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
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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
Aecom Technology Corp COM 00766T100 1,797 65,350 SH   SOLE   0 0 65,350
Annaly Capital Mgmt COM 35710409 3,071 177,015 SH   SOLE   0 0 177,015
Apple Computer Inc COM 037833100 770 3,654 SH   SOLE   0 0 3,654
Bank Of America Corp COM 060505104 2,037 135,285 SH   SOLE   0 0 135,285
Berkshire Hathaway Cl B CL B 084670207 687 209 SH   SOLE   0 0 209
Cenovus Energy Inc COM 15135U109 2,385 94,661 SH   SOLE   0 0 94,661
Chimera Investment Corp COM 16934Q109 510 131,500 SH   SOLE   0 0 131,500
Citigroup Inc COM 172967101 1,512 456,802 SH   SOLE   0 0 456,802
Companhia Vale Do Adr ADR 91912E105 9,775 336,724 SH   SOLE   0 0 336,724
Encana Corporation COM 292505104 3,040 93,870 SH   SOLE   0 0 93,870
Exelon Corporation COM 30161N101 5,056 103,449 SH   SOLE   0 0 103,449
Exxon Mobil Corporation COM 30231G102 341 5,000 SH   SOLE   0 0 5,000
Gencor Industries Inc COM 368678108 128 17,200 SH   SOLE   0 0 17,200
Metlife Inc COM 59156R108 6,139 173,663 SH   SOLE   0 0 173,663
Monsanto Co New Del COM 61166W101 5,814 71,124 SH   SOLE   0 0 71,124
National Oilwell Varco COM 637071101 9,564 216,921 SH   SOLE   0 0 216,921
Newcastle Investment Cp COM 65105M108 1,181 564,925 SH   SOLE   0 0 564,925
Posco Adr Sponsored ADR 693483109 7,617 58,100 SH   SOLE   0 0 58,100
Proshs Ultrashrt S&P PSHS ULSHT SP500 74347R883 10,235 292,015 SH   SOLE   0 0 292,015
Prudential Financial Inc COM 744320102 1,175 23,618 SH   SOLE   0 0 23,618
Redwood TRUST Inc COM 758075402 1,098 75,950 SH   SOLE   0 0 75,950
Rite Aid Corporation COM 767754104 16 10,500 SH   SOLE   0 0 10,500
Sirius Satellite Radio COM 82967N108 14 23,400 SH   SOLE   0 0 23,400
Teekay Lng Partners LPF Partnership Units Y8564M105 21,498 812,175 SH   SOLE   0 0 812,175
Teekay Offshore Partners Partnership UN Y8565J101 15,481 775,990 SH   SOLE   0 0 775,990
Teekay Tankers Ltd Cl Af CL A Y8565N102 499 58,500 SH   SOLE   0 0 58,500
Tivo Inc COM 888706108 1,830 179,765 SH   SOLE   0 0 179,765
Walter Industries Inc COM 93317Q105 319 4,239 SH   SOLE   0 0 4,239