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
1/100 BERKSHIRE HTWY CLA100 SH COM 084990175 216 100 SH   SOLE   100 0 0
ABERCROMBIE & FITCH CL A COM 002896207 3,276 206,197 SH   SOLE   206,197 0 0
AMERISERV FINANCIAL INC COM 03074A102 332 100,000 SH   SOLE   100,000 0 0
ANGLOGOLD ASHANTI ADR ADR 035128206 2,291 143,913 SH   SOLE   143,913 0 0
APPLE INC COM COM 037833100 240 2,120 SH   SOLE   2,120 0 0
BANK OF UTICA NY NON VTG COM 065437204 425 1,000 SH   SOLE   1,000 0 0
BP PLC ADS ADR 055622104 3,334 94,816 SH   SOLE   94,816 0 0
BRT REALTY TRUST COM 055645303 160 20,000 SH   SOLE   20,000 0 0
BUNGE LTD COM g16962105 3,644 61,527 SH   SOLE   61,527 0 0
CERUS CORP COM 157085101 3,793 610,792 SH   SOLE   610,792 0 0
COPA HOLDINGS SA COM p31076105 5,442 61,891 SH   SOLE   61,891 0 0
CVS CAREMARK CORPORATION COM 126650100 205 2,305 SH   SOLE   2,305 0 0
DEUTSCHE BANK AG ADR ADR D18190898 2,682 204,874 SH   SOLE   204,874 0 0
EXELON CORP COM 30161n101 3,707 111,364 SH   SOLE   111,364 0 0
EXXON MOBIL CORP COM 30231G102 211 2,421 SH   SOLE   2,421 0 0
FACEBOOK INC COM 30303m102 280 2,179 SH   SOLE   2,179 0 0
FIRSTENERGY CORP COM 337932107 4,393 132,809 SH   SOLE   132,809 0 0
FLEX INTERNATIONAL LTD COM Y2573F102 4,848 355,962 SH   SOLE   355,962 0 0
FORD MOTOR CO COM 345370860 4,032 334,019 SH   SOLE   334,019 0 0
GROUPON INC COM 399473107 3,226 626,450 SH   SOLE   626,450 0 0
INTEL CORP COM 458140100 206 5,460 SH   SOLE   5,460 0 0
IPATH S&P 500 VIX SHORT-TERM F ISHARES 06740q252 2,889 84,787 SH   SOLE   84,787 0 0
ISHARES GOLD TRUST ISHARES 464285105 128 10,050 SH   SOLE   10,050 0 0
LAZARD LTD COM G54050102 4,344 119,460 SH   SOLE   119,460 0 0
M & T BANK CORP COM 55261F104 2,990 25,753 SH   SOLE   25,753 0 0
MDC HOLDING INC COM 552676108 3,899 151,138 SH   SOLE   151,138 0 0
MICROSOFT CORP COM 594918104 1,062 18,442 SH   SOLE   18,442 0 0
NEWMONT MINING CORP COM 651639106 5,268 134,091 SH   SOLE   134,091 0 0
OMEROS CORPORATION COM 682143102 300 26,890 SH   SOLE   26,890 0 0
ORANGE SA ADR ADR 684060106 4,520 290,130 SH   SOLE   290,130 0 0
PACCAR INC COM 693718108 3,029 51,531 SH   SOLE   51,531 0 0
PAN AMERICAN SILVER CORP COM 697900108 4,148 235,393 SH   SOLE   235,393 0 0
POTASH CORP OF SASKATCHEWAN IN COM 73755L107 4,544 278,455 SH   SOLE   278,455 0 0
PROSHARES SHORT S&P500 ISHARES 74347b425 5,490 144,202 SH   SOLE   144,202 0 0
SCHNITZER STEEL INDUSTRIES INC COM 806882106 2,520 120,592 SH   SOLE   120,592 0 0
SEACO LTD ORD COM G79441104 0 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TR GOLD SHS ISHARES 78463V107 227 1,810 SH   SOLE   1,810 0 0
ST JOE COMPANY COM 790148100 2,093 113,853 SH   SOLE   113,853 0 0
TIDEWATER INC COM 886423102 1,118 396,322 SH   SOLE   396,322 0 0
TOTAL SA ADR ADR 89151E109 3,109 65,177 SH   SOLE   65,177 0 0
WAL-MART STORES INC COM 931142103 3,859 53,512 SH   SOLE   53,512 0 0
WASHINGTON FEDERAL INC COM 938824109 5,717 214,286 SH   SOLE   214,286 0 0
WAVE LIFE SCIENCES LTD COM Y95308105 209 6,440 SH   SOLE   6,440 0 0
WESTERN UNION COMPANY COM 959802109 4,913 235,995 SH   SOLE   235,995 0 0