14,650 0 0
BANK OF AMERICA CORP WEXP10/28/201 060505153 804 1,024,618 SH   SOLE   1,024,618 0 0
CADIZ INC COM NEW 127537207 70 10,000 SH   SOLE   10,000 0 0
CALLAWAY GOLF CO COM 131193104 1,683 200,000 SH   SOLE   200,000 0 0
CANADIAN SOLAR INC COM 136635109 3,278 110,000 SH   SOLE   110,000 0 0
CAREFUSION CORP COM 14170T101 1,592 40,000 SH   SOLE   40,000 0 0
CHIMERA INVT CORP COM 16934Q109 37,906 12,181,916 SH   SOLE   12,181,916 0 0
CHINA LODGING GRP LTD SPON ADR 16949N109 5,320 175,000 SH   SOLE   175,000 0 0
CISCO SYS INC COM 17275R102 5,690 253,728 SH   SOLE   253,728 0 0
CLEAN DIESEL TECH COM PAR 18449C401 84 56,484 SH   SOLE   56,484 0 0
COACH INC COM 189754104 35,596 635,030 SH   SOLE   635,030 0 0
COWEN GROUP INC NEW CL A 223622101 2,403 615,820 SH   SOLE   615,820 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 1,493 30,669 SH   SOLE   30,669 0 0
DRDGOLD LIMITED SPON ADR NEW 26152H301 125 34,015 SH   SOLE   34,015 0 0
DRIL-QUIP INC COM 262037104 1,758 16,000 SH   SOLE   16,000 0 0
E2OPEN INC COM 29788A104 1,195 50,000 SH   SOLE   50,000 0 0
ENERGY RECOVERY INC COM 29270J100 888 160,000 SH   SOLE   160,000 0 0
EXXON MOBIL CORP COM 30231G102 1,001 9,899 SH   SOLE   9,899 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 118,847 3,151,551 SH   SOLE   3,151,551 0 0
GENERAL DYNAMICS COM 369550108 195,096 2,043,777 SH   SOLE   2,043,777 0 0
GENERAL ELECTRIC CO COM 369604103 1,595 56,950 SH   SOLE   56,950 0 0
Gold Fields Ltd SPONS ADR 38059T106 15,671 4,909,299 SH   SOLE   4,909,299 0 0
GOOGLE INC CL A 38259P508 65,604 58,603 SH   SOLE   58,603 0 0
HACKETT GROUP INC COM 404609109 145 23,400 SH   SOLE   23,400 0 0
HARMONY GOLD MNG LTD SPONS ADR 413216300 189 75,000 SH   SOLE   75,000 0 0
IAMGOLD CORP COM 450913108 1,229 370,000 SH   SOLE   370,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 260,176 1,389,016 SH   SOLE   1,389,016 0 0
INVENSENSE INC COM 46123D205 2,076 100,000 SH   SOLE   100,000 0 0
JOHNSON & JOHNSON COM 478160104 60,394 660,026 SH   SOLE   660,026 0 0
JPMORGAN CHASE & CO COM 46625H100 236,330 4,045,223 SH   SOLE   4,045,223 0 0
KINROSS GOLD CORP COM NO PAR 496902404 43,646 10,001,164 SH   SOLE   10,001,164 0 0
KKR FINL HLDGS LLC COM 48248M102 774 31,800 SH   SOLE   31,800 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 635 38,300 SH   SOLE   38,300 0 0
LEIDOS HLDGS INC COM 525327102 1,162 25,000 SH   SOLE   25,000 0 0
LEUCADIA NATL CORP COM 527288104 3,396 120,000 SH   SOLE   120,000 0 0
LOCKHEED MARTIN CORP COM 539830109 383,247 2,580,608 SH   SOLE   2,580,608 0 0
LOEWS CORP COM 540424108 2,169 45,000 SH   SOLE   45,000 0 0
M & T BK CORP COM 55261F104 16,588 142,594 SH   SOLE   142,594 0 0
MANITEX INTL INC COM 563420108 1,906 120,000 SH   SOLE   120,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 406 19,224 SH   SOLE   19,224 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 3,617 116,842 SH   SOLE   116,842 0 0
MARSH & MCLENNAN COS INC COM 571748102 481 9,950 SH   SOLE   9,950 0 0
MARTIN MARIETTA MATLS INC COM 573284106 499 5,000 SH   SOLE   5,000 0 0
MCDONALDS CORP COM 580135101 371 3,826 SH   SOLE   3,826 0 0
MEDVATION COM 58501V101 3,187 50,000 SH   SOLE   50,000 0 0
MERCK & CO INC NEW COM 58933Y105 3,644 72,851 SH   SOLE   72,851 0 0
MICROSOFT CORP COM 594918104 287,490 7,688,755 SH   SOLE   7,688,755 0 0
MONDELEZ INTL INC CL A 609207105 5,897 167,241 SH   SOLE   167,241 0 0
MOSAIC CO NEW COM 61945C103 2,362 50,000 SH   SOLE   50,000 0 0
MRC GLOBAL INC COM 55345K103 13,485 418,334 SH   SOLE   418,334 0 0
MSC INDL DIRECT INC CL A 553530106 2,828 35,000 SH   SOLE   35,000 0 0
NAVISTAR INTL CORP PFD SR D CONV 638901306 1,920 50,310 SH   SOLE   50,310 0 0
NEWMONT MINING CORP COM 651639106 8,924 387,918 SH   SOLE   387,918 0 0
OASIS PETE INC NEW COM 674215108 3,989 85,000 SH   SOLE   85,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 4,751 50,000 SH   SOLE   50,000 0 0
PEPSICO INC COM 713448108 2,527 30,500 SH   SOLE   30,500 0 0
PFIZER INC COM 717081103 217 7,100 SH   SOLE   7,100 0 0
PHILIP MORRIS INTL INC COM 718172109 239 2,750 SH   SOLE   2,750 0 0
PROCERA NETWORKS INC COM NEW 74269U203 3,456 230,410 SH   SOLE   230,410 0 0
QUALCOMM INC COM 747525103 216,462 2,918,160 SH   SOLE   2,918,160 0 0
RACKSPACE HOSTING COM 750086100 704 18,000 SH   SOLE   18,000 0 0
REPUBLIC SVCS INC COM 760759100 1,327 40,000 SH   SOLE   40,000 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 451 6,000 SH   SOLE   6,000 0 0
SEACOR HOLDINGS INC COM 811904101 1,367 15,000 SH   SOLE   15,000 0 0
SEARS HLDGS CORP COM 812350106 735 15,000 SH   SOLE   15,000 0 0
STILLWATER MNG CO NOTE 1.750%10/1 86074QAL6 105 94,000 SH   SOLE   94,000 0 0
STILLWATER MNG CO COM 86074Q102 4,475 362,805 SH   SOLE   362,805 0 0
STYKER CORP COM 863667101 1,351 18,000 SH   SOLE   18,000 0 0
TEXAS INSTRS INC COM 882508104 136,317 3,107,648 SH   SOLE   3,107,648 0 0
TREX CO INC Com 89531P105 2,780 35,000 SH   SOLE   35,000 0 0
ULTRATECH INC COM 904034105 2,317 80,000 SH   SOLE   80,000 0 0
UNITED CONTL HLDGS INC COM 910047109 1,134 30,000 SH   SOLE   30,000 0 0
BANCORP DEL COM NEW 902973304 1,009 25,000 SH   SOLE   25,000 0 0