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
AbbVie Inc COM 00287Y109 9,817 240,740 SH   SOLE   120,370 0 120,370
Abbott Laboratories COM 002824100 9,199 260,440 SH   SOLE   130,220 0 130,220
Agnico-Eagle Mines Ltd COM 008474108 479 11,660 SH   SOLE   5,830 0 5,830
American International Group COM 026874784 14,452 372,280 SH   SOLE   186,140 0 186,140
Becton Dickinson & Co Com COM 075887109 7,622 79,716 SH   SOLE   39,858 0 39,858
Berkshire Hathaway-B COM 084670702 51,462 493,880 SH   SOLE   246,940 0 246,940
CVS Caremark Corp. COM 126650100 6,182 112,420 SH   SOLE   56,210 0 56,210
Central Fund Of Canada COM 153501101 39,260 2,026,820 SH   SOLE   1,013,410 0 1,013,410
Chesapeake Energy Corporation COM 165167107 9,735 476,971 SH   SOLE   238,486 0 238,486
Chevron Corporation COM 166764100 4,756 40,028 SH   SOLE   20,014 0 20,014
Conocophillips COM 20825C104 5,048 83,997 SH   SOLE   41,999 0 41,999
Crimson Wine COM 22662x100 270 28,988 SH   SOLE   14,494 0 14,494
DirecTV COM 25490A309 5,116 90,410 SH   SOLE   45,205 0 45,205
Fairfax Financial Holdings Lim COM 303901102 5,172 13,224 SH   SOLE   6,612 0 6,612
Golden Star Resources Ltd COM 38119T104 35 22,000 SH   SOLE   11,000 0 11,000
Johnson & Johnson COM 478160104 23,985 294,188 SH   SOLE   147,094 0 147,094
Laboratory Corporation of Amer COM 50540R409 3,990 44,236 SH   SOLE   22,118 0 22,118
Leucadia National Corp COM 527288104 7,985 291,096 SH   SOLE   145,548 0 145,548
Markel Corp Holding Company COM 570535104 6,835 13,574 SH   SOLE   6,787 0 6,787
Market Vectors Gold Miners Etf COM 57060U100 57,924 1,530,346 SH   SOLE   765,173 0 765,173
Medtronic Inc COM 585055106 19,424 413,625 SH   SOLE   206,813 0 206,813
Merck & Co Inc COM 58933Y105 9,988 225,984 SH   SOLE   112,992 0 112,992
Microsoft Corp COM 594918104 23,872 834,540 SH   SOLE   417,270 0 417,270
Newmont Mining Corp COM 651639106 48,648 1,161,335 SH   SOLE   580,668 0 580,668
Pan American Silver Corp COM 697900108 18,547 1,132,274 SH   SOLE   566,137 0 566,137
Pfizer Incorporated COM 717081103 13,961 483,752 SH   SOLE   241,876 0 241,876
Phillips 66 COM 718546104 3,257 46,552 SH   SOLE   23,276 0 23,276
Plum Creek Timber Reit COM 729251108 1,741 33,355 SH   SOLE   16,678 0 16,678
Wal-Mart Stores Inc COM 931142103 19,098 255,219 SH   SOLE   127,609 0 127,609