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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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
1/100 BERKSHIRE HTWY CLA100 SH COM 084990175 213 100 SH   SOLE   100 0 0
AMERISERV FINANCIAL INC COM 03074A102 299 100,000 SH   SOLE   100,000 0 0
ANGLOGOLD ASHANTI ADR ADR 035128206 4,030 294,345 SH   SOLE   294,345 0 0
APPLE INC COM COM 037833100 387 3,550 SH   SOLE   3,550 0 0
BANK OF UTICA NY NON VTG COM 065437204 398 1,000 SH   SOLE   1,000 0 0
BP PLC ADS ADR 055622104 2,920 96,748 SH   SOLE   96,748 0 0
BRT REALTY TRUST COM 055645303 139 20,000 SH   SOLE   20,000 0 0
BUNGE LTD COM g16962105 3,440 60,700 SH   SOLE   60,700 0 0
CERUS CORP COM 157085101 3,610 608,840 SH   SOLE   608,840 0 0
COPA HOLDINGS SA COM p31076105 4,101 60,538 SH   SOLE   60,538 0 0
CVS CAREMARK CORPORATION COM 126650100 239 2,305 SH   SOLE   2,305 0 0
DEUTSCHE BANK AG ADR ADR D18190898 2,130 125,751 SH   SOLE   125,751 0 0
DREAMWORKS ANIMATION INC COM 26153c103 3,344 134,023 SH   SOLE   134,023 0 0
EXELON CORP COM 30161n101 4,145 115,601 SH   SOLE   115,601 0 0
EXXON MOBIL CORP COM 30231G102 202 2,421 SH   SOLE   2,421 0 0
FACEBOOK INC COM 30303m102 249 2,179 SH   SOLE   2,179 0 0
FIRSTENERGY CORP COM 337932107 4,824 134,109 SH   SOLE   134,109 0 0
FLEX INTERNATIONAL LTD COM Y2573F102 4,344 360,169 SH   SOLE   360,169 0 0
FORD MOTOR CO COM 345370860 4,506 333,777 SH   SOLE   333,777 0 0
GROUPON INC COM 399473107 2,424 607,405 SH   SOLE   607,405 0 0
INTEL CORP COM 458140100 213 6,570 SH   SOLE   6,570 0 0
ISHARES GOLD TRUST ISHARES 464285105 119 10,050 SH   SOLE   10,050 0 0
M & T BANK CORP COM 55261F104 2,894 26,073 SH   SOLE   26,073 0 0
MDC HOLDING INC COM 552676108 3,808 151,968 SH   SOLE   151,968 0 0
MICROSOFT CORP COM 594918104 1,072 19,418 SH   SOLE   19,418 0 0
NEWMONT MINING CORP COM 651639106 3,624 136,333 SH   SOLE   136,333 0 0
OMEROS CORPORATION COM 682143102 412 26,890 SH   SOLE   26,890 0 0
ORANGE SA ADR ADR 684060106 5,035 289,710 SH   SOLE   289,710 0 0
PACCAR INC COM 693718108 2,810 51,379 SH   SOLE   51,379 0 0
PAN AMERICAN SILVER CORP COM 697900108 2,619 240,950 SH   SOLE   240,950 0 0
PROSHARES SHORT S&P500 ISHARES 74347R503 5,870 287,600 SH   SOLE   287,600 0 0
SCHNITZER STEEL INDUSTRIES INC COM 806882106 2,100 113,856 SH   SOLE   113,856 0 0
SEACO LTD ORD COM G79441104 0 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TR GOLD SHS ISHARES 78463V107 201 1,710 SH   SOLE   1,710 0 0
ST JOE COMPANY COM 790148100 1,998 116,481 SH   SOLE   116,481 0 0
TIDEWATER INC COM 886423102 2,665 390,131 SH   SOLE   390,131 0 0
TOTAL SA ADR ADR 89151E109 3,024 66,572 SH   SOLE   66,572 0 0
UNIVERSAL CORP COM 913456109 5,012 88,231 SH   SOLE   88,231 0 0
WAL-MART STORES INC COM 931142103 3,680 53,734 SH   SOLE   53,734 0 0
WASHINGTON FEDERAL INC COM 938824109 4,859 214,537 SH   SOLE   214,537 0 0
WESTERN UNION COMPANY COM 959802109 4,710 244,156 SH   SOLE   244,156 0 0