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
1/100 BERKSHIRE HTWY CLA 100 S COM 084990175 255 100 SH   SOLE   100 0 0
ABERCROMBIE & FITCH CLASS A COM 002896207 2,594 208,543 SH   SOLE   208,543 0 0
ALDER BIOPHARMACEUTL COM 014339105 1,480 129,267 SH   SOLE   129,267 0 0
AMERISERV FINANCIAL COM 03074a102 415 100,000 SH   SOLE   100,000 0 0
ANGLOGOLD ASHANTI F SPONSORED ADR 035128206 2,610 268,510 SH   SOLE   268,510 0 0
APPLE INC COM 037833100 291 2,020 SH   SOLE   2,020 0 0
BANCO BILBAO ARGEN F SPONSORED ADR 05946k101 5,347 639,582 SH   SOLE   639,582 0 0
BANK OF UTICA N Y COM 065437204 471 1,000 SH   SOLE   1,000 0 0
BP PLC F SPONSORED ADR 1 ADR R ADR 055622104 3,180 91,780 SH   SOLE   91,780 0 0
BRT APARTMENTS CORP COM 055645303 157 20,000 SH   SOLE   20,000 0 0
BUNGE LIMITED F COM g16962105 4,446 59,602 SH   SOLE   59,602 0 0
CERUS CORP COM 157085101 1,496 595,832 SH   SOLE   595,832 0 0
CHINA MOBILE LTD F SPONSORED A ADR 16941m109 4,204 79,185 SH   SOLE   79,185 0 0
DEUTSCHE BANK F ADR d18190898 5,265 295,962 SH   SOLE   295,962 0 0
EXELON CORPORATION COM 30161n101 3,852 106,805 SH   SOLE   106,805 0 0
FACEBOOK INC CLASS A COM 30303m102 412 2,731 SH   SOLE   2,731 0 0
FIRSTENERGY CORP COM 337932107 3,777 129,534 SH   SOLE   129,534 0 0
FLEXTRONICS INTL LTD F COM y2573f102 5,617 344,367 SH   SOLE   344,367 0 0
FORD MOTOR COMPANY COM 345370860 3,694 330,111 SH   SOLE   330,111 0 0
GROUPON INC COM 399473107 2,330 606,890 SH   SOLE   606,890 0 0
ISHARES GOLD ETF ISHARES 464285105 120 10,050 SH   SOLE   10,050 0 0
LAZARD LTD LP COM g54050102 5,301 114,410 SH   SOLE   114,410 0 0
M & T BANK CORP COM 55261f104 4,091 25,263 SH   SOLE   25,263 0 0
M D C HOLDING INC COM 552676108 5,378 152,236 SH   SOLE   152,236 0 0
MICROSOFT CORP COM 594918104 1,233 17,890 SH   SOLE   17,890 0 0
NEWMONT MINING CORP COM 651639106 4,158 128,359 SH   SOLE   128,359 0 0
OMEROS CORP COM 682143102 737 37,010 SH   SOLE   37,010 0 0
ORANGE SA F SPONSORED ADR 1 AD ADR 684060106 4,616 288,836 SH   SOLE   288,836 0 0
PAN AMERICAN SILVER F COM 697900108 3,801 225,998 SH   SOLE   225,998 0 0
POTASH CORP SASK INC F COM 73755l107 4,428 271,685 SH   SOLE   271,685 0 0
PROSHARES SHORT S&P 500 ETF NE COM 74347b425 4,765 142,252 SH   SOLE   142,252 0 0
SCHNITZER STL INDS CLASS A COM 806882106 2,927 116,138 SH   SOLE   116,138 0 0
SEACO LTD ORD F COM g79441104 0 20,000 SH   SOLE   20,000 0 0
SPDR GOLD SHARES ETF COM 78463v107 214 1,810 SH   SOLE   1,810 0 0
ST JOE COMPANY COM 790148100 3,620 193,071 SH   SOLE   193,071 0 0
TEVA PHARM INDS LTD F SPONSORE ADR 881624209 3,534 106,385 SH   SOLE   106,385 0 0
THEMAVEN INC COM 88339b102 21 14,000 SH   SOLE   14,000 0 0
TOTAL S A F SPONSORED ADR 1 AD ADR 89151e109 3,097 62,462 SH   SOLE   62,462 0 0
WAL-MART STORES INC COM 931142103 3,862 51,024 SH   SOLE   51,024 0 0